Some Anthropic investors plan to resell up to $500 million in IPO-allotted shares, with fees ranging from 3% to 5% of the IPO price.

According to Bloomberg News, some Anthropic investors have been pitching their expected IPO-allocated shares to new buyers ahead of the IPO pricing. Brokerage firm JonesTrading is representing investors expecting large allocations to market a block of shares worth up to $500 million, with fees ranging from 3% to 5% above the final IPO offering price. People familiar with the matter said the shares are not subject to lock-up agreements, but buyers must secure approval from both the seller and one of the banks participating in the IPO. Bloomberg notes that such arrangements allow investment firms to reduce risks tied to partial allocation positions while expanding their own investor bases. Jon Jefferies, JonesTrading’s head of private markets, declined to comment on specific deals, but noted he first observed such arrangements during SpaceX’s IPO, with multiple similar Anthropic-related deals currently being marketed. Another seller is pitching over $1 billion worth of existing Anthropic shares via a special purpose vehicle (SPV), with the offer corresponding to a company valuation of $1.4 trillion to $1.6 trillion, plus additional fees. People familiar with the matter said the SPV is single-layered and holds Anthropic shares directly. Unlike the aforementioned resale arrangements, this transaction involves already issued shares and does not depend on the seller’s IPO allocation. Anthropic’s IPO is targeting a fully diluted valuation of approximately $1.4 trillion. The company and some investors plan to raise up to $90.4 billion total via the IPO and private placements; if achieved, this would surpass SpaceX’s $75 billion base offering size. An Anthropic spokesperson did not immediately respond to a request for comment.