Anthropic IPO could attract a record retail buying: Vanda Research

Anthropic could attract record demand from retail investors when it makes its stock-market debut, potentially surpassing SpaceX and ranking among the largest single-day retail purchases on record, Vanda Research said on Wednesday, according to Reuters.

The research firm expects Anthropic’s debut to generate about $250 million in net retail buying—more than double the $118 million recorded during SpaceX’s IPO.

The estimate is based on Vanda’s analysis of retail activity on listing days and trading volumes in Anthropic’s pre-IPO perpetual futures on Hyperliquid.


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“Judging by pre-IPO perp trading, Anthropic is shaping up to be a record retail IPO,” Viraj Patel, global macro strategist at Vanda Research, said in the note.

Pre-IPO perpetual futures are derivative contracts traded on platforms such as Hyperliquid and Coinbase. They let investors speculate on private company valuations but have no direct link to the underlying shares. Their prices generally reflect a company’s latest disclosed pre-IPO valuation.

Only six stocks have attracted more than $250 million in retail buying in a single session since 2024, according to Vanda.

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“Anthropic next week could draw the kind of retail buying that we’ve rarely seen in our data,” the firm said.

Anthropic is seeking a valuation of up to $1.4 trillion in its IPO, with its shares expected to begin trading on the Nasdaq on November 19.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)