Anthropic IPO Imminent: How to Participate via Bitget in This Year's Most Anticipated Tech IPO
Author: Carrie, ChainCatcher
One of the most anticipated IPOs in the capital market this year is approaching. Claude developer Anthropic is expected to list on Nasdaq in mid-November under the ticker symbol ANT.
The latest prospectus shows that Anthropic's revenue in the third quarter this year was approximately $16.96 billion, representing a year-on-year increase of about 11 times.
As the IPO has not yet been officially priced, traders on the prediction market Polymarket believe the probability of its first-day market cap exceeding $1.75 trillion is now over 50%.
Can investors without access to US stock IPO allocations still participate? On November 3, Bitget announced it will open subscriptions for Anthropic's IPO through its IPO Prime platform. The VIP round kicked off first at 16:00 on November 5, while the public round opens at 16:00 on November 10, with a minimum investment of just $100.
The two subscription rounds differ in allocation limits, fees, and delivery timelines. How should users choose, and how should the costs be calculated?
Market Bets Over 50% on First-Day IPO Market Cap Exceeding $1.75 Trillion
Founded in 2021, Anthropic is one of the most closely watched AI companies today. Its Claude series of large language models are widely applied in software development, enterprise office scenarios, and intelligent agents via Claude Code, Claude Cowork, and enterprise-level APIs.
The prospectus shows that the company's Q3 revenue reached $16.956 billion, compared to just $1.382 billion in the same period last year. Adjusted operating profit for the same period stood at $2.463 billion, with an adjusted operating profit margin of 15%, versus a negative 93% in the prior year.
The third quarter showed a book net loss of approximately $23.291 billion, but about $21.936 billion of this stems from fair value changes in convertible notes, derivative liabilities, and SAFEs. This represents an accounting revaluation and does not correspond to equivalent cash outflows. As of September 30, the company held approximately $131.9 billion in combined cash and short-term investments.
Valuations have risen accordingly. In May, Anthropic completed a $65 billion Series H funding round, reaching a post-money valuation of $965 billion. Half a year later, the IPO valuations being discussed in the market have already surpassed the $1 trillion mark.
According to the WSJ, citing informed sources, institutional investors recently indicated to Anthropic and its advisors that the IPO valuation should fall around $1.5 trillion to $1.6 trillion.
The prospectus also notes that strategic shareholder Google has the right to subscribe privately for up to $10 billion worth of Anthropic shares at the offering price during the IPO.
Prediction markets offer an even more optimistic outlook. As of November 4, the highest-probability range for Anthropic's closing market cap on its first day of trading on Polymarket is $1.75 trillion to $2 trillion, with a combined probability of over 50% for a first-day market cap exceeding $1.75 trillion.
The gap between the issuance valuation and first-day expectations is precisely what makes this IPO subscription so compelling.
Figure: Polymarket prediction market's probability forecast for Anthropic's first-day listing market cap
IPO Prime Enters Its Third Phase, Marking First Entry into IPO Allocation Stage
Regarding enabling retail users to participate in unicorn listings, Bitget has already accumulated two cycles of experience.
IPO Prime is the subscription platform launched by Bitget in April this year. Its first two phases were preSPCX, linked to SpaceX, and preOPAI, linked to OpenAI.
Both previous phases experienced oversubscription. According to data on the IPO Prime page, preSPCX attracted 14,435 participants with a total investment of $177 million, resulting in a 29.5x oversubscription ratio; preOPAI drew 18,367 people with a total investment of $157 million, achieving a 31.4x oversubscription ratio.
After launching, their peak gains reached 45.8% and 48.8%, respectively. As of November 4, both prices remain above their subscription costs, with preSPCX trading approximately 19.3% higher than cost and preOPAI about 15.6% higher.
Figure: Historical performance data for Bitget's previous projects preSPCX and preOPAI
This time, IPO Prime advances the entry point directly to the IPO itself. The Anthropic project falls under the IPO sector, with subscriptions settled at the final offering price plus underwriting service fees, yielding the tokenized receipt rANT.
Compared to the pre-listing products issued in the first two phases in the form of debt receipts, rANT ties directly to underlying assets. According to the Bitget event page, each rANT corresponds to a deposit held at a regulated trust institution granting rights to real Anthropic common equity.
Note that these products are not officially issued by Anthropic. Holding rANT does not equate to directly holding Anthropic stock; its core value lies in locking in price exposure during the initial listing period of the new shares.
VIP Round Offers Higher Allocation Rate, Public Round Features Lower Costs
This subscription phase is divided into VIP and public rounds, allocated independently, allowing eligible users to participate in both simultaneously. All times listed below are UTC+8.
Figure: Comparison of subscription times and limits between VIP and public rounds
The VIP round kicks off first, running from 16:00 on November 5 to 16:00 on November 9, open to VIP1 through VIP7 users. The maximum single-user investment limit increases with tier, ranging from $50,000 for VIP1 to $300,000 for VIP7, with a minimum investment threshold of $5,000.
The greater appeal of the VIP round lies in its allocation rate. According to Bitget's subscription rules, the partner channels connected to the VIP round have historical allocation rates between 40% and 80%, providing a relatively ample overall quota pool.
The public round opens at 16:00 on November 10, available to all eligible users. The maximum individual investment is $25,000, with a minimum entry of $100.
Both rounds allocate based on investment proportion rather than lottery drawing. In other words, as long as the platform secures allocations, every participant receives a portion proportional to their contribution.
The underwriting service fee is 12% for the VIP round and 5% for the public round. Fees are prepaid upon investment and only charged on the actually allocated portion at settlement; any unallocated amounts are fully refunded to the original account.
Regarding settlement timing, public round rANT tokens will be credited before US stock market opening on the IPO day, allowing trading immediately upon listing; the VIP round requires waiting 3 to 5 trading days post-IPO for the custodian to complete trust asset transfer and distribute them in batches.
Xie Jiayin, Head of Greater China at Bitget, explained that the Wall Street IPO subscription channels connected to the VIP round typically only support proxy trading. Shares need to be transferred to a compliant broker partnered with Bitget, which then transfers them into trust, necessitating a certain clearance period.
Figure: Differences in subscription service fees and settlement timing between the two rounds
In comparison, each round has its own focus. The public round features lower fees and faster settlement, suiting users aiming to capture early listing market movements; the VIP round carries higher costs and slower settlement but offers larger limits and more stable allocation expectations, making it suitable for mature capital focused on medium-to-long-term positioning.
How to Get Free Anthropic Stock Tokens: New Users Share $100,000 USDT Prize Pool
Bitget has also established a $100,000 USDT prize pool for new users, independent of the IPO allocation quota, distributed on a first-come, first-served basis.
New users registering from November 2 who complete KYC and sign up on the event page can receive a $20 USDT worth rANT airdrop for their first deposit of 1,000 USDT and participation in the subscription; a $5,000 USDT first deposit yields $50 USDT in rANT; and a $10,000 USDT first deposit grants $100 USDT in rANT.
There is a prerequisite for claiming rewards: funds must be retained until 30 days post-IPO. This means within one month of depositing, the account's cumulative net inflow cannot drop below zero. Normal spot or contract trading during this period will not affect reward distribution.
Figure: Tiered rebate details for new user deposits
In this wave of AI advancements, Anthropic is among the few companies positioned at the center of the table. In the past, retail investors hoping to share in the growth of such companies could only wait until after listing to buy shares in the secondary market, thereby absorbing the valuation premium during the initial listing period.
This time, Bitget has announced itself as the first exchange to open Anthropic IPO subscriptions, bringing the entry point for retail users forward to the issuance phase. As for whether expectations will materialize on the first day of trading, the market will provide answers shortly.