News & Updates
The latest news and updates from companies in the WLTH portfolio.
Anthropic AI 'formalizes' proof of Fermat's last theorem in just 11 days
Fermat's last theorem, one of the most celebrated mathematical results of the last half-century, has been turned into computer-verified code for the first time, using an advanced prototype of the artificial-intelligence (AI) chatbot Claude. The fact that a machine could turn the work of human mathematicians into a 13-million-line-long, ironclad proof "just completely blew my mind", says Alex Kontorovich, a number theorist at Rutgers University in Piscataway, New Jersey. Claude-maker Anthropic AI, of San Francisco, California, announced the breakthrough on 4 September. The model finished in 11 days a project that was expected to take humans 10 years. The result shows that AI will play an increasingly important part in checking the work of mathematicians -- as well as in producing new mathematical reasoning. At the current pace of progress, it is not unthinkable that AI could soon be able to scrutinize the entire library of mathematical knowledge, perhaps finding that some well-known results are wrong. "Two years ago, that was a fantasy," says Kevin Buzzard, a mathematician at Imperial College London. Mathematicians astounded Mathematicians have been increasingly astounded by the pace at which AI's mathematical skill have soared. This includes the technology's ability to 'formalize' proofs -- translating mathematical arguments from natural language into a formal, computer-certifiable code, typically in the programming language Lean. In February, AI achieved another milestone in AI-aided 'formalization', when it certified the Fields-medal-winning work on the most efficient ways to pack spheres (in a space of 8 or 24 dimensions) of Maryna Viazovska. But Buzzard says that the Fermat's last theorem work was on a whole other level of complexity. "It was maybe an order of magnitude more difficult," he says. Daniel Litt, a number theorist at the University of Toronto, Canada, agrees. "If they can formalize Fermat's last theorem, they can probably formalize anything." The original proof of Fermat's last theorem, completed in 1994 by Andrew Wiles and Richard Taylor, was a landmark result of twentieth-century mathematics. The deceptively simple statement is that there cannot be any whole numbers x, y and z such that x + y = z, if n is greater than 2. French mathematician Pierre de Fermat had made this claim in 1637 but did not leave behind a proof, and it became known as 'his' last theorem -- even though in mathematics, a statement earns the 'theorem' badge only after it has been rigorously proven to be true. (By itself, solving this particular equation -- or knowing that it has no solutions -- does not have much practical use, but the techniques Wiles developed to crack the problem helped to bring distant disciplines of mathematics together. The proof earned Wiles an Abel Prize, one of the most coveted awards in mathematics, in 2016.)
Anthropic Has Committed More Than $100 Billion to AWS, and Its Prospectus Could Reveal More Details About This Contract - AOL
Anthropic, the company behind the Claude artificial intelligence (AI) models, plans to publish its initial public offering (IPO) prospectus after Monday's Labor Day holiday, The Information reported late last month. A listing may follow as soon as late September or in October. Amazon(NASDAQ:AMZN) shareholders have a more specific reason than most to open the document when it lands. On April 20, Anthropic committed to spend "more than $100 billion over the next ten years" with Amazon Web Services (AWS), Amazon's cloud computing segment. That promise is equal to about a fifth of AWS's backlog of contracted work, which reached about $496 billion in June. Missed Nvidia in 2009? This Rare Signal Is Flashing Again.In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " In other words, Amazon has already told investors how much one of its biggest cloud customers intends to spend. What no Amazon filing can show is whether the customer's own finances support it. That's what the prospectus is for. The contract is already in Amazon's filings April's agreement covers up to 5 gigawatts of capacity on Amazon's own silicon -- Graviton processors and Trainium2 through Trainium4 AI chips, with an option on future generations. Amazon's filings show what a deal that size does to the backlog. AWS's backlog (commitments in customer contracts with original terms longer than one year that haven't yet been recognized as revenue) had grown to about $496 billion by June 30. That was up from about $364 billion in March, and from $195 billion in the middle of 2025 -- growth of 154% year over year, including a $132 billion jump in a single quarter. And the Anthropic deal wasn't alone. The filing also discloses a $100 billion, eight-year expansion of AWS's existing $38 billion commitment from OpenAI, announced a quarter earlier. Not only is AWS's contracted future far bigger than it was a year ago, but more of it also sits years away from becoming revenue. The weighted-average remaining life of the segment's long-term contracts stretched from 4.0 years to 6.4 years over those 12 months. One half of the deal is easy to check Of course, a backlog is signed work, not guaranteed revenue. Amazon says the amount and timing of what it recognizes "will be driven by customer usage and our performance in accordance with contractual obligations." Amazon's half of that sentence looks strong. In the second quarter of 2026, AWS's revenue rose 37% year over year, to $42.2 billion -- the segment's fastest growth in 18 quarters and a $169 billion annualized pace. Segment operating income rose about 63% year over year to $16.6 billion. And the AI business inside AWS passed a $25 billion annualized revenue pace of its own, growing triple-digit percentages. The customer's half is the part I can't verify yet. Anthropic is private, and its reported growth is extraordinary. In April, the company said its annualized revenue pace had passed $30 billion, more than triple its level entering the year. And by mid-August, CNBC reported, Anthropic was telling investors the pace had reached $65 billion by the end of July. Spread evenly, the commitment works out to more than $10 billion a year, or about 6% of AWS's current annual revenue pace. That's arguably affordable if Anthropic's growth holds, and heavy if it doesn't. And Amazon isn't just supplying the capacity. Its latest quarterly filing shows the company has put another $10 billion into Anthropic this year, with up to $15 billion more available under a financing arrangement tied to compute-delivery milestones. That means Amazon's interest in Anthropic's financial health goes beyond the contract itself. What does a prospectus settle? Nearly everything the market knows about Anthropic's finances today is reported, not filed. The company's only filing on record is the confidential draft it submitted to the Securities and Exchange Commission in June. Its expected market value is a projection. People familiar with the matter told CNBC last month that the company could go public at a valuation of about $2 trillion, about double its private-market value. Its revenue pace is self-reported, and no audited numbers are public. A prospectus replaces the estimates with audited financial statements: actual revenue, actual profit or losses, and actual cash. Even more useful for Amazon shareholders, it should carry Anthropic's own accounting of its purchase commitments, the other side of the agreements that swelled AWS's backlog. At about $259 as of this writing, Amazon's stock trades at a forward price-to-earnings ratio of about 24. For a company whose cloud segment just accelerated to 37% growth, I think that's a reasonable price. But AWS has now disclosed more than $200 billion of multi-year commitments from just two private AI companies, and until those companies file, investors can only judge them by reported figures. Ultimately, Anthropic's prospectus is the first chance to check one of them. I'll be reading it closely. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a "Double Down" stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: * Nvidia:if you invested $1,000 when we doubled down in 2009,you'd have $598,219!* * Apple: if you invested $1,000 when we doubled down in 2008, you'd have $61,037!* * Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $421,997!* Right now, we're issuing "Double Down" alerts for three incredible companies, available when you joinStock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks " *Stock Advisor returns as of September 6, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
Anthropic Has Committed More Than $100 Billion to AWS, and Its Prospectus Could Reveal More Details About This Contract
Anthropic, the company behind the Claude artificial intelligence (AI) models, plans to publish its initial public offering (IPO) prospectus after Monday's Labor Day holiday, The Information reported late last month. A listing may follow as soon as late September or in October. Amazon (NASDAQ:AMZN) shareholders have a more specific reason than most to open the document when it lands. On April 20, Anthropic committed to spend "more than $100 billion over the next ten years" with Amazon Web Services (AWS), Amazon's cloud computing segment. That promise is equal to about a fifth of AWS's backlog of contracted work, which reached about $496 billion in June. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " In other words, Amazon has already told investors how much one of its biggest cloud customers intends to spend. What no Amazon filing can show is whether the customer's own finances support it. That's what the prospectus is for. Image source: Getty Images. The contract is already in Amazon's filings April's agreement covers up to 5 gigawatts of capacity on Amazon's own silicon -- Graviton processors and Trainium2 through Trainium4 AI chips, with an option on future generations. Amazon's filings show what a deal that size does to the backlog. AWS's backlog (commitments in customer contracts with original terms longer than one year that haven't yet been recognized as revenue) had grown to about $496 billion by June 30. That was up from about $364 billion in March, and from $195 billion in the middle of 2025 -- growth of 154% year over year, including a $132 billion jump in a single quarter. And the Anthropic deal wasn't alone. The filing also discloses a $100 billion, eight-year expansion of AWS's existing $38 billion commitment from OpenAI, announced a quarter earlier. Not only is AWS's contracted future far bigger than it was a year ago, but more of it also sits years away from becoming revenue. The weighted-average remaining life of the segment's long-term contracts stretched from 4.0 years to 6.4 years over those 12 months. One half of the deal is easy to check Of course, a backlog is signed work, not guaranteed revenue. Amazon says the amount and timing of what it recognizes "will be driven by customer usage and our performance in accordance with contractual obligations." Amazon's half of that sentence looks strong. In the second quarter of 2026, AWS's revenue rose 37% year over year, to $42.2 billion -- the segment's fastest growth in 18 quarters and a $169 billion annualized pace. Segment operating income rose about 63% year over year to $16.6 billion. And the AI business inside AWS passed a $25 billion annualized revenue pace of its own, growing triple-digit percentages. The customer's half is the part I can't verify yet. Anthropic is private, and its reported growth is extraordinary. In April, the company said its annualized revenue pace had passed $30 billion, more than triple its level entering the year. And by mid-August, CNBC reported, Anthropic was telling investors the pace had reached $65 billion by the end of July. Spread evenly, the commitment works out to more than $10 billion a year, or about 6% of AWS's current annual revenue pace. That's arguably affordable if Anthropic's growth holds, and heavy if it doesn't. And Amazon isn't just supplying the capacity. Its latest quarterly filing shows the company has put another $10 billion into Anthropic this year, with up to $15 billion more available under a financing arrangement tied to compute-delivery milestones. That means Amazon's interest in Anthropic's financial health goes beyond the contract itself. What does a prospectus settle? Nearly everything the market knows about Anthropic's finances today is reported, not filed. The company's only filing on record is the confidential draft it submitted to the Securities and Exchange Commission in June. Its expected market value is a projection. People familiar with the matter told CNBC last month that the company could go public at a valuation of about $2 trillion, about double its private-market value. Its revenue pace is self-reported, and no audited numbers are public. A prospectus replaces the estimates with audited financial statements: actual revenue, actual profit or losses, and actual cash. Even more useful for Amazon shareholders, it should carry Anthropic's own accounting of its purchase commitments, the other side of the agreements that swelled AWS's backlog. At about $259 as of this writing, Amazon's stock trades at a forward price-to-earnings ratio of about 24. For a company whose cloud segment just accelerated to 37% growth, I think that's a reasonable price. But AWS has now disclosed more than $200 billion of multi-year commitments from just two private AI companies, and until those companies file, investors can only judge them by reported figures. Ultimately, Anthropic's prospectus is the first chance to check one of them. I'll be reading it closely. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a "Double Down" stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: * Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $598,219!* * Apple: if you invested $1,000 when we doubled down in 2008, you'd have $61,037!* * Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $421,997!* Right now, we're issuing "Double Down" alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks " *Stock Advisor returns as of September 6, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
Anthropic commits over $100B to AWS as IPO prospectus prepares to reveal deal details
The AI company's decade-long cloud computing deal with Amazon dwarfs most tech partnerships in history, and its upcoming S-1 filing will lay bare the financial specifics. Anthropic has pledged more than $100 billion to Amazon Web Services over the next decade, a cloud computing commitment so large it would rank among the biggest enterprise technology contracts ever signed. In return, the Claude AI maker gets access to up to 5 gigawatts of enhanced compute capacity, powered by Amazon's custom Trainium2 through Trainium4 chips alongside Graviton processors. The deal's full financial architecture is expected to become public when Anthropic's IPO prospectus drops, likely shortly after Labor Day. The company confidentially filed a draft S-1 registration statement with the SEC on June 1, setting up a potential market listing by late September or October. A revenue trajectory that rewrites the growth playbook Anthropic's financials have entered a different atmosphere. By the end of July, the company's annualized revenue run rate surpassed $65 billion, up from roughly $9 billion at the start of the year. Amazon has skin in this game far beyond a standard cloud customer relationship. The e-commerce giant made an immediate $5 billion investment in Anthropic on April 20, building on a previous $8 billion stake. That figure could swell by up to an additional $20 billion, contingent on performance milestones that the prospectus will presumably detail. What the AWS backlog tells us Anthropic's commitment feeds directly into AWS's growing order book. As of June 30, AWS reported a backlog of approximately $496 billion, a figure that reflects not just Anthropic's deal but similar large-scale agreements across the AI industry. Anthropic isn't putting all its chips in one cloud basket, though. The company maintains a multi-cloud strategy that includes engagements with Google Cloud, giving it redundancy and leverage in negotiations with any single provider. The IPO calculus The timing of Anthropic's public offering looks deliberate. A post-Labor Day prospectus release would position the company for a late September or October listing, catching the window when institutional investors are back from summer and before the holiday season dampens trading activity. The prospectus will need to address some pointed questions. How much of that $100 billion-plus AWS commitment is fixed versus variable? What are the performance milestones that unlock Amazon's additional $20 billion investment? Amazon's total investment, potentially reaching $33 billion when combining the prior $8 billion stake, the new $5 billion, and the milestone-linked $20 billion, would make it one of the largest corporate backers of a single AI company.
Anthropic Has Committed More Than $100 Billion to AWS, and Its Prospectus Could Reveal More Details About This Contract
Anthropic, the company behind the Claude artificial intelligence (AI) models, plans to publish its initial public offering (IPO) prospectus after Monday's Labor Day holiday, The Information reported late last month. A listing may follow as soon as late September or in October. Amazon (NASDAQ:AMZN) shareholders have a more specific reason than most to open the document when it lands. On April 20, Anthropic committed to spend "more than $100 billion over the next ten years" with Amazon Web Services (AWS), Amazon's cloud computing segment. That promise is equal to about a fifth of AWS's backlog of contracted work, which reached about $496 billion in June. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " In other words, Amazon has already told investors how much one of its biggest cloud customers intends to spend. What no Amazon filing can show is whether the customer's own finances support it. That's what the prospectus is for. Image source: Getty Images. The contract is already in Amazon's filings April's agreement covers up to 5 gigawatts of capacity on Amazon's own silicon -- Graviton processors and Trainium2 through Trainium4 AI chips, with an option on future generations. Amazon's filings show what a deal that size does to the backlog. AWS's backlog (commitments in customer contracts with original terms longer than one year that haven't yet been recognized as revenue) had grown to about $496 billion by June 30. That was up from about $364 billion in March, and from $195 billion in the middle of 2025 -- growth of 154% year over year, including a $132 billion jump in a single quarter. And the Anthropic deal wasn't alone. The filing also discloses a $100 billion, eight-year expansion of AWS's existing $38 billion commitment from OpenAI, announced a quarter earlier. Not only is AWS's contracted future far bigger than it was a year ago, but more of it also sits years away from becoming revenue. The weighted-average remaining life of the segment's long-term contracts stretched from 4.0 years to 6.4 years over those 12 months. One half of the deal is easy to check Of course, a backlog is signed work, not guaranteed revenue. Amazon says the amount and timing of what it recognizes "will be driven by customer usage and our performance in accordance with contractual obligations."
Anthropic IPO: a $2trn listing lands on election week
Anthropic was expected to publish its IPO prospectus this week. Reuters reports it has slipped to late September, with marketing from mid-October and the listing completing days before the US midterms. A $15bn credit facility is the gate. The Anthropic IPO could price at $2trn. Anthropic's stock market debut has moved, and the new date puts it days away from a national election. Reuters reported on Friday that the company expects to start marketing its offering in mid-October at the earliest. The listing would then complete shortly before the US midterms in November. Echo Wang had the story from people familiar with the matter. The prospectus is the piece everyone was waiting for. Bankers had pencilled it in for as early as this coming week. Two of Reuters' sources now put it in late September. Everyone cautioned that the plans, including the timing, could change again. The $15bn facility is the gate The delay is not a market wobble. It is a sequence. Anthropic is trying to finalise a $15bn revolving credit facility. Only after that do analysts meet the company, including analysts at the banks providing the financing. Firms usually leave a few weeks between those meetings and publishing a prospectus. A revolver is a standing line of credit rather than a lump sum. The company draws on it, repays, and draws again. For a business spending at Anthropic's rate it functions as working capital, and having one in place before a listing tells public investors the company will not need to raise again in a hurry. It also sits on top of a large stack of Anthropic-linked borrowing this year. Broadcom went looking for more than $60bn in debt to fund chips for the company in August. Apollo and Blackstone shopped a $36bn chip financing in May. AMD raised $4.75bn in its biggest ever bond sale. A $1.3bn loan is building Anthropic a Texas data centre. None of that borrowing sits on Anthropic's own balance sheet, which is part of why a revolver in its own name matters to the people buying the stock. One of the sources told Reuters that Anthropic expects a tighter window than most, because the analysts already know the business well. Even a compressed version of that sequence pushes the document into late September, and the roadshow into October. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working on the listing. All declined to comment, as did Anthropic. TNW has independently confirmed none of the timings, which come entirely from Reuters' sources. How $965bn became $2tn in three months The number attached to this company has moved faster than its calendar. Anthropic filed confidentially with the Securities and Exchange Commission in June, at a valuation then discussed around $965bn. By 10 July its shares were changing hands on secondary markets at $1.2trn on paper. By mid-August the figure in circulation was $2trn, which is where it sits now. That is roughly a doubling in twelve weeks, without a single share trading publicly. Some investors have told Reuters the listing could land at that $2trn mark, making it one of the largest ever attempted. There is a real business underneath it. Anthropic's quarterly revenue passed $11.5bn in August, up more than fourteenfold year on year. What nobody outside the process can do yet is check that against audited figures, because none have been published. We looked at what $2trn implies against revenue last month, and the multiple is not the outlier people assume. It sits below what several listed AI names already fetch. The question the roadshow has to answer is whether public investors agree. The record it would take SpaceX went public in June at $1.77trn, the largest listing on record. A $2trn Anthropic would beat it. Only OpenAI comes close in ambition. It filed confidentially before Anthropic did and still plans to list. Anthropic overtook it on valuation earlier this year, then filed second and may now go first. The banks are familiar too. Anthropic gave Morgan Stanley and Goldman Sachs the lead roles in June. The Financial Times reported the decision as it happened. JPMorgan and Citi have since joined the syndicate. This is the first time all four have appeared in the same account. Listing into an election The midterm date is the part worth sitting with. Americans vote on 3 November. Completing a $2trn offering days before that means pricing the largest AI company in the world during the closing week of a campaign in which artificial intelligence is itself an issue. AI companies and their backers are spending on the midterms at a scale that was unimaginable two cycles ago, through super PACs aimed at state and federal candidates. Campaign noise reaches a listing in that window in a way it would not reach one in August or January. The timing also gets the deal done before any result shifts the regulatory picture, which cuts the other way. Nobody involved has said the election is a factor. Companies move IPO calendars constantly, for market conditions, regulatory review and ordinary preparation, and Reuters notes as much. The date may be coincidence. What to watch Three markers, in order, and each one is checkable. The $15bn facility has to close. Then analyst meetings, which are private but leak. Then the prospectus itself, which is the first moment anyone outside the process sees audited numbers rather than a figure passed between investors. Until that document lands, every valuation attached to Anthropic, including the $2trn, is a number people have told reporters. Investors have been trading on those numbers for months in private markets, which is how $965bn became $1.2trn became $2trn without anything being sold on an exchange. A prospectus replaces that with something a regulator has seen. Then a roadshow replaces the prospectus with what buyers will actually pay. Neither has happened yet, and both now sit inside the last three weeks of an election campaign.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
October IPO beckons for Anthropic as US jobs stoke rate bets
Mōrena and welcome to today's wrap of the business and political headlines you need to know this morning. Artificial intelligence giant Anthropic has an October initial public offering in its sights, with reports that the Claude developer could file its papers in the coming weeks and complete a listing before the US mid-term elections in November. Stronger than expected jobs growth in the US stoked bets that the Federal Reserve will hike its benchmark interest rate later this month, with the robust labour market providing scope for a move higher ahead of key inflation data this week. Oil prices remained elevated heading into the weekend, with US and Iran trading strikes and US energy secretary Chris Wright saying tankers will need naval escorts through the Strait of Hormuz for some time yet. With Wall Street closed on Monday on the Labor Day public holiday, markets are expected to be subdued in Australia and New Zealand with ASX futures pointing to a flat start to the week. Anthropic is expected to start marketing its IPO targeting a valuation of as much as US$2 trillion in mid-October, with the Financial Times reporting the AI giant was close to tapping Morgan Stanley and Goldman Sachs to lead the offering. Paperwork could be filed as early as this week, with Reuters reporting that a listing could be completed before the US midterm elections on Nov 3. Meanwhile, rival OpenAI said its agents took over wiki sites and used them as message boards, with the ChatGPT maker saying more transparency was needed about those types of incidents. Separately, the Seattle Times and Newsday sued OpenAI and Microsoft on Friday in the US, claiming the tech companies copied the news organisations' copy to train their AI models without permission. And Taiwan contract electronics maker Foxconn said AI-related demand continued to drive sales and was expected to deliver a better-than-expected third quarter result. Chipmakers were among Wall Street's gainers on Friday, with Nvidia and Intel both on the green side of the ledger in a broadly softer day to the US stock market. Bureau of Labor Statistics figures on Friday showed the world's biggest economy added 162,000 jobs last month, more than twice the 55,000 forecast by economists. The strong reading fuelled expectations that the Fed will have room to raise the federal funds rate later this month if this week's inflation reading comes in hot, with the CME FedWatch tool showing markets pricing in a 59% chance of a hike. "A better-than-expected US jobs report contributed to higher front-end Treasury yields while equities made modest losses as markets priced a higher chance the Federal Reserve will raise rates this month," Bank of New Zealand senior interest rate strategist Stuart Ritson said in a note. "The rebound looks more like payback after two weak months and the reversal of seasonal distortions than a sustained acceleration, with the three-month average still modest at 71,000." The yield on US 10-year treasuries rose 3 basis points to 4.79%, matching its New Zealand equivalent, while the kiwi dollar traded at 58.81 US cents at 7am in Auckland from 58.96 cents last week. Meanwhile, Norway's US$2.4 trillion sovereign wealth fund proposed cutting its holding of government bonds to 50% of its benchmark bond index from 70% to diversify its sources of returns. Stocks on Wall Street were broadly weaker, with Apple, Microsoft and Salesforce leading a 0.5% decline for the Dow Jones Industrial Average, while the S&P 500 dipped 0.4% and the tech-heavy Nasdaq Composite decreased 0.3%. US markets are closed on Monday for Labor Day. Brent crude oil futures rose 0.3% to US$95.83 a barrel heading into the long weekend, with more retaliatory strikes between the US and Iran on Saturday as the conflict remains elevated. Meanwhile, Wright told CNN's State of the Union programme that ships going through the Strait of Hormuz would need a naval escort for some time, with the region delivering about two-thirds of pre-conflict flow. European stock markets were mixed on Friday, with the UK's FTSE 100 fractionally weaker, while Germany's DAX up 0.2% and France's CAC 40 dipping 0.1%. Ukraine President Volodymyr Zelenskyy said the war with Russia would likely drag on through the winter after talks with US negotiators seeking to broker a peace deal with Russia. Australian futures are pointing to a 0.1% decline for the S&P/ASX 200 index when trading opens across the Tasman, with investors watching for any sign that the latest Middle East escalation would lift oil prices.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic Said to Postpone IPO to Just Before Midterms | PYMNTS.com
The artificial intelligence company had been expected to release its IPO prospectus as soon as this week, Reuters reported Friday (Sept. 4), citing sources familiar with the matter. That move, a critical step that would set off the closing stages of the listing, is now not expected until late September, the sources said. Anthropic is expected to start marketing the IPO in mid-October at the earliest, completing the listing days ahead of the U.S. midterm elections, the sources told Reuters. PYMNTS has contacted Anthropic for comment but has not yet gotten a reply. The company declined to comment when reached by Reuters. As Reuters noted, companies often alter their IPO calendars as they deal with market conditions and regulatory oversight, so this change is not unusual. The report added that this shift delays what some investors have claimed could be one of the largest IPOs ever attempted at $2 trillion, and a key test of the market's appetite for AI. Anthropic hopes to finalize a $15 billion revolving credit facility as part of its IPO process. According to one of Reuters' sources, the company from there will meet with analysts, including those from banks taking part in the financing. While companies usually wait a few weeks to make their IPO prospectus public after analysts meetings, this source said Anthropic is expected to have a shorter window as analysts are already well familiar with the startup. The company's IPO could come alongside other potential AI listings, including that of OpenAI. SpaceX, which listed earlier this year at a $1.77 trillion valuation. In other AI news, last week saw a report that while adoption of the technology is spreading, the money is accumulating among just a handful of companies. New Ramp data shows that the top 1% of customers make up 80% of the enterprise revenue for both Anthropic and OpenAI. That's a concentration that has remained in place even as more companies begin paying for generative AI, Ramp lead economist Ara Kharazian said on X. "This is a level of concentration risk unseen in any other software category we track," Kharazian wrote on LinkedIn. "At Anthropic, that concentration has a name attached to it," PYMNTS wrote. "Coding tools Cursor and GitHub Copilot alone drove roughly $1.2 billion of the company's $5 billion revenue milestone last year, close to a quarter of total revenue from just two customers." For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.
Anthropic Has Committed More Than $100 Billion to AWS, and Its Prospectus Could Reveal More Details About This Contract
Anthropic, the company behind the Claude artificial intelligence (AI) models, plans to publish its initial public offering (IPO) prospectus after Monday's Labor Day holiday, The Information reported late last month. A listing may follow as soon as late September or in October. Amazon (AMZN -0.15%) shareholders have a more specific reason than most to open the document when it lands. On April 20, Anthropic committed to spend "more than $100 billion over the next ten years" with Amazon Web Services (AWS), Amazon's cloud computing segment. That promise is equal to about a fifth of AWS's backlog of contracted work, which reached about $496 billion in June. In other words, Amazon has already told investors how much one of its biggest cloud customers intends to spend. What no Amazon filing can show is whether the customer's own finances support it. That's what the prospectus is for. The contract is already in Amazon's filings April's agreement covers up to 5 gigawatts of capacity on Amazon's own silicon -- Graviton processors and Trainium2 through Trainium4 AI chips, with an option on future generations. Amazon's filings show what a deal that size does to the backlog. AWS's backlog (commitments in customer contracts with original terms longer than one year that haven't yet been recognized as revenue) had grown to about $496 billion by June 30. That was up from about $364 billion in March, and from $195 billion in the middle of 2025 -- growth of 154% year over year, including a $132 billion jump in a single quarter. And the Anthropic deal wasn't alone. The filing also discloses a $100 billion, eight-year expansion of AWS's existing $38 billion commitment from OpenAI, announced a quarter earlier. Not only is AWS's contracted future far bigger than it was a year ago, but more of it also sits years away from becoming revenue. The weighted-average remaining life of the segment's long-term contracts stretched from 4.0 years to 6.4 years over those 12 months. One half of the deal is easy to check Of course, a backlog is signed work, not guaranteed revenue. Amazon says the amount and timing of what it recognizes "will be driven by customer usage and our performance in accordance with contractual obligations." Amazon's half of that sentence looks strong. In the second quarter of 2026, AWS's revenue rose 37% year over year, to $42.2 billion -- the segment's fastest growth in 18 quarters and a $169 billion annualized pace. Segment operating income rose about 63% year over year to $16.6 billion. And the AI business inside AWS passed a $25 billion annualized revenue pace of its own, growing triple-digit percentages. The customer's half is the part I can't verify yet. Anthropic is private, and its reported growth is extraordinary. In April, the company said its annualized revenue pace had passed $30 billion, more than triple its level entering the year. And by mid-August, CNBC reported, Anthropic was telling investors the pace had reached $65 billion by the end of July. Spread evenly, the commitment works out to more than $10 billion a year, or about 6% of AWS's current annual revenue pace. That's arguably affordable if Anthropic's growth holds, and heavy if it doesn't. And Amazon isn't just supplying the capacity. Its latest quarterly filing shows the company has put another $10 billion into Anthropic this year, with up to $15 billion more available under a financing arrangement tied to compute-delivery milestones. That means Amazon's interest in Anthropic's financial health goes beyond the contract itself. What does a prospectus settle? Nearly everything the market knows about Anthropic's finances today is reported, not filed. The company's only filing on record is the confidential draft it submitted to the Securities and Exchange Commission in June. Its expected market value is a projection. People familiar with the matter told CNBC last month that the company could go public at a valuation of about $2 trillion, about double its private-market value. Its revenue pace is self-reported, and no audited numbers are public. A prospectus replaces the estimates with audited financial statements: actual revenue, actual profit or losses, and actual cash. Even more useful for Amazon shareholders, it should carry Anthropic's own accounting of its purchase commitments, the other side of the agreements that swelled AWS's backlog. At about $259 as of this writing, Amazon's stock trades at a forward price-to-earnings ratio of about 24. For a company whose cloud segment just accelerated to 37% growth, I think that's a reasonable price. But AWS has now disclosed more than $200 billion of multi-year commitments from just two private AI companies, and until those companies file, investors can only judge them by reported figures. Ultimately, Anthropic's prospectus is the first chance to check one of them. I'll be reading it closely.
Authors push back as publishers and agents seek share of Anthropic settlement
Some authors hoping to receive their share of Anthropic's $1.5 billion copyright settlement said they received surprising emails this week -- emails informing them that someone else was making a claim on their payments. Anthropic settled a copyright class action suit last year, after a judge ruled that training AI models on copyrighted material is legal under fair use doctrine, but pirating that material was not. The deal received final approval in July, allowing the payments to move forward. Under the terms of the settlement, the authors of nearly 500,000 titles will be paid $3,000 for each pirated work. If the book is still in-print with a traditional publisher, the money will be split 50-50 between author and publisher. If the book was self-published, or if the publisher reverted the rights by allowing the book to go out-of-print, then the author should get the entire payment. But writers have been posting on social media that publishers seem to be claiming more than their fair share of some payments. For example, mystery and thriller author April Henry asked, "WTF is HarperCollins playing at? They claimed one of my books on the Anthropic Settlement that reverted back at least 17 years ago AND on the same day I got a credit alert saying they had been added as my employer! (which they never were)." At the popular blog Writers Beware, Victoria Strauss wrote that she's been receiving author complaints that fall into two broad categories: one where publishers are seeking payment for works that they no longer have a legitimate claim on (because the rights have reverted), and another where publishers are seeking a full 100% payment when they're only entitled to 50%. In both cases, Strauss said she's "reluctant to attribute to malice what can be plausibly explained by poor recordkeeping" -- and she noted that some publishers have already said this is a mistake that they've asked Anthropic to fix. Similarly, Authors Guild CEO Mary Rasenberger told The New York Times that she doesn't see this as "a grab by the publishers" and that she doesn't believe publishers are "specifically trying to screw any author over." Instead, she argued that this is the predictable result of bad record-keeping and a confusing settlement process. Strauss also acknowledged that any complaints she's seen are just "a peek through a small crack in a massive wall." "But the unusually large number of reports I've received over the last two days, as well as the fact that authors are reporting the exact same errors over and over, suggest to me that these aren't the kind of routine glitches you might expect from such a large operation, but something much more wide[s]pread and systemic," she wrote. And publishers aren't the only ones seeking a cut of the payments. Strauss said she's gotten complaints that a number of literary agencies are also making claims, which she said is surprising since "agents are not rightsholders in the books that they sell." Author Courtney Milan (the pen name of former law clerk and law professor Heidi Bond) was more blunt in a post on Bluesky, writing, "Apparently some agents are trying to claim percentages on the Anthropic settlement, and I do not REMOTELY think they should do this, what the fuck, stop that shit!" Milan and the Authors Guild also shared more details about how authors can dispute their payment allocations. (One tricky issue: When the rights to a specific book reverted. In order for an author to make a 100% claim on a book, the rights reversion needs to have happened before August 10, 2022, which is the "download date" in the settlement.)
Potential Anthropic IPO investors seek detailed revenue metrics ahead of blockbuster listing
The AI company's revenue grew more than sevenfold in roughly seven months, and prospective backers want to know exactly how that number is being counted. Anthropic is sprinting toward what could become the largest AI IPO in history, and the investors lining up to participate have one persistent request: show us the receipts. The Claude maker's annualized revenue run rate ballooned from roughly $9B at the end of 2025 to over $65B by the end of July 2026. The numbers behind the frenzy Anthropic's preliminary Q2 2026 revenue clocked in at $11.5B, up from $4.73B in Q1 2026. For context, Q2 2025 revenue was $787M. So the company roughly 15x'd its quarterly top line in a single year. That growth has also pushed the company into unfamiliar territory: profitability. Anthropic posted its first quarterly operating profit of approximately $559M in Q2 2026. The company's most recent private round, a record $65B Series H completed in late May 2026, valued Anthropic at $965B post-money. Some prospective IPO investors are now projecting a public market valuation north of $2 trillion. Internal revenue projections for 2028 sit in the $190B to $200B range, according to figures being shared with potential backers. The accounting question investors keep asking Revenue growth this steep invites a specific kind of scrutiny, and prospective IPO investors are zeroing in on one issue in particular: how Anthropic accounts for revenue generated through cloud reseller partnerships. The distinction matters more than it might sound. When Anthropic sells its models through a partner like Amazon Web Services or Google Cloud, the question is whether the company books the full amount customers pay (gross revenue) or only its share after the cloud provider takes a cut (net revenue). Enterprise customers already account for roughly 80% of Anthropic's revenue. Over 1,000 businesses were spending at least $1M annually on Anthropic's products as of April 2026. Many of those customers access Claude through AWS Bedrock or Google Cloud's Vertex AI, which means the gross-versus-net question touches a significant portion of total revenue. The path to public markets Anthropic confidentially submitted its draft S-1 registration statement to the SEC in June 2026. The company is working with Goldman Sachs, Morgan Stanley, and JPMorgan as underwriters. The public filing of the S-1 is anticipated in late September 2026, with a roadshow potentially kicking off in mid-October. The company has raised between $118B and $130B in private capital across its funding history. Amazon holds approximately 21% of the company, while Alphabet owns around 15%. For Amazon in particular, the math is striking. A 21% stake in a company valued at $2 trillion would be worth roughly $420B. What this means for the AI sector Anthropic's IPO will function as a pricing signal for the entire AI industry. If the company achieves a $2 trillion valuation, it effectively sets a new ceiling for what public markets are willing to pay for frontier AI capabilities. There's a risk dimension worth watching, too. Revenue that grows from $787M to $11.5B in a year is extraordinary, but it also means the company has very little historical baseline for predicting churn, seasonality, or customer concentration risk. Investors projecting $190B to $200B in 2028 revenue are essentially betting that a trend line drawn from fewer than four quarters of meaningful data will extend smoothly for another six quarters. The first operational profit is encouraging, but $559M on $11.5B in quarterly revenue implies thin margins relative to pure software businesses. Capital expenditure on compute infrastructure, talent costs for top-tier AI researchers, and ongoing model training expenses all weigh on the bottom line.
Salesforce Stock Has Surged as AI and Anthropic Bets Pay Off, But Technical Risks Remain - Microsoft (NAS
Salesforce (NYSE:CRM) stock has staged a strong comeback in the past few months, moving from the year-to-date low of $144 to $260. This rally accelerated after the software giant published strong financial results and as its Anthropic investments pays off in a big way. Salesforce Stock Jumped After its Earnings Beat CRM stock jumped after the company published its strong financial results, which showed that its revenue continued growing. Its current remaining performance obligation (cRPO) jumped by 14% to $33.5 billion in the second quarter, while its revenue soared by 11% to $11.3 billion. Informatica, which it acquired last year, contributed $440 million to its revenue. Most importantly, there are signs that Salesforce's approach to artificial intelligence is starting to pay off. Agentforce and Data 360 businesses generated an annual recurring revenue of nearly $3.9 billion. It had 7 billion Agentic Work Units, which were delivered across its products like Agentforce and Slack. The management boosted its forward guidance, a sign that it expects its business to do well. It now expects that its revenue will be between $46.1 billion and $46.4 billion, representing a 12% increase from what it made last year. Salesforce and other software companies have been under intense pressure in the past few months as concerns about SaaSPocalypse remained. This is the view that software companies will be disrupted by artificial intelligence tools. Markets Oracle Stock Showing Bottoming Signs as Earnings Loom 3 min read There are signs that Oracle stock is forming bottoming signs as the first quarter earnings nears on September 10 this year. Read article Anthropic IPO to Boost Salesforce Another catalyst boosting Salesforce is its investment in Anthropic, which is reportedly planning to go public at a valuation of up to $2 trillion. Salesforce first invested in Anthropic's 2023 Series C round and has since participated in every subsequent funding round. Its stake is now estimated at $5 billion, and if Anthropic reaches that $2 trillion valuation, the position would be worth substantially more. Trending Salesforce is one of the many companies that will benefit from Anthropic's IPO. Some of the other top ones are Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA). These events explains why analysts have boosted their CRM stock forecast. Morgan Stanley (NYSE:MS) hiked its target to $315, while Needham, BTIG, Cantor Fitzgerald, and Deutsche Bank have all boosted their targets. Technicals Points to a CRM Stock Pullback While Salesforce has some notable catalysts, technicals suggest that the stock may experience a pullback in the near term. It has already hit the crucial resistance level of $267, which aligned with the highest swing in December last year. The stock has already formed a shooting star candlestick pattern, which is made up of a small upper shadow and a body. This pattern often leads to a retreat. It has also formed a fair value gap on August 27 that it may attempt to fill. More gains will be confirmed if it moves substantially above the resistance at $267. Markets Michael Dell's Net Worth Up $110 Billion So Far 2026: Why the Surge May Continue 2 min read Michael Dell has added $110 billion this year as his net worth gains momentum amid the ongoing Dell stock surge. Read article Image: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.
Anthropic settlement: who gets the $3,000 per book?
Anthropic is paying $1.5bn to the authors whose books it pirated. As the money lands, some of it is going to their publishers instead. The Anthropic settlement has run into contracts written long before AI training existed, and nobody is sure who owned what in 2021. Anthropic agreed to pay $1.5bn to the authors whose books it pirated. The money is now being counted out. Some of those authors are discovering that a share of it goes to their own publishers. The New York Times reported on Friday that authors and publishers have filed competing claims over the same titles. The settlement administrator has begun telling both sides they disagree. The class action covers more than 482,000 books. It pays up to $3,000 for each one a judge found Anthropic had downloaded illegally and stored while building Claude. A judge in the Northern District of California approved it in July. At the top rate, the full list of titles comes to roughly $1.45bn. Authors filed the case in 2024. The default split is 50/50, and not everyone gets it Authors do not keep the whole $3,000. They split it with the publishers they granted rights to, and with any co-authors. Publishers were always in line for a payout. A class-action council set the percentages. It took input from the Authors Guild, which says it has more than 18,000 members, and from publishers. Nobody negotiated them title by title. Textbook authors come off worst. Their contracts hand them as little as 10 to 15% of the total, according to Mary Rasenberger, the guild's chief executive. "It's the textbooks where there are a lot of unhappy authors right now," Rasenberger said. She does not read it as opportunism. "I don't see this as a grab by the publishers," she said. Her concern is record-keeping. Publishers that never removed reverted titles from their catalogues are now claiming them back by default. Two authors, two different problems April Henry has written more than 30 mysteries and thrillers. Logging into the claims portal, she found HarperCollins listed as a part-owner of her first book, Circles of Confusion, published in 1999. The rights had reverted to her in 2007, and she said so on Threads. Her agent produced a letter confirming she owned them. She uploaded it, and the portal later showed the full $3,000 going to her. "I don't think Harper was deliberately trying to cheat," she said. HarperCollins declined to comment. Henry has 22 titles on the list of books Anthropic took. She expects somewhere in the mid-$20,000 range once her publishers and co-authors take their cut. She was told payments might start flowing in August. They have not. Amy Lupold Bair has the other problem. Her publisher is not disputing who owns her guidebooks about blogging and family life online. It is disputing the split. "They only want me, the author whose entire work was stolen, to get 10%," she wrote on Threads. She did not name the publisher. Her website lists John Wiley & Sons for two of the titles, Raising Digital Families for Dummies and Blogging for Dummies. Wiley told the Times it had filed claims for all Wiley-published works, and that allocations for educational titles follow individual contracts. It did not say whether the Dummies series counts as educational. The Association of American Publishers did not comment. The date that decides who gets paid Underneath both cases sits a single question, and it is not who owns a book now. It is who owned it when Anthropic downloaded it. Rasenberger puts that in 2021 and 2022. A title that reverted to its author last year was still the publisher's when the infringement happened. The guild heard from one such author this week. The rights had come back to them this year, which settles nothing, because the download predates the reversion by four years. That turns a payout into a records exercise across decades of publishing contracts. Where the two sides cannot agree, a court-appointed arbitrator decides. The guild says it will fight hard for any author it believes is losing out. Publishing gets its streaming moment Kristelia García, who teaches copyright at Georgetown Law, compares the Anthropic settlement to the fight over Eminem's digital royalties. Producers sued a Universal Music Group subsidiary in 2007, arguing that downloads should pay a higher rate than records. That case settled in 2012. The parallel is in the paperwork. Most book contracts say nothing about a copyright settlement. They say nothing about revenue from technologies that nobody had built when the authors signed. The industry is "having that sort of streaming moment where their contracts didn't contemplate this," García said. What Anthropic still owes, and to whom Anthropic settled after a judge let the case go to trial, having found that stockpiling pirated books gave the authors a claim. The same ruling held that training Claude on books the company had bought legally was fair use. That finding is now the one every AI defendant cites, and it is why firms started buying up old books. The company pointed back to a statement from May. Its deputy general counsel, Aparna Sridhar, said then that more than 91% of authors and publishers had claimed their share. Anthropic wanted the matter closed. The ownership disputes surfaced after that. Its other copyright problems are live. Sony Music and Warner Chappell are suing over song lyrics in Claude's training data. In New York, Microsoft has told a court that Copilot almost never reproduces books, running the same fair use argument against news publishers and the Authors Guild. Anthropic's record settlement was meant to be the clean outcome, the one showing that rights holders could be paid. What it has produced first is 482,000 books, an arbitrator, and a lot of authors rereading contracts they signed before Claude existed.
Kraken Review 2026: Fees, Best Features, Safety, and More - Memeburn
Kraken has a strong security record and has not experienced a major breach that resulted in lost customer funds. However, users still face the normal risks associated with trading and holding digital assets. Kraken processed more than $2 trillion in transactions in 2025 across 190+ markets, underscoring the volume of activity moving through the exchange. The platform offers spot, margin, futures, staking, stocks, and ETFs, while Kraken Pro gives active traders advanced tools and volume-based pricing. Still, size alone and the number of transactions processed do not make an exchange the right choice. Here is a comprehensive look at what Kraken Exchange offers, its customer support, and its fees to help you make informed decisions. Kraken at a Glance: Scorecard What Is Kraken? Kraken is a US-based cryptocurrency exchange founded in 2011. The exchange is widely recognized as one of the longest-operating exchanges with no major public hack on record. It supports spot, margin, and futures trading, with more than 700 assets available. That makes it a suitable option for both everyday users and institutional traders. You can use the standard Kraken app for basic trading, or Kraken Pro for a more advanced interface and additional trading tools. The platform also supports 8 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF, AED, and AUD. This gives users different ways to fund their accounts and trade crypto. Kraken also stands out for its banking status in the US. It became the first cryptocurrency company to receive approval for a Special Purpose Depository Institution (SPDI) banking charter in Wyoming. The charter, overseen by the Wyoming Division of Banking, allows Kraken Financial to provide certain banking services. Is Kraken Safe? Kraken has a strong security setup, but from our experience, this does not mean your crypto balance is completely risk-free. This is because there are other factors that could influence the safety of crypto assets, including sending assets to the wrong address. The exchange uses cold storage, account protection tools, security monitoring, and regulatory controls to protect customer funds. It also has a history of publishing Proof of Reserves reports, allowing users to verify whether specific crypto balances were backed by assets at each review. How Kraken Protects Customer Funds Kraken stores 95% of customer crypto assets offline in air-gapped cold wallets across multiple locations, backed by physical security and 24/7 monitoring. It also supports FIDO2 two-factor authentication and passkeys. The exchange also offers a Global Settings Lock. When enabled, it can prevent changes to your Kraken account, including changes made through Kraken Support. It can also hide sensitive account information and delay an attempted unlock. Kraken has completed a SOC 2 Type 1 examination and holds ISO/IEC 27001:2022 certification. It also runs an internal security testing team and a bug bounty program. Kraken's Regulatory Record Kraken operates through different legal entities and registrations depending on the country and service involved. In the US, it is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). Kraken's regulatory footprint includes registrations with ASIC and AUSTRAC in Australia, FINTRAC in Canada, and the FSA in Japan. Kraken Financial also holds a Special Purpose Depository Institution (SPDI) banking charter in Wyoming and is regulated by the Wyoming Division of Banking. In 2023, Kraken agreed to pay $30 million to settle Securities and Exchange Commission (SEC) charges concerning its staking-as-a-service program. As part of the settlement, the affected Kraken entities agreed to stop offering the service in the US. Kraken also reached a settlement with the US Treasury Department's Office of Foreign Assets Control (OFAC) in 2022. It agreed to pay $362,158.70 over potential civil liability related to apparent violations of US sanctions against Iran and to invest an additional $100,000 in sanctions compliance controls. Kraken has published its Proof of Reserves reports regularly since 2014. The process uses an independent third party and cryptographic verification to show that covered customer funds were backed by corresponding assets at the time of the review. Are Kraken Accounts FDIC or SIPC Insured? No. Crypto balances held on Kraken are not FDIC-insured bank accounts or SIPC-protected brokerage securities. Cryptocurrency exchange balances do not qualify for deposit insurance programs. Even deposits held with Kraken Financial are not FDIC insured, although Wyoming's SPDI rules require qualifying fiat deposits to be fully backed by reserves. Those rules apply to fiat deposits held through the relevant banking entity, not to crypto assets sitting in a standard Kraken account. Kraken has several layers of security and a broad regulatory footprint, but that does not remove account security risk or the risk of a security breach. You should also consider the legal entity serving you and the geographical restrictions that apply to your Kraken account. Kraken Fees Kraken uses different fee structures depending on how you trade. Buying crypto through the standard Kraken app, trading on Kraken Pro, using margin, staking assets, or trading stocks can all come with different costs. The fee you pay can also depend on your trading volume, the assets you hold on the platform, payment method, and the type of order you place. Standard Kraken app Kraken charges a 1% trading fee on instant and recurring buy, sell, and conversion orders, while custom orders carry a 1.5% fee. Kraken+, a paid subscription costing $4.99/month or $49.99/year, gets you 0% trading fees on up to $10,000 in monthly volume for major fiat currencies (USD, GBP, CAD, AUD, EUR, CHF), with a 30-day free trial for new subscribers, though spreads and card processing fees still apply. Payment fees vary depending on how you fund the transaction, and small balance conversions below the minimum order size carry a flat 3% fee. Kraken Pro Kraken Pro uses a maker-taker model for spot trading. Your tier is based on whichever is higher: your 30-day spot volume or your Assets on Platform (AoP). Deposit, Withdrawal, and Minimum Deposit There's no fee to open a Kraken account, and no minimum deposit required to activate one. The minimum trade size is 1 unit of currency for USD, EUR, GBP, CAD, AUD, and CHF (110 JPY), or the equivalent of $1 for crypto-to-crypto trades. Deposit and withdrawal fees depend on the currency and method and can be fixed or variable, based on network and processing costs. Check your account's funding page before transferring funds, as rates change without notice. Stablecoin and Fiat Pair Fees Stablecoin, pegged token, and FX pairs start at 0.20% maker and taker, dropping to 0.02% at $1 million in 30-day volume. USDG pairs run separately: 0% maker and 0.01% taker at the standard tier, falling to 0.001% taker at $100 million or more. Margin Trading Fees Margin fees are charged on top of the standard trading fees when you open and close a position. The rollover rate is locked in when you place the order and charged every four hours. Most assets cost 0.02% to 0.04%, while Bitcoin costs 0.01% to 0.02%. Kraken also charges a separate 2% fee on liquidated margin positions. Perpetual Futures Fees On the standard app, perpetual futures carry a 0.25% fee to open and 0.25% to close, based on notional value. Available only in select regions. On Kraken Pro, futures run on their own tiered maker-taker schedule based on futures volume, spot volume, or AoP. Entry tier is 0.02% maker / 0.05% taker; the highest tier drops to a negative maker rate (rebate) and 0.0125% taker. Futures are not available to customers in the US, Canada, or New Zealand. Institutional Tier Clients with over $100 million in 30-day spot and xStocks volume, combined with activity on Kraken Futures, Custody, or Staked, qualify for a flat 0.08% taker rate and additional perks. Staking Fees No transaction fee applies to stake or unstake rewards. Flexible staking on assets with an on-chain unbonding period and assets in the Rewards program carry a 20% commission on rewards earned. Bonded and other flexible staking arrangements vary by asset and amount staked. Stock, ETF, and xStocks fees Kraken offers zero-commission trading on 11,000+ US stocks and ETFs, though regulatory agencies can pass through their own fees. Tokenized stocks (xStocks) carry no trading fee when purchased with USDG or USD; buying with other assets triggers the standard 1% fee, and a spread may apply to lock in price. Kraken Review: Key Features Its key features include Kraken Pro, the Standard app, staking and earn, stocks, ETFs, and xStocks. 1. Kraken Pro vs. the Standard App The standard app suits someone who buys and holds crypto without needing advanced trading tools. Kraken Pro is built for experienced traders who want tighter spreads, lower fees at volume, and a full order book. 2. Staking and Auto-Earn Kraken lets you earn rewards on eligible crypto through Auto-Earn, which automatically stakes supported assets in your account. There is no transaction fee to stake or unstake, and staked assets stay liquid, so you can still trade or withdraw them at any time. Rewards accrue daily and pay out weekly. Kraken takes a commission from the rewards instead of charging a separate fee. Flexible staking and assets in the Rewards program carry a 20% commission on earned rewards, while bonded staking commissions vary by asset. Supported assets also differ by region, and Kraken only stakes part of eligible holdings on-chain so the rest stays liquid for withdrawals. 3. Stocks, ETFs & xStocks Kraken offers commission-free trading on more than 11,000 US stocks and ETFs, though regulators can still pass through their own fees. This is currently available to US customers only. Tokenized stocks, branded as xStocks, let users trade exposure to equities like Nvidia, Tesla, and Apple as on-chain tokens. Buying xStocks with USDG or USD carries no trading fee; funding the purchase with other assets triggers the standard 1% fee, and a spread may apply to lock in the price. Availability varies by region. Where Kraken Falls Short While Kraken gets a lot right, it also has a few downsides you should consider before signing up. * Customer support: The most common complaint across independent review platforms, mainly tied to the ticketing system. Wait times for account restrictions, withdrawal holds, and verification issues are cited negatively in numerous reviews. * Standard app fees vs. Pro: Fees on the standard Kraken app run significantly higher than on Kraken Pro. A 1% fee on instant trades (1.5% on custom orders) is steep next to Kraken Pro's 0.40% starting maker rate. * Geographic limitations: Kraken does not serve residents of New York or Maine. Both states remain fully excluded due to state-level licensing requirements Kraken has chosen not to pursue. * Learning curve: Splitting the platform into two separate interfaces, the simple app and Kraken Pro, creates a genuine learning curve for beginners moving from one to the other. What Real Users Are Saying User feedback on Kraken is mixed. People generally praise its trading features and security, but customer support remains a common complaint across Trustpilot, the App Store, and G2 Kraken vs Coinbase Here is a comparison table of how Kraken compares to Coinbase Similar to Kraken, Coinbase is a US-based cryptocurrency exchange with established compliance programs. The biggest difference between these two platforms for active traders is no longer as wide as it once was. Kraken Pro now starts at 0.40% for makers, bringing its entry-level fee closer to Coinbase Advanced. With its long operating history, strong security track record, and staking features, Kraken remains a solid option for many users. Coinbase, meanwhile, is the simpler choice for beginners. Kraken vs Binance Binance beats Kraken on trading fees, trading volume, and liquidity. Binance charges a 0.10% standard spot trading fee, while Kraken Pro starts at 0.40% for makers. These lower fees can benefit experienced traders who frequently trade crypto and want to keep transaction costs down. However, Binance Global Exchange has faced major regulatory action, including a $4.3 billion settlement in 2023. Kraken has not faced a regulatory case of comparable scale. Choose Binance for lower trading fees and deeper liquidity, or Kraken for its longer operating history, security track record, and established trading tools. Who Should Use Kraken? Kraken fits some traders better than others. * Intermediate to advanced traders: Kraken Pro suits active traders who want lower trading fees as their trading volume or assets on the platform increase. The maker-taker fee structure can make a noticeable difference for frequent traders compared with the standard app. * Security-focused users: Kraken has maintained a strong security track record and holds a Wyoming SPDI banking charter. It also publishes regular Proof of Reserves reports. If security and a long operating history matter more to you than finding the absolute lowest fees, Kraken is a strong fit. * Absolute beginners: The standard Kraken app keeps buying and selling simple, which makes it suitable for casual users. However, its 1% fee for instant and recurring trades and 1.5% fee for custom orders can be higher than on Kraken Pro, especially if you trade frequently. * High leverage and altcoin traders: Kraken may not be the best fit if you prioritize very high leverage or early access to new altcoins. Platforms such as Bybit may offer more products and features for these trading strategies. Final Verdict: Is Kraken Worth It in 2026? Yes, Kraken is worth considering in 2026, especially if you value security, transparency, and advanced trading tools over the lowest possible fees. Kraken Pro gives active traders access to volume-based maker-taker fees, while the platform continues to offer spot trading, margin, futures, staking, stocks, and other crypto products depending on your location. The main drawback is cost. The standard Kraken app charges 1% on instant and recurring trades and 1.5% on custom orders, making it less suitable for frequent traders who could use Kraken Pro instead. FAQs How trustworthy is Kraken? Kraken has built a strong reputation among crypto exchanges through its long operating history, security measures, and regular Proof of Reserves reports. It also offers transparent fees and publishes information about its security and regulatory framework. However, no exchange is risk-free, and your digital assets are not protected by FDIC insurance. Which is safer, Robinhood or Kraken? Both platforms use security measures to protect customer accounts and cryptocurrency assets, but they operate differently. Kraken focuses heavily on crypto trading, while Robinhood combines crypto with stocks and ETF trading. If you want a dedicated crypto platform with features such as staking and futures trading, Kraken offers more crypto-focused tools. Your choice should also depend on the assets, account type, and services available in your location. Has Kraken ever been hacked? Kraken has not experienced a major security breach resulting in the loss of customer funds. However, the exchange has experienced security incidents and individual account compromises, so users should enable strong account protections and review their account settings. Kraken also recommends security features such as passkeys and Global Settings Lock. Is Kraken good for investing? Kraken can suit investors seeking exposure to digital assets and staking rewards, as well as traders looking to start trading crypto, trade futures, or use advanced trading tools. It also offers stock and ETF trading to eligible US users. Kraken does not provide personalized investment advice, so you remain responsible for choosing the assets and strategies that fit your goals. What are the risks of using Kraken? The main risks include cryptocurrency price volatility, account restrictions, withdrawal delays, and trading losses during sharp market swings. Kraken customer service can also take time to resolve some account issues. Traders who use margin can borrow funds, which increases both potential gains and losses. You should also check whether bank transfers, Google Pay, or a bank card are available in your region before funding your account.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.