Commonwealth Securities (CommSec), the brokerage arm of Commonwealth Bank of Australia (CBA), said on Tuesday that Anthropic is expected to include an offering for Australian retail investors in a prospectus submitted to Australia's corporate regulator. According to Sina Finance, Anthropic filed for a U.S. IPO last week, and CommSec would act as lead retail broker for the Australian offering if the IPO proceeds. CommSec said Anthropic would not seek a listing on the Australian Securities Exchange (ASX). The Claude developer is expected to go public before Thanksgiving, with its shares to trade on Nasdaq under the ticker ANT after the IPO. As Anthropic prepares to list, investors are assessing whether AI-driven capital spending can generate enough returns to support its high valuation. Previous reports said some current and prospective investors were reassessing the company's valuation after it disclosed financial details at a recent investor event; its valuation has fallen from about $2 trillion to around $1.5 trillion. Anthropic expects to spend nearly half of the $895.4 billion in capital expenditures related to AI infrastructure before December 31, 2030, a development that has heightened investor concerns.