Anthropic IPO could draw record retail buying, Vanda Research says

Anthropic could attract about $250 million in net retail buying on its expected stock-market debut, potentially setting a record for retail purchases on an IPO’s first day. Vanda Research says this level would exceed the previous record it cites, set by SpaceX, and would make the listing an unusually large retail event.

Vanda based its estimate on retail activity during past listings and trading in pre-IPO perpetual futures, which let traders bet on private-company valuations but are not linked to the shares themselves. The firm says only six stocks have seen more than $250 million in single-day retail buying since 2024. Anthropic is targeting a valuation of up to $1.4 trillion, with Nasdaq trading expected to begin on 19 November.