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After 100+ hours of research on $APP here are the main bullet points you need to know (#6 is important):
(1/12) They own both the auction house (MAX) and the bidding model (AXON)
(2/12) MAX takes a 5% fee from all bidders that arent AXON
(3/12) MAX hosts auctions for around 73% of the biggest mobile games
(4/12) AXON has around a 3-5% self reinforcement learning growth rate (steady according to management)
$APP is at ~$7.7M in revenue per employee btw
My quick takeaways on the Anthropic S-1:
1. This is a historical moment
2. $6.6M in revenue per employee!! Hard to even comprehend how good that is but Anthropic is AI native as it gets so makes sense.
3. I always thought OpenAI would drop their S-1 first
4. Customers spend about 9x more after a year. Net Revenue Retention is approximately 900% as of Sep 30, 2026. Good SaaS companies brag about 120%.
5. Cowork is growing faster than Claude Code did. Goes to show you the demand for consumer products. Duo will probably rip.
6. 3 years ago this company did $41M in revenue. In the first six months of 2026, it did $16.3 billion. I don't think anyone has a mental model for that curve yet, I sure don’t.
7. Nearly half of revenue comes through cloud marketplaces. About 48% comes from customers buying through them. Big companies buy where their budget already lives, and the lesson for founders selling to enterprises is to get listed where your buyers already spend.
8. Their run rate formula is published: the last 28 days of usage times 13, plus subscriptions times 12, which i guess is the new ARR math for founders?
9. It looks like They're merging Cowork into Claude dot au which tells you the chat box era is ending and the "go do the work for me" era is here.
10. Thousands of Anthropic employees are about to become liquid at once, so expect the biggest wave of new AI startups and angel checks San Francisco has ever seen. Reminds me when Facebook went public but this is way bigger.
Let’s go!
11. Buried in the filing, Anthropic says the gap between what Claude can do and how widely it's used is one of its biggest growth opportunities, so the company itself is telling you the models are ahead of the market and someone has to close that gap for dentists, landlords, and plumbers.
12. Whatever happens, exciting times to be building in AI.
$APP Q3 Update & Notes:
1) AppLovin trend stays healthy. Gains are spread across both IOS and Android
2) A fundamental trend has been consistent with IOS (see comments)
3) AppLovin and AdMob seem to be inversely correlated. Importantly, $U growing doesnt seem to be taking from $APP
4) $U has seemed to officially pass AdMob in share!
So you’re telling me that…
- In App Ads Revenue has a steady 14.6% CAGR since 2019
- Percentage of total mobile gaming revenue coming from ads grew from 35% to 46.5% (2019-2025)
- Revenue to AD Exchanges growing at 16.5% CAGR
- Mobile gaming ad impressions have gone steadily grown 20% annually.
- $APP is growing their mobile gaming ad revenue share to over 32.5%!!!!!!
- E-Commerce pixel installations are accelerating
And you’re bearish at a 14x fwd pe??????
Since $APP revenue share got brought up again👇
So you’re telling me that…
- In App Ads Revenue has a steady 14.6% CAGR since 2019
- Percentage of total mobile gaming revenue coming from ads grew from 35% to 46.5% (2019-2025)
- Revenue to AD Exchanges growing at 16.5% CAGR
- Mobile gaming ad impressions have gone steadily grown 20% annually.
- $APP is growing their mobile gaming ad revenue share to over 32.5%!!!!!!
- E-Commerce pixel installations are accelerating
And you’re bearish at a 14x fwd pe??????
So you’re telling me that…
- In App Ads Revenue has a steady 14.6% CAGR since 2019
- Percentage of total mobile gaming revenue coming from ads grew from 35% to 46.5% (2019-2025)
- Revenue to AD Exchanges growing at 16.5% CAGR
- Mobile gaming ad impressions have gone steadily grown 20% annually.
- $APP is growing their mobile gaming ad revenue share to over 32.5%!!!!!!
- E-Commerce pixel installations are accelerating
And you’re bearish at a 14x fwd pe??????
$APP vs $U update!
The court denied AppLovin's temporary restraining order...
Unity doesn't have to stop collecting anything, doesn't have to touch its SDK in 30 days, and there's no 5-day shutoff. Ad Quality keeps running exactly as before.
Although the denial was only about the emergency relief, the arbitration still goes forward with all five claims:
- breach of contract
- trade secret theft
- interference
- unfair competition.
AppLovin can still win damages or deletion orders. The caveat is that now it can take months instead of days.
Heres a rundown of the main points in $APP vs $U so far:
1) AppLovin: Aug 21 sent Unity a cease-and-desist. Stop all collection of its served-ad data, preserve everything, certify compliance in 14 days. Its line: use the data only at an aggregate, de-identified level.
2) Unity: Sept 4 categorically rejected the accusations. Ad Quality collects only from publishers' apps with publisher permission, not from AppLovin. Most MAX publishers never opted in. AppLovin knew about it for years.
3) Unity: Sept 4 also countered that AppLovin's own Ad Review is "far more intrusive." Called the threat to cut MAX access retaliatory and an abuse of dominance. Warned suing would be "expensive, difficult, embarrassing, and ultimately self-destructive."
4) AppLovin: Sept 8 gave Unity 72 hours. Stop collecting, delete the data from all systems, stop training models, provide an accounting and a remediation plan.
8) AppLovin: Sept 27 filed a JAMS arbitration demand against Unity.
9) AppLovin: Sept 28 filed in SF Superior Court (CPF26520212) for a temporary restraining order while the arbitration runs, and notified Unity of the hearing.
10) AppLovin: Sept 29 filed its TRO papers: a 41-page brief plus CTO Giovanni Ge's declaration. They allege Ad Quality injects code into AppLovin's ads, feeds the data into competing models, and ask the court to force Unity to disable collection in 5 days and rebuild the SDK in 30.
11) Unity: Sept 29 told Digiday the suit is a dominant incumbent "resorting to litigation and intimidation to address increased competition and slowing growth." Ad Quality is a small free tool for blocking bad ads, not the driver of its improving performance.
12) AppLovin: appeared at the Sept 30 hearing (11am PT) seeking the restraining order. No ruling reported yet.
13) Unity: appeared at the same hearing to oppose the application, but has filed no opposition papers in the docket so far.