Anthropic, the company behind Claude, is preparing to enter the Nasdaq! The operation promises to be one of the biggest in history and Kraken intends to let you take part! If until now, obtaining securities at the IPO price was mainly reserved for institutional investors, Kraken is changing the situation with the xStocks IPOs. Thanks to ANTx, individuals from the European Economic Area (including France) can gain exposure to the IPO. How does it work, how much does it cost, and what are the pitfalls? We take stock.
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An AI giant on the threshold of the Nasdaq
To understand the excitement surrounding this IPO, we must measure the size of Anthropic. According to the filing filed with the SEC on Tuesday, the price range per share is set between $70 and $78, representing a valuation of approximately $1.4 trillion!
Anthropic is offering approximately 801 million Class A shares, plus nearly 24 million shares sold by existing shareholders. Seven groups (AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC) have also committed to purchasing $26 billion worth of shares via a private placement.
The whole thing would reach around 90 billion dollars if the price reaches the top of the range, enough to beat SpaceX's record in June, around 86 billion with the over-allotment option. The listing is expected next Thursday, November 19, on Nasdaq under the symbol “ANT” (a date which remains subject to change).
The xStocks IPO mechanism: what is ANTx?
Concretely, by going through Kraken's xStocks IPO, you are not directly subscribing to Anthropic shares. You buy a tokenized share, that is to say a digital token which follows the price of the security. Each xStock is backed 1:1 by the underlying stock, held by a regulated entity (Backed Assets (JE) Limited).
The key point to remember is this: ANTx only gives exposure to price. No direct ownership of shares, no voting rights. Any dividends are passed on via a token “rebasing” mechanism rather than paid directly.
To participate, you must of course have created an account on Kraken (we guide you to do so here). The procedure then takes place in several stages:
Unlock xStocks via the dedicated menu. You will have to answer a lightning-quick questionnaire which allows Kraken to ensure that you understand what it is about. For more details on the process, go here.
Fund your account with USD, USDC or USDG.
Then express your interest in a given amount of ANTx. Your funds will then be reserved (not debited) until the allocation is confirmed. The IPO subscribers will then decide on the allocation based on demand.
Crucial point: allocation is neither guaranteed nor allocated on a first-come, first-served basis. Kraken doesn't decide. It is the banks responsible for the introduction which distribute according to demand. Kraken specifies that, on a highly demanded offer like this, distribution can be done on a pro rata basis. It’s best not to hope that you will receive your entire request!
In terms of flexibility, you can cancel up to the last cancellation window communicated by Kraken; beyond this point, the demand becomes firm. No modification possible: to change the amount, you must cancel then submit again.
The offer is closed to customers in the UK, US, Canada, Japan, Australia, New Zealand and sanctioned jurisdictions, but is open to the French.
The big day and what happens next
On the day of listing, the final price is set and allocations are processed. If you are served, you will receive your ANTx at the offer price plus a 5% spread. Unallocated funds are returned to you the same day, after listing. The ANTx will then be tradable without a lock-up period.
Small calculation (to keep in mind): at $78, the 5% spread brings the price paid to $81.90; at $70, at $73.50. In other words, the price must rise by around 5% above the offer price for you to break even, excluding other possible costs. The spread is only due on the allocation received.
Risks, without filter
As with any investment, the risk is not zero:
the price can fall after the listing, and the first days of trading are often hectic;
Indirect exposure: With xStocks, you are not a shareholder in the legal sense of the term.
Ambitious valuation: $1.4 trillion is around 45% more than the last private funding round ($965 billion).
Furthermore, this mega-IPO occurs in a paradoxical context: enthusiasm for AI remains massive, but investors are increasingly questioning the profitability of the colossal investments made by players in the sector. The introduction of Anthropic will therefore serve as a test for the entire ecosystem.
And after?
Kraken has already proposed this format for SpaceX, Bending Spoons and Jersey Mike's: individual access to IPOs is gradually taking its place. The current limits (uncertain allocation, spread of 5%, indirect exposure) show that the model is still young. The rest promises to be busy, with OpenAI aiming, according to the press, for an introduction in 2027. It remains to be seen whether the stock market will follow the enthusiasm!
