ANT (Anthropic) IPO: flows, lock-ups and dates, our note attached
Public S-1 filed 26 Oct; Nasdaq listing targeted for the week of 16 Nov at a reported $1.5tn to $2tn, with a $100bn+ raise.
Key points for the tape:
- Thin float of about 5% to 7% at listing (SpaceX was 4.24%).
- Staggered lock-ups: insiders may sell up to 10% from day one, a further 35% after FY26 results, and the balance at Q1 27 results or 180 days.
- Nasdaq-100 fast entry after 15 sessions, around 10 to 11 Dec. S&P 500 not before Nov 27.
- Q2 26 operating profit was +$974m, and H1 operating cash flow was +$3.9bn.
The full calendar to Nov 27 is in the PDF. Happy to discuss.
Laurent Chekroun