Anthropic IPO watch: public filing as early as Friday, up to $100B raise, valuation talk $1.5–2T.
Investors reportedly lean closer to $1.5T. Biggest listing ever if it happens.
Anthropic's public S-1 could land Friday. Once it's out, the roadshow can start 15 days later, which puts a listing in November.
Q3 revenue was $16.8B, up ~50% from Q2. This is the AI IPO everyone's been waiting for.
Anthropic could publicly file for its IPO as early as tomorrow.
H1 revenue: $16.3B
Q3 alone: $16.8B
Raise: up to $100B
Valuation talk: $1.5–2T
Listing: as soon as November
Bigger than SpaceX's IPO.
Zuckerberg says Meta's AI agent Muse hit 10M+ downloads in 40 days, and Meta still plans $135–145B in capex this year.
Q3 alone: $34.9B. AI spend isn't slowing.
Meta, the day after a $25B penalty:
Revenue $64.6B, +26%
Q3 capex $34.9B
Net income $9.8B
2-for-1 stock split
Stock up ~3% after hours. The fine barely registered.
$META ordered to pay $25B to New Mexico today, a few hours before earnings.
With the $18B 48-state settlement, that's $43B in privacy bills this year. Meta says it will appeal.
A New Mexico judge just set Meta's Cambridge Analytica penalty at $25B. The state asked for $35–40B, Meta offered $3.4B.
Meta's AI budget this year: up to $145B. This barely dents it.
Meta just got hit with a $25B penalty over a 2018 data scandal.
On top of $18B to 48 states in August. $43B total.
Meta plans up to $145B in capex this year, mostly AI. The fine = about 2 months of that.
Earnings tonight.
Anthropic's draft IPO filing, per WSJ:
H1 revenue $16.3B, up from $1.1B a year ago
$9B on compute in 6 months, more than all of 2025
$600B+ in compute commitments
2 customers bring ~20% of revenue
The $80.7B loss headline is mostly non-cash.
Anthropic made $16.3B in 6 months. A year ago it was $1.1B.
The scary $80.7B "loss"? $72B of it is accounting on convertible notes. No cash left the building.
The number I'd watch: $600B+ promised to Google, AWS, Microsoft and Nvidia for compute.
