Anthropic's IPO Is Imminent: How to Participate in the Year's Most Closely Watched Tech IPO via Bitget
- Core Viewpoint: Anthropic is expected to list on Nasdaq in mid-November, with Q3 revenue up roughly 11x year-over-year, and the market is betting its first-day market cap will exceed $1.75 trillion; Bitget is opening Anthropic's IPO subscription for the first time through IPO Prime, allowing retail investors to participate in allocation during the offering phase with a minimum investment of $100.
- Key Elements:
- Anthropic's Q3 revenue was $16.956 billion, compared with $1.382 billion in the same period last year; adjusted operating profit was $2.463 billion, a 15% margin (versus negative 93% last year).
- Of the book net loss of $23.291 billion, about $21.936 billion was accounting remeasurement rather than cash outflow; as of the end of September, cash and short-term investments were about $131.9 billion.
- In May, it completed a $65 billion Series H financing at a post-money valuation of $965 billion; institutional investors believe the IPO valuation should be between $1.5 trillion and $1.6 trillion.
- Polymarket shows the probability of a first-day market cap exceeding $1.75 trillion at more than half; Google has the right to subscribe privately at the offering price for up to $10 billion.
- IPO Prime is divided into a VIP round (November 5 to 9, 12% fee, allocation rate 40% to 80%, credited 3 to 5 business days later) and a public round (starting November 10, 5% fee, credited on IPO day).
- rANT is mapped one-to-one to U.S. stocks and backed by real shares, but it is not officially issued by Anthropic, and holders do not enjoy shareholder status or voting rights.
- The previous two tranches, preSPCX and preOPAI, were oversubscribed by about 2.9x and 5.7x respectively, with maximum gains of 45.8% and 48.8%.
One of the most closely watched IPOs in this year's capital markets is about to arrive. Claude developer Anthropic is expected to list on Nasdaq in mid-November under the ticker ANT.
The latest prospectus shows that Anthropic's revenue in the third quarter of this year was approximately $16.96 billion, up about 11x year-over-year.
The IPO has not yet been officially priced. On the prediction market Polymarket, traders now assign more than a 50% probability that its market cap will exceed $1.75 trillion on its first trading day.
Can investors without access to U.S. IPO subscriptions get a piece of the action? On November 3, Bitget announced that it will open Anthropic IPO subscriptions through IPO Prime. The VIP round opened first at 16:00 on November 5, and the public round will open at 16:00 on November 10, with a minimum participation of just $100.
The two rounds differ in allocation, fees, and delivery time. How should users choose, and how should costs be calculated?
More Than Half the Market Is Betting on a First-Day Market Cap Above $1.75 Trillion
Founded in 2021, Anthropic is one of the most closely watched AI companies today. Its Claude series of large models are widely used in software development, enterprise office work, and agent-based scenarios through Claude Code, Claude Cowork, and enterprise-grade APIs.
The prospectus shows that the company's third-quarter revenue was $16.956 billion, compared with just $1.382 billion a year earlier. Adjusted operating profit for the same period was $2.463 billion, with an adjusted operating margin of 15%, compared with negative 93% a year earlier.
The book net loss for the third quarter was approximately $23.291 billion, but about $21.936 billion of that came from fair value changes in convertible notes, derivative liabilities, and SAFEs, which are accounting remeasurements and do not correspond to equivalent cash outflows. As of September 30, the company held approximately $131.9 billion in cash and short-term investments combined.
Valuation has risen accordingly. In May this year, Anthropic completed a $65 billion Series H financing at a post-money valuation of $965 billion. Half a year later, the IPO valuation being discussed in the market has already reached the trillion-dollar level.
According to WSJ, citing people familiar with the matter, institutional investors recently told Anthropic and its advisers that the IPO valuation should land at around $1.5 trillion to $1.6 trillion.
The prospectus also shows that its strategic shareholder Google has the right, during the IPO period, to subscribe to up to $10 billion of Anthropic shares in a private placement at the offering price.
Prediction markets offer a more optimistic view. As of November 4, the most probable first-day closing market cap range on Polymarket was $1.75 trillion to $2 trillion, with the combined probability of a first-day market cap above $1.75 trillion exceeding 50%.
The gap between the offering valuation and first-day expectations is precisely the highlight of this IPO subscription.
IPO Prime Enters Its Third Edition, Moving Into IPO Allocation for the First Time
Bitget has already accumulated two rounds of experience in letting ordinary users participate in unicorn listings.
IPO Prime is a subscription platform launched by Bitget in April this year. The first two editions were preSPCX, linked to SpaceX, and preOPAI, linked to OpenAI, both issued by Republic and both pre-listing products.
Both editions saw oversubscription. According to data on the IPO Prime page, preSPCX attracted 14,435 participants with total contributions of $177 million, an oversubscription of about 2.9x; preOPAI attracted 5,448 participants with total contributions of about $120 million, an oversubscription of about 5.7x.
After launch, the two posted maximum gains of 45.8% and 48.8%, respectively. As of November 4, both prices remained above subscription cost: preSPCX was quoted at $134.7, up about 3.6% from the post-split subscription cost; preOPAI was quoted at $810, up about 11.7% from the subscription price.
This time, IPO Prime has moved its entry point into the IPO itself. The Anthropic project belongs to the IPO section, subscriptions are settled at the final offering price plus an underwriting service fee, and allocated assets are delivered as rANT.
Compared with the pre-listing products in the previous two editions, which were issued in the form of debt certificates, rANT's underlying asset is more direct. According to the Bitget campaign page, each unit of rANT is backed by real Anthropic shares, mapped one-to-one to U.S. equities, with corporate actions such as dividends and stock splits synchronized.
It should be noted that such products are not officially issued by Anthropic. Holding rANT is not equivalent to directly holding Anthropic shares, and does not confer shareholder status or voting rights.
VIP Round Has a Higher Allocation Rate, Public Round Has Lower Costs
This subscription period is divided into a VIP round and a public round, with the two rounds allocated independently. Eligible users can participate in both. All times below are UTC+8.
The VIP round opens first, with a subscription window from 16:00 on November 5 to 16:00 on November 9, open to VIP1 through VIP7 users, with a maximum contribution of $3 million per person. A deposit of $30,000 is enough to become a VIP, but the tier takes effect at T+1. This means users who want to catch the VIP round only need to complete their deposit before November 8.
The bigger draw of the VIP round is the allocation rate. According to Bitget's subscription rules, the partner channels connected to the VIP round have historically seen allocation rates of between 40% and 80%. Of course, historical data is for reference only, and the actual allocation rate for this event will be subject to the final results.
The public round opens at 16:00 on November 10, open to all eligible users, with a maximum contribution of $25,000 per person, a minimum of $100, and subscriptions running until November 17.
Both rounds allocate proportionally to contributions, with no lottery. In other words, as long as the platform obtains an allocation, every participant will receive a share based on their contribution ratio.
The underwriting service fee is 12% for the VIP round and 5% for the public round. The service fee is prepaid along with the contribution and is only charged on the actually allocated portion at settlement; the unallocated portion will be fully refunded. According to the official explanation, the VIP round's higher rate is because institutional channels and delivery paths involve higher costs.
In terms of arrival time, rANT from the public round will arrive before the U.S. market opens on the IPO day and can be traded on the listing day itself; the VIP round will have to wait until 3 to 5 business days after the IPO, during which it cannot be traded.
Bitget Greater China head Xie Jiayin explained that the Wall Street IPO channels connected to the VIP round usually only support entrusted trading, and shares need to be transferred to Bitget before they can become rANT.
By comparison, the two rounds each have their own focus. The public round has lower fees and faster arrival, suitable for users who want to capture the initial post-listing price action; the VIP round has higher costs and later arrival, but larger quotas, and the partner channels' historical allocation rates are also higher, making it suitable for users with larger capital who are willing to bear volatility during the delivery period. Users can also participate in both rounds at the same time, using the public round to capture first-day price action and the VIP round to secure more allocation.
How to Claim Anthropic Stock Tokens for Free? New Users Share a 100,000 USDT Prize Pool
Bitget has also set up a 100,000 USDT prize pool for new users, independent of IPO allocation quotas, available on a first-come, first-served basis.
For new users who register from November 2, complete KYC, and sign up on the campaign page, a first deposit of at least 1,000 USDT plus participation in a subscription earns rANT worth 20 USDT; a first deposit of at least 30,000 USDT earns rANT worth 100 USDT and a direct upgrade to VIP. Users who complete their first deposit through C2C and meet the threshold can receive an additional 5 USDT.
There is one prerequisite for claiming rewards: funds must remain until 30 days after the IPO. That is, within one month after depositing, the account's cumulative net deposit cannot fall below 0, and normal trading during the period is unaffected. Rewards will be distributed in the form of Anthropic rToken after T+30. For specific details, please check the campaign page.
In this wave of AI, Anthropic is one of the few companies standing at the center of the table. In the past, ordinary investors who wanted to share in the growth of such companies often had to wait until after listing and chase the stock in the U.S. secondary market. With luck, they might grab a bite, but the fattest part had usually already been taken by institutions in the primary market.
This time, Bitget has announced that it is the first exchange to open Anthropic IPO subscriptions, moving ordinary users' entry point forward to the issuance stage. The two subscription rounds each have different emphases in quotas, fees, and arrival time. Users can choose one round or participate in both, and the $100 minimum threshold also gives small-capital investors a chance to sit at the table. Investors of different sizes and styles can all find an entry approach that suits them.
