News & Updates
The latest news and updates from companies in the WLTH portfolio.
Exclusive-Anthropic IPO launch shifts toward mid-October, sources say
Sept 4 - Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. 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 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 $15 billion. 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 $1.77 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. Goldman Sachs, Citi and JPMorgan declined to comment. Morgan Stanley did not immediately respond to a request for comment. (Reporting by Echo Wang in New York; Additional reporting by Milana Vinn; Editing by Colin Barr and Sanjeev Miglani)
Maybe we were wrong about Perplexity
Welcome to AI Decoded, Fast Company's weekly newsletter that breaks down the most important news in the world of AI. I'm Mark Sullivan, a senior writer at Fast Company, covering emerging tech, AI, and tech policy. Most Read from Fast Company Sign up to receive this newsletter every week via email here. And if you have comments on this issue and/or ideas for future ones, drop me a line at [email protected], and follow me on X @thesullivan. Perplexity's valuation is soaring. Its traffic tells a murkier story In a feature about the AI answer engine Perplexity in 2024, I suggested that the startup wasn't likely to last for the long haul against better-financed players like OpenAI and Anthropic, and that it was most likely an acquisition target. But here we are, well into 2026, and Perplexity is still alive and showing potential. Nvidia is reportedly in talks to invest in Perplexity in an equity round that would value the AI startup at more than $30 billion. That would mark a 50% increase from its estimated $20 billion valuation just a year ago. The Information reported that the company's annualized revenue is now more than $750 million, up from under $250 million at the start of 2026. At $750 million in annualized revenue, a $30 billion valuation is roughly 40 times sales. In February, Perplexity launched its Computer product, which deploys AI agents to do work on behalf of users. It also switched to a usage-based pricing plan in which users get a certain amount of credits for agentic work every month. The Financial Times reported that Perplexity's revenue increased 50% in a month after the launch of Computer. By March, Perplexity's annual recurring revenue had risen to $450 million, the report said, with some of that revenue coming from "tens of thousands" of enterprise customers. The picture of how many people are actually going to Perplexity for answers is somewhat muddled. Numbers from Similarweb suggest that traffic to the Perplexity.ai website peaked at 219 million visits per month in October 2025 and has been retreating ever since. App usage tells a different story. Similarweb numbers show that monthly active users of the Perplexity app on iOS and Android grew from 26.2 million in August 2025 to 37.9 million by February 2026, a roughly 45% increase in six months.
Exclusive-Anthropic IPO launch shifts toward mid-October, sources say
Sept 4 - Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. 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 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 $15 billion. 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 $1.77 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. Goldman Sachs, Citi and JPMorgan declined to comment. Morgan Stanley did not immediately respond to a request for comment. (Reporting by Echo Wang in New York; Additional reporting by Milana Vinn; Editing by Colin Barr and Sanjeev Miglani) Copyright Reuters or USA Today via Reuters Connect This story was originally published September 4, 2026 at 5:48 PM.
Anthropic IPO launch shifts toward mid-October, sources say
Anthropic is expected to begin marketing its initial public offering 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 (Saturday AEST). 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.
Exclusive-Anthropic IPO launch shifts toward mid-October, sources say
Sept 4 - Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. 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 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 $15 billion. 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 $1.77 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. Goldman Sachs, Citi and JPMorgan declined to comment. Morgan Stanley did not immediately respond to a request for comment. (Reporting by Echo Wang in New York; Additional reporting by Milana Vinn; Editing by Colin Barr and Sanjeev Miglani) Copyright Reuters or USA Today via Reuters Connect This story was originally published September 4, 2026 at 6:48 PM.
Coatue Opened Positions in Intel and Cerebras. Is the AI Chip Trade Broadening Beyond NVIDIA?
Coatue Management's Q2 filing disclosed a new position in Intel and, for the first time, a reportable position in newly public Cerebras. Coatue reported 12,084,027 Intel shares and roughly 7.01 million Cerebras shares at June 30. Intel Corporation (NASDAQ:INTC) offers manufacturing and established distribution, while Cerebras Systems Inc. (NASDAQ:CBRS) offers a radically different wafer-scale architecture. Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process. Intel's bull case is strategic relevance. Its CPU franchise, foundry ambitions, advanced packaging, and domestic manufacturing footprint could benefit as governments and customers seek more supply options. The new Coatue position joins a broader increase in professional participation: Insider Monkey counted 138 hedge funds holding INTC at June 30, up from 112 at March 31. Its bear case is capital intensity and competitive execution. Intel must spend heavily while defending share against AMD and proving its foundry can win external customers. Recent equity financing adds dilution, and a turnaround can consume cash for years before margins recover. Coatue's filing shows quarter-end ownership, not when shares were bought or why. Cerebras gives the diversification thesis more direct AI exposure. Its Q2 non-GAAP core revenue reached $209.9 million, up 103% year over year, and cloud-service revenue grew rapidly as customers rented inference rather than purchased hardware. As a new public company, CBRS had 78 hedge funds in Q2. Coatue's disclosed position was worth roughly $1.5 billion, making it economically meaningful. The counterargument is volatility and business mix. Cerebras's total Q2 revenue was about $180.1 million under GAAP presentation, while hardware sales fell 23% to $54.1 million and shares dropped sharply after results. Cloud growth can be attractive but may require the company to fund capacity and accept lower near-term margins. Customer concentration and competition from NVIDIA ecosystems remain central risks. Intel's August 14 short-interest snapshot showed 135.69 million shares sold short, with 1.26 days to cover; estimates put that near 2.7% of shares outstanding. It predates the public analysis of Coatue's filing. The filing supports a broadening thesis, not a verdict. Intel must prove manufacturing economics; Cerebras must prove scalable cloud margins. NVIDIA's dominance weakens only if challengers translate technical alternatives into durable, profitable customer adoption.
Exclusive-Anthropic IPO launch shifts toward mid-October, sources say
Sept 4 - Anthropic is expected to begin marketing its initial public offering in mid-October at the earliest and complete the listing days before the U.S. 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 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 $15 billion. 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 $1.77 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. Goldman Sachs, Citi and JPMorgan declined to comment. Morgan Stanley did not immediately respond to a request for comment. (Reporting by Echo Wang in New York; Additional reporting by Milana Vinn; Editing by Colin Barr and Sanjeev Miglani) Copyright Reuters or USA Today via Reuters Connect This story was originally published September 4, 2026 at 3:48 PM.
Polymarket Vows Insider Trading Crackdown as Traders Bet $12M on CLARITY Act
* Polymarket says it is strengthening its systems for identifying insider trading and other suspicious activity ahead of the US midterm elections. * Nearly $12 million has been traded on whether the CLARITY Act will become law in 2026, although traders currently give it only a 15% chance. * Rival Kalshi has permanently banned former congressman George Santos over trades linked to his own State of the Union attendance. Polymarket has pledged to intensify its crackdown on insider trading and other market misconduct as millions of dollars flow into politically sensitive prediction markets. The company's new investigations chief said it has surveillance systems capable of identifying abnormal trading ahead of the US midterm elections, when lawmakers expect activity on political contracts to surge. The assurances arrive as traders wager nearly $12 million on whether the CLARITY Act will become law before the end of 2026. Polymarket Chief Says Platform Can Detect Suspicious Trades Polymarket is preparing to disclose more information about the systems it uses to protect the integrity of its markets. The company's monitoring operation combines machine learning with blockchain analytics, open-source research and conventional trade surveillance, according to Reuters. Bautista, a former FBI investigator who joined the company in June, said she was confident Polymarket would provide the resources required to police its platform. She added that the company already had systems capable of detecting anomalous activity ahead of the midterms. Polymarket's international platform does not publicly reveal the identities behind individual accounts. However, its blockchain system creates a visible record of wallet transactions that investigators can examine. That information can help the company detect unusual trading patterns or connections between apparently separate accounts. Bautista told Reuters that Polymarket had referred more than 100 matters to law enforcement. Among the examples she cited was an account allegedly used by a US soldier to place trades connected to the capture of Venezuelan leader Nicolás Maduro. Polymarket has faced separate questions over Americans accessing its international service. The CFTC penalized the company in 2022 for offering event contracts without obtaining the required registration. The resulting settlement required Polymarket to prevent US customers from using that platform. It later regained access to the US market by purchasing a federally registered exchange, which operates as the separate Polymarket US business.
The Anthropic IPO May Be Right Around the Corner. Here's What Investors Need to Know. - AOL
This year has been a major one for initial public offerings, even producing the biggest IPO on record: the Space Exploration Technologies operation. Including the exercise of an overallotment option, SpaceX raised more than $85 billion and entered the market with a trillion-dollar valuation. Now, all eyes are focused on the next IPO, one that could be even larger than that of SpaceX. I'm talking about the upcoming Anthropic market debut. The artificial intelligence (AI) lab, maker of the famous AI assistant Claude, confidentially filed a draft registration statement with regulators in June. And news reports suggest an IPO may be right around the corner. Here's what investors need to know. 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 " Why IPOs spark excitement So, first, a quick look at why the launch of companies involved in AI -- from SpaceX to AI chip designer Cerebras Systems -- has sparked excitement and drawn investors' attention. It's important to note that IPOs generally garner attention as they present new investing opportunities. On top of this, the AI market, heading toward a value of $3 trillion in just a few years, according to analysts, represents a massive growth opportunity. Publicly traded AI leaders such as Nvidia and Amazon have seen revenue skyrocket in recent years, so investors are eager to get in on the next new AI story. Now, let's consider Anthropic and what you as an investor need to know. The company is the maker of the Claude AI assistant, the popular Claude Code coding tool, and other AI-driven products, and these are in high demand. TechCrunch, citing an Anthropic spokesperson, reported that Claude paid subscriptions have more than doubled in 2026. In May, Anthropic raised $65 billion in Series H funding, pushing its valuation to $965 billion. At the time, the company said its revenue run rate had surpassed $47 billion. AI labs such as Anthropic and OpenAI have been key players in the AI story, calling for a ramp-up in AI infrastructure from cloud partners such as Amazon Web Services (AWS). This increase in compute results in higher revenue for them -- more compute allows Anthropic and OpenAI to supercharge the performance of their large language models and serve more customers. Anthropic's confidential filing In recent months, investors have been looking to the IPO plans of each company, and Anthropic became the first to file, confidentially, with the Securities and Exchange Commission. In a confidential filing, a company provides financial data to regulators but doesn't yet release these details to the public. Anthropic hasn't offered an update on its plans, but The Information recently reported that a prospectus would be made public after the Labor Day holiday and that a market debut is planned for late this month or early next month. The publication cited people familiar with the situation. According to the report, Anthropic expects to surpass the size of SpaceX's IPO. And several publications have said that Anthropic is targeting a valuation of $2 trillion. The Information also said that Anthropic may allow existing shareholders to sell shares during the IPO. The positive is that this broadens the pool of available shares; the negative is that cash from those sales goes to the respective shareholders, not the company. And if key insiders sell, potential investors may view this as a lack of confidence in the future. These elements offer us clues about what to expect, but it's important to review Anthropic's prospectus when it becomes available to confirm these and other details. Investors should focus on financial information, including revenue from Claude, gross margin, and the status of existing contracts. Investors should also pay close attention to what the company considers potential risks. This will help you determine whether an investment in this IPO stock is right for you -- an aggressive investor may make a different decision than a cautious investor. So, right now, if you're interested in possibly participating in the Anthropic IPO, the best thing you can do is stay tuned for the official filing -- which may be just ahead -- and examine it carefully. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 983%* -- a market-crushing outperformance compared to 212% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you joinStock Advisor. See the stocks " *Stock Advisor returns as of September 3, 2026. Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Nvidia. The Motley Fool has a disclosure policy.
Anthropic Nears Finalizing $15 Billion Pre-IPO Credit Facility
(Bloomberg) -- Anthropic PBC is set to finalize expanding its revolving credit facility to $15 billion, according to people familiar with the matter, clearing a hurdle before the artificial intelligence firm's public filing for its highly anticipated IPO. Most Read from Bloomberg Morgan Stanley is leading the process, the people said. Goldman Sachs Group Inc. and JPMorgan Chase & Co. also have prominent roles on the facility, along with Citigroup Inc., they said. The four lenders are also leading the IPO, Bloomberg News has reported. The Claude chatbot maker is seeking to raise as much as SpaceX or more in the initial public offering, people familiar with the preparations have said. Companies typically finalize the revolver before they notify banks of their formal roles in a listing. Barclays Plc and Wells Fargo & Co. are also expected to have key roles on the loan, the people said. Bank of America Corp., Deutsche Bank AG, Royal Bank of Canada, and UBS Group AG are also high in the credit facility's lineup, they said. Generally, in syndicated loans, the higher the commitment of a bank, the higher the fees it gets paid by a borrower. When a large capital markets transaction is expected, a higher ranking in a loan is likely to correspond to a more active role in the upcoming deal. Bank of Montreal, BNP Paribas SA, Credit Agricole SA, Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Toronto-Dominion Bank are also on the so-called revolver, the people said. The credit facility would exceed the company's roughly $10 billion target, Bloomberg News reported in August. Anthropic had asked the most active banks leading the credit line to lend about $1.25 billion each, with the next level of active banks being encouraged to offer around $1 billion, and with the commitments dropping to roughly $750 million and lower for less active roles, Bloomberg reported. Details of the loan could still change, the people said, asking not to be identified as the information isn't public. Representatives for Anthropic, JPMorgan, Barclays, Wells Fargo and UBS declined to comment. The other banks didn't immediately respond to requests for comment.
The Anthropic IPO May Be Right Around the Corner. Here's What Investors Need to Know.
This year has been a major one for initial public offerings, even producing the biggest IPO on record: the Space Exploration Technologies operation. Including the exercise of an overallotment option, SpaceX raised more than $85 billion and entered the market with a trillion-dollar valuation. Now, all eyes are focused on the next IPO, one that could be even larger than that of SpaceX. I'm talking about the upcoming Anthropic market debut. The artificial intelligence (AI) lab, maker of the famous AI assistant Claude, confidentially filed a draft registration statement with regulators in June. And news reports suggest an IPO may be right around the corner. Here's what investors need to know. 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 " Image source: Getty Images. Why IPOs spark excitement So, first, a quick look at why the launch of companies involved in AI -- from SpaceX to AI chip designer Cerebras Systems -- has sparked excitement and drawn investors' attention. It's important to note that IPOs generally garner attention as they present new investing opportunities. On top of this, the AI market, heading toward a value of $3 trillion in just a few years, according to analysts, represents a massive growth opportunity. Publicly traded AI leaders such as Nvidia and Amazon have seen revenue skyrocket in recent years, so investors are eager to get in on the next new AI story. Now, let's consider Anthropic and what you as an investor need to know. The company is the maker of the Claude AI assistant, the popular Claude Code coding tool, and other AI-driven products, and these are in high demand. TechCrunch, citing an Anthropic spokesperson, reported that Claude paid subscriptions have more than doubled in 2026. In May, Anthropic raised $65 billion in Series H funding, pushing its valuation to $965 billion. At the time, the company said its revenue run rate had surpassed $47 billion. AI labs such as Anthropic and OpenAI have been key players in the AI story, calling for a ramp-up in AI infrastructure from cloud partners such as Amazon Web Services (AWS). This increase in compute results in higher revenue for them -- more compute allows Anthropic and OpenAI to supercharge the performance of their large language models and serve more customers. Anthropic's confidential filing In recent months, investors have been looking to the IPO plans of each company, and Anthropic became the first to file, confidentially, with the Securities and Exchange Commission. In a confidential filing, a company provides financial data to regulators but doesn't yet release these details to the public. Anthropic hasn't offered an update on its plans, but The Information recently reported that a prospectus would be made public after the Labor Day holiday and that a market debut is planned for late this month or early next month. The publication cited people familiar with the situation. According to the report, Anthropic expects to surpass the size of SpaceX's IPO. And several publications have said that Anthropic is targeting a valuation of $2 trillion. The Information also said that Anthropic may allow existing shareholders to sell shares during the IPO. The positive is that this broadens the pool of available shares; the negative is that cash from those sales goes to the respective shareholders, not the company. And if key insiders sell, potential investors may view this as a lack of confidence in the future. These elements offer us clues about what to expect, but it's important to review Anthropic's prospectus when it becomes available to confirm these and other details. Investors should focus on financial information, including revenue from Claude, gross margin, and the status of existing contracts. Investors should also pay close attention to what the company considers potential risks. This will help you determine whether an investment in this IPO stock is right for you -- an aggressive investor may make a different decision than a cautious investor. So, right now, if you're interested in possibly participating in the Anthropic IPO, the best thing you can do is stay tuned for the official filing -- which may be just ahead -- and examine it carefully. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 983%* -- a market-crushing outperformance compared to 212% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks " *Stock Advisor returns as of September 3, 2026. Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Nvidia. The Motley Fool has a disclosure policy.
Crusoe reportedly raises $3B at a $30B valuation
Data center developer Crusoe, which counts Meta, Microsoft, and OpenAI as its customers, has raised a new $3 billion round at a $30 billion valuation, Bloomberg reported. The deal is being co-led by Atreides Management and Valor Equity Partners, and includes participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund Mubadala. The company recently signed a massive $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, Bloomberg reported. The fresh fundraise comes 10 months after Crusoe raised a $1.38 billion round at a $10 billion valuation last October. Launched in 2018 as a crypto mining operation powered by flared natural gas, Crusoe has since pivoted into a major AI infrastructure and cloud provider that is best known for developing hyperscale data center campuses for clients like Oracle and OpenAI. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO, Axios reported last month.
Anthropic Accuses Chinese AI Labs of Using Fraudulent Accounts to Distill Claude Models
Anthropic has accused Chinese artificial intelligence companies and other foreign actors of using large-scale networks of fraudulent accounts to extract capabilities from its Claude models and build cheaper competing systems, escalating a broader battle over AI model distillation, intellectual property and national security. Jacob Klein, Anthropic's head of threat intelligence, said the company supports legitimate competition but has identified what it describes as an illicit ecosystem designed to circumvent its safeguards and obtain access to Claude at enormous scale. "There's an entire illicit ecosystem to try to gain access to Claude and other models," Klein told CNBC. "This ecosystem goes through any means necessary to evade our controls, so they can spin up accounts at extreme scale." Anthropic alleges that foreign AI developers can then repeatedly query Claude, collect millions of responses, and use those outputs to train their own models. The process, known as distillation, can substantially reduce the cost and time required to develop competing AI systems because a developer can learn from the behavior of an already capable model rather than building every capability from scratch. The practice itself is not inherently illegal. Model developers can use distillation legitimately when they have permission to access and use another system's outputs and comply with intellectual-property, contractual, and export-control requirements. Anthropic's allegation is that some actors are deliberately bypassing those restrictions. Anthropic has singled out several Chinese AI laboratories, including Moonshot AI, DeepSeek and MiniMax, alleging that they have distilled capabilities from its frontier models. Klein specifically accused Moonshot's Kimi K3 model, which gained significant attention after its launch in July, of being trained illegally using the latest version of Claude. "We've seen a fair amount of this from China," Klein said. "This is something that the industry writ large is dealing with." Kimi K3 has attracted adoption in Silicon Valley partly because of its lower cost and the ability for businesses to customize the model more easily. If Anthropic's allegations are substantiated, the episode would illustrate the competitive advantage that can be gained by extracting capabilities from a more expensive frontier model and subsequently offering them at a lower price. Anthropic has also accused Alibaba, the developer of the Qwen family of AI models, of conducting what it described as a large-scale "distillation attack" against Claude. Anthropic is not alone in raising concerns. OpenAI and Google have separately published research and reports about model distillation and have said they are taking measures to prevent unauthorized extraction of their models' capabilities. The issue is gaining broader attention as the performance gap between frontier models and cheaper competitors narrows. Distillation can allow developers with significantly smaller budgets to reproduce particular capabilities without incurring the same level of training expenditure as the original model developer. But that creates a difficult commercial equation for frontier AI companies. Billions of dollars can be spent developing a highly capable model, only for competitors to potentially extract useful behaviors through repeated interactions and incorporate them into cheaper systems. Fake Accounts Create An Enforcement Problem According to Klein, the problem extends beyond conventional account abuse. He said some foreign actors are creating tens of thousands, potentially hundreds of thousands, of fraudulent accounts to access Anthropic's services and generate enormous volumes of model responses. The accounts can allegedly be created using stolen payment-card information, compromised infrastructure, and other illicit resources, including marketplaces operating on the dark web. Once inside Anthropic's systems, an attacker can issue large numbers of queries and collect Claude's responses. Those responses can subsequently become training material for another model, effectively turning Anthropic's commercial AI service into a source of data for a competing system. The scale makes detection difficult. A normal user might make dozens of queries. A distillation operation could generate thousands or millions of interactions, potentially distributed across a vast number of accounts so that the activity resembles legitimate usage. "It's very hard to fully stop this as a problem, but I think slowing it down is good and worthwhile," Klein said. Travis Lanham, technology chief at cybersecurity firm Armadin and a former Google engineer, said the enormous volume of traffic handled by major AI companies makes sophisticated abuse difficult to isolate. "These companies are serving billions of requests," Lanham said. "The millions are relatively small compared to everything and it's just sneaking in and trying to look like the rest of the crowd." The development has created a classic security problem for AI providers because aggressive controls can reduce abuse but can also make legitimate services more difficult for ordinary customers to access. The National-Security Dimension Anthropic's concerns extend beyond commercial competition. Klein said unauthorized access could allow actors that would otherwise have limited access to advanced AI systems to acquire capabilities they could use for surveillance, cyber operations, or potentially biological-weapons development. He also pointed to what he described as a specific campaign by a China-based entity that used Anthropic's technology for espionage at scale. "There is a national security concern at play if malicious actors, bad actors who we don't trust are gaining access to more capable models than they could have otherwise through the act of distillation," Klein said. The argument adds another layer to Washington's increasingly contentious debate over advanced AI exports and access to frontier models. The Trump administration said in an April policy memorandum that distillation that undermines American research and proprietary information was "unacceptable" and said it would explore measures to hold foreign actors accountable. The issue is particularly sensitive because the United States is simultaneously trying to maintain its lead in frontier AI while preventing advanced technology from reaching foreign actors that Washington considers security risks. Thus, distillation is becoming one of the less visible but potentially consequential fronts in the global AI competition. Training a frontier model requires enormous quantities of computing power, specialized chips, data, and engineering talent. Distillation can change the economics by allowing a smaller developer to learn from an existing model's responses rather than independently reproducing the entire development process. That does not necessarily mean a distilled model will replicate the original model's full capabilities. The student model may reproduce specific reasoning patterns, coding abilities, or domain expertise while lacking other characteristics of the teacher model. But even partial capability transfer can be commercially significant when the resulting system is cheaper, easier to customize, or subject to fewer restrictions. This creates an unusual incentive structure for frontier AI companies. Their models must be accessible enough to generate revenue and support developers, but every additional interaction can potentially provide information that a competitor could use to improve its own system. Anthropic's position is therefore not that competition itself is the problem. "I think competition is great," Klein said. "The concern here is if you are taking our model, distilling it through fraudulent means, creating millions of fake accounts using stolen credit cards and stolen infrastructure, to then produce a model that doesn't have safeguards in place." Industry analysts expect that situation to become increasingly necessary as AI companies, regulators and governments attempt to establish where legitimate model development ends and unauthorized capability extraction begins.
Crusoe reportedly raises $3B at a $30B valuation
Data center developer Crusoe, which counts Meta, Microsoft, and OpenAI as its customers, has raised a new $3 billion round at a $30 billion valuation, Bloomberg reported. The deal is being co-led by Atreides Management and Valor Equity Partners, and includes participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund Mubadala. The company recently signed a massive $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, Bloomberg reported. The fresh fundraise comes 10 months after Crusoe raised a $1.38 billion round at a $10 billion valuation last October. Launched in 2018 as a crypto mining operation powered by flared natural gas, Crusoe has since pivoted into a major AI infrastructure and cloud provider that is best known for developing hyperscale data center campuses for clients like Oracle and OpenAI. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO, Axios reported last month.
The Anthropic IPO May Be Right Around the Corner. Here's What Investors Need to Know.
This year has been a major one for initial public offerings, even producing the biggest IPO on record: the Space Exploration Technologies operation. Including the exercise of an overallotment option, SpaceX raised more than $85 billion and entered the market with a trillion-dollar valuation. Now, all eyes are focused on the next IPO, one that could be even larger than that of SpaceX. I'm talking about the upcoming Anthropic market debut. The artificial intelligence (AI) lab, maker of the famous AI assistant Claude, confidentially filed a draft registration statement with regulators in June. And news reports suggest an IPO may be right around the corner. Here's what investors need to know. 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 " Image source: Getty Images. Why IPOs spark excitement So, first, a quick look at why the launch of companies involved in AI -- from SpaceX to AI chip designer Cerebras Systems -- has sparked excitement and drawn investors' attention. It's important to note that IPOs generally garner attention as they present new investing opportunities. On top of this, the AI market, heading toward a value of $3 trillion in just a few years, according to analysts, represents a massive growth opportunity. Publicly traded AI leaders such as Nvidia and Amazon have seen revenue skyrocket in recent years, so investors are eager to get in on the next new AI story. Now, let's consider Anthropic and what you as an investor need to know. The company is the maker of the Claude AI assistant, the popular Claude Code coding tool, and other AI-driven products, and these are in high demand. TechCrunch, citing an Anthropic spokesperson, reported that Claude paid subscriptions have more than doubled in 2026. In May, Anthropic raised $65 billion in Series H funding, pushing its valuation to $965 billion. At the time, the company said its revenue run rate had surpassed $47 billion. AI labs such as Anthropic and OpenAI have been key players in the AI story, calling for a ramp-up in AI infrastructure from cloud partners such as Amazon Web Services (AWS). This increase in compute results in higher revenue for them -- more compute allows Anthropic and OpenAI to supercharge the performance of their large language models and serve more customers.
SoFi lists SoFiUSD on Kraken as the two firms open round-the-clock dollar settlement
SoFi's crypto transaction revenue reached $134.3 million in the second quarter, up 10% from the first. Kraken's owner Payward will connect to SoFi's real-time settlement rails and carry SoFi's bank-issued stablecoin on its exchange. The partnership, announced Thursday, lets institutional clients on either platform move dollars at any hour. Payward joins SoFi's 24/7 rail Payward, the infrastructure company behind the Kraken exchange, is joining the SoFi Exchange Network, the always-on settlement rail launched in April. SoFi is using Payward's prime brokerage, Kraken Prime, to route crypto trades from its app to access deep liquidity. Kraken will list SoFiUSD, a stablecoin redeemable one-to-one for U.S. dollars, and make it available to the platform's retail, professional, and institutional users. SoFi and Payward issued a joint statement on September 3. The deal lets institutional traders use a settlement service that was only available to SoFi's business banking clients before. Kraken customers have the option to settle and hold dollars on both networks at any time. SoFi's crypto revenue reached $134.3 million in Q2 Legacy bank rails go dark on nights and weekends, but crypto continues to trade. "The financial system should not shut down when markets stay open," SoFi CEO Anthony Noto said in the announcement. Payward Co-CEO David Ripley said, "Money and markets are converging into a new financial paradigm." Kraken Prime is powering the buy and sell buttons in the SoFi app, and SoFi says that supplemental liquidity should make pricing sharper on trades members are already doing. SoFi's crypto transaction revenue in the second quarter was $134.3 million, up 10% sequentially, on $1.2 billion of adjusted net revenue overall. SoFiUSD is part of Big Business Banking, a one-stop fiat-and-crypto service the firm launched in April, beginning on Solana with plans to expand to other chains, Cryptopolitan reported. In March, Payward's Wyoming-chartered affiliate, Kraken Financial, won a Federal Reserve master account, giving it straightforward access to the central bank's payment system without a partner bank in between. In May, the firm filed an application with the Office of the Comptroller of the Currency (OCC) for a national trust charter under the name Payward National Trust Company. SoFi Technologies Inc. (NASDAQ: SOFI) recently closed Thursday at $18.51, up +3.76% on strong volume, according to Google Finance.
Anthropic Nears Finalizing $15 Billion Pre-IPO Credit Facility
(Bloomberg) -- Anthropic PBC is set to finalize expanding its revolving credit facility to $15 billion, according to people familiar with the matter, clearing a hurdle before the artificial intelligence firm's public filing for its highly anticipated IPO. Most Read from Bloomberg Morgan Stanley is leading the process, the people said. Goldman Sachs Group Inc. and JPMorgan Chase & Co. also have prominent roles on the facility, along with Citigroup Inc., they said. The four lenders are also leading the IPO, Bloomberg News has reported. The Claude chatbot maker is seeking to raise as much as SpaceX or more in the initial public offering, people familiar with the preparations have said. Companies typically finalize the revolver before they notify banks of their formal roles in a listing. Barclays Plc and Wells Fargo & Co. are also expected to have key roles on the loan, the people said. Bank of America Corp., Deutsche Bank AG, Royal Bank of Canada, and UBS Group AG are also high in the credit facility's lineup, they said. Generally, in syndicated loans, the higher the commitment of a bank, the higher the fees it gets paid by a borrower. When a large capital markets transaction is expected, a higher ranking in a loan is likely to correspond to a more active role in the upcoming deal. Bank of Montreal, BNP Paribas SA, Credit Agricole SA, Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Toronto-Dominion Bank are also on the so-called revolver, the people said. The credit facility would exceed the company's roughly $10 billion target, Bloomberg News reported in August. Anthropic had asked the most active banks leading the credit line to lend about $1.25 billion each, with the next level of active banks being encouraged to offer around $1 billion, and with the commitments dropping to roughly $750 million and lower for less active roles, Bloomberg reported. Details of the loan could still change, the people said, asking not to be identified as the information isn't public. Representatives for Anthropic, JPMorgan, Barclays, Wells Fargo and UBS declined to comment. The other banks didn't immediately respond to requests for comment.
The Anthropic IPO May Be Right Around the Corner. Here's What Investors Need to Know.
This year has been a major one for initial public offerings, even producing the biggest IPO on record: the Space Exploration Technologies operation. Including the exercise of an overallotment option, SpaceX raised more than $85 billion and entered the market with a trillion-dollar valuation. Now, all eyes are focused on the next IPO, one that could be even larger than that of SpaceX. I'm talking about the upcoming Anthropic market debut. The artificial intelligence (AI) lab, maker of the famous AI assistant Claude, confidentially filed a draft registration statement with regulators in June. And news reports suggest an IPO may be right around the corner. Here's what investors need to know. Why IPOs spark excitement So, first, a quick look at why the launch of companies involved in AI -- from SpaceX to AI chip designer Cerebras Systems -- has sparked excitement and drawn investors' attention. It's important to note that IPOs generally garner attention as they present new investing opportunities. On top of this, the AI market, heading toward a value of $3 trillion in just a few years, according to analysts, represents a massive growth opportunity. Publicly traded AI leaders such as Nvidia and Amazon have seen revenue skyrocket in recent years, so investors are eager to get in on the next new AI story. Now, let's consider Anthropic and what you as an investor need to know. The company is the maker of the Claude AI assistant, the popular Claude Code coding tool, and other AI-driven products, and these are in high demand. TechCrunch, citing an Anthropic spokesperson, reported that Claude paid subscriptions have more than doubled in 2026. In May, Anthropic raised $65 billion in Series H funding, pushing its valuation to $965 billion. At the time, the company said its revenue run rate had surpassed $47 billion. AI labs such as Anthropic and OpenAI have been key players in the AI story, calling for a ramp-up in AI infrastructure from cloud partners such as Amazon Web Services (AWS). This increase in compute results in higher revenue for them -- more compute allows Anthropic and OpenAI to supercharge the performance of their large language models and serve more customers. Anthropic's confidential filing In recent months, investors have been looking to the IPO plans of each company, and Anthropic became the first to file, confidentially, with the Securities and Exchange Commission. In a confidential filing, a company provides financial data to regulators but doesn't yet release these details to the public. Anthropic hasn't offered an update on its plans, but The Information recently reported that a prospectus would be made public after the Labor Day holiday and that a market debut is planned for late this month or early next month. The publication cited people familiar with the situation. According to the report, Anthropic expects to surpass the size of SpaceX's IPO. And several publications have said that Anthropic is targeting a valuation of $2 trillion. The Information also said that Anthropic may allow existing shareholders to sell shares during the IPO. The positive is that this broadens the pool of available shares; the negative is that cash from those sales goes to the respective shareholders, not the company. And if key insiders sell, potential investors may view this as a lack of confidence in the future. These elements offer us clues about what to expect, but it's important to review Anthropic's prospectus when it becomes available to confirm these and other details. Investors should focus on financial information, including revenue from Claude, gross margin, and the status of existing contracts. Investors should also pay close attention to what the company considers potential risks. This will help you determine whether an investment in this IPO stock is right for you -- an aggressive investor may make a different decision than a cautious investor. So, right now, if you're interested in possibly participating in the Anthropic IPO, the best thing you can do is stay tuned for the official filing -- which may be just ahead -- and examine it carefully.
Anthropic set to finalize $15 bln credit facility ahead of IPO - Bloomberg By Investing.com
Investing.com-- Anthropic is set to finalize an expansion of its revolving credit facility to $15 billion, clearing a key hurdle ahead of a highly anticipated initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter. Morgan Stanley (NYSE:MS) is leading the process, while Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM) and Citigroup (NYSE:C) also have prominent roles on the facility, according to the report. The four banks are also leading Anthropic's IPO. Get real-time updates on market-moving news with InvestingPro Barclays (LON:BARC) and Wells Fargo (NYSE:WFC) are expected to have key roles on the loan, while Bank of America (NYSE:BAC), Deutsche Bank (ETR:DBKGn), Royal Bank of Canada (BMV:RYN) and UBS (NYSE:UBS) are also high in the facility's lineup, Bloomberg reported. The credit line would be substantially larger than Anthropic's roughly $10 billion target and its $2.5 billion five-year facility secured last year. Anthropic is seeking to raise as much as SpaceX or more in its IPO, the report said. The Claude chatbot maker's annualized revenue has surpassed $65 billion, Bloomberg previously reported. Details of the credit facility could still change, the report added.
AI startup Crusoe valued at $30 billion after new funding, Bloomberg News reports
Meta Platforms, Inc. specializes in online social networking services. Net sales break down by activity as follows: - operation of social networking, messaging, photo and video sharing platforms (98.9%): operation of the Facebook, Instagram, Messenger, Threads and WhatsApp platforms (3.58 billion daily active users in 2025); - sale of virtual and augmented reality products, software and devices (1.1%): virtual reality headsets (Meta Quest), connected screens (Facebook Portal), wearable devices, etc. Net sales break down by source of income into advertising spaces (98.7%) and other (1.3%). Net sales are distributed geographically as follows: the United States and Canada (39.2%), Asia/Pacific (26.8%), Europe (23.2%) and other (10.8%).
