The Anthropic IPO lands next week. Claude’s maker plans to price on November 18 and start trading on Nasdaq on November 19, under the ticker ANT. Its proposed range is $70 to $78 per share for 825 million shares.
That makes it one of the largest listings in stock market history. It also makes it a crypto story. Pre-IPO perps on Hyperliquid, OKX and Bybit already price the company around the clock. Meanwhile, Kraken and Bitget let eligible users request tokenized IPO allocations.
So, can you get Anthropic IPO crypto exposure? Yes, in three ways. You can request a tokenized allocation on Kraken (ANTx) or Bitget (rANT). You can trade pre-IPO perps on Hyperliquid, OKX or Bybit. Or you can bet on the day-one market cap on Polymarket. None of these makes you a shareholder, and each comes with its own costs.
Here’s how every route works, plus why this listing could shake the Bitcoin chart again.
Anthropic IPO by the Numbers
The amended S-1 from November 10 filled in the blanks. Here’s what’s on file:
- Ticker: ANT, on the Nasdaq Global Select Market
- Price range: $70 to $78 per share
- Shares offered: 825 million (801.4 million new, 23.6 million from existing holders)
- Raise: $57.75 billion to $64.35 billion
- Valuation: about $916 billion to $1.02 trillion on outstanding shares, up to $1.4 trillion fully diluted
- Pricing: expected November 18
- First trade: expected November 19
- Retail allocation: about 20%, according to CNBC’s sources
For context, Anthropic raised $65 billion at a $965 billion valuation in May. It filed confidentially on June 1, went public with its S-1 on October 26, and launched the roadshow on November 10. Reports say the book was oversubscribed within a day.
Keep one thing in mind, though. The dates come from reporting, and the filing says trading depends on regulatory clearance. Treat November 19 as expected, not locked.
Is the Anthropic IPO the Biggest IPO Ever?
Not quite. SpaceX still holds that crown. Its June listing raised about $75 billion at $135 a share, valuing the company near $1.75 trillion. We covered that day in our SpaceX IPO breakdown.
Anthropic’s headline offering tops out at $64.35 billion. That makes it the second-biggest IPO ever, far ahead of Saudi Aramco’s old 2019 record. However, Anthropic estimates net proceeds of $84.6 billion to $93.7 billion once extra components and the underwriters’ option are counted. Depending on how you count, the “biggest ever” debate stays open.
It’s also a first in another way. No dedicated AI model lab has ever gone public, let alone one structured as a public benefit corporation.
Why the Anthropic IPO Matters for Bitcoin
Mega IPOs need cash. Bitcoin is one of the most liquid assets on the planet, and it never closes. When a hot listing needs $60 billion, some of that money comes from selling other risk.
My view is simple. Speculative money will chase this listing, and that can add to the current Bitcoin downswing.
The SpaceX Precedent
We have seen this movie before. SpaceX filed its public S-1 on May 20. Over the following weeks, Bitcoin fell about 20%. On June 5, BTC broke below $60,000 for the first time since September 2024, with an intraday low near $59,100.
After that, spot Bitcoin ETFs posted their worst month ever in June, losing about $4.5 billion. Several analysts pointed straight at SpaceX as a capital drain.
The real bottom came later, though. Bitcoin retested $58,000 on June 25, after a hot PCE inflation print. By then, SPCX was already sliding, as we covered when SpaceX stock fell below its IPO price.
To be fair, the link isn’t proven. CryptoQuant data showed no unusual stablecoin outflows during the early June dump. Macro data, ETF flows and a tech selloff all played their part.
Will Anthropic Drain Crypto Again?
The setup rhymes. Anthropic wants up to $64 billion next week, and OpenAI is lining up behind it. At the same time, Bitcoin swept its November low this week in the low $70Ks. Our why is Bitcoin down tracker follows every leg of that move.
Watch the days around pricing closely. Allocators raise cash before the book closes. After pricing, unallocated money gets refunded and has to go somewhere.
How to Join the Anthropic IPO With Crypto
Two exchanges offer IPO-linked allocations at the offering price. Both deliver tokens, not shares.
Allocation is the hard part. Last time, I tried the SpaceX IPO through Bybit IPO Express and got refunded instead of allocated. Go in expecting a partial fill or none at all.
Kraken ANTx (Tokenized Equities via xStocks)
Kraken offers ANTx, a tokenized product issued through xStocks, its tokenized equities line. We explained how xStocks work in our guide to tokenized stocks on Solana and Kraken.
Here’s how the request works:
- Sign in to your Kraken account, or create one. There’s no separate brokerage account to open.
- Request an amount of ANTx at the offering price. Plus a 5% spread. Other fees may apply.
- Your funds are reserved, not debited. You can cancel any time before the interest window closes.
- IPO underwriters decide allocations based on demand. It isn’t first-come, first-served, and you may get a full, partial or no allocation. Unallocated funds are returned.
- If you’re allocated, ANTx lands in your Kraken Pro portfolio and trades from listing day with no lock-up.
After listing, ANTx trades 24/5 in the EEA and 24/7 in many other regions. Each token is backed 1:1 by the underlying, held in custody. Still, ANTx gives price exposure only. It’s not equity, and it carries no voting or shareholder rights.
Kraken ANTx Availability and Disclosures
Availability is limited to eligible, verified clients in supported jurisdictions, including the EEA. ANTx isn’t available in the US or to US persons, or in the UK, Canada or Australia. Kraken’s support page lists New Zealand as excluded too.
New to the platform? Our Kraken review covers fees and security. To submit a request, use our Kraken link.
Kraken disclosures: xStocks are issued by Backed Assets (JE) Limited under an EU-registered prospectus. They are offered in the EEA by Payward Europe Digital Solutions (CY) Limited (CySEC licence no. 342/17) and elsewhere by Payward Digital Solutions Ltd. (Bermuda Monetary Authority). Users can read Kraken’s xStocks Risk Disclosure at kraken.com/legal/xstocks. ANTx gives price exposure only. It is not equity and confers no voting or shareholder rights. Allocation is not guaranteed, is not first-come, first-served, and is decided by the underwriters based on demand. Unallocated funds are returned. The offering price carries a 5% spread, and other fees may apply. The value of an investment may go down as well as up. Nothing on the page is investment advice. Not available in the US or to US persons, or in the UK, Canada or Australia. Geo restrictions apply.
Bitget IPO Prime (rANT)
Bitget runs a similar route through IPO Prime. Successful applicants receive rANT, a token tied to Anthropic shares held through brokerage and custody partners. The minimum is $100 in USDT or USDGO.
There are two rounds. The VIP round opened November 5 with higher allocation odds, but fees run up to 12%. In contrast, the public round opened November 10 with a 5% fee. Public-round rANT arrives before the opening bell on listing day. VIP tokens follow three to five trading days later.
The same caveat applies here. Holding rANT isn’t the same as holding Anthropic stock, and Anthropic doesn’t issue or endorse it. You can sign up through our Bitget link.
Where Anthropic Already Trades: Pre-IPO Perps
Don’t want to wait for an allocation? Perps let you take a view today. These are synthetic contracts, so you never own a share. Leverage also works both ways.
Hyperliquid and Trade.xyz
The deepest onchain market is xyz:ANT, run by Trade.xyz on Hyperliquid’s HIP-3 framework. One contract tracks one future Anthropic Class A share. Entropy (io:ANTH) and Paragon (para:ANTH) run competing Anthropic markets on the same chain.
On November 11, xyz:ANT marked around $104. That sits roughly 33% above the $78 top of the range. CNBC counted about $250 million in volume across Hyperliquid’s two main Anthropic markets in a single day. Meanwhile, the biggest short on Hyperliquid has grown to about $70.5 million, according to onchain analyst Yu Jin. Both sides are crowded.
Once ANT lists, xyz:ANT converts into a standard equity perp that tracks the Nasdaq price. Our Trade.xyz review explains the platform, and the Hyperliquid review covers the engine underneath. You can join Trade.xyz with our referral, or trade on Hyperliquid with 4% off fees.
OKX and Bybit
Prefer a centralized exchange? OKX lists pre-IPO futures on Anthropic, and we track that campaign on our OKX pre-IPO futures page. Bybit has run ANTHROPICUSDT since July 13, with up to 20x leverage. Binance, Bitget, KuCoin, Coinbase and Kraken list their own versions too.
Choosing between onchain and centralized venues? Our Hyperliquid vs Bybit comparison breaks down fees, custody and liquidity. For the wider field, see our best perp DEX ranking.
Polymarket
Polymarket runs a market on Anthropic’s closing market cap on day one, split into valuation brackets. That gives you a way to bet on the outcome with no funding rates and no liquidations. Start with our Polymarket guide, or join Polymarket here.
Do Pre-IPO Perps Get It Right?
Sometimes. Before SpaceX listed, Binance perps traded around $162.50, and SPCX closed day one at $160.95. Across six earlier pre-IPO perps on Hyperliquid, the stock opened within 25% of the perp’s prior-night price on average.
That’s still a wide band. Research firm Block Scholes also found the perps missed the actual open in the days before listing. In short, the perp shows what crypto traders think, not what the order book will do.
Want my live setups around listings like this? I share them in the AirdropAlert trading newsletter. One email, real trades, no spam.
Anthropic IPO Risks for Crypto Traders
The landing pages make this look simple. Here’s what to weigh first:
- No shares, no votes. ANTx, rANT and every perp give price exposure only.
- Allocation odds. An oversubscribed book means small fills or none. Your funds stay reserved until the window closes.
- Fees. ANTx carries a 5% spread, and Bitget’s VIP round charges up to 12%. If ANT opens near its offering price, you start in the red.
- Perp premium and leverage. The perps trade well above the filed range. If the open lands closer to the range, leveraged longs get squeezed.
- Headline risk. In June, Anthropic suspended access to two models to comply with US export controls, and the Hyperliquid perp fell about 3.7% within hours. Last week’s AI selloff also pushed xyz:ANT down to about $90.
- Financials. The amended filing shows a $104 billion net loss for the first nine months of 2026, most of it non-cash.
- Post-IPO path. SpaceX popped on day one, then traded below its IPO price within weeks.
None of this is financial advice. Size small, and only use money you can afford to lose.
Keep This Content Free
Anthropic’s listing will pull a lot of volume onto exchanges next week. If this guide helped you plan your route, trading through our links keeps AirdropAlert free:
Between IPO weeks, our tracker for exchange bonuses, trading competitions and DEX points makes sure your trading volume farms something too.
Final Words
The Anthropic IPO is the second mega listing of 2026. Once again, crypto got there first. Perps priced it for months, and tokenized allocations now reach traders who could never get an IPO fill through a broker.
Still, access isn’t the same as an edge. The perps are rich, allocations are scarce, and fees eat into any fill. Bitcoin also has to absorb another huge cash raise while it’s already weak.
One trend looks durable, though. Tokenized IPO exposure is becoming a standard exchange product. Expect it to show up in tokenized stock airdrops next.
FAQ
When is the Anthropic IPO?
Anthropic is expected to price its IPO on November 18, 2026, and start trading on Nasdaq on November 19 under the ticker ANT. Those dates come from reporting and depend on regulatory clearance.
What is the Anthropic IPO price?
The amended S-1 sets a range of $70 to $78 per share for 825 million shares. The final price is set the night before trading starts.
Can I buy Anthropic stock with crypto?
Not directly. You can request tokenized IPO exposure through Kraken ANTx or Bitget rANT, or trade pre-IPO perps on Hyperliquid, OKX and Bybit. None of them gives you shareholder rights.
What is ANTx on Kraken?
ANTx is a tokenized product offered through xStocks that gives price exposure to Anthropic. Eligible users request it at the offering price plus a 5% spread, and allocation isn’t guaranteed.
Is Anthropic the biggest IPO ever?
By headline offering size, no. SpaceX raised about $75 billion in June, while Anthropic’s base offering tops out at $64.35 billion. Anthropic’s own estimate of net proceeds runs higher, though.
Where can I trade Anthropic pre-IPO perps?
Hyperliquid (through Trade.xyz, Entropy and Paragon), OKX, Bybit, Binance, Bitget, Coinbase and Kraken all list Anthropic pre-IPO perpetuals. Availability depends on your country.
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