Anthropic's IPO Is Approaching: How to Participate in the Year's Most-Watched Tech IPO via Bitget

Author:Carrie, ChainCatcher

One of the most closely watched IPOs in the capital markets this year is about to arrive. Anthropic, the developer of Claude, is expected to list on Nasdaq in mid-November under the ticker ANT.

The latest prospectus shows that Anthropic's third-quarter revenue this year was approximately USD 16.96 billion, up about 11x year over year.

The IPO has not yet been officially priced, and on prediction market Polymarket, traders believe the probability that its first-day market capitalization will exceed USD 1.75 trillion is already above 50%.

Can investors without eligibility to subscribe to U.S. stock IPOs get a share? On November 3, Bitget announced that it would open Anthropic IPO subscriptions through IPO Prime. The VIP round opened first on November 5 at 16:00, while the public round will open on November 10 at 16:00, with a minimum participation of USD 100.

The two subscription rounds differ in limits, fees, and delivery timing. How should users choose, and how should costs be calculated?

More Than Half of the Market Bets That First-Day Market Cap Will Exceed USD 1.75 Trillion

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

The prospectus shows that the company's third-quarter revenue was USD 16.956 billion, compared with only USD 1.382 billion in the same period last year. Adjusted operating profit for the period was USD 2.463 billion, with an adjusted operating margin of 15%, versus negative 93% in the same period last year.

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

Valuations have also climbed. In May this year, Anthropic completed a USD 65 billion Series H financing at a post-money valuation of USD 965 billion. Half a year later, the IPO valuation discussed by the market has already reached the USD 1 trillion mark.

According to a WSJ report citing people familiar with the matter, institutional investors recently told Anthropic and its advisers that the IPO valuation should be around USD 1.5 trillion to USD 1.6 trillion.

The prospectus also shows that its strategic shareholder Google has the right to subscribe privately for up to USD 10 billion of Anthropic shares at the offering price around the same time as the IPO.

Prediction markets offer a more optimistic view. As of November 4, the highest-probability first-day closing market capitalization range on Polymarket was USD 1.75 trillion to USD 2 trillion, and the combined probability of a first-day market cap above USD 1.75 trillion exceeded 50%.

The gap between the offering valuation and first-day expectations is the key attraction of this IPO subscription.

Chart: Polymarket prediction market probability estimates for Anthropic's first-day market capitalization

IPO Prime Enters Its Third Round, Moving into the IPO Allocation Stage for the First Time

Bitget has already built up experience from two rounds of enabling retail users to participate in unicorn listings.

IPO Prime is a subscription platform launched by Bitget in April this year; the first two rounds were preSPCX, linked to SpaceX, and preOPAI, linked to OpenAI.

Both rounds were oversubscribed. According to data on the IPO Prime page, preSPCX attracted 14,435 participants with a total subscription amount of USD 177 million and an oversubscription ratio of 29.5x; preOPAI attracted 18,367 participants with a total subscription amount of USD 157 million and an oversubscription ratio of 31.4x.

After launch, the two products recorded maximum gains of 45.8% and 48.8%, respectively. As of November 4, both prices remained above their subscription costs, with preSPCX's current price about 19.3% above cost and preOPAI about 15.6% above cost.

Figure: Historical performance data of Bitget's earlier projects preSPCX and preOPAI

This time, IPO Prime has extended access to the IPO itself. The Anthropic project belongs to the IPO segment. Subscriptions are settled at the final offering price plus an underwriting service fee, and the resulting product is the token certificate rANT.

Compared with the previous two pre-listing products issued in the form of debt certificates, rANT's underlying assets are more direct. According to the Bitget event page, each rANT corresponds to one actual common stock right in Anthropic deposited with a regulated trust institution.

Note that these products are not officially issued by Anthropic. Holding rANT is not equivalent to directly holding Anthropic shares. Its core value lies in locking in price exposure during the early listing period of the new shares.

VIP Round Offers Higher Allocation Rates; Public Round Has Lower Costs

This subscription is divided into a VIP round and a public round. The two rounds are allocated independently, and eligible users may participate in both. All times below are UTC+8.

Figure: Comparison of subscription times and quotas for the VIP round and public round

The VIP round opens first, with subscriptions available from November 5, 16:00 to November 9, 16:00 for VIP1 to VIP7 users. The maximum individual contribution increases by tier: VIP1 has a cap of $50,000, VIP7 has a cap of $300,000, and the minimum contribution is $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 historically achieved allocation rates of 40% to 80%, with a relatively ample overall quota pool.

The public round opens at 16:00 on November 10, available to all eligible users, with a maximum individual contribution of $25,000 and a minimum contribution of $100.

Both rounds allocate proportionally to contributions, with no lottery. In other words, as long as the platform receives quota, each participant receives an allocation based on their contribution share.

The underwriting service fee for the VIP round is 12%, while the public round is 5%. The fee is prepaid together with the contribution at subscription. At settlement, only the actually allocated portion is charged, and any unallocated portion is fully refunded to the original account.

Regarding crediting time, rANT from the public round will be credited before the U.S. stock market opens on IPO day, enabling trading on listing day. The VIP round requires waiting 3 to 5 trading days after the IPO, after the custodian completes trust asset settlement and transfers in batches.

Xie Jiayin, Head of Bitget Greater China, explained that the Wall Street IPO subscription channels connected to the VIP round typically support only agency trading. Shares must be transferred to Bitget's regulated partner brokerages and then moved into trust by the brokerages, which requires a certain settlement cycle.

Figure: Differences in subscription service fees and crediting times between the two rounds

By comparison, the two rounds have different focuses. The public round has lower fees and faster crediting, suitable for users who want to capture early post-listing market movements. The VIP round has higher costs and later crediting, but offers larger quotas and more stable allocation expectations, suitable for mature capital focused on medium- to long-term allocation.

Ways to receive 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. It is independent of the IPO allocation quota and is available on a first-come, first-served basis.

New users who register on or after November 2, complete KYC, and sign up on the event page can receive an airdrop of rANT valued at 20 USDT after making a first deposit of at least 1,000 USDT and participating in the subscription; a first deposit of at least 5,000 USDT earns rANT valued at 50 USDT; a first deposit of at least 10,000 USDT earns rANT valued at 100 USDT.

A condition for receiving rewards is that funds must be retained until 30 days after the IPO. In other words, within one month after depositing, the account's cumulative net deposits cannot fall below 0. Normal spot or futures trading during this period does not affect reward issuance.

Figure: Details of tiered deposit cashback for new users

In this wave of AI, Anthropic is one of the few companies at the center of the table. In the past, ordinary investors wanting to share in the growth of such companies usually had to wait until after listing and buy on the secondary market, bearing the valuation premium during the early listing period.

This time, Bitget announced that it has become the first exchange to open Anthropic IPO subscriptions, bringing retail users' entry point forward to the issuance stage. As for whether expectations will be met on the first day of trading, the market will soon provide an answer.

Source: TechFlow