#Gate直通IPO第三期Anthropic Anthropic’s core growth story is not IPO hype fueled by retail investors. It’s that it has already built an unmatched “security + engineering” double moat in the enterprise AI market.

🚀 The three growth opportunities I’m most bullish on

• Absolute dominance in the enterprise market
It has already captured 34.4% of paid enterprise customers in the US, overtaking OpenAI in market share, and its annualized revenue has surged to $81 billion, up more than 7x over the past year.
Even more impressive is its enterprise customer retention: revenue retention among existing customers is as high as 900%, meaning usage expands exponentially after companies adopt it. They don’t just buy a few seats and stop; they migrate their entire company’s core business processes to it.

• Coding and agents as a second growth curve
The latest Fable 5.2 model can already write a complete, working operating system from scratch, with coding capabilities twice as strong as GPT-6 Astra.
Now, 90% of Anthropic’s core code changes are completed by Claude with human guidance. This recursive “AI improving itself” effect will make its model capabilities and reasoning efficiency advance faster and faster, widening the gap with competitors.

• Listing gains underpinned by passive funds
Within 5–15 days of its listing, it will be included in six major mainstream indexes. Passive buying by index-tracking funds alone will be close to $20 billion, equivalent to 28% of the shares issued.
Combined with an estimated $250 million in net retail buying on the first day—twice SpaceX’s previous record—the liquidity premium early in the listing will be extraordinary.

📊 My view on this IPO subscription

I won’t blindly go all-in on the IPO; I’ll only participate with a small position. The core strategy is “capture the sentiment premium early after listing, but don’t take on a long-term position at a high valuation.”

• The high-certainty opportunity: In the 15 days before listing, index funds will scramble to buy in while retail enthusiasm peaks, and the share price is highly likely to surge rapidly in the short term, as SpaceX did after its listing.

• The biggest risk: The IPO valuation has now reached as high as $1.4 trillion, with a price-to-sales ratio already above 30x—higher than the valuation ceiling of top SaaS company Snowflake. That effectively discounts $685 billion in revenue for 2030 upfront.

• My strategy: Sell most of my position when the price is high on the first day of listing. I absolutely won’t hold it long term. I’ll wait for a pullback ahead of the lock-up expiration, then decide whether to build a position again based on how the company delivers on earnings. #WCTCS9