Why Anthropic’s IPO Is a Defining Moment for the AI Market

Claude has experienced the fastest enterprise adoption of any technology in history, as demonstrated by revenue growing from $0 at commercial launch in 2023 to $17.0 billion for the three months ended September 30, 2026. In five years, the company turned “frontier large models” from a lab curiosity into the most crowded order book expectation on Nasdaq.

On October 26, Anthropic publicly filed its S-1, aiming to list on Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley as lead underwriters.

Source: Anthropic, PBC - S-1/A-1

Who Is Anthropic?

Anthropic was founded in San Francisco in 2021 by Dario and Daniela Amodei, along with former OpenAI researchers. Its core product is the Claude family of large models—Opus, Sonnet, and Haiku—with a focus on AI safety, alignment, and enterprise-grade reasoning.

Commercially, roughly 80% of revenue comes from API usage, primarily from enterprise clients. In the twelve months to September 2026, more than 11,900 enterprises spent over $100,000 annually, and over 1,900 spent more than $1 million per year.

Source: Anthropic, PBC - S-1/A-1

On November 2, 2026, Anthropic released its S-1A, offering the first detailed look at how that enterprise base is actually performing. The filing tells a clear story in four parts:

1- Claude has earned a place inside the world's largest companies.

2- Those customers keep spending more over time.

3- Each dollar of compute now generates more revenue.

4- The business posted its first quarter of operating profitability.

Together, this shows Anthropic is not an "AI application company." It is the first pure-play foundation model layer to step into the public market.

One detail matters: these are recognized revenues — sales already earned and booked — not annualized run-rates projecting one good month across a full year. That makes the growth harder to dismiss.

Why the Anthropic IPO Matters

One listing would not settle the AI valuation debate. It could make that debate more measurable.

Valuation anchor reset. Until now, AI valuations were set in private VC rounds. Once ANT lists, the market will reprice “what a model company is worth” every day with real money.

Industry bellwether. OpenAI and xAI remain private. Anthropic rings the bell first, and its pricing will directly shape exit expectations for every large-model company that follows.

A test of the AI safety route. Will the market pay a premium for a model company that prioritizes safety?

Compute economics exposed. The prospectus lays out hundreds of billions of dollars in compute commitments—across Amazon, Google, Broadcom, AMD, and Nvidia. For the first time, the “picks and shovels” economics of AI are being dissected publicly.

Sentiment amplifier. The entire AI sector—chips, cloud, software, AI tokens—needs a pricing anchor at the model layer. ANT is that anchor.

How Is an AI IPO Different from a Normal Tech IPO?

Traditional financial measures still matter. Revenue, margins, retention, cash flow and valuation multiples do not become obsolete because a company develops AI.

But investors also need to understand the economics behind those numbers.

Anthropic’s uniqueness: revenue growth above 1,300%, but future compute commitments exceed $500 billion over the next decade. Growth and investment are two sides of the same coin. Investors aren’t buying current profit—they’re buying an option on the continued diffusion of general intelligence.

Takeaway: Normal IPOs buy cash flow. AI IPOs buy the intelligence diffusion curve.

Why Do Global Users Want In?

For years, crypto-native investors have watched the world’s most valuable growth assets—AI leaders, public tech, pre-IPO names—from behind three walls.

- The access wall. The best IPOs are allocated through underwriters, funds, and private banking desks—not retail queues.

- The infrastructure wall. Multiple apps, brokerage accounts, FX rails, and custody systems, each with their own KYC and settlement delays.

- The time wall. Traditional market hours, T+2 settlement, and retail lock-ups.

The result: by the time an asset reaches public markets, the transition premium from primary to secondary has already been captured by institutions. Retail allocation rates for hot IPOs routinely fall below 5%.

New demand from crypto users. They hold USDT, want 24/7 access, transparent settlement, and on-chain proof. They want a seat at the issuance window for the core asset of the AI era.

Trading Anthropic on Bitget

IPO Prime gives you a path from USDT to an rToken backed by real IPO shares, with a visible allocation formula and a refund for whatever is not filled. Traders around the world will now be able to participate in something they didn't have the chance to, on blockchain. This is Bitget's approach towards making finance more accessible to every person, as well as another meaningful statement for its UEX position.

How your USDT becomes an rToken

Step 1: Subscribe using USDT or USDGO.

Step 2: Pricing and allocation. On IPO day, before the US market opens, our partner fund will confirm the final offer price.

Step 3: Settlement. The partner fund or broker gets the real shares, which will be moved into a segregated account at a regulated broker or custodian. The real shares settle before any rToken is minted.

Step 4: Custody check and minting. The custodian confirms the number of shares held. A smart contract then mints rTokens (rANT) into your Bitget account at 1:1 economic exposure. One rToken follows the economics of one share, but it does not carry the share's vote.

Step 5: Trading. The rToken opens for trading on Bitget. Its price references the ANT order book on Nasdaq, and on-chain matching can add a short delay and a spread.

If you want to trade a view on Anthropic without waiting for an allocation, the ANTHROPICUSDT perpetual runs 24/7 from the same USDT balance, and leverage on it can liquidate your margin. Once your rToken is delivered, it sits in rToken spot beside your other US stock exposure and your crypto.

2 ways to subscribe

IPO Prime offers 2 rounds. The VIP round gives a higher chance of a large allocation and charges a higher fee. The public round costs less and is open to more people, but the allocation is less certain.

>> Learn more: How to Join the Anthropic IPO on Bitget With IPO Prime

The Bigger Picture

After Anthropic’s IPO, the AI market will have a public price. Bitget IPO Prime’s significance is that this price no longer belongs only to Wall Street terminals.

From USDT subscription to rANT trading on-chain, users aren’t participating in a speculative frenzy. They’re experiencing UEX reconstructing TradFi’s scarcest issuance events into a crypto-native, understandable, verifiable, and exit-friendly cross-asset experience.

Financial equality isn’t “everyone wins.” It’s “everyone has a path, the process is verifiable, and delivery comes with proof.”

The Anthropic IPO is the headline. The infrastructure underneath it—one account, one interface connecting crypto capital to traditional capital markets—is the story that outlasts the listing.

[Explore Anthropic IPO on Bitget]

Disclaimer:

No IPO is without risk, and Anthropic's S-1 was candid about its own. The filing devotes 93 pages to risk factors here.

Anthropic’s offering price, listing date and share count are subject to effective SEC filings and final issuer announcements. Bitget IPO Prime provides users with a channel to seek IPO allocations through partner institutions. rANT represents economic exposure to underlying shares and does not confer direct share ownership, voting rights or guaranteed returns. Historical partner allocation rates do not predict this offering’s outcome. Allocation, delivery and trading timelines may change. Participation is subject to regional restrictions, and final product terms. Review all fees, refund conditions, custody arrangements and risks before participating.