Author: Carrie, ChainCatcher
One of the most anticipated IPOs in the capital market this year is approaching. Claude developer Anthropic is expected to hit the Nasdaq in mid-November with the stock code ANT.
The latest prospectus shows that Anthropic's revenue in the third quarter this year was approximately $16.96 billion, a year-on-year increase of about 11 times.
The IPO has not yet been officially priced, but in the prediction market Polymarket, traders believe that the probability of its market valuation exceeding $1.75 trillion on the first day of listing has surpassed 50%.
For investors without eligibility for US stock IPOs, is there a way to participate? On November 3, Bitget announced that it would open up subscription for the Anthropic IPO through IPO Prime. The VIP round will start on November 5 at 16:00, while the public round will open on November 10 at 16:00, with a minimum participation amount of $100.
The two rounds of subscription differ in terms of limits, fees, and delivery times. How should users choose and how should costs be calculated?
The market has more than half betting that the first-day market valuation of the IPO will exceed $1.75 trillion
Founded in 2021, Anthropic is one of the most watched AI companies today. Its Claude series large models are widely used in software development, enterprise office, and agent scenarios through Claude Code, Claude Cowork, and enterprise-level APIs.
The prospectus shows that the company's revenue in the third quarter was $16.956 billion, compared to just $1.382 billion in the same period last year. The adjusted operating profit during the same period was $2.463 billion, with an adjusted operating profit margin of 15%, compared to a negative 93% in the same period last year.
The recorded net loss in the third quarter was approximately $23.291 billion, but about $21.936 billion of that was from fair value changes of convertible notes, derivative liabilities, and SAFE, which belong to accounting revaluation and do not correspond to equivalent cash outflows. As of September 30, the company held cash and short-term investments totaling approximately $131.9 billion.
The valuation has also risen significantly. In May 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 reached $1 trillion.
According to 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 subscribe up to $10 billion of Anthropic stock at the IPO price during the IPO period.
The prediction market provides an even more optimistic assessment. As of November 4, the most probable closing market valuation range on the first day on Polymarket is between $1.75 trillion and $2 trillion, with the probability of a first-day market valuation exceeding $1.75 trillion exceeding 50% in total.
The gap between the issuance valuation and the first-day expectations is the highlight of this IPO subscription.
IPO Prime enters its third phase, marking the first entry into IPO allocation
In involving ordinary users in the listing of unicorns, Bitget has already accumulatedtwo phases of experience.
IPO Prime is a subscription platform launched by Bitget in April this year, with the first two phases being preSPCX linked to SpaceX and preOPAI linked to OpenAI, both issued by Republic, belonging to 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, an oversubscription of about 2.9 times; preOPAI attracted 5,448 participants with a total investment of approximately $120 million, an oversubscription of about 5.7 times.
After going live, the highest growth rates reached 45.8% and 48.8%, respectively. As of November 4, both prices remain above their subscription costs, with preSPCX quoted at $134.7, about a 3.6% increase from its split-adjusted subscription cost; preOPAI quoted at $810, about an 11.7% increase from its subscription price.
This time, IPO Prime has pushed the entry point into the IPO itself. The Anthropic project falls under the IPO segment, with subscriptions settled at the final issue price plus underwriting service fees, and allocated assets delivered as rANT.
Compared to the previous two phases, which issued pre-listing products in the form of debt certificates, the underlying asset of rANT is more direct. According to Bitget's activity page, each rANT unit is backed by real Anthropic shares, mapped one-to-one with US stocks, and synchronizing with corporate actions such as dividends and stock splits.
It is worth noting that these products are not officially issued by Anthropic, holding rANT does not equate to holding Anthropic stock directly and does not grant shareholder status or voting rights.
VIP round has a higher allocation rate, public round has lower costs
This subscription round is divided into VIP and public rounds, both independently allocated, and eligible users can participate in both simultaneously. All times mentioned are in UTC+8.
The VIP round opened first, with the subscription time from November 5 at 16:00 to November 9 at 16:00, targeting VIP1 to VIP7 users, with a maximum individual investment of $3 million. A deposit of $30,000 qualifies for VIP status, 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 of channels connected in the VIP round has been between 40% and 80%. Of course, historical data is for reference only; the actual allocation rate this time will depend 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, and $100 minimum participation, with subscriptions ending on November 17.
Both rounds are allocated based on investment proportions, without a lottery. This means that as long as the platform secures an allocation, each participant can receive a share according to their investment proportion.
The underwriting service fee for the VIP round is 12%, while for the public round it is 5%. Service fees are prepaid during the deposit, and will only be charged according to the actual allocated portion at settlement, with unallocated portions fully refunded. Officials state that the higher fee for the VIP round is due to the costs associated with institutional channels and delivery paths.
In terms of receiving time, the rANT from the public round will be credited before the opening of US stocks on the IPO day, allowing trading on the listing day; the VIP round must wait for 3 to 5 business days post-IPO during which trading is not permitted.
Bitget's head of Greater China, Xie Jiayin, explained that the Wall Street channels connected in the VIP round typically only support delegated trading and require stock transfers to Bitget before they can be converted to rANT.
In comparison, the two rounds have their own focuses. The public round has lower costs and faster crediting, suitable for users wanting to grasp the early market trends; the VIP round has higher costs and later crediting, but offers larger allocations, with higher historical allocation rates through cooperative channels, making it suitable for users with larger amounts of capital willing to bear the volatility of the delivery period. Users may also participate in both rounds simultaneously, using the public round to capture first-day trends and the VIP round to secure larger allocations.
How to receive free Anthropic stock tokens? New users can share a prize pool of 100,000 USDT
Bitget has also set up a prize pool of 100,000 USDT for new users, independent of the IPO allocation amounts, available on a first-come, first-served basis.
New users registering from November 2, completing KYC, and signing up on the event page who deposit at least $1,000 and participate in the subscription can receive rANT worth $20; if the first deposit reaches $30,000, they will receive rANT worth $100 and directly upgrade to VIP.Users who complete their first deposit through C2C and meet the criteriacan receive an additional $5 USDT.
There is one prerequisite for claiming rewards: the funds must be held for 30 days after the IPO. This means that within one month after the deposit, the account's cumulative net deposit cannot fall below 0, and normal trading during this period will not be affected. Rewards will be issued 30 days post-T as Anthropic rToken, with specific details available on the event page. Check event page.
In this wave of AI, Anthropic is one of the few companies at the center of the table. In the past, ordinary investors wishing to share in the growth of such companies often had to wait until they went public to purchase in the secondary US stock market. With good luck, they might get a piece, but the juiciest parts were usually already taken by institutional investors in the primary market.
This time, Bitget has announced itself as the first exchange to open subscriptions for the Anthropic IPO, bringing the ordinary users' entry time forward to the issuance stage. The two rounds of subscription have different focuses in terms of limits, fees, and delivery times, allowing users to select one round or participate in both simultaneously, with a low entry threshold of $100 providing an opportunity for smaller capital to join the table. Different sizes and styles of investors can find a suitable entry method.
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