Anthropic Is Reserving Up to 20% of Its IPO for Retail Investors, Far Above the Typical 5% to 10%

Anthropic's amended IPO filing reveals the company plans to allocate up to 20% of its Class A shares to retail investors, significantly above the typical 5-10% convention for major U.S. IPOs. This allocation could represent approximately 165 million shares worth roughly $12.2 billion at the $74 pricing midpoint. However, the 20% figure is a ceiling dependent on demand, not a guarantee, as demonstrated by SpaceX's experience when institutional demand caused retail allocation to be reduced from 35% to the low 20% range.