Danish retail investors can subscribe to AI company Anthropic’s planned Nasdaq listing through Nordnet and Saxo Bank at between 470 and 525 kroner per share, with the first trading day expected on November 19.
Anthropic is days away from one of the largest stock market listings in history, TV2 reports. Ahead of the listing, investors in Denmark can place subscription orders through trading platforms such as Nordnet and Saxo Bank. The price range is 470 to 525 Danish kroner per share, according to TV2.
Per TV2, Anthropic plans to raise more than 60 billion dollars by selling over 800 million shares. The company, founded in 2021, is behind the language model Claude. Anthropic has said it intends to list on Nasdaq under the ticker ANT, according to its own announcement of the S-1 filing on October 26.
Record size, and a disputed first trading day
The investor roadshow launched on November 10 with an indicative price of 70 to 78 dollars per share for 825 million shares, Fortune reported. Bloomberg reports the stock is expected to start trading on November 19, with a target of up to 90.4 billion dollars including a private share sale. That implies a valuation of roughly 1,400 billion dollars, or about 9,300 billion kroner, as TV2 notes.
Not all reports agree on the date. Some accounts place the debut in the week of Thanksgiving instead, and Anthropic has not confirmed a date in the sources reviewed. Danish outlet Dagens Aktie adds the company’s own estimate of about 84.6 billion dollars in net proceeds from the offering and private placement combined.
The public filing came first, and the timing followed from it. Under SEC rules for companies that filed confidentially, registration materials must be public at least 15 calendar days before a roadshow begins, Yahoo Finance reports. Anthropic filed publicly on October 26, and the roadshow started on November 10.
Dansk Aktionærforening warns about buying on day one
Up to 20 percent of the shares offered before the first trading day are expected to go to ordinary private investors, according to Anthropic, as reported by TV2. Mikael Bak, director of Dansk Aktionærforening, says he would not be surprised if many Danish private investors subscribe at the introduction price. He warns that it can turn out expensive, because larger investors have often sold immediately after a listing, pushing the price down.
Bak says it can be a good idea to wait and see, and he is holding off for a couple of months himself. Peter Garnry, formerly equity strategist at Saxo Bank and now founder of the fund Gesda Capital, is also keeping Anthropic on the bench until the fourth quarter accounts arrive. He points to Anthropic’s commitments to lease and buy computing power of around 900 billion dollars as a key risk if demand slows.
What the listing means for internationals investing from Denmark
Subscription orders are placed through a brokerage account, not through an ordinary Danish bank account. TV2 names Nordnet and Saxo Bank as the platforms where investors in Denmark can subscribe at 470 to 525 kroner per share. That kroner range corresponds to the 70 to 78 dollar range reported by Fortune, so the currency rate affects what a Denmark-based investor actually pays.
Account type matters in Denmark, because gains are taxed differently depending on whether shares are held in free funds or in an aktiesparekonto, and our overview of investing in stocks in Denmark explains the structures. What is not yet settled is the first trading day itself, with reports split between November 19 and the week of Thanksgiving. No Danish authority guidance on this specific listing was found, and the two Danish voices quoted by TV2, Mikael Bak and Peter Garnry, both say they are waiting.
