Author: Zen, PANews
In April this year, an unusual real estate transaction occurred in the San Francisco Bay Area.
An investment banker named Storm Duncan intended to sell his mansion valued at approximately 8 million dollars. However, unlike typical homeowners, he preferred buyers to pay with shares of the artificial intelligence company Anthropic instead of cash. To facilitate the transaction, he was even willing to allow buyers to retain 20% of the appreciation of the exchanged shares during the lock-up period.
When asked why he chose this unconventional selling method, Duncan's explanation was simple: there are too many houses and too few AI assets. Conversely, some early employees of Anthropic might find it quite the opposite; despite holding significant company equity, they lack the cash needed to purchase property.
Weeks later, Wired magazine discovered that more similar properties had been listed in the San Francisco Bay Area.
Among them, a tech PR firm owner offered a special deal while selling a residence valued at 2.5 million dollars: if the buyer uses Anthropic stock for payment, they only need to provide 2 million dollars' worth of equity, effectively giving a 20% discount.
Whether these transactions will ultimately be completed remains uncertain, but they are sufficient to illustrate one point: Anthropic's equity is becoming one of the most coveted and hardest assets to obtain in Silicon Valley.
Moreover, the chase for Anthropic's equity has finally met with an opportunity for the public market. On October 26, Anthropic officially submitted an IPO prospectus to the U.S. Securities and Exchange Commission (SEC), planning to go public on Nasdaq under the ticker symbol ANT, with the market expecting a valuation of 1.5 trillion to 1.75 trillion dollars upon listing.
From wealthy Silicon Valley individuals willing to trade mansions for shares to Wall Street institutions preparing to invest billions, Anthropic's IPO is already one of the most anticipated events in the global capital market. There is a consensus that equity is in short supply, and what the market is truly concerned about is how to secure a ticket in the competitive allocation and how to price this fast-growing AI company.
Breaking into the trillion-dollar club in five years, Anthropic's valuation logic
In 2021, Dario Amodei and his sister Daniela Amodei led a group of former OpenAI employees to establish Anthropic. At that time, ChatGPT had not yet been released, and the commercial market for generative AI was far from what it is today.
Five years later, the company has positioned itself at the center of the global AI industry. According to the latest prospectus, its revenue for the third quarter of 2026 is equivalent to 3.7 times the total revenue for 2025. Additionally, Reuters reported that Anthropic forecasts revenue of 190 to 200 billion dollars for 2028. The astonishing pace of commercialization and growth prospects have made Anthropic one of the most watched IPO projects on Wall Street. Its expected listing valuation once reached approximately 2 trillion dollars, though some investors have recently lowered their expectations; the valuation discussed in the market still tops 1.5 trillion to 1.75 trillion dollars.
Such a massive valuation is supported not only by rapidly increasing revenues and demand from enterprise customers but also reflects the capital market's high expectations for Anthropic's future growth potential.
As the IPO approaches, investors face another, more practical question aside from whether the valuation is reasonable: even if they are optimistic about Anthropic, how many chances exist to acquire shares at the issue price?
After all, for an IPO project as highly regarded by global investors as Anthropic, the issuance price allocation will be particularly scarce.
From SpaceX to Anthropic, how are entry tickets to hot IPOs allocated?
In June this year, when SpaceX went public, the market demonstrated a tremendous attraction of top-tier tech company IPOs.
On June 11, SpaceX officially set its issue price at 135 dollars per share. The next day, it debuted on Nasdaq, closing at 160.95 dollars on its first day, a 19.2% increase from the issue price. The stock price continued to soar thereafter. On June 16, SpaceX reached an intra-day peak of 225.64 dollars, about a 67% increase compared to the issue price; it closed that day at 201.80 dollars, still a gain of 49.5%.
For investors who acquired shares at the 135-dollar issue price, this represents a considerable paper profit. However, not all investors who were bullish on SpaceX had the opportunity to buy shares at the issue price, which is a typical illustration of how competitive hot IPOs can be.
The allocation of shares in traditional U.S. IPOs is mainly completed through underwriters, and institutional clients usually have more established allocation channels and resources. For projects with high demand, even if brokers allow retail customers to subscribe, they may not receive full allocations due to limited shares available.
By the time shares officially enter the secondary market, investors often face an entirely different price. This further emphasizes the scarce value of obtaining original allocations at the issue price.
This market demand has also provided opportunities for the development of new subscription platforms.
In April this year, the crypto asset trading platform Bitget launched IPO Prime, attempting to offer users access to invest in popular tech companies before and during their IPO stages through stablecoin subscriptions and tokenized financial products.
According to historical records disclosed by Bitget's official website, its SpaceX-related Pre-IPO projects attracted a total of 177 million dollars in subscription funds, with 14,435 participants, resulting in a subscription multiple of approximately 2.9 times compared to the 61.1 million dollar issuance scale; OpenAI-related projects attracted approximately 120 million dollars in subscriptions, with 5,448 participants, achieving a subscription multiple of about 5.7 times against a 21.08 million dollar issuance scale.
The two phases of the product also saw considerable increases in the secondary market: the SpaceX-related token preSPAX (later renamed preSPCX) rose from a subscription price of 650 dollars to 948 dollars, achieving a maximum increase of about 45.8%; the OpenAI-related token preOPAI climbed from 725 dollars to 1,079 dollars, with a maximum increase of approximately 48.8%.
It is important to note that the previous SpaceX and OpenAI projects used Pre-IPO token products linked to the respective companies' post-listing stock prices, and investors received revenue rights certificates provided by the issuing institutions, rather than the actual stocks of SpaceX or OpenAI.
For the Anthropic IPO, Bitget has extended the subscription mechanism to the formal stock issuance stage: the assets allocated will be delivered in the form of rANT tokens; each rANT will support a 1:1 stake in real Anthropic stock, and actions of the related company will also be reflected in the tokenized assets—this is a key distinction from the previous Pre-IPO products.
Starting from 100 dollars, Anthropic IPO Prime opens for dual-round subscriptions
According to an announcement from Bitget, Anthropic IPO Prime is divided into a VIP round and a public round, opening for subscriptions at 4 PM Beijing time on November 5 and November 10, respectively. Both rounds support participation using USDT or USDGO, with a minimum investment amount of 100 dollars. This aims to lower the threshold for average individuals wanting to participate in top tech IPOs, moving away from the common accompanying runner dilemma in traditional new share subscriptions.
The public round is open to all eligible users, with a maximum single investment of 25,000 dollars; the VIP round increases the maximum investment limit to 3 million dollars. Notably, VIP qualification is not restricted to existing members; users who upgrade and meet eligibility requirements by 4 PM on November 9, before the end of the VIP round subscription, will also have the opportunity to participate in VIP priority subscriptions with higher purchase limits.
Unlike participating in an IPO through regular securities accounts, investors can submit subscription applications through their existing crypto asset accounts, and the platform will connect with stock distribution channels through cooperative institutions, reducing the cumbersome steps of cross-market account opening and fund transfer.
According to Bitget's disclosures, its cooperative channel has a historical placement rate of 40% to 80%. However, this data can only provide a reference for the actual allocation ratio of Anthropic's IPO, with the final quota still depending on the distribution results from underwriting channels and allocated based on the proportional contributions of users in each round.
In terms of asset delivery, this allocation will be in the form of rANT tokens; as mentioned earlier, each rANT will support a 1:1 stake in real Anthropic stock, and actions of the related company will be reflected in the tokenized assets. However, it should be noted that rANT is legally distinct from Anthropic stock held directly by investors, and holders will not simultaneously gain shareholder status or voting rights.
Furthermore, subscription fees for the product are also an important factor affecting actual returns. The underwriting service fee for the public round is 5% of the actual allocated amount, while the VIP round is set at 12%; the delivery times for both rounds also differ, with the public round expected to be delivered before the market opens on the listing day, and the VIP round expected to be delivered within 3 to 5 working days after listing.
In conjunction with this event, Bitget has set up an Anthropic stock prize pool worth a total of 100,000 dollars for new users, allowing users who meet the registration, deposit, subscription, and fund retention requirements to participate, further lowering the threshold for new customers to try out.
From pre-IPO tokens related to SpaceX and OpenAI to Anthropic's genuine stock-supported IPO subscriptions, Bitget IPO Prime is attempting to connect traditional capital market allocation resources with crypto accounts, providing more people the chance to participate in popular IPOs that were previously difficult to reach.
However, specifically regarding actual returns, especially for popular IPOs, obtaining an allocation is only part of the investment process; the final returns ultimately depend on the issue price, allocation ratio, and the performance of the stock after listing.
Whether it's users who received allocations or those investors in the San Francisco Bay Area willing to trade luxury homes for shares, they are fundamentally betting on Anthropic's continued growth value over the coming years.
Now, as the IPO approaches, the equity of this AI company is about to enter a more public and liquid capital market. In the context of strong demand and scarce shares, discussions and competition surrounding its trillion-dollar valuation will also enter a new stage.
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