Anthropic is targeting a mid-November Nasdaq debut under the ticker ANT, according to its latest filing, while Bitget has opened subscription windows for a tokenized product tied to the expected IPO. The exchange's structure gives eligible users access from $100, but the route comes with service fees, allocation uncertainty and different delivery schedules that could determine whether participants can trade on the listing day.
Bitget's IPO Prime program will distribute rANT, a product it describes as a one-to-one representation of U.S.-listed Anthropic shares held as underlying stock. The exchange says rANT holders will receive the economic effects of dividends, stock splits and other corporate actions. They will not become Anthropic shareholders and will have no voting or meeting rights.
The public subscription round is scheduled to open at 16:00 UTC+8 on Nov. 10 and close at 16:00 UTC+8 on Nov. 17. It carries a $100 minimum subscription, a $25,000 maximum per eligible user and a 5% underwriting service fee. Bitget says funds are reserved when users subscribe, while fees are ultimately charged only on the portion that receives an allocation. Unallocated funds are to be returned in full.
Bitget says public-round rANT will be credited before the U.S. market opens on Anthropic's IPO day, allowing recipients to trade the tokens immediately. That timetable places the public round closer to the debut than the exchange's VIP offering, despite the latter allowing far larger subscriptions.
Vip subscribers face higher fees and later delivery
The VIP subscription window opened at 16:00 UTC+8 on Nov. 5 and is set to end at 16:00 UTC+8 on Nov. 9. It is available to Bitget VIP1 through VIP7 users and permits subscriptions of up to $3 million per account.
A $30,000 deposit can qualify a user for VIP status, with activation on a T+1 basis, according to Bitget. The service fee for the VIP round is 12%, more than double the public round's 5% charge. Bitget also says prior partner-channel offerings recorded allocation rates between 40% and 80%, though allocation for Anthropic will use a proportional system rather than a lottery.
The larger subscription cap may appeal to users seeking sizable exposure, but VIP participants are expected to receive rANT three to five business days after the IPO. Bitget attributes the delay to transferring underlying shares into its custody before converting them into rANT.
That delay creates a clear timing difference between the two rounds. Public subscribers may be able to trade during the initial listing session, while VIP recipients could receive their tokens after the first days of price discovery have already passed. A larger allocation would not necessarily offset the higher fee and delayed delivery if the underlying shares move sharply after listing.
Filing shows rapid revenue growth and a large accounting loss
Anthropic's filing reported third-quarter revenue of $16.956 billion, compared with $1.382 billion in the corresponding period a year earlier. Adjusted operating profit reached $2.463 billion, producing an adjusted operating margin of 15%, compared with a negative 93% margin in the prior-year quarter.
The company also reported a net loss of $23.291 billion under its reported accounting results. About $21.936 billion of that total was linked to fair-value changes in convertible notes, derivative liabilities and simple agreements for future equity, or SAFEs, according to the filing. The document characterized those changes as accounting remeasurement rather than cash outflows.
As of Sept. 30, Anthropic reported approximately $131.9 billion in cash and short-term investments. The balance sheet position follows a $65 billion Series H financing completed in May, which placed the company's post-money valuation at $965 billion.
The Wall Street Journal reported recently that institutional feedback had placed a potential IPO valuation between $1.5 trillion and $1.6 trillion. Google, identified in the filing as a strategic shareholder, has the right to purchase up to $10 billion of shares in a private placement at the IPO price during the offering period.
Polymarket pricing on Nov. 4 showed a combined probability above 50% that Anthropic's first-day market value would exceed $1.75 trillion. Its most heavily priced outcome range was $1.75 trillion to $2 trillion. Such markets reflect participant positioning rather than a forecast of the company's final valuation.
Bitget points to earlier tokenized pre-listing demand
Bitget previously offered pre-listing products issued by Republic and tied to SpaceX and OpenAI. Its IPO Prime page says the preSPCX product received $177 million in subscriptions from 14,435 participants, or roughly 2.9 times the available allocation. The preOPAI product drew about $120 million from 5,448 participants and was approximately 5.7 times oversubscribed.
According to Bitget's figures, preSPCX recorded a maximum post-listing gain of 45.8%, while preOPAI reached a maximum gain of 48.8%. On Nov. 4, preSPCX traded at $134.70, about 3.6% above its post-split subscription cost, and preOPAI traded at $810, around 11.7% above its subscription price.
Those earlier results show that heavy subscription demand does not guarantee that the product will retain its strongest early price levels. For Anthropic participants, the terms around allocation, fees and delivery could be as consequential as the company's eventual Nasdaq opening price.
Deposit campaign adds a 30-day condition
Bitget has also created a 100,000 USDT reward pool for newly registered users who complete KYC verification and enroll in the campaign. The exchange says a first deposit of at least 1,000 USDT combined with an IPO subscription qualifies a user for $20 worth of rANT. A first deposit of 30,000 USDT qualifies for $100 worth of rANT and a VIP upgrade, with a further $5 available for qualifying first deposits made through C2C.
The rewards carry a retention requirement. Bitget says deposited funds must remain for 30 days after the IPO, defined as maintaining a total net deposit that does not fall below zero, although users may continue normal trading. Rewards are scheduled for distribution on T+30 as an Anthropic rToken.
For prospective users, the immediate distinction is that rANT provides exposure to Anthropic's listed shares through Bitget's product structure, rather than direct ownership of ANT shares. The public round offers earlier delivery and a lower fee, while the VIP route offers a substantially higher maximum allocation but delays access until after the IPO's opening trading period.
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