Anthropic's $1.75 Trillion IPO Race Goes Crypto: Bitget Opens Early Access Before Nasdaq Debut
The race to invest in artificial intelligence is moving into a new arena — and this time, cryptocurrency exchanges want a seat at the table.
Anthropic, the company behind the Claude AI models, is preparing for a proposed Nasdaq stock-market debut under the ticker symbol ANT. Now, cryptocurrency exchange Bitget is bringing the company's IPO-linked investment opportunity to its IPO Prime platform, allowing eligible users to subscribe using stablecoins before the anticipated public listing.
The development is attracting attention because Bitget's campaign materials reference an estimated Anthropic valuation of approximately $1.5 trillion to $1.75 trillion. If that estimate becomes reality, the proposed offering would rank among the most significant technology IPOs in market history.
But there is an important distinction: the $1.75 trillion figure is an estimate published by Bitget, not an officially confirmed IPO valuation from Anthropic.
Bitget CEO Gracy Chen highlighted the offering in a November 3 post on X, arguing that early access is about more than simply entering an investment opportunity ahead of others. The ability to respond and adjust as market conditions change is also important.
For crypto investors, the announcement raises a bigger question: could tokenized investment products become a new route into some of the world's most anticipated technology IPOs?
Anthropic IPO: Why the AI Company's Nasdaq Debut Matters
Anthropic has become one of the most closely watched companies in the global artificial intelligence industry.
Founded in 2021 and headquartered in San Francisco, the company develops advanced AI systems with a focus on safety, reliability and controllability.
Its flagship Claude models compete in a rapidly expanding market that includes AI assistants, enterprise software, coding tools and autonomous AI agents.
Demand for these technologies has attracted substantial investment from major technology companies and institutional investors.
On October 26, 2026, Anthropic announced that it had filed a registration statement on Form S-1 with the US Securities and Exchange Commission for a proposed initial public offering of its Class A common stock.
The company intends to list on the Nasdaq Global Select Market under the ticker symbol ANT.
The filing represents a major step towards a public listing, but it does not mean the IPO has already been completed.
Anthropic has stated that the number of shares to be offered and the final price range had not yet been determined in its initial announcement. Its registration statement must also become effective before the securities can be sold under the offering.
That leaves investors watching for further updates on the listing timetable, valuation and final share price.
Bitget Brings Anthropic IPO Access to Crypto Investors
Bitget announced Anthropic as the third company featured on its IPO Prime platform on November 3.
IPO Prime is designed to give eligible users access to subscription opportunities connected to companies approaching their public listings.
Rather than relying exclusively on traditional brokerage arrangements, participants can commit supported stablecoins through Bitget's platform.
For the Anthropic offering, the accepted commitment assets are:
- USDT
- USDGO
Bitget has divided the subscription into two separate rounds: a VIP round and a public round.
The structure gives eligible users different subscription limits, fees and allocation arrangements.
The offering is particularly notable because it brings an IPO-linked product into an environment more commonly associated with cryptocurrency trading.
However, users should understand that applying through Bitget is not the same as purchasing Anthropic shares directly through a conventional brokerage account.
Anthropic IPO on Bitget: Subscription Dates, Limits and Fees
Bitget's published subscription information outlines the following terms.
| Details | VIP round | Public round |
|---|---|---|
| Opening date | November 5, 2026 | November 10, 2026 |
| Opening time | 4:00 PM UTC+8 | 4:00 PM UTC+8 |
| Closing date | November 9, 2026 | Day before IPO |
| Minimum commitment | $100 | $100 |
| Individual maximum | $3 million | $25,000 |
| Total commitment cap | $1 billion | $200 million |
| Service fee | 12% | 5% |
| Accepted assets | USDT / USDGO | USDT / USDGO |
The two rounds have independent subscription pools and allocation calculations.
The VIP round is restricted to eligible VIP1–VIP7 users, while the public round is open to other eligible participants under the platform's requirements.
The difference in fees is particularly important.
VIP participants face a 12% underwriting service fee, compared with 5% for the public round. These charges apply to the amount actually allocated, not automatically to every dollar committed.
For example, if a participant commits $1,000 but receives an allocation of only $400, the applicable service fee is calculated on the allocated amount under the published terms.
Bitget also states that subscriptions are not guaranteed to receive the full amount requested. Allocation depends on the available shares and the proportional allocation rules for each round.
All dates and terms remain subject to the platform's latest announcements and the final IPO timetable.
What Is rANT? The Token Behind Bitget's Anthropic Offering
One of the most important parts of the announcement is the token called rANT.
According to Bitget's product documentation, users who receive an allocation through the IPO Prime process are expected to receive Anthropic-linked tokenized assets.
The platform describes the product as a way to connect traditional equity exposure with blockchain-based infrastructure.
This could make the offering attractive to crypto users who want access to an IPO-linked opportunity without following the conventional brokerage route.
But the legal distinction is essential.
Holding rANT is not automatically the same as directly owning Anthropic shares.
Bitget's own support documentation makes clear that holding rANT does not automatically provide shareholder status, voting rights or other shareholder benefits.
The specific rights, asset backing, custody arrangements and redemption conditions are governed by the relevant product documentation.
Investors should therefore understand what rights the token actually provides before committing funds.
The presence of a stock-related token does not, by itself, establish that its holder has the same legal ownership position as a shareholder registered through a traditional brokerage arrangement.
The $1.75 Trillion Valuation: What Does It Actually Mean?
The valuation figure is likely to become one of the biggest talking points surrounding the Anthropic IPO.
Bitget's campaign information references an estimated market capitalisation of approximately $1.75 trillion and an estimated issue price of $103 for the offering.
However, these figures are reference estimates, not final IPO terms.
Bitget itself says the estimated price and market capitalisation are based on market analysis and related materials. The final offering price will be determined through the IPO process by the issuer and underwriters, taking account of demand, market conditions and valuation.
That means the final valuation could be higher or lower.
For investors, this distinction matters because a company's private-market valuation, an estimated IPO valuation and its eventual public-market value are not interchangeable.
A high estimated valuation may generate excitement, but it does not guarantee strong performance after listing.
The actual market reaction will depend on the final price, investor demand, company financials and broader market conditions.
Anthropic Has Not Officially Endorsed Bitget's IPO Product
There is another detail that investors should not overlook.
Bitget's official campaign and support pages explicitly state that its Anthropic-linked product is not issued, offered or managed by Anthropic.
The platform also says that there is no official partnership or authorisation relationship with Anthropic and that the product has not been approved, sponsored or endorsed by the AI company.
This means the two processes must be understood separately.
Anthropic is pursuing its own proposed IPO through the US securities registration process.
Bitget is offering a separate subscription product through IPO Prime, involving its own platform rules and third-party service providers.
The distinction raises several practical questions for participants:
- Which legal entity holds the underlying shares?
- What exactly does an rANT holder own?
- How are the underlying assets held and verified?
- What happens if the IPO is delayed or cancelled?
- How can token holders redeem or transfer their assets?
- What happens if a third-party custody or service provider fails?
These questions are especially important because Bitget's documentation warns that third-party issuance, placement, custody and technical services may affect asset delivery, trading or redemption.
Investors should read the product agreement and applicable legal documents rather than relying only on promotional descriptions.
Why Crypto Exchanges Want to Enter the IPO Market
Bitget's Anthropic offering reflects a wider shift in the cryptocurrency industry.
Crypto exchanges are increasingly exploring products that connect digital assets with traditional financial markets.
These include:
- Tokenized stocks.
- Real-world assets.
- Pre-IPO investment opportunities.
- Stock-linked trading products.
- Blockchain-based financial instruments.
The broader strategy is to expand beyond conventional cryptocurrency trading and provide users with access to a wider range of financial products.
Anthropic is an especially high-profile example because artificial intelligence has become one of the biggest investment themes in global markets.
By bringing an AI company's proposed IPO into its platform, Bitget is positioning IPO Prime at the intersection of two major trends: AI investment and financial tokenization.
Whether this model becomes a mainstream route for retail investors will depend on regulation, product transparency, asset backing and investor protection.
What Investors Should Check Before Subscribing
The excitement around Anthropic should not distract investors from the financial and operational risks.
Before participating, users should consider the following points.
1. Final IPO price
The estimated $103 issue price shown by Bitget is not the confirmed final price. The actual IPO pricing may differ.
2. Allocation risk
A subscription commitment does not guarantee that the full requested amount will be allocated.
3. Service fees
The VIP round has a 12% fee and the public round a 5% fee on the amount actually allocated.
4. Fund lock-up
Bitget says submitted commitments cannot be cancelled by users and funds cannot be traded, transferred or withdrawn during the applicable lock-up period.
5. Token rights
rANT does not automatically provide direct share ownership, shareholder status or voting rights.
6. IPO timetable
The proposed listing schedule could change depending on regulatory review and market conditions.
7. Jurisdiction and eligibility
The product may not be available in every country or jurisdiction. Users should check local laws, platform eligibility and applicable restrictions before participating.
These details could make a substantial difference to the actual investment experience.
The Bigger Picture: AI IPOs and Tokenized Finance Are Converging
The Anthropic announcement highlights how the boundaries between traditional finance and cryptocurrency platforms are becoming less distinct.
An AI company preparing for a Nasdaq listing is now at the centre of a tokenized subscription opportunity offered through a crypto exchange.
For the cryptocurrency industry, this represents another attempt to bring traditional financial opportunities into blockchain-based ecosystems.
For the AI industry, it shows how growing investor interest in advanced AI companies is extending into new financial channels.
But wider access does not necessarily mean lower risk.
The real test for tokenized IPO products will be whether investors receive clear information about ownership rights, custody, redemption, pricing and regulatory protections.
The Bottom Line
Bitget's decision to feature Anthropic on IPO Prime brings one of the world's most closely watched AI companies into the cryptocurrency investment conversation.
The VIP subscription round is scheduled to open on November 5, followed by the public round on November 10, with eligible users able to commit USDT or USDGO.
The estimated $1.75 trillion valuation has generated attention, but the final IPO valuation and offering price remain subject to the formal listing process.
The most important detail is that rANT is not automatically equivalent to direct Anthropic share ownership, and Anthropic has not endorsed Bitget's product.
The bigger story is about the growing connection between AI, IPO markets and tokenized finance.
Wall Street may still control the traditional IPO process, but crypto platforms are increasingly competing to bring those opportunities to their own users.
Frequently Asked Questions
Is Anthropic officially launching its IPO on Bitget?
No. Anthropic is pursuing its own proposed Nasdaq IPO. Bitget is offering a separate subscription product through IPO Prime. Anthropic has not endorsed or authorised that product.
What is Anthropic's stock ticker?
Anthropic intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT, subject to completion of the IPO process.
When does the Anthropic IPO subscription open on Bitget?
The VIP round is scheduled to open on November 5, 2026, at 4:00 PM UTC+8. The public round is scheduled to open on November 10 at the same time.
What is the minimum subscription amount?
Bitget lists a minimum commitment of $100 for both the VIP and public rounds.
What is rANT?
rANT is the tokenized asset associated with Bitget's Anthropic IPO Prime offering. It is not automatically equivalent to directly holding Anthropic shares.
Is the $1.75 trillion Anthropic valuation confirmed?
No. It is an estimate referenced in Bitget's campaign materials. Anthropic has not confirmed its final IPO valuation or offering price.
What fees does Bitget charge?
The published underwriting service fee is 12% for the VIP round and 5% for the public round. The fee applies to the amount actually allocated.
Can every participant receive the full subscription amount?
No. Allocation depends on the available allocation and the platform's proportional distribution rules. Full allocation is not guaranteed.
Sources
- Anthropic: Official announcement of its proposed IPO filing
- US Securities and Exchange Commission: Anthropic Form S-1 registration statement
- Bitget: Official announcement — Anthropic IPO comes to IPO Prime
- Bitget Support: Subscription schedule, fees, allocation rules and rANT disclosures
- Bitget: Anthropic IPO campaign and product disclosures
Editorial Note
Subscription dates, fees, valuation estimates and allocation limits are based on Bitget's published information as of November 3, 2026. These details may change. Anthropic's proposed IPO remains subject to regulatory review and the final offering process.
Disclaimer: This article is for informational purposes only and does not constitute investment, legal, financial or tax advice. IPO-linked tokenized products involve allocation, liquidity, custody, regulatory and third-party service-provider risks. Participation may not be available in every jurisdiction.
