Anthropic's proposed IPO is valued at $2 trillion, tokenized stocks conceal compliance differences

According to Woofun AI, the American artificial intelligence company Anthropic submitted Form S-1 registration documents to the US Securities and Exchange Commission on the 26th to officially begin the initial public offering (IPO) process. It plans to list and trade on the NASDAQ Global Select Market under the code “ANT” during the week of November 16.

The scale of this IPO attracted great attention from the market, and its valuation range may be as high as $1.5 trillion to $2 trillion, which is comparable to SpaceX (SPCX.US), which was valued at around $1.8 trillion in June. According to data compiled by Woofun AI, if the amount of financing exceeds 100 billion US dollars, it will surpass the 85.7 billion US dollars previously raised by SpaceX (SPCX.US), making it the largest IPO in history. At the financial level, Anthropic's revenue surged 1,300% to US$16.3 billion from January to June, and adjusted operating profit reached US$1.6 billion, successfully reversing the loss situation of US$1.8 billion in the same period last year;

However, from a full-year perspective, its losses still increased to nearly 81 billion US dollars, up from 13 billion US dollars in the same period last year.

In the area of tokenized stocks, market reactions have been mixed. When SpaceX (SPCX.US) was listed, Backpack issued tokens corresponding to physical stocks on the Solana chain, and xStocks reduced user token allocations due to insufficient allotted shares.

Notably, Anthropic clearly disapproves of tokenization models based on shares held by special purpose companies (SPVs), and considers such transfers ineffective, which directly negates the current practices of platforms such as Pristox. Currently, cryptocurrency exchanges Backpack and xStocks have not confirmed that they will provide token trading services on the first day of listing.

However, on the 26th, the HyperLiquid platform launched a dollar-denominated, indefinite pre-listing futures contract for 1 Anthropic Class A common stock, filling the gap in spot tokenization.

Anthropic's rejection of the SPV model marks the redefinition of asset token compliance boundaries by leading AI companies. This position not only cut off the arbitrage path of some decentralized exchanges, but also forced the market to turn to derivatives instruments for risk hedging. As the November listing approaches, the interface between traditional finance and the crypto market may be structurally adjusted due to this compliance dispute.