Source: Unite.AI
Fidelity Investments on November 10, 2026, published customer participation terms for Anthropic’s planned common-stock IPO, setting out how eligible brokerage customers can request shares. Participation requires at least $25,000 in certain Fidelity assets, but neither a request nor a confirmed order guarantees an allocation.
Fidelity expects the offer period to close at 4 p.m. ET on November 17, 2026, and Anthropic’s registration to be declared effective and the offering priced on the evening of November 18, 2026. The schedule creates two customer checkpoints: an initial request before the offer period closes and a confirmation after pricing.
Anthropic’s IPO would be its first public share sale, moving the company from private ownership to public trading. Founded in 2021, the AI research and product company develops models and tools including Claude, an assistant used for writing, analysis, coding and research.
Eligibility and Share Requests
The asset test is calculated weekly across retail accounts sharing the same name and Social Security number. Institutional assets, including annuities and 401(k) or 403(b) plan assets, do not count, although Fidelity can include other assets at its discretion.
Customers submit indications of interest through Fidelity’s IPO calendar, stating the maximum number of shares they want. Anthropic requests must start at 25 shares, rise in 25-share increments and stay at or below 1,000,000 shares. The system rejects quantities outside those limits.
Customers can increase a request until the offer period closes; afterward, they can only reduce it. Deleting the indication after the close prevents reentry. Once registration is effective and pricing has occurred, confirmation usually takes place after 7 p.m. ET on pricing night and turns the indication into an order to buy at the offer price. Customers can confirm or reduce the quantity, but cannot increase it, and confirmation is necessary to remain eligible.
Relationship-Based Allocations
Fidelity’s allocation process, called tiering, ranks participants by assets and revenue associated with their Social Security number or taxpayer identification number. Revenue includes brokerage commissions, margin interest and mutual-fund revenue from retail accounts. The size of an indication does not affect that rank; it only caps how many shares the customer can receive. Across multiple accounts, smaller requests are considered first, with submission time breaking ties.
A companion FAQ says allocated customers will pay the public offering price, which can be above or below the expected range printed in the preliminary prospectus. Fidelity may receive only a small percentage of the total offering, so even a valid request can end with a partial allocation or no shares.
Fidelity expects allocations on the morning after pricing, usually completed before 9:30 a.m. ET. Customers then receive an alert and can check whether shares were assigned.
Payment and Resale Restrictions
Payment is due by settlement, generally one business day after the trade date. If the account holds sufficient cash, the purchase is debited automatically; additional funds can be supplied by check or wire. Customers cannot use a credit card or proceeds from selling the allocated shares to pay for the purchase. Failure to pay can forfeit both the shares and any gains, while the customer remains responsible for losses on the resulting sale.
Once Anthropic shares begin secondary-market trading, holders can sell at any time. Fidelity nevertheless treats a sale within the first 15 calendar days as flipping; sales from day 16 onward avoid that designation. A first flip brings a six-month restriction on future IPO participation through Fidelity, a second brings a one-year restriction, and a third results in a permanent restriction tracked by Social Security number. These penalties affect future offering access while leaving the shareholder free to make the Anthropic sale.
The practical hurdle extends beyond eligibility: confirmation keeps a request in contention, but the eventual purchase still depends on Fidelity’s share supply, the final offering price and payment at settlement.
