#AnthropicPicksNasdaqForIPO
This is one of those headlines where I think it is important to separate what is actually confirmed from what the market is already pricing in.
Anthropic has reportedly selected Nasdaq for its potential IPO, according to Reuters, citing a Business Insider report and a person familiar with the company's plans. That is a meaningful step because Anthropic is moving closer to becoming a public company, but it does not mean the IPO is officially priced or that every number circulating online is confirmed.
Anthropic, the company behind Claude, confidentially filed for a U.S. IPO in June. Reuters has since reported that the company is looking toward a potential launch around October, with marketing expected to begin no earlier than mid-October. The exact listing date is still not locked in publicly.
Now comes the part that has really caught the market's attention:
Valuation.
Reports and investor discussions have pushed possible IPO valuations toward the $2 trillion area. But I would not call $2T an official Anthropic valuation today. It is an estimate being discussed around the potential offering, not a final IPO price.
That distinction matters.
Anthropic's last major private valuation was reported around $965 billion following its May 2026 financing, meaning a potential $2T public-market valuation would represent a huge step higher.
And this is where the story becomes bigger than Anthropic itself.
The market is effectively trying to answer one question:
How much are investors actually willing to pay for the next generation of AI companies?
If Anthropic can successfully approach a valuation close to $2T, it would provide another major data point for the private AI market. It could also influence how investors think about other giant unlisted technology companies and the valuations attached to them.
SpaceX is an obvious comparison.
SpaceX's enormous public-market debut has already given investors another reference point for how much capital markets are willing to assign to companies sitting at the intersection of technology, AI and infrastructure. The comparison is not perfect because SpaceX and Anthropic have completely different businesses, but the psychological effect on the market is interesting.
Private-market valuations are no longer happening in isolation.
Every major IPO gives investors another benchmark.
And that is why I think the Nasdaq decision itself is less important than what comes next.
The real test will be Anthropic's public filing, its financial numbers, the actual IPO price range, investor demand and — most importantly — whether public-market investors accept the valuation being discussed privately.
There is also another risk that the market cannot ignore.
AI valuations have become extremely sensitive to expectations. If revenue growth, AI infrastructure spending or future profitability fail to justify the valuation investors are expecting, the same excitement that pushes a private company higher can work in reverse once the stock becomes publicly traded.
So I am not looking at this headline as:
“Anthropic is officially worth $2 trillion.”
I am looking at it as:
Anthropic is moving closer to the public market, Nasdaq is reportedly the destination, and investors are now preparing for one of the biggest valuation tests of the AI boom.
The next numbers that really matter are the public filing, IPO price range and actual investor demand.
Until those arrive, the $2T figure should be treated as a market expectation/reporting point — not a confirmed final valuation.
That distinction is where the real story is.
#GateMeme #GateTrenchesZeroGas #GateLaunchesTrenchesWith0GasFee #AppleEvent @GateSquare @Gate_Square
$NAS100 ‌

#GateTop4MainstreamCEX
I keep seeing people focus on the “No. 4” part of Gate’s August ranking.
Personally, I’m more interested in what happened before Gate got there — and whether the numbers are strong enough to push it toward No. 3 next.
The August data shared by BlockBeats shows Gate doing roughly $40B in spot volume and $285B in derivatives volume. That is not a small number, especially when you consider how competitive the CEX market has become.
But volume by itself doesn’t convince me.
What I want to see is whether the activity is being supported by actual capital flows, users, liquidity and product growth.
And that’s where Gate’s recent numbers get interesting.
Gate’s August transparency report shows $8.215B in total reserves and a 127% overall reserve ratio as of August 19. It also reported around $308.1M in 30-day net inflows, which Gate said placed it second among major exchanges.
For me, that matters more than simply saying “Gate is No. 4.”
Then look at the user side.
Gate has now passed 60 million registered users, while its ecosystem has expanded to more than 5,000 digital assets and 12,800 stocks and ETFs. It is clearly moving beyond being just another crypto spot and futures platform and trying to build a much broader trading ecosystem.
But the part I’m watching most closely is derivatives.
Gate’s RWA perpetual volume reached approximately $64.7B in August, up 158% month over month. Its market share increased from 5.32% in July to 12.6%, putting Gate in the Top 3 for RWA perpetual trading.
That’s the kind of growth I pay attention to.
Because if Gate can keep gaining ground in newer markets while maintaining strong spot and derivatives activity, then the No. 4 ranking starts looking less like a ceiling and more like a stepping stone.
There’s another number I like even more from the transparency report: Gate’s Event Contract trading volume increased 286.09% month over month, while Perp DEX API trading volume increased 134%. Those are very different products, but together they show that the platform is trying to expand activity across multiple trading segments rather than relying on one market.
And this is where my personal view comes in.
I don’t think Gate needs to chase No. 3 just for the ranking.
If I’m using a platform for actual trading, I care about things like liquidity, execution, market depth, product choice, risk controls and whether the platform keeps improving when market conditions get difficult.
A ranking is the result.
The underlying infrastructure is what creates the ranking.
So where do I think Gate should be heading?
No. 4 → No. 3 → No. 2.
But I would rather see Gate take the slower route and make the growth sustainable than jump one position and lose momentum later.
The next test, in my opinion, is simple:
Can Gate continue attracting capital?
Can it keep growing derivatives volume without relying on temporary spikes?
Can it turn 60M+ users into deeper and more consistent trading activity?
And can its expansion into RWA, stocks and other asset classes create another source of long-term volume?
If the answer to those questions keeps being yes, then I don’t think No. 3 is an unrealistic target anymore.
In fact, the more interesting conversation might eventually become whether Gate can challenge the exchanges above No. 3.
But I’m not going to get ahead of the data.
Right now, I see a platform sitting at No. 4 with several growth indicators moving in the right direction.
So my target is straightforward:
No. 4 is where Gate is today.
No. 3 is where I want to see it next.
And after that, let the numbers decide how high it can go.
That’s the part I’ll be watching.
#GateMeme #GateTrenchesZeroGas #AppleEvent @GateSquare @Gate_Square

#GateUSReaches37StateLicenses
37 licenses sounds like a number. But for a global trading platform, I think it tells a much bigger story.
The crypto industry usually measures an exchange by the things traders can see immediately — trading volume, liquidity, fees, products, listings, execution and user growth.
But there is another layer that is much harder to build and much easier to overlook:
Regulatory infrastructure.
That is why the latest Gate US development caught my attention.
Gate US has now reached 37 state-level licenses across the United States, after securing a Money Transmitter License in Massachusetts. Gate US’s official licensing disclosure lists the Massachusetts license as MT2272810, under the Massachusetts Division of Banks, and currently lists 37 U.S. jurisdictions for Gate US, Inc.
PANews also reported the Massachusetts approval today, describing it as another step in Gate US’s U.S. compliance and localization strategy.
And honestly, I think the more interesting part is not the number 37 itself.
It is what it takes to get there.
A global trading platform cannot simply decide one morning that it wants to expand across the United States and expect everything to happen automatically.
The U.S. regulatory environment is highly jurisdiction-specific. Massachusetts, for example, has established a dedicated framework for licensing and supervising money transmitters under Chapter 169B. The new framework became effective on January 1, 2026, and the Massachusetts Division of Banks oversees the licensing process.
That makes compliance very different from launching another trading feature.
A new product can be developed.
A new interface can be redesigned.
A promotion can run for a week.
But building a regulatory footprint across dozens of jurisdictions is a much longer process.
That is where I think the word “moat” becomes important.
I recently saw a Gate Square poll asking:
What is the most important moat for a global trading platform?
The choices were compliance, product experience, liquidity and localization.
The result was quite clear:
Compliance — 71%
Product Experience — 29%
Liquidity — 0%
Localization — 0%
I actually think the result makes sense, although I would look at the four options slightly differently.
Compliance is the foundation.
Product experience is the interface between the platform and the trader.
Liquidity is what helps turn that experience into efficient execution.
And localization is what makes a global platform feel relevant in individual markets.
So I don't think the real answer is that compliance replaces everything else.
I think the stronger argument is:
Compliance gives a platform the foundation to build everything else.
That distinction matters.
Having 37 state-level licenses does not automatically mean Gate US has won the U.S. market. I would never make that claim based on licensing numbers alone.
But it does demonstrate something meaningful: Gate US is continuing to build the regulatory infrastructure required for a broader U.S. presence.
And from my perspective as a trader, that is worth paying attention to.
Because the next phase of crypto competition may look very different from the previous one.
In the earlier stages of the market, exchanges could differentiate heavily through listings, leverage, campaigns and aggressive product launches.
As crypto becomes more mature, the competitive landscape is becoming broader.
Users increasingly care about whether a platform can operate sustainably in their jurisdiction, whether its products are accessible to them, whether liquidity is strong enough when markets become volatile, and whether the overall experience actually works for their region.
That means the strongest global platform probably won't be the one that wins on only one metric.
It will be the one that can connect compliance + products + liquidity + localization into one experience.
And this is where Gate US’s 37-license milestone becomes more interesting to me.
The license count is the visible part. The infrastructure behind it is the real story.
Gate US is not simply adding another state to a map.
It is continuing to expand its regulatory footprint while building a more localized presence in one of the world's most important financial markets.
For me, that is a much stronger way to look at this development than simply saying:
“Gate US now has 37 licenses.”
The better question is:
What can Gate build on top of those 37 licenses?
If regulatory access is the foundation, then the next battleground is clear — product quality, liquidity, execution, local user experience and the ability to turn regulatory progress into actual user value.
That is where I will be watching Gate US next.
Because in the long run, a trading platform's moat may not be the feature everyone notices first. It may be the infrastructure users rarely see but depend on every time they trade.
And right now, Gate US is making that infrastructure increasingly visible.
37 licenses is not the destination.
It is part of the foundation.
#GateUS全美合规牌照增至37张
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