Robinhood is publicly advocating for retail investors to receive a 10% to 20% share of Anthropic’s IPO, with Chief Financial Officer Shiv Verma saying in a Bloomberg Businessweek Daily interview on Monday that retail investors historically got just 1% to 5% of IPO allocations while issuers now ask whether they can offer 10% or 20% instead, backing the argument with retail’s roughly 25% share of the overall equities market. Verma stressed that Robinhood does not set the split—issuers and their underwriting banks decide it—and described the firm’s role as routing customer demand to issuers and banks and arguing the retail case directly, citing SpaceX’s stated desire to set aside 15% to 20% of its own offering for retail as precedent. Robinhood cannot take orders until an offering formally opens, and a regulatory quiet period ahead of listings limits what Verma can disclose about any specific deal; he pointed instead to rising deposits and trading volume as a good sign for demand heading into the Anthropic IPO, which he named as the brokerage’s current target. Anthropic told investors that third-quarter revenue reached $16.8 billion, close to twelvefold growth from a year earlier, and its amended SEC filing lists roughly $895 billion of committed spending; neither the price range nor the offering size has been published yet. Robinhood is one of several retail-focused brokerages competing for access to the offering, and its