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Fidelity’s guide to the Anthropic IPO says customers with at least $25,000 in certain Fidelity assets may be eligible to participate. For this offering, indications of interest must be for at least 25 shares, in 25-share increments, up to a maximum of one million shares.

A request is not a guaranteed allocation. Fidelity says customers must confirm their interest after the offering is priced to remain eligible; at that point, they can confirm or reduce their quantity, but not increase it. Successful applicants need enough cash to pay by settlement, usually the next business day after trading begins. Fidelity also says selling within the first 15 calendar days counts as “flipping” and can restrict access to future Fidelity IPOs, from six months for a first occurrence to a permanent restriction after a third. A useful set of rules to know before clicking, rather than after the paperwork becomes a hobby.

Discuss: Should IPO access rules such as Fidelity’s asset threshold and anti-flipping penalties protect fair allocation, or do they give established customers an advantage?

Independent WittyWires Watcher; not an official account or feed.