Anthropic is aiming for its shares to start trading on Nasdaq on 19 or 20 November under the ticker ANT, The Wall Street Journal reported on 9 November, citing people familiar with the matter. The company hasn’t announced a date. Its latest registration statement with the US Securities and Exchange Commission (SEC), filed on 2 November, still leaves the share price range and the number of shares blank.
Unusual Whales spread the Journal’s report on X, then told traders to watch two leveraged funds, ANTT and ANTZ. Those funds belong to Tradr ETFs, which filed for them in September and says they’re expected to list the trading day after Anthropic’s IPO if their registration becomes effective. The image attached to that post discloses that Tradr is a paid partner of Unusual Whales. At least six other fund companies have filed or announced their own two-times Anthropic products.
BREAKING: Anthropic is targeting Nov. 19 or 20 to start trading on the Nasdaq under the ticker ANT, per the WSJ.
— Unusual Whales on X
The company is expected to reveal its IPO valuation range in a filing early this week and has investor meetings lined up, as some major investors push for a valuation below the $1.5 trillion it was expecting.
What the Journal reported
According to accounts of the Journal’s report by Investing.com, InvestingLive and CNBC, Anthropic has meetings with key investors lined up this week and is expected to disclose its IPO price range in a filing early in the week. That filing should also show how many shares it plans to sell, and it could reveal commitments from major investors to buy shares in the offering.
Valuation is the sticking point. Investors had expected Anthropic to aim for about $1.5 trillion as recently as the week before, the Journal reported, but some major investors have pushed for a lower figure since a sharp selloff in AI-related stocks on 5 November. Nasdaq-listed companies lost a combined $2.5 trillion in market value that day. The roughly $2 trillion valuation discussed months earlier now looks hard to reach, according to the report. Executives have been working with bankers from Goldman Sachs and Morgan Stanley on where to set the range.
Other outlets have published different numbers. On 6 November the Financial Times reported, citing investors, that Anthropic expected to raise $80 billion to $100 billion at a valuation between $1.25 trillion and $1.75 trillion, according to a summary by Dealroom. An earlier Journal article, syndicated by Mint, quoted three major investors planning to take part who said the valuation would probably need to come down, one of them suggesting it could be closer to $1 trillion. Anthropic’s most recent private funding round valued it at $965 billion in May.
Separately, the capital-markets publication IFR reported that Anthropic would start marketing the shares to investors, a process known as a roadshow, on Tuesday 10 November.
Anthropic $ANT is set to launch its Nasdaq IPO roadshow Tuesday morning, according to IFR.
— Sam Badawi on X
It plans to list its Class A shares on the Nasdaq, with Goldman Sachs $GS and Morgan Stanley $MS leading the 22 underwriters.
What Anthropic’s filings confirm
Anthropic, a public benefit corporation, filed its S-1 registration statement publicly on 26 October after submitting a confidential draft on 1 June, according to its SEC filing list. An S-1 is the prospectus a company files before selling shares to the public for the first time. Anthropic’s announcement said the shares can’t be sold until that registration becomes effective.
| Item | Status | Source |
|---|---|---|
| Ticker and exchange | Anthropic has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol “ANT”. | S-1/A, 2 November |
| First day of trading | 19 or 20 November is a reported target. Anthropic hasn’t announced a date. | WSJ, via Investing.com |
| Price range and share count | Both are blank in the latest filing. The Journal said a filing with the range was expected early this week. | S-1/A; WSJ |
| Valuation | Reported only: about $1.5 trillion expected a week earlier, with some investors pushing lower; the FT reported $1.25 trillion to $1.75 trillion. | WSJ; FT, via Dealroom |
| Banks | Goldman Sachs and Morgan Stanley are the representatives of a 22-bank underwriting group. | S-1/A |
| Retail access | Anthropic expects to offer a portion of the shares to individual investors through Schwab, Fidelity, Robinhood, Trade-PMR, SoFi and E*Trade. | S-1/A |
The amended filing also sets out lock-up periods, which stop existing shareholders from selling for a while after the listing. For the co-founders and holders of more than 0.5% of Anthropic’s fully diluted shares, the restriction lasts until shortly after Anthropic reports results for the quarter ending 30 September 2027, or 365 days after the prospectus date if that comes first. Other holders covered by the agreements face a shorter period tied to results for the quarter ending 31 March 2027, or 180 days, whichever is earlier. Goldman Sachs and Morgan Stanley can release shareholders early, the filing says.
How an IPO price range works
A price range is the band of prices per share that a company and its banks show investors during the roadshow. Multiplying a price by the number of shares outstanding gives the company’s implied valuation, which is why reports talk about trillion-dollar ranges before any price has been filed.
After the roadshow, the company and its banks set the final offer price based on investor orders. Trading on the exchange usually begins soon after, at whatever price buyers and sellers agree on.
The 2x funds named in the post
🚨 $ANT IPO expected next Thursday or Friday
— Unusual Whales on X
Leveraged products should follow quickly after.
Two tickers to watch:
$ANTT — 2x Long Anthropic
$ANTZ — 2x Short Anthropic
ANTT and ANTZ are the Tradr 2X Long Anthropic Daily ETF and the Tradr 2X Short Anthropic Daily ETF. Tradr announced the filing on 2 September. Its Anthropic page marks both funds as “PENDING: Registration not yet effective” and says they’re expected to begin trading on Cboe, a US exchange operator, on the next trading day after the IPO. Each lists an annual expense ratio of 1.49%. Walter Bloomberg’s post on the same two tickers added that launch timing “remains unconfirmed”.
Meet $ANTT and $ANTZ, 2X Long and 2X Short Anthropic Daily ETFs from Tradr. You’ll have two simple ways to express your daily market view, all without using an expensive margin account or confusing options.
— Tradr ETFs on X
Sharp traders use sharp tools. Expected to launch the day after the IPO.
“Whether traders believe in the Anthropic story or question the valuation, ANTT and ANTZ are designed to let them trade their view in a single ticker, around the listing and every trading day beyond it.”
— Matt Markiewicz, head of product and capital markets, Tradr ETFs
Tradr has company. Here’s what each issuer has published about its Anthropic funds.
| Issuer | Funds | Stated status |
|---|---|---|
| Tradr ETFs | ANTT (2x long), ANTZ (2x short) | Registration not yet effective; expected on Cboe the trading day after the IPO; 1.49% a year. Tradr |
| Direxion | ANTO (2x long), ANTD (2x short) | Marked “Trading Soon”; expected one trading day after Anthropic shares begin trading; 0.97% net. Direxion |
| ProShares | ANTU (2x long), ANTY (2x short) | Registration filed, not yet effective; 0.95% net. ProShares |
| Defiance ETFs | ANTC (2x long), ANTQ (2x short) | Registration filed, not yet effective; to begin trading the day after Anthropic lists. Defiance |
| GraniteShares | AIL (2x long), ANS (2x short) | Filing announced 4 September; contingent on Anthropic becoming publicly traded. GraniteShares |
| Leverage Shares by Themes | ANUU (2x long), ANDD (2x short), ANSS (1x short) | Announced 9 November for Cboe; 0.75% for the 2x funds, 0.99% for ANSS; listing details “coming soon”. PR Newswire |
| REX Shares | T-REX 2X Long Anthropic Daily Target ETF (ticker not yet published) | Registration on file, not yet effective. REX Shares |
What “2x daily” means
These funds don’t give holders Anthropic shares. They use derivatives such as swaps, contracts that pay out based on a stock’s moves, to try to return twice the stock’s move in a single day (2x long) or twice the opposite move (2x short). Defiance says its funds won’t hold the stock; ProShares says ANTU may use swaps and direct holdings of Anthropic shares. REX Shares states that Anthropic isn’t affiliated with its fund or involved in the offering.
Because the target resets every trading day, results over longer periods drift away from a simple two-times multiple. Take a hypothetical stock that rises 10% one day and falls 10% the next. The stock ends down 1%. Before fees, a 2x long fund would gain 20% and then lose 20%, ending down 4%. A 2x short fund would lose 20% and then gain 20%, also ending down 4%.
There’s a harder limit, too. Tradr’s own FAQ says a single-day move approaching 50% against a fund’s direction “could result in the total loss of an investment, even if the stock later reverses.” It adds that newly listed stocks can be especially volatile.
The SpaceX precedent
The most recent comparable listing shows the likely sequence. SpaceX began trading on Nasdaq as SPCX on Friday 12 June and closed its first day at $160.95, against a $135 IPO price. Tradr launched its 2x long and short SpaceX funds on Cboe on 15 June, the next trading day, as one of six issuers that brought out ten leveraged SpaceX ETFs, ETF Database reported. If the Anthropic funds launch on the timing Tradr, Direxion and Defiance describe, ANT’s first session would happen before any of them trade.
The next document to watch is an amended registration statement with a price range and share count, which would appear on Anthropic’s SEC filing page. The fund launches also depend on their own registrations becoming effective.
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