CommSec, Macquarie among eight brokers named for Anthropic’s potential record-breaking $142b float

Anthropic has named eight brokers, including CommSec and Macquarie, to handle its proposed Australian retail offer ahead of a float that could raise up to $US100 billion ($142.4b).

The artificial intelligence developer listed Bell Potter, LGT Wealth, Morgans, Morgan Stanley Wealth Management, Sharesies and Stake as the other expected participants on its website.

The reported raising target would eclipse the record $US75b ($106.8b) Elon Musk’s SpaceX raised in June, although the company behind Claude has yet to confirm its offer size or price.

Sharesies head of capital markets Jacki Neumann said the listing was shaping up as “potentially one of the biggest IPOs in history”.

“So this is a genuine test of investor appetite for AI. The market is weighing that huge spending against future returns,” she said.

CommSec has told customers to get ready ahead of the Australian prospectus, emailing instructions to open the international shares account they would need to apply for Anthropic stock.

The broker confirmed it would lead the Australian retail offer if the float proceeds, but warned that opening an account guaranteed neither participation nor an allocation.

Applicants would also need an existing CommSec Australian shares account and a Commonwealth Direct Investment Account in the same name.

Parent Commonwealth Bank has its own money riding on Anthropic. The email notes that CBA already owns shares in the company whose float its broking arm plans to help sell.

“CommSec will manage any conflicts of interest in accordance with its policies and procedures,” the email says.

Anthropic’s proposed Australian offer would comprise newly issued shares under a prospectus to be lodged with the Australian Securities and Investments Commission. The size of the local retail allocation has not been disclosed.

The company has applied to list on Nasdaq under the ticker ANT. It will not seek an Australian Securities Exchange listing.

Australia is among the markets earmarked for a retail offer, alongside Canada, Japan, Switzerland, the United Kingdom and parts of Europe.

The preparation follow a brutal month for technology stocks. The Nasdaq fell 5.3 per cent in October as investors questioned whether enormous spending on AI infrastructure would deliver the returns to justify it.

In Australia, Nvidia-backed data centre operator Firmus abandoned its planned float on October 9 after failing to attract sufficient demand, turning instead to private funding.

Anthropic’s latest figures show the tension between surging sales and the cost of supplying its technology.

Revenue reached almost $US17b ($24.1b) in the September quarter, up 47 per cent from the previous three months. That followed growth of 144 per cent in the June quarter, according to its amended US filing dated November 2.

The company swung to an operating loss of $US567 million ($807m) from a $US974m ($1.39b) profit in the June quarter, blaming expensive short-term computing capacity and non-cash charitable charges.

Its adjusted operating profit increased, although its adjusted operating margin slipped from 19 per cent to 15 per cent.

Anthropic also disclosed about $US895.4b ($1.27 trillion) in spending commitments, almost all for computing and infrastructure, with roughly half expected before the end of 2030.

The company warns it needs substantial revenue growth to meet those obligations while expecting its growth rate to slow.