Robinhood Chief Financial Officer Shiv Verma revealed the brokerage is competing with multiple retail platforms for a share allocation in Anthropic's upcoming IPO, describing the competition as "fierce." Robinhood aggregates customer subscription demand and submits it to Anthropic and underwriting banks, with the issuer ultimately deciding allocations. Verma argued that retail investors account for roughly 20% to 25% of the U.S. stock trading market and urged issuers to consider allocating a larger proportion to retail participants. Anthropic filed its IPO application on October 26 and plans to go public before U.S. Thanksgiving.