The research firm said Wednesday that the expected demand could more than double the $118 million retail buying recorded during SpaceX’s market debut, making Anthropic’s listing one of the largest single-day retail investment events in its data, Reuters reported.
Vanda based its estimate on retail investor activity during previous stock market debuts and trading volumes in Anthropic’s pre-IPO perpetual futures on the Hyperliquid exchange.
***
“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 a note.
Pre-IPO perpetual futures are derivative contracts that allow traders to speculate on private companies’ valuations. Although they have no direct connection to the underlying shares, their prices are linked to the companies’ latest disclosed valuations.
Vanda said only six stocks had recorded more than $250 million in single-day retail buying since 2024.
Anthropic is targeting a valuation of up to $1.4 trillion in its IPO, with its shares expected to begin trading on the Nasdaq on Nov. 19.
