Bitcoin has fallen roughly 19% over the 50 days leading up to Anthropic's Nasdaq IPO, with the decline echoing a similar pattern observed before SpaceX's listing in June. At the time of reporting, Bitcoin was trading at $65,450, having dropped below $70,000 on November 13 and further below $67,000 over the weekend.
Anthropic, the developer of Claude AI models, is set to begin trading on Nasdaq under the ticker ANT on November 19. The company is offering 825 million shares at $70 to $78 each, aiming to raise up to $64.4 billion. At the top of the range, Anthropic would be valued at approximately $1.4 trillion, with an additional $26 billion in arranged private placement.
SpaceX raised a record $75 billion in its IPO earlier this summer, making Anthropic's offering comparable in scale. Bitcoin experienced a similar 19% decline in the period before the SpaceX listing.
Fundstrat's managing partner attributed the current drawdown to a temporary rotation of money into mega-IPOs, as investors liquidate assets to purchase shares in major offerings.
Following SpaceX's Nasdaq debut, Bitcoin continued falling for an additional 18 days before recovering. Within 100 days of the SpaceX IPO, Bitcoin had risen 28% above its closing price on the listing day.
If Bitcoin follows this historical pattern after the Anthropic IPO, it could potentially reach $90,000 by the end of February 2027, according to Strive CEO Matt Cole. Binance founder Changpeng Zhao shared the comparative analysis on social media, though some observers attributed Bitcoin's decline to other factors rather than IPO-related capital rotation.
