Robinhood Markets and SoFi Technologies are among six retail brokers named in Anthropic's amended S-1 filing to distribute shares in the artificial intelligence company's upcoming initial public offering. The filing, dated 10 November, lists Charles Schwab, Fidelity, Robinhood Financial, TradePMR, SoFi and E*Trade as distributors, with up to 20 percent of the offering earmarked for retail investors depending on demand.
Anthropic plans to sell 825 million Class A shares at a price range of $70 to $78. Pricing is reported for 18 November, and the stock is expected to begin trading on Nasdaq under the ticker ANT on 19 November. At the midpoint of $74, a 20 percent retail allocation would be worth roughly $12 billion.
Robinhood shares closed Wednesday at $84.58, up 4.0 percent, after trading as high as $86.15. The stock remains 39 percent below its 52-week high of $139.75. CFO Shiv Verma said Robinhood wants retail investors to receive larger slices of large IPOs but stressed that the issuer and its banks decide the final allocation. Robinhood reported Q3 2026 total net revenue of about $1.42 billion, up 12 percent, with 28.7 million funded customers and 5.2 million Gold subscribers. Crypto revenue fell 55 percent during the quarter.
SoFi shares closed at $16.27, down 0.61 percent, and traded near $16.20 after hours. The company cautioned that its share allocation may not be enough to fill all customer requests. SoFi's Q3 2026 results showed GAAP net revenue of $1.385 billion, up 44 percent, and net income of $241 million. It added a record 1.2 million members to reach 17.1 million total members.
Neither broker controls the allocation, and Robinhood and SoFi do not guarantee shares to customers who request them. The main benefit for both platforms is expected to be customer acquisition and assets moving onto their investing platforms. The broader market reaction to the IPO broker news has been muted for SoFi, while Robinhood's gain coincided with a 1.3 percent rise in the S&P 500.
Analyst targets for Robinhood range from $100 at Wells Fargo to $135 at Rosenblatt, while SoFi's average 12-month target is $20.84 from 25 analysts, with targets between $15 and $30.
