Summary
According to a report by Reuters citing Bloomberg on November 12, U.S. Eastern Time, Anthropic's proposed IPO subscription order volume is about six times the number of shares available for sale. The report cites informed sources who said that the underwriting team has indicated to potential investors that existing investors may receive priority allocation, and some new buyers may receive fewer shares than expected; related demand and issuance arrangements may still change.
Anthropic launched its IPO roadshow on November 10, U.S. Eastern Time, planning to issue 825 million Class A common shares, with the expected price range for the U.S. issuance portion set at $70 to $78 per share, and is applying to list on the Nasdaq Global Select Market under the code ANT. According to the IPO website information submitted by Anthropic to the SEC, provided that regulatory approvals and other conditions are met, the final issue price is expected to be determined on November 18, U.S. Eastern Time, and the stock is expected to start trading on November 19; specific arrangements may still adjust as the registration statement becomes effective and the issuance process progresses. Meanwhile, Anthropic's third-quarter revenue reached $17 billion but still faces issues such as high computational capacity investments, long-term infrastructure commitments, and profitability.
For traders concerned about the changes in Anthropic's pre-listing valuation but who may not necessarily be able to obtain an IPO allocation, the BBX ANTHROPICUSDT Pre-IPO perpetual contract provides another derivative tool to express judgments about the pre-listing valuation. Traders can choose to go long or short based on their judgments and actively manage their positions before the listing. However, this contract does not represent shares of Anthropic, does not provide IPO allocation qualifications, and does not grant shareholder rights. This article will analyze several aspects including IPO subscriptions, company finances, valuation discrepancies, and the mechanism of Pre-IPO perpetual contracts.
Reported IPO Subscription Demand Reaches About Six Times Available Shares
The IPO subscription situation for Anthropic is becoming the focus of the AI capital market.
According to a report by Reuters citing Bloomberg on November 12, U.S. Eastern Time, Anthropic's IPO has received orders amounting to approximately six times the number of available shares. The report cites informed sources who said that the underwriting team has informed potential investors that Anthropic may prioritize existing investors, and the number of shares received by some new buyers may be lower than expected.
It should be noted that "the order volume is about six times the available shares" refers to the demand information disclosed by informed sources during the issuance phase and is not the final allocation result announced by Anthropic, nor does it mean that every subscription will be allocated in full according to the declared quantity. The report also points out that subscription demand and other issuance details may still change.
For ordinary investors, the high demand for the IPO and the ability to actually receive allocations are two different matters. Participation eligibility, jurisdiction, brokerage channels, subscription rules, and underwriting team allocation arrangements can all affect the final outcome. Even if a subscription is submitted, it does not guarantee that full shares will be allocated.
Issuance Scale, Pricing Range, and Valuation: What Does Six Times Subscription Mean?
Anthropic announced the launch of its IPO roadshow on November 10, U.S. Eastern Time. According to the company’s preliminary prospectus, a total of 825 million Class A common shares will be issued, among which Anthropic will issue 801.35 million shares, while some existing shareholders will sell about 23.649 million shares. The company also expects to grant underwriters an option to purchase an additional 123.75 million shares within 30 days.
The disclosed expected price range for the U.S. issuance portion is currently set at $70 to $78 per share, and Anthropic has applied to list on the Nasdaq Global Select Market, planning to use the stock code ANT. According to the timeline published on the company’s IPO website, provided that regulatory approvals and other conditions are met, the final issue price is expected to be determined on November 18, U.S. Eastern Time, and the stock is expected to start trading on November 19. Based on the number of shares issued and the upper limit of the price range, the public offering scale is estimated to be about $64.4 billion. It should be noted that the proceeds from the shares sold by existing shareholders belong to the selling shareholders and do not all go into Anthropic’s account.
Reuters, citing Bloomberg, reported that according to relevant issuance arrangements, Anthropic's fully diluted valuation could potentially reach approximately $1.4 trillion. This figure is based on the current issuance plan and capital structure valuations and does not represent the actual market value post-listing. The final issue price, issuance scale, and valuation may be adjusted based on roadshow feedback and market conditions.
In addition to the public offering, the prospectus also reveals a private placement arrangement for Class N common shares, conducted concurrently with the IPO, totaling approximately $26 billion. Participants include Google, NVIDIA, AMD, Broadcom, Micron, Microsoft, and TSMC Partners. Among them, Google and NVIDIA are each expected to subscribe for about $10 billion, AMD about $2.5 billion, while the amounts from the other participants are relatively smaller. This arrangement must be executed after the IPO is completed and related conditions are satisfied; Class N shares are not of the same category as the publicly issued Class A shares, and the prospectus states that Class N shares typically do not carry general shareholder voting rights.
This means that Anthropic's listing involves not only the subscription demand from public market investors but also the capital participation from large technology companies and industrial partners. However, public offerings and concurrent private placements are different arrangements, and the amounts from the private placements cannot be directly interpreted as shares available for subscription by public investors.
The prospectus also shows that Anthropic employs multiple classes of shares and special governance arrangements: Class A common shares have one vote per share, while Class N common shares typically do not carry voting rights; Class F shares related to the founders have voting rights equivalent to 50.1% of the total voting rights of the company, while long-term benefit trusts usually have the power to elect and remove a majority of Class T directors through Class T shares. This means that public market investors purchasing Class A shares also need to understand the differences in the company's governance structure compared to a typical single-class equity company.
According to the IPO website information submitted by Anthropic to the SEC, the final issue price is expected to be determined on November 18, U.S. Eastern Time, and the stock is expected to begin trading on November 19 on Nasdaq; the company also notes that this timeline is contingent upon meeting regulatory approvals and that final arrangements will be subject to formal announcements. As of the writing of this article, the registration statement has not yet become effective, and the issuance remains at the proposed stage.
Behind High Growth: Revenue Expansion, Profit Margins, and Computational Capacity Commitments Need to Be Viewed Together
The sixfold subscription reflects strong market interest in Anthropic, but the IPO valuation ultimately needs to return to the company's business performance, cost structure, and long-term funding needs.
Anthropic disclosed in its IPO materials that its third-quarter revenue reached $17 billion, growing over 12 times year-over-year; as of September 30, 2026, more than 11,900 clients had revenues exceeding $100,000 in the past twelve months. This indicates that the commercialization scale of Claude and related enterprise AI products is rapidly expanding.
Profitability metrics, however, present a more complex situation. Anthropic disclosed an adjusted operating profit of about $2.5 billion for the third quarter, with an adjusted operating margin of 15%; however, under GAAP accounting, the operating margin was negative 3%, with a net loss of about $23.3 billion for the third quarter. Of this, approximately $21.9 billion came from non-cash expenses due to the fair value changes of convertible notes, derivative liabilities, and SAFE financial instruments. Therefore, it cannot be simply understood that the $23.3 billion net loss represents cash losses from operating activities for that quarter; the company also disclosed a GAAP operating loss of about $567 million for the same period.
At the same time, Anthropic's scale of computational capacity investment is enormous. The prospectus disclosed that as of September 30, 2026, the total amount of procurement commitments and leasing arrangements the company had signed was approximately $900.9 billion, of which about $451.6 billion is expected to occur before the end of 2030, and about $70.7 billion is expected to occur within the following 12 months. These commitments are primarily related to computational capacity and infrastructure and include procurement commitments, leases, and leases not yet started, which do not equate to immediate cash expenditures or existing debt balances.
The company also disclosed that as of September 30, 2026, it held about $95.6 billion in cash and cash equivalents, approximately $36.3 billion in short-term investments, and about $14.8 billion in available credit lines. Ample liquidity provides a buffer for continuous investment, but long-term contract commitments also mean that future revenue growth, computational capacity utilization, cost efficiency, and financing capabilities will be key points for investors to continuously monitor.
Thus, Anthropic's valuation cannot be assessed solely based on IPO subscription multiples or revenue growth rates. The market also needs to evaluate whether it can translate model capabilities and customer demand into sustainable revenues, whether it can enhance the efficiency of computational capacity investments, and whether massive long-term commitments will ultimately yield sufficient commercial returns.
The Market Performance of the AI Supply Chain Does Not Synchronize
As Anthropic's IPO garners attention, the stock prices of companies within the AI supply chain have not exhibited completely consistent trends.
On November 12, U.S. Eastern Time, NVIDIA announced that Jensen Huang resigned from his positions as president, CEO, and director of the company, and CFO Colette Kress was appointed as interim CEO. On the same day, NVIDIA's stock fell 4.34%, AMD rose 5.86%, and Broadcom rose 5.54%. This reflects that the market may respond differently to changes in management, business prospects, and competitive positions faced by different companies.
On the other hand, Anthropic's prospectus shows that NVIDIA, AMD, and several large technology companies plan to participate in the aforementioned $26 billion Class N private placement. This also indicates that the relationship between AI model developers and chip, cloud computing, and infrastructure companies is not simply a one-way competition but interwoven with industrial cooperation, computational supply, and capital investment.
However, the fluctuations in these stocks do not mean that capital has directly flowed from any chip company to Anthropic, nor can it be inferred that Anthropic's stock will necessarily rise after the listing. The revenue sources, cost structures, and valuation logic of model companies, chip suppliers, and cloud infrastructure firms differ. Investors need to judge their business models and cash flows separately and not simply derive the same stock price direction just because they belong to the same AI supply chain.
Finding It Hard to Obtain Anthropic IPO Allocations? Pre-IPO Perpetual Contracts Provide Another Participation Method
For many ordinary investors interested in Anthropic, the real challenge is not just understanding IPO news but whether they can actually participate in pre-listing investments or obtain an IPO allocation. Traditional Pre-IPO equity investments often involve private placements, approved share transfers, or specific investor arrangements; IPO subscriptions require compliance with the public offering documents, underwriting arrangements, and applicable regional securities regulations. Investors’ qualifications, regions, capital thresholds, brokerage channels, and final allocation volumes can all affect the results of participation. Even if a subscription is submitted, it does not guarantee that shares will be allocated in full.
If users wish to participate in changes in Anthropic's pre-listing valuation expectations rather than obtaining actual shares of the company, BBX offers another trading method: ANTHROPICUSDT Pre-IPO Perpetual Contract. Traders meeting the applicable platform conditions can choose to go long or short based on their assessments of Anthropic's business growth, market demand, IPO subscriptions, and issuance pricing, and actively adjust their positions or close trades during the contract trading period.
This type of contract provides derivative price exposure based on expectations surrounding Anthropic's pre-listing valuation, rather than the shares of Anthropic itself. Holding an ANTHROPICUSDT contract does not represent holding company equity, nor does it grant voting rights, dividend rights, IPO allocation qualifications, or future conversion rights. The contract price is determined by its own pricing mechanism, order supply and demand, and market liquidity, and does not equate to Anthropic's IPO issue price or actual share price.
At the same time, Anthropic’s official help center clearly states that its preferred and common shares are subject to transfer restrictions in the company’s articles of association. Share transfers or ownership rights without board approval will not be recognized by the company; Anthropic also reminds the public to be cautious of third parties claiming to provide shares of Anthropic or indirect equity interests to the general public. BBX’s Pre-IPO perpetual contract is an independent derivative trading tool and does not represent a means of acquiring real shares of Anthropic, participating in its private placement, or circumventing share transfer restrictions.
Going Long and Short: Trading on Pre-Listing Valuation Expectations
Pre-IPO perpetual contracts allow traders to choose different trading directions based on differing judgments of the company’s future value.
If traders believe that Anthropic's model capability, enterprise client growth, commercialization progress, or IPO demand will drive the market to assign a higher valuation, they can express bullish judgments by going long on related contracts.
If traders believe that the current valuation already incorporates high growth expectations or are concerned about computational costs, long-term capital commitments, competitive pressure, and fluctuations after IPO pricing, they can express bearish judgments by going short.
Longs and shorts correspond to different directional price risk exposures, but incorrect judgments can also lead to losses. The contract provides tools to express market views, rather than presupposing that Anthropic will definitely rise or fall, and does not represent the ability to obtain IPO allocations or participate in company equity investment.
At the same time, Pre-IPO contracts lack the continuous price references of listed underlying stocks. When comparing the ANTHROPICUSDT contract price with the expected IPO issue price of $70 to $78 per share, it is necessary to first verify the contract's price base, unit, multiplier, and other contract rules, as the two numbers cannot be directly used to calculate premiums or discounts as the same stock price.
Positions Can Be Actively Closed Before Listing: No Need to Bind Exit Timing to After the IPO
An important feature of Pre-IPO perpetual contracts is that traders do not have to bind their exit timing to after the company officially lists.
During the contract trading period, traders can actively reduce or close their positions based on market information and their own positions without waiting for Anthropic to complete its IPO. Actual transactions still depend on the prevailing order prices, market depth, and liquidity at that time.
This position management approach can correspond to different market scenarios:
If subscription demand, roadshow feedback, issuance pricing, or other news has already been reflected in the contract price, traders can actively take profits or reduce positions based on their original plans without needing to wait for listing.
If new financial disclosures, competitive dynamics, or changes in the market environment alter original judgments, traders can adjust their positions, exit, or reevaluate the trading direction.
If they wish to focus on Anthropic's market performance after listing, they should first check BBX's listing transition arrangements for that contract. One cannot simply assume that "perpetual contracts" will automatically convert into ordinary stock contracts or continue trading in a fixed manner.
Maintaining positions also requires consideration of margin requirements, funding rates, transaction fees, slippage, and the risk of forced liquidation. Pre-IPO targets may experience significant volatility during major news events or changes in the issuance process, and liquidity may also vary with market participation levels.
From Monitoring IPO Subscriptions to Managing Pre-Listing Price Exposure
The reported sixfold subscription demand for Anthropic's IPO indicates that the market has a high focus on its pre-listing valuation, but the subscription multiple does not determine the final issue price and does not guarantee stock price performance after listing. The company’s rapid revenue growth, adjusted operating margins, enormous computational commitments, and capital needs will all influence investors' judgments regarding its long-term value.
For users who wish to trade pre-listing price expectations and meet the applicable platform conditions, the BBX ANTHROPICUSDT Pre-IPO perpetual contract provides tools for two-way trading and active position management. Traders can view contract quotes and rules, and choose to go long, short, or adjust their positions based on their own judgments; but it should always be clear that this tool provides derivative price exposure, rather than real shares of Anthropic or IPO allocation rights.
Visit BBX ANTHROPICUSDT Pre-IPO Perpetual Contract Trading Page to view real-time quotes, contract rules, and applicable conditions.
Faced with strong IPO subscription demand, are you more focused on Anthropic's pre-listing valuation expectations or the prices offered by the public market after the official listing?
About BBX
BBX is a multi-asset trading platform with stablecoins as the funding entry. BBX DEX provides trading of multi-asset perpetual contracts, including Pre-IPO perpetual contracts centered around valuation expectations of unlisted companies. Different products have varying price references, trading rules, risks, and applicable regions, which are subject to the platform's real-time pages and the latest announcements.
Disclaimer and Risk Warning
This article is for market information exchange and product mechanism introduction only and does not constitute investment advice, return commitments, securities issuance invitations, or trading recommendations. Pre-IPO perpetual contracts involve price volatility, liquidity, funding rates, and leverage risk of forced liquidation, which may result in significant losses or loss of all margin. The contracts do not represent ownership of shares in the relevant companies or eligibility for IPO allocations. The applicable range of products, trading rules, and listing transition arrangements are subject to the latest information published by BBX.
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