PBC will offer shares as part of its blockbuster initial public offering directly to Australian investors, bringing a fresh artificial-intelligence bet to a market still reeling from the high-profile collapse of a data center deal.

The IPO will be accessible to retail investors in the country after Anthropic submits a prospectus to the Australian Securities and Investments Commission, according to a filing Monday with the US Securities and Exchange Commission. The number of shares on offer will be disclosed in a later filing. Investors are expecting a fair valuation of between $1.4 trillion and $1.75 trillion, people familiar with the matter have said.

The Australian offering will give the Claude chatbot maker exposure to Australia’s A$4.8 trillion ($3.4 trillion) pension industry, as well as a retail investor base starved for an opportunity to buy into a major company at the heart of the AI trade. The collapse of Firmus Grid Ltd.’s IPO, which would’ve ranked among Australia’s largest ever listings, dealt a blow to sentiment after it fell apart as demand from international investors failed to materialize.

“Many Australian investors will be keen to participate in Anthropic’s IPO,” according to Cameron Gleeson, head of investment strategy at Betashares. “Anthropic is a very different proposition to Firmus. Anthropic is selling a product that customers are already paying for and only increasing their spending on.”Compared with the technology-heavy markets across North Asia and the US, Australia lacks the same semiconductor or hypescaler companies that have been the focus of equities markets this year. The shortage of exposure helped support SpaceX’s local offering this year, with retail traders driving demand.

Australia is one of a few countries around the world, along with Japan, Canada and parts of Europe, where retail investors are able to directly buy into the Anthropic IPO.

Professional and sophisticated investors will be able to participate in Anthropic’s US offering directly without waiting for an Australian regulatory filing, according to Anthropic’s prospectus.

The pension funds, known locally as superannuation, and other large institutional investors fall into the professional category. Sophisticated investors include individuals with net assets of at least A$2.5 million or gross income of at least A$250,000 per year.

Among Anthropic’s 22 underwriters, Macquarie Group Ltd.’s capital raising arm is expected to lead the Australian offering. Commonwealth Bank of Australia’s brokerage unit CommSec will lead retail marketing, the Australian Financial Review reported, citing people briefed on the matter.

CommSec also handled SpaceX’s Australian retail marketing efforts earlier this year. The brokerage at the time said it received more than 28,000 applications, a record. It didn’t say how many shares were eventually alloted to its clients.

Anthropic’s offering “should draw strong local interest after years of the biggest names in AI growing behind closed doors,” said Josh Gilbert, lead analyst for Asia Pacific at eToro Ltd. in Sydney. While Firmus asked investors to back an expansion story leaning heavily on debt, “Anthropic’s numbers put it on a much firmer footing, and it offers something public markets have barely had: direct exposure to a frontier model maker.”