#直通IPO第三期Anthropic Anthropic’s $70–$78 IPO: Inside the $1.4 Trillion AI Valuation and Gate’s USDT Subscription Model

Anthropic’s proposed Nasdaq listing is more than another technology IPO. It puts one of the fastest-growing AI businesses in front of public-market investors at a potential fully diluted valuation of up to $1.4 trillion. At the same time, Gate IPO Access Phase 3 introduces a way to submit an indicative subscription using USDT, with actual share allocation dependent on the platform’s final allocation.

The opportunity has two separate questions: can Anthropic’s financial growth support its proposed valuation, and do Gate’s subscription conditions make sense for someone considering participation?

The IPO numbers behind ticker ANT

Founded in 2021 by Dario Amodei, Daniela Amodei, Jack Clark and Jared Kaplan, Anthropic develops Claude AI models and tools for businesses, developers and other users.

In its November 10 amended registration statement, Anthropic proposed:
- Nasdaq Global Select Market listing under ticker ANT
- 825 million Class A shares in the offering
- Indicative price range of $70–$78 per share
- Approximately $57.75 billion–$64.35 billion in gross offering value across the stated share count and price range
- An additional 123.75 million shares potentially available through the underwriters’ 30-day option

Of the 825 million shares, approximately 801.35 million are being offered by Anthropic and 23.65 million by existing shareholders. This distinction matters: proceeds from shares sold by existing holders do not go to Anthropic.

The registration statement remains subject to completion and effectiveness. Therefore, the price range is not the final IPO price, and the listing and allocation details remain subject to the official process.

Why two different valuations are being quoted

Gate’s IPO announcement presents two valuation ranges:
- Issued-share valuation: approximately $920 billion–$1.02 trillion
- Fully diluted valuation: approximately $1.26 trillion–$1.4 trillion

These figures are not contradictory. They use different share-count methodologies. Issued-share valuation reflects the relevant issued shares, while fully diluted valuation accounts for a broader share base, including potential shares from equity awards and convertible securities.

At the upper end of the proposed price range, the fully diluted valuation reaches approximately $1.4 trillion. That is the figure investors should examine when assessing the scale of the company's proposed market value.

A lower or higher final offer price would change the implied valuation. The final price and share count not the indicative range alone will determine the actual IPO valuation.

The business is growing rapidly, but the financial picture needs context

Anthropic’s amended SEC filing reported $33.2 billion in revenue for the first nine months of 2026, compared with approximately $2.5 billion in the same period of 2025. That represents roughly 1,206% year-over-year growth.

Its reported annualized revenue run rate reached approximately $81 billion on October 31, up $10 billion from September 30. This is an operating metric based on a particular measurement period, not guaranteed future revenue or the same thing as audited annual sales.

Another important indicator is customer expansion. Anthropic reported that customers generating at least $100,000 in trailing-12-month revenue increased from more than 950 to more than 11,900 in one year. Its reported net revenue retention was approximately 900% as of September 30, indicating substantial expansion in spending among existing customer cohorts.

However, rapid revenue growth does not eliminate the cost of developing and delivering frontier AI.

The $104 billion loss requires a closer look

Anthropic reported a net loss of approximately $104 billion for the first nine months of 2026. That headline figure deserves attention, but it should not be interpreted as $104 billion of ordinary operating cash losses.

The SEC filing shows that approximately $94.3 billion of the reported loss was driven primarily by changes in the fair value of convertible notes and related financing instruments as the company's valuation increased. Its operating loss for the same nine-month period was approximately $1.3 billion, compared with $5.2 billion a year earlier. Anthropic also reported adjusted operating income of approximately $4.1 billion.

The distinction between GAAP net loss, operating loss and adjusted operating income is essential. Each measures a different aspect of financial performance, and none should be substituted for another.

Infrastructure is the biggest long-term financial test

Anthropic disclosed approximately $900.9 billion in aggregate purchase and lease commitments, substantially related to computing power and infrastructure.

Around $451.6 billion is expected to be incurred before the end of 2030, while approximately $70.7 billion is due in the 12 months following September 30, 2026.

These are contractual commitments, not all immediate cash payments or current-period expenses. Nevertheless, they demonstrate the scale of infrastructure required to support Claude, enterprise demand and future model development.

The investment case therefore depends on whether revenue growth, customer retention and improving compute efficiency can continue to support these obligations over time.

Gate IPO Access Phase 3: how the subscription works

Gate announced that Anthropic (ANT) indicative subscriptions will use USDT, with the following terms:

- Subscription opens: November 12, 11:00 AM UTC+8
- Subscription deadline: November 17, 5:00 PM UTC+8
- Minimum subscription: 100 USDT
- Maximum subscription: 3 million USDT
- Estimated share distribution and trading: November 19, 2026

Allocation is proportional to each participant’s subscription amount relative to the total subscription amount from all participants and the allocation quota Gate ultimately receives. A larger subscription gives a higher allocation weight, but it does not guarantee a particular number of shares.

Successfully allocated actual shares are credited to Gate Stock Accounts. Funds not used for successful allocations are returned to Spot Accounts after distribution.

Fees and the 10% APR condition

The underwriting service fee is tiered:
- 5% on the allocated amount corresponding to the first 50,000 USDT of cumulative investment
- 10% on the allocated amount corresponding to investment above 50,000 USDT

The fee applies only to successfully allocated amounts. No underwriting fee is charged on the unallocated portion.

The 10% APR subsidy is a separate condition. It applies only if Gate ultimately receives no allocation. The subsidy is calculated using hourly snapshots of subscription balances, and an individual subsidy below 0.5 USDT is not paid. It is not a guaranteed return on shares received, nor does it protect against a fall in ANT's market price.

Subscription funds are locked during the process. If the final IPO price deviates by more than 20% from the reference price, Gate initiates a secondary confirmation process. KYC is required, while borrowed funds, institutional accounts and subaccounts are not eligible. The subscription channel may also close early depending on demand.

The decision is about valuation, allocation and risk not just access

Anthropic brings impressive revenue growth, expanding enterprise adoption and a rapidly developing AI business. But a fully diluted valuation approaching $1.4 trillion leaves substantial expectations embedded in the proposed price. Its infrastructure commitments, competition, future margins and ability to convert AI demand into durable earnings will all matter after listing.

Gate’s Phase 3 mechanism provides a USDT-based route to seek allocation of actual shares, but participation is not the same as guaranteed ownership. Investors must account for proportional allocation, subscription lock-up, tiered fees, final pricing and possible post-listing volatility.
The most important distinction is simple: Anthropic’s growth explains why the IPO attracts attention; its valuation and financial commitments determine whether the price is justified. Gate’s subscription terms explain how access works, but they do not remove the investment risk.
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