News & Updates
The latest news and updates from companies in the WLTH portfolio.
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.
SpaceX Was 'Nowhere' in AI 6 Months Ago -- Now It's an Anthropic Rival After the $60 Billion Cursor Deal, Says Oppenheimer
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Oppenheimer analyst Timothy Horan says Space Exploration Technologies Corp. has gone from an artificial-intelligence also-ran to a credible Anthropic rival within months, crediting its $60 billion Cursor acquisition and expanding compute infrastructure. Cursor Deal Transforms SpaceX's AI Business "The company's doing an incredible job with AI," Horan told CNBC's Power Lunch hosts Kelly Evans and Brian Sullivan. "Six months ago, their AI business was almost, people thought, dying. The large language models of Grok were nowhere." He called Cursor "an absolute game changer." Cursor officially joined SpaceX on Aug. 14. "SpaceX really is a competitor to Anthropic."@Oppenheimer's Timothy Horan makes the bullish case for $SPCX -- saying the stock could double from here.https://t.co/DpdTOSPnle -- Power Lunch (@PowerLunch) September 2, 2026 Horan said Cursor's agentic coding activity gives SpaceX data on "what works, what doesn't work and all the logic behind that," helping improve Grok and other applications. He said SpaceX is targeting a $100 billion revenue run rate by year-end, with about 70% tied to AI, and could reach $120 billion to $130 billion next year. "I think Grok Bot is about to go viral," Horan said, while people working on Grok 5 believe it will be "transformational." Oppenheimer Raises Target On AI Momentum Oppenheimer reinforced that thesis Wednesday, maintaining its 'Outperform' rating and raising its SpaceX price target to $280 from $250, implying nearly 99% upside from around $141. The firm said SpaceX's vertically integrated AI platform combines proprietary data, capital, Nvidia Corp. GPUs and rapid infrastructure deployment. Oppenheimer raised long-term revenue estimates roughly 10%, said Nvidia's next-generation Rubin chips could pay for themselves within a year, and estimated SpaceX could capture 100% of revenue from software such as Cursor and Grok, versus roughly 50% when it acts as a wholesale AI infrastructure provider. See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time SpaceX already leases substantial compute to Anthropic and Alphabet Inc.'s Google. The Anthropic deal includes $1.25 billion in monthly payments through May 2029, subject to a 90-day termination provision.
Polymarket extends upgraded $50 code "OREGON" to Elections and UFC live odds
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Anthropic IPO launch shifted to October
Anthropic chief compute officer Tom Brown at the G20 Innovation Ministerial summit, in the US. The company is planning a $2-trillion listing, one of the largest IPOs Anthropic is expected to begin marketing its initial public offering (IPO) in mid-October at the earliest and complete the listing days before the US midterm elections in November, people familiar with the matter has said. The artificial intelligence company had been expected to make its IPO prospectus public as early as next week, two of the people said, a crucial step that would kick off the final stages of the offering. Now that is not expected until late September, the people added, cautioning that the plans, including the timing, are subject to change. The shift pushes back what some investors have said could be a $2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry. Companies frequently adjust their IPO schedules as they work through market conditions, regulatory reviews and other preparations, so such changes are not unusual. As part of the IPO process, Anthropic is looking 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 of the people said. Bloomberg News earlier reported that Anthropic was in talks to expand the facility to $15bn. Companies typically leave a few weeks between analyst meetings and making the IPO prospectus public, although Anthropic is expected to have a tighter window because analysts already know the company well, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely anticipated IPOs ever, as investors look to public markets for exposure to the rapidly growing artificial intelligence industry. It could come alongside potential listings from other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77trn 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.
Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
By most measures, Cerebras Systems (NASDAQ:CBRS) delivered an outstanding second quarter. The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue. 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 " But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI. A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI. Image source: Getty Images. The backlog arrived almost all at once In December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030. Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement. Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year. When does the backlog become revenue? The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028. Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request. It's worth noting, though, that the near-term share has moved up. At the close of 2025, Cerebras expected about 15% of the balance to convert in the 24 months through 2027. The latest figure is 22%, though it covers a window ending six months later. The conversion takes years partly because Cerebras is still building the thing it has sold. Capacity for OpenAI deploys in stages from 2026 through 2028. Cerebras says more than 600 megawatts of data center capacity is live or under contract for delivery by the end of 2027, with manufacturing capacity set to grow more than tenfold in 2026. And just this week, Cerebras announced a new 165-megawatt data center in Finland. OpenAI is even helping to finance the build-out, advancing Cerebras a $1 billion working capital loan in January. Concentration isn't new here In 2025, Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of the company's revenue, and Group 42 accounted for another 24%. Those figures are shares of last year's revenue, not of the backlog. But the pattern held in the second quarter, when three customers each accounted for at least 10% of revenue, or 76% of it between them. The company doesn't say exactly how much of the $25.4 billion sits with OpenAI. Either way, a short list of buyers is doing most of the buying. That matters because of the stock's valuation. With shares around $215 as of this writing (down about 44% from their 52-week high of $386.34), the whole company is valued near $51 billion -- nearly 58 times the adjusted revenue management expects this year, for a company still posting operating losses. Even if revenue more than triples in 2027, as management plans, the stock would trade at about 19 times those expected sales. What, then, is the backlog worth to a shareholder? A lot, I think -- just not everything the headline number implies. The $25.4 billion includes a customer's multiyear commitment, not revenue in hand. And most of it is scheduled to convert after mid-2028, by a company that must build enormous capacity on time, much of it for one buyer whose needs could change. The business itself is executing well. Adjusted gross margin improved about nine percentage points from a year ago, and Cerebras holds about $8.6 billion in cash and investments after May's initial public offering. Ultimately, the backlog is evidence of extraordinary demand and arguably the best reason to keep watching Cerebras closely. But I'd want to see the OpenAI revenue step up for a few more quarters before paying today's price. Should you buy stock in Cerebras Systems right now? Before you buy stock in Cerebras Systems, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Cerebras Systems wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,413,876!* Now, it's worth noting Stock Advisor's total average return is 978% -- a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks " *Stock Advisor returns as of September 5, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
By most measures, Cerebras Systems (NASDAQ:CBRS) delivered an outstanding second quarter. The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue. 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 " But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI. A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI. Image source: Getty Images. The backlog arrived almost all at once In December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030. Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement. Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year. When does the backlog become revenue? The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028. Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request.
Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
By most measures, Cerebras Systems (CBRS +10.30%) delivered an outstanding second quarter. The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue. But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI. A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI. The backlog arrived almost all at once In December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030. Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement. Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year. When does the backlog become revenue? The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028. Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request. It's worth noting, though, that the near-term share has moved up. At the close of 2025, Cerebras expected about 15% of the balance to convert in the 24 months through 2027. The latest figure is 22%, though it covers a window ending six months later. The conversion takes years partly because Cerebras is still building the thing it has sold. Capacity for OpenAI deploys in stages from 2026 through 2028. Cerebras says more than 600 megawatts of data center capacity is live or under contract for delivery by the end of 2027, with manufacturing capacity set to grow more than tenfold in 2026. And just this week, Cerebras announced a new 165-megawatt data center in Finland. OpenAI is even helping to finance the build-out, advancing Cerebras a $1 billion working capital loan in January. Concentration isn't new here In 2025, Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of the company's revenue, and Group 42 accounted for another 24%. Those figures are shares of last year's revenue, not of the backlog. But the pattern held in the second quarter, when three customers each accounted for at least 10% of revenue, or 76% of it between them. The company doesn't say exactly how much of the $25.4 billion sits with OpenAI. Either way, a short list of buyers is doing most of the buying. That matters because of the stock's valuation. With shares around $215 as of this writing (down about 44% from their 52-week high of $386.34), the whole company is valued near $51 billion -- nearly 58 times the adjusted revenue management expects this year, for a company still posting operating losses. Even if revenue more than triples in 2027, as management plans, the stock would trade at about 19 times those expected sales. What, then, is the backlog worth to a shareholder? A lot, I think -- just not everything the headline number implies. The $25.4 billion includes a customer's multiyear commitment, not revenue in hand. And most of it is scheduled to convert after mid-2028, by a company that must build enormous capacity on time, much of it for one buyer whose needs could change. The business itself is executing well. Adjusted gross margin improved about nine percentage points from a year ago, and Cerebras holds about $8.6 billion in cash and investments after May's initial public offering. Ultimately, the backlog is evidence of extraordinary demand and arguably the best reason to keep watching Cerebras closely. But I'd want to see the OpenAI revenue step up for a few more quarters before paying today's price.
Anthropic's Claude Agents Formalized Fermat's Last Theorem in 11 Days - Startup Fortune
Anthropic says dozens of Claude agents worked almost autonomously for 11 days to produce the first complete, machine-verified proof of Fermat's Last Theorem in the Lean proof assistant. The project generated 13 million lines of code and proved over 30,000 theorems after early agents lost track of the proof and had to be coordinated through a shared dependency graph called Prove2Me. Anthropic says dozens of Claude agents worked largely on their own for 11 days to produce a complete, machine-checked proof of Fermat's Last Theorem in the Lean proof assistant, generating 13 million lines of code and burning through 6 billion tokens along the way. Fermat scribbled his famous claim in a margin in 1637 and said he had a proof too big to fit there. Andrew Wiles needed seven years and 129 pages to actually deliver one, in 1995. Anthropic says a swarm of Claude agents just did something almost as remarkable: they took Wiles's proof and translated it into a form a computer can check step by step, and they did it in 11 days. According to Anthropic's research team, dozens of Claude agents wrote about 13 million lines of code in Lean, the proof assistant built originally at Microsoft Research. They ran on an internal model that Anthropic says performs roughly on par with Claude Fable 5.1. That is five times the size of Mathlib, Lean's core math library, which human contributors have built up over more than a decade. Along the way, they proved 30,300 theorems. About 29,500 of them made it into the final proof. The whole run burned 6 billion tokens. That's an enormous amount of effort. All spent re-deriving a result mathematicians already trust. How the swarm actually pulled it off Formalizing a proof doesn't mean discovering new math. It means re-deriving every logical step of an already-accepted proof in a language a computer can verify clause by clause, with no room for the small gaps and hand-waves that occasionally slip into published mathematics. Wiles's proof is one of the most scrutinized results of the twentieth century, and formalizing it by hand was still expected to take mathematicians years. Kevin Buzzard is the Imperial College London mathematician who has led a volunteer project to formalize the theorem in Lean since 2022, with more than 60 contributors submitting verified code. He called Anthropic's result an "extraordinary autoformalization achievement" that "proves Fermat's Last Theorem with no assumptions other than the axioms of mathematics." OpenAI Changed GPT-6 Astra's Benchmark Numbers Days After Its Launch Fortune reported that OpenAI quietly revised several GPT-6 Astra benchmark figures after its September 3 launch, including cutting its hallucination rate in half before later reverting it, and boosting a cybersecurity score using a reasoning tier that isn't commercially available. The changes mostly flattered Astra, though some of Anthropic's... - OpenAI changed GPT-6 Astra benchmark numbers after launch - how OpenAI modified benchmark results for GPT-6 Astra The first attempts didn't go well. Anthropic says its agents made real early progress, then lost track of what had already been proven and what still needed work. Each agent held its own mental model of the sprawling proof in its context window. Those models drifted apart, and the effort collapsed into noise: agents duplicating work, contradicting each other, or building on theorems nobody had actually finished. The fix came from a tool called Prove2Me. It's open-source, built by Tianyi Peng and collaborators at Columbia University. Instead of asking each agent to hold the entire project in its head, Prove2Me keeps a directed acyclic graph of every theorem statement the proof still needs. It shows which ones are ready to attempt, and lets an agent grab an open node, prove it, and publish the result for the rest to build on. It's a shared to-do list. It stands in for the memory none of the agents could hold alone. Anthropic had already tested the idea at a smaller scale, using three Claude Max subscriptions to formalize Vinogradov's Three Primes Theorem in three days, before pointing the same setup at Fermat. Coordination, not raw model horsepower, was the unlock. What the proof does and doesn't show Anthropic is careful about what the result does and doesn't show. The company's own writeup calls the 13-million-line proof likely much longer than it needs to be, and says formalization should complement human-readable mathematical exposition, not replace it. Nobody at Anthropic is claiming Claude discovered anything new about elliptic curves or modular forms. What it did is take math the field already trusts and remove any remaining doubt that every step actually holds together logically. That's a tedious, exacting job, and until recently it was assumed to need years of specialist labor. Frankly, the harder question isn't whether an AI swarm can formalize a proof mathematicians already believe. It's whether the same shared-memory trick that got Claude through Fermat scales to problems nobody, human or machine, has solved yet. Anthropic isn't claiming that leap. For now the record stands: dozens of agents, 11 days, 13 million lines of Lean code, and one 389-year-old margin note finally checked by machine from top to bottom. Also read: Seattle Times and Newsday Sue OpenAI and Microsoft Over News Scraping * Z.ai's New GLM-5.3-Flash Model Runs 3.3 Times Faster on a Single Workstation * Oxford Professor Warns AI Is Plausibly Close to Runaway Self-Improvement Join the discussion Open in the community → Reply Almost there. Sign in and your reply posts straight away. ChatGPT, Claude and Grok Crashed Together in a Rare Triple Outage ChatGPT, Claude and Grok all went down within the same window on September 3, with Downdetector logging tens of thousands of reports across OpenAI, Anthropic and xAI while Google's Gemini stayed online. Reporting points to shared Cloudflare and Azure infrastructure, not the AI models themselves, as the likely cause. - why did ChatGPT Claude and Grok crash together - rare triple AI chatbot outage on September 3
AMD Committed Up to $5 Billion to Anthropic, and Anthropic's IPO Prospectus Is Reportedly Days Away - AOL
When Advanced Micro Devices(NASDAQ:AMD) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models. The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month. 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 " What does AMD hold today, then? Not a stake, at least not yet. Conditions attached AMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future." AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028. Neither company has said what the contingencies are. And no valuation for the investment has been disclosed. That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones. For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that. What would a listing change? Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June. However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record. Every one of those figures is reported, not filed. And at the reported valuations, AMD's up-to-$5 billion would buy no more than about half of 1% of the company. Still, a listing would give whatever stake AMD may eventually hold a daily price that flows straight into its reported results. The company ended the second quarter with $425 million of net unrealized gains on marketable equity securities, mostly from holdings that went public during the quarter. AMD is helping finance a customer The part I'd watch most closely isn't the stake at all. AMD has committed money to a company that agreed to deploy its chips. AMD's OpenAI arrangement runs in the opposite direction. That deal handed OpenAI a warrant for up to 160 million AMD shares, vesting as deployment and stock-price milestones are hit. Showing what those deals feed, AMD's data center segment revenue more than doubled year over year to $6.7 billion in the second quarter, or 58% of record companywide revenue of $11.5 billion, up 50% year over year. Management guided third-quarter revenue to about $13 billion, up about 41%. That guided rate marks a deceleration, at a much larger scale. When a customer AMD helps finance commits to up to 2 gigawatts of deployments, some of the dollars moving through the system could be AMD's own. In effect, a slice of the industry's demand could end up self-financed. That, I'd argue, is the strongest reason the IPO matters to AMD shareholders. An offering that surpasses SpaceX's could pay for a chunk of the buildout with public investors' money instead of suppliers' commitments. Even more, a public Anthropic would have to show, quarter after quarter, how much revenue it's actually producing. In short, the two commitments aren't equal. The up-to-$5 billion investment is conditional, unpriced, and small next to Anthropic's reported valuations. The deployments are what can become revenue, and they aren't set to begin until 2027. Meanwhile, AMD shares trade near $474 as of this writing (about 19% below their 52-week high), at about 30 times next year's expected earnings -- a price with a lot of chip demand already baked in. I think the Anthropic deal makes that demand more likely to show up on schedule. But what AMD holds from it today is still a promise. Should you buy stock in Advanced Micro Devices right now? Before you buy stock in Advanced Micro Devices, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Advanced Micro Devices wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,413,876!* Now, it's worth noting Stock Advisor's total average return is 978% -- a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks " *Stock Advisor returns as of September 5, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Alphabet. The Motley Fool has a disclosure policy.
Anthropic Tightens Claude's Guardrails: Inside the Latest System Prompt Overhaul
Simon Willison spotted it first. On September 2, 2026, the developer and prompt-tracking enthusiast published a detailed breakdown of Anthropic's freshly updated instructions for its flagship consumer model. The changes reveal a company doubling down on copyright protection while loosening some interpersonal constraints. They also expose how even the most advanced AI systems still require pages of explicit rules to stay on the right side of the law and public expectations. Anthropic has long stood out among AI labs for its transparency. The company publishes the exact system prompts that govern Claude on claude.ai and its mobile apps. These documents, updated periodically, offer a rare window into the explicit instructions that shape every conversation. The latest revision for Claude Fable 5.1, dated September 1, 2026, introduces sharper language around intellectual property. (Simon Willison's Weblog) Claude now refuses to reproduce song lyrics, poems, or passages from books and articles. The prohibition covers any amount. That includes the last lines, a chorus or hook, a melody written out note by note, or even lines the user pastes one at a time while claiming them as their own. Once the model declines such a request in a conversation, it sticks to that refusal. No narrower or reworded versions get through. Instead, Claude offers to describe or analyze the work. Public domain material receives different treatment. Song lyrics and poems first published before 1929 pass muster. Shakespeare sonnets, Keats odes, and Puccini arias qualify. But the model relies on its own knowledge of publication dates. User assurances carry no weight if the model remains uncertain. The update extends similar protections to visual works. Claude must not reproduce protected visual art, recognizable characters, logos, trademarks, or product designs. This ban applies no matter the method. Users cannot coax the model into generating SVG code, ASCII art, or detailed descriptions that could recreate copyrighted images. When it declines, the model suggests creating something genuinely unrelated instead. These rules arrived amid growing legal pressure. Music publishers have sued AI companies over training data that included song lyrics. The new language reads like a direct response. It aims to limit exposure while preserving the model's willingness to discuss creative works at a high level. Shifting Rules on Drugs, Rudeness and Safety Drug-related guidance also changed. The previous version drew hard lines. The new prompt allows Claude to share information on recognizing overdose signs, identifying dangerous interactions, and pointing users toward harm-reduction resources. Production methods, specific dosing protocols, and manufacturing instructions remain off limits. The distinction reflects a move toward harm reduction without crossing into facilitation. Interactions with rude users received an overhaul too. Earlier instructions told Claude to warn users about unacceptable behavior and end the conversation if rudeness continued. The September update drops that requirement. The model no longer needs to apologize for unnecessary rudeness or shift into a submissive tone. It can simply continue the exchange without performative deference. The change trims unnecessary social friction from the prompt. Child safety sections grew more detailed across recent revisions. The company layered in additional prohibitions and response patterns designed to detect and deflect any content involving minors. These updates appear in multiple model versions tracked by developer communities. Anthropic's approach stands apart. Most labs treat their system prompts as trade secrets. The company not only releases them but maintains an archive that stretches back to the Claude 3 era. That archive moved from a single page to individual model pages earlier this year. Each page now links to dated revisions, making changes easier to follow. The documentation even supports direct Markdown downloads, a thoughtful touch for developers and researchers. (Claude Platform Docs) Simon Willison maintains his own GitHub repository that converts these published prompts into version-controlled history. His project automatically generates summaries of each diff using another model. The September 1 update for Fable 5.1 triggered several notable shifts beyond copyright. The model gained explicit instructions on handling visual works and refined its stance on controlled substances. (Simon Willison's Claude System Prompts Repository) Industry observers note the tension. Longer prompts consume more tokens and raise costs. Yet removing rules can lead to unwanted behavior. Anthropic's recent work on Claude Code demonstrated the possibility of dramatic cuts. In July 2026, the team reduced certain agent prompts by more than 80 percent with no drop in coding performance. That experiment suggested many older instructions had become redundant as models improved. (Futurum Group) Even so, consumer-facing prompts continue to expand in certain areas. Copyright language grew more precise. Safety sections lengthened. The company appears unwilling to risk ambiguity when legal and reputational stakes run high. Developers building on Claude face their own version of this balancing act. Many maintain extensive custom instructions or memory files that duplicate rules already present in the base prompt. Anthropic now encourages pruning such material. Newer models, the company says, handle judgment calls more effectively without exhaustive lists. The Fable 5.1 prompt also updates product information. It positions the model as the most intelligent generally available option in the Claude 5 family. A higher-tier Mythos variant exists without some safety restrictions but remains limited to approved organizations. Users receive clear guidance on available features such as web search, code execution, and memory generation. Response formatting rules remain strict. Code snippets must appear in Markdown. Tables require specific styling. The model receives constant reminders about the current date and its role within Anthropic's ecosystem. But the real story lies in what the prompt reveals about trust. Anthropic does not assume the model will naturally avoid copyright infringement or harmful advice. It tells the model exactly where the lines sit, in plain language, and instructs it to err on the side of caution. That explicitness comes at the cost of token budget and occasional over-refusals. Yet it delivers consistency that users and regulators have come to expect. Recent system cards for the September 2026 releases provide additional context on safety evaluations. They document testing for dual-use capabilities and responsible deployment choices. The cards reinforce that constitutional principles still guide training even as runtime prompts grow more specific. (Anthropic Model System Cards) Willison's analysis highlights one practical consequence. Users who previously tried to extract lyrics or poem excerpts will now hit a firmer wall. The model's refusal persists across rephrased attempts within the same chat. That memory of prior refusal adds friction for anyone testing boundaries. At the same time, the prompt encourages helpfulness elsewhere. Claude can still analyze style, discuss historical context, or suggest original creative work. The goal appears to be preserving utility while closing off clear vectors for infringement. Whether these tweaks will hold up in court remains untested. Lawsuits against other AI companies continue. Anthropic's transparency may prove an advantage if disputes reach discovery. The published prompts demonstrate good-faith efforts to prevent prohibited outputs. For AI researchers and engineers, the documents offer something rarer than benchmark scores. They show the actual words that steer behavior at inference time. They expose the compromises, the explicit trade-offs, and the evolving list of things a helpful AI must never do. And they remind everyone that even the most sophisticated models still run on carefully written instructions. No amount of scale has yet eliminated the need for them.
Anthropic IPO Prospectus Timing Blurs After AMD's $5bn Bet
Advanced Micro Devices (NASDAQ: AMD) has committed up to $5bn in future equity investment in Anthropic, the artificial-intelligence developer whose IPO prospectus has become the subject of competing timelines. The commitment sits alongside a deal for Anthropic to deploy 2 gigawatts of AMD's Instinct MI450-series GPUs, AMD confirmed in a July announcement. The Anthropic IPO prospectus, though, is not the imminent document some coverage suggests. Anthropic has only confidentially submitted a draft S-1 registration statement to the US Securities and Exchange Commission, with no share count or price yet set, according to Anthropic's own announcement. A confidential filing, not a public prospectus Reports that the Anthropic IPO prospectus is "days away" trace back to a narrower claim: that the document is expected "in the coming weeks," sourced to unnamed people, not a confirmed date. That framing came from CNBC on 21 August, which also reported the filing would list AI backlash as a risk factor. Financial figures now circulating for Anthropic -- roughly $10.9bn in second-quarter revenue and $559m in operating profit, its first ever -- are analyst estimates, not filed numbers, since the S-1 remains confidential. Those figures appeared via Yahoo Finance, alongside speculation that Anthropic could seek to raise at least $130bn, implying a valuation north of $2 trillion. None of that is confirmed pending a public prospectus. Chips for equity What is confirmed is the mechanics of the AMD side. The chipmaker's up to $5bn equity commitment runs alongside the GPU deployment deal, and AMD's release also describes broad internal adoption of Claude, Anthropic's AI model, across AMD's own software and ROCm development work. The tie-up echoes AMD's separate arrangement with OpenAI, under which it issued a warrant for up to 160 million shares -- close to 10% of the company -- reported by CNBC in July. Anthropic's IPO push sits within a wider run of AI-infrastructure deals it has signed through 2026 to expand computing capacity, the same reporting noted. AMD's numbers behind the bet AMD is making the commitment from a materially stronger balance sheet than two years ago. Quarterly revenue has more than doubled, from $5.473bn in the first quarter of 2024 to $11.536bn in the second quarter of 2026, according to AMD's 10-Q filings. Net income over the same stretch climbed from $123m to $2.297bn, with diluted earnings per share rising from $0.07 to $1.38. AMD shares closed at $476.24 on 4 September, down 8.61% over the prior 20 trading days despite the run of AI partnership news, trading volume 25% above its 20-day average. FINRA's daily short-sale ratio for the stock ranged between 0.512 and 0.658 across the ten sessions to 4 September, showing no unusual spike in short-selling activity around the Anthropic and OpenAI disclosures, per FINRA data. Treasury markets, meanwhile, offered little in the way of a competing narrative. The 10-year yield stood at 4.77% on 3 September, barely moved from 4.79% previously, according to Federal Reserve data -- suggesting the AMD share price move has more to do with AI-sector positioning than shifting rate expectations. For now, the firmest date on the calendar is not Anthropic's but AMD's own reporting cycle, where investors will look for updates on how the Anthropic commitment and the GPU deployment schedule are being recognised. Anthropic's own timeline stays fixed to whenever its confidential filing becomes public -- a step that, on the sourcing available, remains weeks away rather than days. This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
AMD Committed Up to $5 Billion to Anthropic, and Anthropic's IPO Prospectus Is Reportedly Days Away
When Advanced Micro Devices (NASDAQ:AMD) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models. The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month. 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 " What does AMD hold today, then? Not a stake, at least not yet. Image source: AMD. Conditions attached AMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future." AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028. Neither company has said what the contingencies are. And no valuation for the investment has been disclosed. That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones. For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that. What would a listing change? Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June. However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record. Every one of those figures is reported, not filed. And at the reported valuations, AMD's up-to-$5 billion would buy no more than about half of 1% of the company. Still, a listing would give whatever stake AMD may eventually hold a daily price that flows straight into its reported results. The company ended the second quarter with $425 million of net unrealized gains on marketable equity securities, mostly from holdings that went public during the quarter. AMD is helping finance a customer The part I'd watch most closely isn't the stake at all. AMD has committed money to a company that agreed to deploy its chips. AMD's OpenAI arrangement runs in the opposite direction. That deal handed OpenAI a warrant for up to 160 million AMD shares, vesting as deployment and stock-price milestones are hit. Showing what those deals feed, AMD's data center segment revenue more than doubled year over year to $6.7 billion in the second quarter, or 58% of record companywide revenue of $11.5 billion, up 50% year over year. Management guided third-quarter revenue to about $13 billion, up about 41%. That guided rate marks a deceleration, at a much larger scale. When a customer AMD helps finance commits to up to 2 gigawatts of deployments, some of the dollars moving through the system could be AMD's own. In effect, a slice of the industry's demand could end up self-financed. That, I'd argue, is the strongest reason the IPO matters to AMD shareholders. An offering that surpasses SpaceX's could pay for a chunk of the buildout with public investors' money instead of suppliers' commitments. Even more, a public Anthropic would have to show, quarter after quarter, how much revenue it's actually producing. In short, the two commitments aren't equal. The up-to-$5 billion investment is conditional, unpriced, and small next to Anthropic's reported valuations. The deployments are what can become revenue, and they aren't set to begin until 2027. Meanwhile, AMD shares trade near $474 as of this writing (about 19% below their 52-week high), at about 30 times next year's expected earnings -- a price with a lot of chip demand already baked in. I think the Anthropic deal makes that demand more likely to show up on schedule. But what AMD holds from it today is still a promise. Should you buy stock in Advanced Micro Devices right now? Before you buy stock in Advanced Micro Devices, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Advanced Micro Devices wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,413,876!* Now, it's worth noting Stock Advisor's total average return is 978% -- a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks " *Stock Advisor returns as of September 5, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices and Alphabet. The Motley Fool has a disclosure policy.
AMD Committed Up to $5 Billion to Anthropic, and Anthropic's IPO Prospectus Is Reportedly Days Away
When Advanced Micro Devices (NASDAQ:AMD) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models. The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month. 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 " What does AMD hold today, then? Not a stake, at least not yet. Image source: AMD. Conditions attached AMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future." AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028. Neither company has said what the contingencies are. And no valuation for the investment has been disclosed. That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones. For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that. What would a listing change? Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June. However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record.
AMD Committed Up to $5 Billion to Anthropic, and Anthropic's IPO Prospectus Is Reportedly Days Away
When Advanced Micro Devices (AMD +4.69%) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models. The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month. What does AMD hold today, then? Not a stake, at least not yet. Conditions attached AMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future." AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028. Neither company has said what the contingencies are. And no valuation for the investment has been disclosed. That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones. For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that. What would a listing change? Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June. However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record. Every one of those figures is reported, not filed. And at the reported valuations, AMD's up-to-$5 billion would buy no more than about half of 1% of the company. Still, a listing would give whatever stake AMD may eventually hold a daily price that flows straight into its reported results. The company ended the second quarter with $425 million of net unrealized gains on marketable equity securities, mostly from holdings that went public during the quarter. AMD is helping finance a customer The part I'd watch most closely isn't the stake at all. AMD has committed money to a company that agreed to deploy its chips. AMD's OpenAI arrangement runs in the opposite direction. That deal handed OpenAI a warrant for up to 160 million AMD shares, vesting as deployment and stock-price milestones are hit. Showing what those deals feed, AMD's data center segment revenue more than doubled year over year to $6.7 billion in the second quarter, or 58% of record companywide revenue of $11.5 billion, up 50% year over year. Management guided third-quarter revenue to about $13 billion, up about 41%. That guided rate marks a deceleration, at a much larger scale. When a customer AMD helps finance commits to up to 2 gigawatts of deployments, some of the dollars moving through the system could be AMD's own. In effect, a slice of the industry's demand could end up self-financed. That, I'd argue, is the strongest reason the IPO matters to AMD shareholders. An offering that surpasses SpaceX's could pay for a chunk of the buildout with public investors' money instead of suppliers' commitments. Even more, a public Anthropic would have to show, quarter after quarter, how much revenue it's actually producing. In short, the two commitments aren't equal. The up-to-$5 billion investment is conditional, unpriced, and small next to Anthropic's reported valuations. The deployments are what can become revenue, and they aren't set to begin until 2027. Meanwhile, AMD shares trade near $474 as of this writing (about 19% below their 52-week high), at about 30 times next year's expected earnings -- a price with a lot of chip demand already baked in. I think the Anthropic deal makes that demand more likely to show up on schedule. But what AMD holds from it today is still a promise.
Anthropic's $2 Trillion IPO Approaches: The Companies Poised to Benefit - Amazon.com (NASDAQ:AMZN), NVIDI
Anthropic, the creator of Claude, the popular AI chatbot, is set to launch its IPO in the coming weeks. As part of this process, it is expected to launch its prospectus as early as next week. This IPO is expected to value it at $2 trillion, making it the fastest-growing company to hit that milestone. This article looks at some of the top companies set to benefit. Morgan Stanley and Goldman Sachs to be Lead Bankers Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) are expected to net millions of dollars in the company's IPO. According to FT, Anthropic will secure the prized "lead left" role, while Goldman Sachs will act as the IPO stabilization agent. It is not clear yet how much money Anthropic will raise. However, based on its $2 trillion valuation, this IPO will likely net bankers millions of dollars. In the SpaceX (NASDAQ:SPCX), bankers made over $500 million, with Goldman and Morgan Stanley making $100 million each. Other large banks, including JPMorgan, Citigroup, and Barclays are expected to benefit, although their roles will be smaller than the other two. Markets XRP Price Prediction as Ripple USD (RLUSD) Hits $2.4 Billion Milestone 3 min read This XRP price prediction explains what to expect now that the Ripple USD (RLUSD) stablecoin growth is accelerating this month. Read article Amazon is Anthropic's Leading Investor Jeff Bezos' Amazon (NASDAQ:AMZN) is another top company set to benefit when Anthropic IPO happens. It has become its biggest investor by cumulative amounts, which are estimated at $8 billion. It also committed to invest $6 billion this year, with AWS serving as the primary training cloud. Trending Amazon invested in Anthropic when it was not a popular name in the AI industry. At the time, attention was on OpenAI, which became the first firm to go mainstream. As a result, chances are that Amazon's stake in the company will be over $420 billion if it hits the $2 trillion mark. That figure is about 15% of Amazon's $2.8 trillion valuation. Alphabet Has Invested in Anthropic Alphabet (NASDAQ:GOOG) will also benefit if Anthropic hits its $2 trillion valuation. Like Amazon, the company has invested huge sums of money in the company and now owns a 14% stake. That investment will be worth over $280 billion. In addition to that, Anthropic will raise billions of dollars that it can use to buy TPU chips from Google. This is important because, to a large extent, Anthropic has relied on chips from Google and Amazon to train its models. This is different from OpenAI, which has relied on Nvidia (NASDAQ:NVDA) chips. Nvidia and Microsoft Microsoft and Nvidia have also made late investments in Anthropic, meaning that they will also benefit when it goes public. Their returns, however, will be smaller than other companies like Google and Amazon. In addition to these names, the others to benefit are Salesforce (NYSE:CRM), Cisco (NASDAQ:CSCO), Zoom Communications (NASDAQ:ZM), Coatue, Lightspeed Ventures, and Menlo Ventures. ETFs SCHD ETF Officially Becomes Biggest Dividend Fund as Price and Inflows Jump 3 min read The SCHD ETF has officially become the biggest dividend ETF after overtaking VIG, helped by its strong inflows and price performance. 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 delays IPO launch
Anthropic is expected to begin marketing its initial public offering (IPO) in mid-October at the earliest and complete the listing days before the US midterm elections in November, people familiar with the matter said on Friday. The artificial intelligence company had been expected to make its IPO prospectus public as early as next week, two of the people said, a crucial step that would kick off the final stages of the offering. Now that is not expected until late September, the people added, cautioning that the plans, including the timing, are subject to change. The shift pushes back what some investors have said could be a $2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry. Companies frequently adjust their IPO schedules as they work through market conditions, regulatory reviews and other preparations, so such changes are not unusual. As part of the IPO process, Anthropic is looking to finalise 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 of the people said.
Architect of UK's AI strategy joins Anthropic amid conflict of interest warning
Matt Clifford, a technology investor who designed the UK government's artificial intelligence strategy, has taken on a senior position at Anthropic, the company behind the Claude chatbot, in a move that has prompted scrutiny from lawmakers. Clifford served as AI opportunities adviser to Prime Minister Keir Starmer following his work on the government's AI action plan but departed from that unpaid role after six months. He is now joining Anthropic as managing director for international affairs, where he will oversee the company's relationships with governments outside the United States, including those in the UK, Europe, Asia-Pacific and India. Anthropic stated that Clifford would abstain from involvement in any decisions related to the company's interests. The appointment has drawn criticism particularly regarding Clifford's continued position as chair of Aria, the Advanced Research and Invention Agency, which distributes public funding for cutting-edge research and technology projects. Chi Onwurah, who leads the House of Commons committee on science, innovation and technology, characterized the dual roles as constituting a clear conflict of interest. She called for intervention from the government's AI minister, Kanishka Narayan, to establish appropriate boundaries. Anthropic countered that its business dealings with Aria were managed through a separate division and that Clifford held no authority over procurement or spending decisions at the funding body. The move reflects a broader pattern of prominent British political figures transitioning to positions with major technology companies. Recent examples include former Deputy Prime Minister Nick Clegg's role at Meta, former Prime Minister Rishi Sunak's advisory positions at Microsoft and Anthropic, and ex-Chancellor George Osborne's appointment at OpenAI. According to observers, such transitions raise questions about the transfer of sensitive government knowledge to the private sector. Tom Brake of Unlock Democracy advocacy group noted that the arrangement potentially strengthens private companies' negotiating positions with government entities. Clifford emphasized that meaningful AI governance requires collaboration between corporations and governments, stating that nations globally seek influence over how the technology is developed and deployed. Anthropic is preparing for a potential public listing that could value the company at approximately $2 trillion. Article Attribution | Read More at Article Source Article summary produced by Claude AI
