Anthropic’s Nasdaq Debut Is Shaping Up to Be the Year’s Most Watched Tech Listing
TREE NEWS reports: Anthropic, the developer behind the Claude family of large language models, is expected to list on Nasdaq in mid-November under the ticker ANT. The company’s latest prospectus shows third-quarter revenue of roughly $16.96 billion, an increase of about elevenfold year-over-year. Adjusted operating income reached $2.46 billion, translating to a 15% adjusted operating margin—up from negative 93% a year earlier. The reported net loss of $23.29 billion is largely an accounting artifact: approximately $21.94 billion stems from fair-value changes on convertible notes, derivative liabilities, and SAFEs, not actual cash outflows. As of September 30, Anthropic held about $131.9 billion in cash and short-term investments.
Valuation Expectations Run Hot
Anthropic completed a $65 billion Series H in May at a post-money valuation of $965 billion. Institutional investors have reportedly signaled to Anthropic and its advisers that the IPO should be priced in the $1.5 trillion to $1.6 trillion range. Prediction markets are even more bullish: on Polymarket, the highest-probability first-day closing valuation band is $1.75 trillion to $2 trillion, with cumulative odds of exceeding $1.75 trillion above 50%. Google, a strategic shareholder, holds the right to purchase up to $10 billion of Anthropic stock at the offering price in a concurrent private placement. The gap between the expected offer valuation and first-day market expectations is precisely what makes this IPO compelling for participants.
Bitget’s IPO Prime Pushes Retail Access Upstream
On November 3, Bitget announced it would open Anthropic IPO subscriptions through IPO Prime, marking the platform’s first entry into the actual IPO allocation stage. Previous IPO Prime rounds—preSPCX tied to SpaceX and preOPAI tied to OpenAI—saw oversubscription of 29.5x and 31.4x respectively, with peak gains of 45.8% and 48.8% after listing. This time, subscriptions settle at the final offering price plus an underwriting service fee, with the product issued as a tokenized certificate called rANT. Each rANT corresponds to a claim on genuine Anthropic common stock deposited with a regulated trust institution. The product is not issued by Anthropic, and holding rANT is not equivalent to directly holding Anthropic shares; its core value lies in locking in price exposure during the initial listing period.
Two Rounds, Two Trade-offs
The VIP round runs from November 5 to November 9 (UTC+8) for VIP1 through VIP7 users, with individual caps ranging from $50,000 to $300,000 and a minimum of $5,000. The public round opens November 10, with a $25,000 individual cap and a $100 minimum. Both rounds allocate pro-rata based on contribution rather than by lottery. The VIP round carries a 12% underwriting service fee versus 5% for the public round; fees are prepaid and only charged on the actually allocated portion, with the remainder refunded. Public-round rANT arrives before the US market open on listing day, while VIP-round tokens settle three to five trading days after the IPO following trust asset delivery. Bitget’s Greater China lead Xie Jiayin explained that Wall Street IPO channels typically support only entrusted trading, requiring share transfers to a compliant broker and then into trust, hence the clearing cycle.
The Bigger Picture
Tokenized pre-IPO access is blurring the line between traditional capital markets and crypto rails. For retail investors without US IPO allocation rights, platforms like Bitget are compressing the entry timeline from post-listing secondary buying to the issuance stage itself. The trade-off is real: rANT is a synthetic claim, not equity, and carries counterparty, custody, and settlement risk. Yet if the model holds, it points toward a future where tokenized securities become a standard distribution channel for marquee listings—and where crypto exchanges compete directly with brokerages for a slice of the IPO pie. Whether the first-day valuation delivers on Polymarket’s optimism will be answered soon enough.
