The November 5 market reaction showed how quickly sentiment around AI can change. The Philadelphia Semiconductor Index dropped 12.2%, while the Nasdaq Composite declined 5.5%. Chipmakers and data-centre stocks faced heavy pressure as investors questioned whether AI infrastructure spending can deliver the returns currently reflected in company valuations.
But this does not automatically mean the AI business is weakening. It raises a different question: how much growth can these companies deliver, how much capital will they need, and when will that investment translate into sustainable earnings?
That brings Anthropic into the conversation.
Anthropic has filed its S-1 registration statement for a proposed Nasdaq listing under ANT. Its Claude business has substantial growth ambitions, but the valuation is what deserves scrutiny. The reported $1.5T–$1.75T range is a market estimate, not an official IPO price. Anthropic has not yet announced its final offer price or share count.
Bitget IPO Prime has also outlined a subscription structure with separate VIP and public rounds. The published terms include underwriting fees of 12% and 5% respectively, calculated on allocated amounts. Allocation is not guaranteed, committed funds are locked during the subscription period, and the resulting rANT represents tokenised economic exposure rather than direct share ownership or voting rights.
The question I would put ahead of any valuation discussion is whether Anthropic’s business growth can justify the expectations surrounding its listing. A correction in semiconductor stocks does not automatically make a separate IPO attractively priced.
Would you rather see Anthropic establish its market value after listing, or do you believe its long-term business potential can support the valuation being discussed?
This is not financial advice. Listing may be delayed or may not happen, and ANT may trade below its offer price from the first day.