Anthropic is about to go public, how to participate in the most anticipated tech IPO of the year through Bitget

*Author: Carrie, ChainCatcher*

One of the most anticipated IPOs in the capital market this year is about to arrive. Claude developer Anthropic is expected to land on Nasdaq in mid-November, with the stock ticker ANT.

The latest prospectus shows that Anthropic's revenue for the third quarter of this year is approximately $16.96 billion, a year-on-year increase of about 11 times.

The IPO has not yet been officially priced, but on the prediction market Polymarket, traders believe that the probability of its market capitalization exceeding $1.75 trillion on the first day of trading has surpassed 50%.

For investors without qualifications for IPOs in the U.S. stock market, can they still get a piece of the pie? On November 3, Bitget announced that it would open subscriptions for the Anthropic IPO through IPO Prime. The VIP round opened first on November 5 at 16:00, and the public round will open on November 10 at 16:00, with a minimum participation of $100.

The two rounds of subscriptions differ in terms of quotas, fees, and delivery times. How should users choose, and how should costs be calculated?

### Market Bets on IPO First Day Valuation Exceeding $1.75 Trillion

Founded in 2021, Anthropic is one of the most watched AI companies today. Its Claude series of large models are widely used in software development, corporate office work, and intelligent agents through Claude Code, Claude Cowork, and enterprise-level APIs.

The prospectus shows that the company's revenue for the third quarter is $16.956 billion, compared to only $1.382 billion in the same period last year. The adjusted operating profit for the same period is $2.463 billion, with an adjusted operating profit margin reaching 15%, compared to negative 93% in the same period last year.

The net loss on the books for the third quarter is approximately $23.291 billion, but about $21.936 billion of this comes from fair value changes of convertible notes, derivative liabilities, and SAFEs, which are accounting revaluations and do not correspond to equivalent cash outflows. As of September 30, the company holds approximately $131.9 billion in cash and short-term investments.

Valuation has also risen accordingly. In May of this year, Anthropic completed a $65 billion Series H financing, with a post-investment valuation of $965 billion. Six months later, the IPO valuation being discussed in the market has already reached over $1 trillion.

According to reports from WSJ citing informed sources, institutional investors recently indicated to Anthropic and its advisors that the IPO valuation should fall between $1.5 trillion and $1.6 trillion.

The prospectus also shows that its strategic shareholder Google has the right to privately subscribe for up to $10 billion of Anthropic stock at the issue price during the IPO.

The prediction market gives a more optimistic assessment. As of November 4, the highest probability range for the first-day closing market capitalization on Polymarket is between $1.75 trillion and $2 trillion, with the probability of exceeding $1.75 trillion on the first day totaling over 50%.

The gap between the issuance valuation and the first-day expectations is precisely the highlight of this IPO subscription.


### IPO Prime Welcomes Its Third Phase, First Entry into IPO Allocation

Bitget has accumulated experience from two previous phases in allowing ordinary users to participate in unicorn listings.

[IPO Prime](https://www.bitget.cloud/zh-CN/spotlight/ipo-prime) is a subscription platform launched by Bitget in April this year, with the first two phases linked to SpaceX's preSPCX and OpenAI's preOPAI, both issued by Republic and classified as pre-listing products.

Both phases experienced oversubscription. According to data from the IPO Prime page, preSPCX attracted 14,435 participants with a total investment of $177 million, oversubscribed by about 2.9 times; preOPAI attracted 5,448 participants with a total investment of about $120 million, oversubscribed by about 5.7 times.

After going live, the highest price increases for both reached 45.8% and 48.8%, respectively. As of November 4, both prices remain above the subscription cost, with preSPCX quoted at $134.7, up about 3.6% from the split subscription cost; preOPAI quoted at $810, up about 11.7% from the subscription price.


This time, IPO Prime has pushed the entry point into the IPO itself. The Anthropic project falls under the IPO section, with subscriptions settled at the final issue price plus underwriting service fees, and allocated assets delivered in rANT.

Compared to the pre-listing products issued in the form of debt certificates in the first two phases, the underlying asset of rANT is more direct. According to Bitget's event page, each rANT is backed by real Anthropic stock, mapped one-to-one with U.S. stocks, and synchronized with corporate actions such as dividends and stock splits.

It is important to note that these products are not officially issued by Anthropic, and holding rANT does not equate to directly holding Anthropic stock, nor does it confer shareholder status or voting rights.

### VIP Round Has Higher Allocation Rate, Public Round Has Lower Costs

This subscription phase is divided into VIP and public rounds, with independent allocations for both rounds, allowing eligible users to participate in both simultaneously. All times are in UTC+8.


The VIP round opens first, with the subscription time from November 5 at 16:00 to November 9 at 16:00, targeting users from VIP1 to VIP7, with a maximum individual investment of $3 million. A deposit of $30,000 qualifies one as a VIP, but the level takes effect T+1. This means that users wishing to catch the VIP round must complete their deposits by November 8.

The greater attraction of the VIP round lies in the allocation rate. According to Bitget's subscription rules, the historical allocation rate for the cooperative channels connected to the VIP round ranges from 40% to 80%. Of course, historical data is for reference only, and the actual allocation rate will be based on the final results.

The public round will open on November 10 at 16:00, available to all eligible users, with a maximum individual investment of $25,000, starting from $100, and subscriptions closing on November 17.

Both rounds allocate based on the proportion of investment, with no lottery. This means that as long as the platform secures a quota, each participant can receive a share based on their investment proportion.

The underwriting service fee for the VIP round is 12%, while for the public round it is 5%. The service fee is prepaid at the time of investment, and only charged on the actual allocated portion at settlement, with unallocated portions fully refunded. The official statement indicates that the higher fee for the VIP round is due to the higher costs associated with institutional channels and delivery paths.

In terms of account crediting time, rANT from the public round will be credited before the U.S. stock market opens on the day of the IPO, allowing trading on the listing day; the VIP round will have to wait 3 to 5 business days after the IPO, during which trading is not allowed.

Xie Jiayin, head of Bitget's Greater China region, explained that the Wall Street IPO channels connected to the VIP round typically only support delegated trading, requiring the stocks to be transferred to Bitget before they can become rANT.


In comparison, the two rounds have their own focuses. The public round has lower costs and faster crediting, suitable for users looking to seize the early market conditions after listing; the VIP round has higher costs and later crediting but offers larger quotas and higher historical allocation rates from cooperative channels, suitable for users with larger capital willing to bear delivery period fluctuations. Users can also participate in both rounds simultaneously, using the public round to capture first-day market conditions and the VIP round to strive for more allocations.

### How to Get Anthropic Stock Tokens for Free? New Users Share a 100,000 USDT Prize Pool

Bitget has also set up a prize pool of 100,000 USDT for new users, independent of the IPO allocation quota, on a first-come, first-served basis.

New users who register from November 2, complete KYC, and sign up on the event page can receive rANT worth 20 USDT by making a first deposit of 1,000 USDT and participating in the subscription; those who make a first deposit of 30,000 USDT can receive rANT worth 100 USDT and directly upgrade to VIP. Users who complete their first deposit through C2C and meet the criteria can receive an additional 5 USDT.

There is one prerequisite for receiving rewards: the funds must be retained for 30 days after the IPO. This means that within one month after the deposit, the cumulative net deposit in the account cannot be less than 0, and normal trading is not affected during this period. Rewards will be distributed in the form of Anthropic rToken after T+30, and specific details can be [viewed](https://www.bitget.com/zh-CN/campaigns/anthropic-ipo)[on the event page](https://www.bitget.com/zh-CN/campaigns/anthropic-ipo).


In this wave of AI, Anthropic is one of the few companies standing at the center of the table. In the past, ordinary investors wanting to share in the growth of such companies often had to wait until they went public, chasing purchases in the secondary market of U.S. stocks. With a bit of luck, they might get a piece, but the juiciest parts are usually already taken by institutional investors in the primary market.

This time, Bitget announced that it would be the first exchange to open subscriptions for the Anthropic IPO, bringing the entry time for ordinary users forward to the issuance stage. The two rounds of subscriptions differ in terms of quotas, fees, and crediting times, allowing users to choose one round or participate in both simultaneously, with a minimum investment threshold of $100 providing an opportunity for smaller funds to join the table. Investors of different sizes and styles can find a suitable way to enter.