News & Updates
The latest news and updates from companies in the WLTH portfolio.
Anthropic targets November IPO as Polymarket traders bet on $ANT ticker
The Claude maker is reportedly aiming to list before Thanksgiving, and prediction market traders are already arguing over its three-letter name Anthropic is reportedly lining up a public debut for mid-November 2026, with a goal of trading before the US Thanksgiving holiday on November 26. The company has not announced a ticker symbol yet. Prediction market traders have settled on a favorite anyway. Polymarket traders give Anthropic a 65% chance of trading under $ANT, putting a number on a guessing game that Wall Street usually plays over drinks. What Anthropic is reportedly planning Anthropic PBC, the AI company started by former OpenAI executives, reportedly filed a draft S-1 registration with the SEC on June 1, 2026. An S-1 is the disclosure document a company files before selling shares to the public. A draft filing does not lock in a date. The current November window replaces an earlier September target that slipped. The valuation talk is where things get dizzying. Market expectations put a possible valuation somewhere between $1.5 and $2 trillion. At the top end, that could put Anthropic in the same league as SpaceX's market cap. The size of the raise is just as ambitious. The company's fundraising could reportedly land between $75 and $100 billion. The numbers behind the pitch Anthropic's 2025 revenue is estimated at approximately $4.6 billion, up from $386 million in 2024. The other side of the ledger is less flattering. Anthropic has reportedly booked significant net losses, including a $42 billion figure attributed to accounting adjustments. Accounting adjustments can swing reported losses without reflecting cash leaving the building. Still, a loss that size will be one of the first things prospective shareholders scrutinize once a full prospectus is public. The ticker trade on Polymarket Polymarket lets traders put money on the outcome of real-world events, from elections to which three letters an AI lab picks for its stock. Sentiment on $ANT has moved around. As of October 24, 2026, Polymarket showed $ANT as the leading option with roughly 44% probability. The latest read cited by traders puts it at 65%. The company has not confirmed any symbol. Why the timing is tricky The calendar is doing Anthropic no favors. Filing adjustments may hinge on market conditions and political timing around the US midterm elections. Thanksgiving creates its own deadline. Trading volume tends to thin out around holidays, so a listing pushed past late November could easily drift into the next year. The company has already moved the date once. Background: how Anthropic got here Anthropic was founded by people who left OpenAI, and it operates as a public benefit corporation, which is what the PBC in its legal name refers to. Its revenue curve, from $386 million in 2024 to approximately $4.6 billion in 2025, tracks the broader rush of corporate spending on AI tools. What this means for investors and the AI trade For public market investors, the main event is access. Pure-play AI model developers have largely been off-limits to anyone outside venture rounds and private deals. A listing of this size would change that, and the raise of $75 to $100 billion indicates how much capital Anthropic expects to absorb. The valuation is the central risk. A $1.5 to $2 trillion price tag on a company with approximately $4.6 billion in estimated revenue implies investors are paying for growth that has not happened yet. Once the full S-1 becomes public, investors will be able to separate the accounting-driven portion of the $42 billion figure from the cash the business actually burns. For prediction market traders, the ticker bet resolves the moment Anthropic names its symbol. The gap between 44% in late October and 65% now reflects how quickly sentiment can move when a big listing gets close. The things to watch are straightforward: a public S-1, a confirmed exchange and ticker, a final price range, and whether the November target survives the midterms.
Britain's New AI Biosecurity Lab Pairs £100 Million in Public Money With Up to £200 Million in OpenAI and Anthropic Credits
The UK's new AI Biosecurity Lab will start with £100 million in government funding and up to £200 million in model credits, access and support from OpenAI and Anthropic. It will run as an independent nonprofit focused on earlier threat detection and faster vaccine and treatment work. Britain set up its AI Security Institute in 2023 to probe the risks in frontier models. The country's newest AI body has a different brief, putting those models to work against biological threats, and as much as two-thirds of its backing comes from the companies that make them. The AI Biosecurity Lab gets £100 million in government money. OpenAI and Anthropic have committed up to £200 million more, in the form of access to their own systems. OpenAI is putting in £100 million in compute and model credits, and Anthropic's pledge of up to £100 million covers model credits, trusted model access and technical support, the Cabinet Office said. Google DeepMind and Basecamp Research are signed on as research partners. The lab will be an independent nonprofit, and the government wants it to "move with the speed and focus of a frontier AI-bio company." Its first projects aim at spotting emerging biological threats earlier and speeding up work on vaccines and treatments. Where OpenAI's credits come from OpenAI's credits run through Rosalind Biodefense, a program it launched in May to sponsor use of GPT-Rosalind, its life sciences reasoning model, on vetted defensive projects. When the program started, OpenAI also gave access to the Coalition for Epidemic Preparedness Innovations (CEPI). CEPI's deputy CEO, Aurelia Nguyen, is quoted backing the British lab in the wider announcement. "Rapid advances in AI are creating new risks related to the design and modification of pathogens, increasing the potential for both accidental and deliberate harm," she said. The lab is part of an AI package Chancellor John Healey is putting into Wednesday's Budget, and other line items lean toward security too. The AI Security Institute, which this week published its own analysis of a Mythos 5 test run that went after a real GitHub project, gets an extra £120 million. A National Cyber Shield built on agentic AI gets £60 million. The lab's remit also reaches into drug approval. It will work with the Medicines and Healthcare products Regulatory Agency to prepare for health emergencies and to inform how AI-designed medicines are regulated.
Anthropic inks multibillion-dollar deal with Google for AI chips
SAN FRANCISCO (AP) -- Artificial intelligence company Anthropic has signed a multibillion-dollar deal with Google to acquire more of the computing power needed for the startup's chatbot, Claude. Anthropic said Thursday the deal will give it access to up to 1 million of Google's AI computer chips and is "worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026." A gigawatt, when used in reference to a power plant, is enough to power roughly 350,000 homes, according to the U.S. Energy Information Administration. Google calls its specialized AI chips Tensor Processing Units, or TPUs. Anthropic's AI systems also run on chips from Nvidia and the cloud computing division of Amazon, Anthropic's first big investor and its primary cloud provider. The privately held Anthropic, founded by ex-OpenAI leaders in 2021, last month put its value at $183 billion after raising another $13 billion in investments. Its AI assistant Claude competes with OpenAI's ChatGPT and others in appealing to business customers using it to assist with coding and other tasks.
TeraWulf's 20-year lease agreement with Anthropic expected to generate $19B in revenue | Fox Business Video
TeraWulf Chairman and CEO Paul Prager discusses the company's artificial intelligence data center expansion on 'Claman's Power Players.' TeraWulf Chairman and CEO Paul Prager joins 'Claman's Power Players' to discuss the company's 20-year lease agreement with Anthropic, which is expected to generate $19 billion in revenue. Prager also weighs in on the impact of the artificial intelligence data center buildout.
Anthropic reveals Mythos 5 tried submitting malicious code to an open-source project
Anthropic PBC's Mythos 5 artificial intelligence model attempted to submit malicious code to a GitHub project in July. The incident occurred during an evaluation of the algorithm's cybersecurity capabilities. The AI Security Institute, the UK government body that performed the test, released a report about the cyberattack today. Anthropic published its own analysis of the incident on its blog. The malware that Mythos 5 submitted to the unnamed GitHub project didn't infect any users because it wasn't accepted by the repository's maintainer. However, the incident is still notable because it provides new data on how frontier models bypass their safety guardrails. Researchers can use such information to improve their algorithms' alignment features. The evaluation during which the incident occurred involved a server cluster maintained by the AI Security Institute. The cluster was meant to simulate a corporate network. According to Anthropic, researchers asked Mythos 5 to breach the network and obtain a piece of data stored on one of its servers. The AI Security Institute defined rules that prohibited the model from using certain hacking methods. Mythos 5 initially adhered to those rules, but went off course when its initial attempts to breach the simulated network failed. That change of tactics led to the attack against the GitHub repository. Mythos 5 determined that one of the servers in the simulated corporate network occasionally accessed GitHub. It sought to exploit that access by compromising the GitHub repository that the server used. In particular, the model's plan was to infect the repository with malware and have the server download it. Mythos 5 crafted a malicious code snippet, created a GitHub account and used the account to submit the code snippet to the repository in question. When the repository's maintainer rejected the submission, the model attempted to upload a rewritten version of the malware. Furthermore, it used a second GitHub account to try and persuade the maintainer to accept the revised code. "The pull request was not accepted," Anthropic researchers wrote in the company's report about the incident. "The run ended as the model ran out its token budget while continuing to pressure the maintainers to approve the change." The AI Security Institute recreated the Mythos 5 session that produced the malicious code. Its researchers then made one key change: they paused the model right before it submitted the malicious GitHub contribution and warned it of the action's risks. The model proceeded with the submission after appearing to convince itself that the target was simulated. "Our hypothesis is that this persistence reflects a kind of "momentum", in which the model's compaction notes and prior actions imply to it that its current path has been (correctly) sanctioned," Anthropic's researchers wrote. The AI Security Institute hardened the environment that it uses to evaluate models in response to the breach. Anthropic, in turn, has improved its models' safety features. The company determined that Mythos 5.1 and Opus 5.5, two models released after Mythos 5, are less likely to launch attacks of the kind that targeted the GitHub repository. A third, internal model "never initiated the attack" during Anthropic's tests.
UK commits £100M to AI biosecurity lab with OpenAI, Anthropic, DeepMind
The UK government has announced a £100 million investment into an AI biosecurity lab in collaboration with OpenAI, Anthropic, and Google DeepMind. This commitment aims to address potential risks associated with AI technology, focusing on biosecurity measures. The initiative is part of the UK AI Security Institute's (AISI) effort to formalize and scale an existing evaluation ecosystem for frontier models. The collaboration builds on previous partnerships with these tech giants, particularly in biosecurity red-teaming and safety research. Key Takeaways * The UK government's investment suggests a commitment to enhancing biosecurity measures in AI, potentially reducing perceived risks. * Markets may interpret this funding as consistent with increased oversight and safety protocols, possibly impacting the probability of an Anthropic lab leak. * The establishment and expansion of the AI Security Institute's partnerships with major AI labs could indicate a strategic move towards more rigorous safety frameworks. What to Watch Observers will closely monitor how this funding impacts ongoing and future biosecurity initiatives involving AI frontier labs. The response from stakeholders such as Anthropic's safety teams and U.S. regulators may provide further insights into the perceived risk levels. Additionally, any developments in the OpenAI IPO timeline could be influenced by this collaborative effort, as it underscores the importance of regulatory and safety considerations in AI advancements.
Eric Schmidt Rejects AI Bubble Fears, Says Anthropic Is Growing Twice as Fast as Google Did
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Former Google CEO Eric Schmidt says artificial intelligence "is not a bubble," pointing to Anthropic's explosive revenue growth as evidence that customers are paying for technology they find useful. "When I was CEO at Google, we set the revenue growth record. They smashed it more than twice the speed as we did," Schmidt told Nicolai Tangen, head of Norway's sovereign wealth fund, on the In Good Company podcast. "That's real growth there. It's not fake. It's real money with real customers who are paying for something useful in their eyes." Schmidt, who led Google, now part of Alphabet Inc., from 2001 to 2011, did not specify how he calculated the comparison. He also has a substantial financial interest in Anthropic's success. Bloomberg reported that Schmidt owns about 1% of the company, a stake potentially worth $15 billion to $20 billion at valuations discussed ahead of its anticipated IPO. Anthropic's Growth Comes With Enormous Costs Anthropic told prospective investors that third-quarter revenue jumped 45% to $16.8 billion, up from $11.6 billion in the previous quarter and $4.7 billion in the first, Reuters reported. The company also told investors it was profitable on an adjusted basis, although revenue growth slowed after more than doubling between the first and second quarters. A draft IPO prospectus reviewed by Reuters revealed an $80.7 billion net loss in the first half of 2026, including a $72 billion noncash accounting charge tied to convertible financing. Anthropic spent nearly $9 billion on computing and infrastructure during those six months and has committed at least $518 billion over a decade. China Could Win the AI Race on Users Schmidt warned that Western AI companies could lose the global battle for customers even if they continue building more advanced models. He estimates Chinese models are about six months behind their American rivals, but believes free alternatives could dominate in poorer countries. "If you define losing as users, the vast majority of the world will use the free Chinese models rather than the more expensive Western models," he said. That raises a question for Anthropic and its rivals: how much of the global demand for AI can they convert into paying customers? Polymarket Traders See Limited Risk of a 2026 Bust On Polymarket, traders assign 9% odds of an AI-industry downturn by Dec. 31, with nearly $2.5 million traded. The contract requires three specified events within a single 90-day period, including potential triggers such as Nvidia Corp. falling 50% from its all-time high or Anthropic or OpenAI declaring bankruptcy. 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UK Vows £100 Million for Biosecurity Lab With OpenAI, Anthropic
The UK announced £100 million ($134 million) for a AI Biosecurity Lab which will be supported by OpenAI, Anthropic and Google DeepMind, part of a raft of measures designed to improve the government's ability to understand and tackle the risks posed by the technology. The lab will use AI to detect ...
OpenAI disables internet access during model training while Anthropic issues another mea culpa
OpenAI says it will deny internet access to the frontier models it is training, a move that underscores the inadequacy of safety measures undertaken to date. "Based on the current state of alignment research, monitoring systems, and the security of internet infrastructure, we believe the responsible approach is to conduct frontier model training with no internet access," the company said in a blog post. "We've implemented this policy and will maintain it until advances in these safeguards justify broader internet access." The denial of network service follows a report from safety evaluation partners METR and Redwood Research that found OpenAI's security and monitoring measures over the summer to be porous and ineffective. OpenAI said it has since "substantially hardened the security of our research environments" and has implemented new controls covering its infrastructure with the help of its cloud service providers. And the company claims these measures recently helped contain a September 20 incident in which an internal research model exploited a DNS misconfiguration to gain access to the internet. "Although we contained the incident, it exposed weaknesses that required further work," the company said. "We paused training and evaluation of our most capable models and used that pause to further harden our infrastructure, strengthen our monitoring, and improve the systems that automatically stop runs when we detect activity that poses a serious risk." Meanwhile, over at Anthropic... Anthropic, OpenAI's US rival in living large and dangerously on speculative funding, is addressing similar risks that have arisen during the testing and evaluation of its own models. Back in August, Anthropic said, "By default, all cyber evaluations should run inside a hardened sandbox (an isolated computing environment) with no internet access." The AI biz on Friday published a report on efforts by its Claude Mythos 5 model to convince an open source project to accept malicious code as part of its participation in a capture-the-flag security evaluation (when safety controls were disabled), and several related incidents first disclosed in July. The report coincides with an independent analysis of Mythos' behavior by the UK's AI Security Institute (AISI). AISI, according to Anthropic, has also decided to run its evaluations without internet access. The AISI report cites three key findings that raise more questions than they answer. The first is that Mythos 5 continued its attack even when informed that its targets were real and not part of an evaluation. The second is that the model's chain-of-thought reasoning process failed to consider the impact of harmful actions. And when interrogated about this, the model often produced invalid justification that the target was simulated, indicating bias toward its goal. And third, AISI said, most models tested during cyber evaluations took unsanctioned actions, though Mythos 5 did so the most. The observed behavior, AISI said, "could indicate that models are engaging in 'motivated reasoning': producing inferences and reasoning biased towards conclusions that justify continuing a particular approach to task completion." Or in other words, models "reason" to reach their goal, whether or not that reasoning is coherent or consistent with their ostensible alignment. "If these issues hold more generally and for future models, there are concerning implications," AISI said in its full technical report [PDF]. Specifically, motivated reasoning, the watchdog said, makes it more difficult to detect model misalignment. Anthropic, headed toward an expected initial public offering as soon as next month, put a brave face on the findings by noting that its current models are much better behaved, even as the company acknowledged that AI safety is more aspirational than achieved. "[W]e believe that all developers, ourselves included, have work to do to ensure that alignment, monitoring, and safety measures keep pace with the accelerating capabilities of frontier AI systems," the company said. ®
Will Anthropic pull off a November IPO? Time is running out to file key paperwork.
If market pressures keep building, Anthropic 'could reasonably decide it is better to stay private and wait for a better opportunity,' one portfolio manager says Anthropic, which makes the Claude suite of products, is one of the pillars of the AI boom. Anthropic may be just days away from making a major step toward becoming a public company - but there's still time for things to change. The company is one of the biggest pillars of the artificial-intelligence industry, and its anticipated initial public offering is likely to reinforce that. Anthropic is reportedly seeking a valuation of as much as $2 trillion, which could result in an even more explosive IPO than SpaceX's (SPCX) $1.77 trillion debut earlier this year. According a Reuters report on Thursday, the Claude chatbot maker plans to hold its IPO in the middle of November, which means time is running out to file some important paperwork. The U.S. Securities and Exchange Commission requires a company to publicly file its prospectus at least 15 days before it launches a roadshow. Jay Ritter, who leads the University of Florida's IPO Initiative, told MarketWatch that Anthropic has some time if it still wants to go public before Thanksgiving. If the company were to hold its IPO as late as Nov. 24 and start its roadshow with investors on Nov. 16, Anthropic would have until late next week to publicly file its S-1 document, he said. However, it's also possible that Anthropic decides to push back its IPO. The company was once expected to publicly unveil its IPO prospectus shortly after Labor Day, which could have set the stage for it to list later in September. Experts say it's likely, but not certain, that Anthropic will still want to make a debut now. Anthropic did not immediately respond to a request for comment. The market has become less hospitable to AI companies lately, which is one factor that could give pause to Anthropic's management team. Joe Tigay, a portfolio manager at the Rational Equity Armor Fund HDCAX, told MarketWatch that persistent inflation and high energy prices could also be cause for concern. "Historically, that combination of slowing growth and persistent inflation can be where stock markets crack. If those pressures keep building, Anthropic could reasonably decide it is better to stay private and wait for a better opportunity," Tigay told MarketWatch over email. But the market needs a successful Anthropic IPO to prove that AI has staying power, argued Jim Lebenthal, chief market strategist at Cerity Partners. He noted that the longevity and economics of the AI industry have been further called into question recently. Shares of the neocloud company CoreWeave (CRWV), for example, have dropped roughly 30% over the last two weeks on concerns about the company's ability to manage its debt. Even companies that are swimming in cash have been swept up in the downward action. Micron Technology's stock (MU) has lost 17% over the past month against the broader backdrop of fears over AI spending and financing. "It's reasonable to have questions. It's reasonable even to have doubts," Lebenthal said. "But the health of the overall equity market and the health of the U.S. economy relies vitally on the artificial-intelligence industry being successful." Of course, Anthropic's reasons for going public wouldn't be to buoy stock-market sentiment toward AI. Simply put, Anthropic needs the cash, according to Andrew Rocco, a stock strategist at Zacks Investment Research. The biggest AI companies have shown that "they're basically willing to spend as much as they can in order to capture more customers and try and be the dominant AI player," Rocco told MarketWatch. "In my view they're going to try and get this out because they do need that capital, especially since it's going to be probably harder to just raise it in the private market." Anthropic could spend as much as $750 billion on AI compute capacity in the coming years, according to the Wall Street Journal, which cited a copy of its draft IPO prospectus. The Journal also noted that Anthropic recorded a net loss of more than $80 billion in the first half of 2026 against revenue of $16.3 billion, though the loss was largely driven by accounting adjustments rather than fundamental business developments. Rocco noted that prediction markets show an 80% chance of the company going public by the end of the year. -William Gavin This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
Experts cast doubt on Anthropic report detailing how AI has altered work at the company
Anthropic published a report on Thursday detailing how artificial intelligence has reshaped work practices and staffing at the company. The report claims that since implementing deep adoption of AI agents, the organization has achieved increased productivity across coding, sales, and contract processing. According to Anthropic's analysis, AI agents began logging more work hours than human employees starting in May 2026, and employees now spend approximately 22% of their time managing these agents, roughly double the amount from a year prior. The report also highlights significant changes in hiring patterns. Entry-level technical hires have declined from nearly 30% to 9% of total hires since March 2025, coinciding with the release of Claude Code, Anthropic's agentic AI coding tool. Overall entry-level headcount dropped from about 21% to 14% during the same period. Anthropic characterizes human attention as the new "bottleneck" in its operations and suggests these internal changes may foreshadow broader shifts across industries as companies adopt AI agents. However, several AI researchers and academics have expressed skepticism about Anthropic's findings and motivations. Some experts question whether the report represents a genuine forecast for the broader economy or serves primarily to boost the company's valuation ahead of its anticipated initial public offering. Morgan Frank, a Case Western Reserve University researcher, released a paper showing that job markets deteriorated beginning in early 2022, well before large language models became widely available, suggesting factors beyond AI adoption may explain recent employment trends. Other researchers, including Yale social scientist Julián Posada and Dylan Baker of the Distributed AI Research Institute, raised concerns about the report's lack of independent verification and questioned whether the described work environment would yield high-quality product development. Anthropicfaces additional scrutiny as it prepares for a potential stock market debut as soon as November. A draft S-1 filing revealed an $80 billion net loss during the first half of this year, along with a junk credit rating received in June. Investor projections currently value the company at $1.5 trillion, down from earlier estimates of $2 trillion or higher. The report notably omitted perspectives from Anthropic employees regarding their experiences with the changes, and the company declined to comment when contacted by media outlets about the publication. Article summary produced by Claude AI
FTX's Former Anthropic Stake Would Reach $117.6 Billion at $1.5 Trillion | TokenPost
The bankruptcy estate received about $1.3 billion from its 2024 sale. The hypothetical estimate excludes dilution from later funding rounds. A hypothetical $1.5 trillion Anthropic IPO valuation would put the 7.84% holding FTX had before its 2024 bankruptcy sale at $117.6 billion, far above the sale proceeds. The valuation scenario under discussion implies a $116.3 billion difference from the roughly $1.3 billion the FTX bankruptcy estate collected. That comparison is not a realized loss: FTX sold its shares, and the estimate applies its 2024 ownership percentage to a hypothetical valuation. It also leaves out dilution from subsequent funding rounds. FTX invested $500 million in Anthropic in 2021 for a 13.56% stake. Later financing reduced its ownership to 7.84% by 2024. The estate's sale proceeds were about $800 million above the original investment. Other investors' holdings also produce large paper valuations under the same scenario. Menlo Ventures invested more than $1 billion, with its stake estimated at $21.8 billion. Iconiq invested more than $6 billion beginning in 2025, and its holding is estimated at $26.4 billion. Spark Capital's $75 million investment in 2023, when Anthropic was valued at about $5 billion, corresponds to an estimated $10.9 billion stake. Sequoia and Singapore sovereign wealth fund GIC each hold about 1%, or roughly $15 billion at that valuation. Sequoia invested about $3 billion; GIC invested more than $4.5 billion. Former Google CEO Eric Schmidt, who invested tens of millions of dollars in 2021, also holds about 1%. FTX sold its Anthropic shares in tranches during its bankruptcy liquidation. The first transaction, worth about $884 million, involved 24 buyers. They included ATIC, a Mubadala affiliate, which bought about $500 million; Jane Street, which bought $100 million; and a fund affiliated with Fidelity, which bought $45 million.
Anthropic's IPO Could Be Historic But What Will Investors Own?
The Anthropic IPO could be one of the biggest stock market debuts in years. Anthropic is reportedly preparing for a mid-November listing, with a valuation approaching $1.5 trillion. Its Claude technology is increasingly used by businesses for software development, research and everyday operations, while third-quarter revenue reportedly reached $16.8 billion. PROMOTED Those are extraordinary figures for a business founded in 2021. They are not the figures I would begin with. I would start with the people already standing between Anthropic and its future public shareholders. Amazon and Google provide computing capacity, distribute Claude and own stakes in the company. An independent trust now appoints a majority of Anthropic's board. A new public-benefit fund may receive a growing portion of its shares. Public investors will not simply buy Claude. They will be buying whatever economics remain after Anthropic has paid for computing, distribution, talent and the next generation of models. They may also receive considerably less control over those decisions than shareholders ordinarily expect. What Is Anthropic? Its Mission, History and Product Anthropic was founded by former OpenAI executives, including Dario and Daniela Amodei. Its Claude models compete with OpenAI's ChatGPT and Google's Gemini, while Claude Code has become an important tool for software developers. Companies are using Claude to write code, analyze documents and automate work that previously required considerable employee time. Once Claude becomes embedded in a company's operations, switching providers becomes more difficult, although that alone won't protect Anthropic's pricing. When Is Anthropic's IPO? The Timeline And Filing Status Anthropic has not announced an official IPO date, but it is reportedly eyeing a mid-November 2026 IPO. A public filing might come as early as the end of October. Until then, investors won't know the offering price, public float, symbol, exchange or how many of the shares being sold will be from Anthropic rather than existing shareholders. Key IPO Metrics To Know Here is what has been reported so far about Anthropic: MetricLatest reported figurePossible IPO timingMid-November 2026Latest private valuationApproximately $965 billionValuation under discussionApproximately $1.5 trillionThird-quarter revenueApproximately $16.8 billionSequential revenue growthApproximately 45%Annualized Q3 revenueApproximately $67.2 billionLong-term infrastructure commitmentsAt least $518 billionConfirmed ticker and exchangeNot yet announced The annualized figure is simply quarterly revenue multiplied by four. That is, investors are paying nearly 22 times that annualized revenue at a valuation of $1.5 trillion. Anthropic is claimed to be projecting revenues of about $190 billion to $200 billion by 2028. If it gets there, the proposed valuation would still equal roughly eight times revenue expected more than two years from now. Valuation expectations have already fallen from earlier discussions of approximately $2 trillion. That does not automatically make $1.5 trillion a cheap bet. 3 Crucial Things To Know Before Anthropic Goes Public I previously wrote that the Anthropic IPO would put the AI boom to its biggest test. That test is becoming clearer. Investors are no longer deciding whether Claude can attract customers. They are deciding how much profit Anthropic can retain from serving them. 1. Anthropic IPO Investors Must Follow The Money Anthropic reported revenue of approximately $4.6 billion in 2025 while spending roughly $7.3 billion on computing and infrastructure. Its operating loss exceeded $8 billion. The much larger reported net loss was heavily affected by accounting adjustments connected to convertible securities, so it should not be mistaken for cash leaving the company at the same rate. Anthropic has committed to spending at least $518 billion over roughly a decade on cloud services, computing capacity and infrastructure. That figure does not mean the company will write one enormous check tomorrow. It does show how much capital is required to remain competitive at the frontier of AI. Reuters reported that Anthropic produced an adjusted quarterly profit as revenue reached $16.8 billion. Before relying too heavily on adjusted profitability, I'd want to understand the treatment of model-training costs, distribution fees and stock-based compensation. Anthropic has to keep spending to remain competitive, and those expenses won't disappear simply because revenue is growing. A traditional software business can develop a product once and sell another copy at very little cost. Anthropic must continue training more capable models because OpenAI, Google and other competitors will not stop improving theirs. Claude does not need to become technically obsolete to lose commercial value. It only needs to become less capable, more expensive or less convenient than the alternative. According to Reuters' review of Anthropic's confidential prospectus, approximately 47% of its 2025 revenue came through the two companies' cloud marketplaces, up from 32% in 2024 and 11% in 2023. Reuters calculated that the platforms received around $351 million of distribution fees from $2.16 billion of marketplace sales. Anthropic has grown rapidly partly because these partners give it access to customers and infrastructure that would be extremely difficult to reproduce independently. The arrangement makes commercial sense. Now look at who gets paid. Amazon can benefit from its Anthropic investment, the computing capacity it supplies and Claude's distribution through its cloud marketplace. Google can earn money as an investor, infrastructure provider and distributor. Both companies have several routes to a return. A public shareholder has one. The value must remain inside Anthropic after those partners have been paid. As I argued previously, the strategic investors entered at lower prices and can earn money from commercial relationships that ordinary shareholders will not share. 2. Anthropic IPO Shares May Carry Less Control Than Expected Anthropic is a Delaware public benefit corporation. It was created to develop advanced artificial intelligence while considering its wider effects, not simply to maximize near-term profit. The company has also established a Long-Term Benefit Trust. The trust holds a special class of stock and now has the authority to appoint a majority of Anthropic's board. Its trustees are independent of management and investors, and its purpose is to protect the company's public-benefit mission. Anthropic's governance structure could reassure banks, healthcare providers and other large customers that safety decisions won't always be sacrificed for short-term profits. That may give Claude an advantage when competing for their business. But the same independence that attracts customers could leave public shareholders with little influence if management decides to delay a profitable product or spend more heavily on safety. The arrangement may serve Anthropic well, but it won't necessarily serve every shareholder's interests. I'd want to see that reflected in the price I'm paying. Anthropic added another layer on Oct. 18 by announcing that, subject to shareholder approval, 5% of its shares would be committed to a new Public Benefit Fund. The board could add another 2% for every 50% increase in Anthropic's value above a specified baseline. The company has not yet disclosed all the fund's governance and valuation details. The announcement may eventually amount to one of the largest corporate philanthropic commitments ever made. It may also affect the economic claim attached to every other share. The prospectus should disclose whether the shares allocated to the Public Benefit Fund are existing or newly issued, how the fund will finance its future commitments and the voting rights it will have. What is important is the effect on the fully diluted share count. Shareholders often forget governance while a company is developing quickly. That changes when growth slows, spending increases or management leads the business in a direction they didn't foresee. 3. The Anthropic IPO Price Is Only Part Of The Risk The next important disclosure will be the composition of the offer. If Anthropic issues new shares, the proceeds can finance computing capacity, employees and future products. If existing investors sell, that money goes to them rather than the company. Most large IPOs contain some combination of the two. Investors should examine the lockup. Anthropic's early shareholders, employees and private-market funds bought at very different prices and for different reasons. Some may want to remain invested for years. Others may have waited for the IPO primarily because it gives them a route to liquidity. A restricted public float might push the price up just after the listing because there are too many bidders chasing too few shares. Months later the stock can fall as lockups expire and additional shares hit the market. Neither action tells investors anything about Claude. This is one reason I would be careful about buying during the opening rush. The IPO price may not be the price most individual investors can obtain. A limit order can prevent someone from paying more than intended, but it cannot turn an expensive security into an attractive one. How To Invest In Anthropic Investors seeking indirect exposure can own Amazon, Alphabet or Microsoft, all of which have commercial relationships with Anthropic. Those companies are so large that Anthropic represents only one part of the investment case. Private-market investment vehicles require more caution. Fees, transfer restrictions and several levels of ownership can leave the customer with much less exposure than the marketing material promises. Anthropic has warned about unauthorized sales of its shares. The closer the IPO comes, the more opportunities will appear for someone to sell investors "access" to it. Should Investors Buy The Anthropic IPO? I won't decide on Anthropic until I've seen the public prospectus. I want to know how much profit is left after computing and distribution costs, whether the offering finances future growth or allows existing investors to cash out, and what rights public shareholders will receive. I'd also pay close attention to the lockup arrangements. A sudden increase in available shares could create a much better opportunity than buying into the excitement of the opening day. Anthropic could become one of the most important technology businesses of the decade. But a great business can still be a poor investment if the price already assumes too much success. Frequently Asked Questions (FAQs) When Is Anthropic Aiming To IPO? Anthropic is reportedly targeting a mid-November 2026 IPO, although no final listing date has been confirmed. The timing will depend on regulatory review, market conditions and the company's final decision to proceed. Investors should watch for its public SEC filing, which will provide the proposed offering terms. What Will Be Anthropic's Stock Ticker And Exchange Listing? Anthropic has not confirmed its stock ticker or listing exchange. Both should become clear as the offering approaches. Investors should verify these details through official company announcements and SEC filings rather than relying on speculation. Can Individual Investors Buy Anthropic Shares Before The IPO? Most individual investors will need to wait until Anthropic begins public trading. Some private-market funds offer pre-IPO exposure, but they may carry high fees, restrictions and indirect ownership arrangements. Buying through an ordinary brokerage after listing will generally be the simpler route, although the opening share price could be considerably higher than the IPO offering price.
Anthropic targets Muse and Dots with new AI agent, Claude Duet
Unlike the consumer-focused agents from Meta and OpenAI, Claude Duet is aimed at small business owners. endif; ?> On Wednesday, Claude Duet was launched -- a new AI agent from Anthropic designed to compete with Meta's Muse and OpenAI's Dots. Claude Duet is based on the Claude Opus 5.5 AI model and is primarily aimed at small business owners and other professionals who want help with everything from planning and meetings to building web apps. To perform these tasks, Claude Duet is equipped with a virtual machine featuring a built-in web browser, reports The Verge. Last month Anthropic took aim at Microsoft by introducing Claude Docs and Slides, editing tools built into the Claude interface and intended to compete with Microsoft Word and PowerPoint. Claude Duet is available as a standalone app on iOS and Android, and as a web app at claude.ai. It's currently available as a research preview only to US customers who subscribe to the Pro or Max plans, but the AI agent is set to be rolled out to more users in the future.
Anthropic Will Set auto mode as Default Across Claude Apps Next Week | TokenPost
The change covers Claude sessions on the web, desktop and mobile for Pro, Max and Team users. They can switch back to manual approval at any time. Anthropic plans to make auto mode the default for sessions in Claude's web, desktop and mobile apps starting next week, extending the setting to Pro, Max and Team subscribers. The company announced the change Thursday, Oct. 22. Auto mode uses automated checks to block high-risk actions instead of asking users to approve each step. Users can switch back to manual approval at any time. The rollout follows a similar change for Claude Code. Since Aug. 14, auto mode has been the default for new Claude Code sessions on Pro, Max and Team plans. Anthropic has not given an exact date for the app rollout or specified which app functions it will cover. Auto mode can reduce approval prompts, but it does not guarantee safety; sensitive actions still need human review.
Anthropic employees confident in AI breakthroughs by 2030, Wall Street skeptical
Anthropic employees are expressing strong confidence in artificial intelligence's capability to achieve Nobel Prize-level breakthroughs by 2030, a sentiment not fully shared by Wall Street investors. According to a report by Anthropic, 91% of surveyed employees expect such advancements, compared to just 39% of the general U.S. adult population. This divergence in expectations comes as Anthropic prepares for a potential IPO next month, which could value the company at around $1.5 trillion. The IPO is reportedly the only major tech listing still moving forward in the fall of 2026, highlighting the high stakes involved for CEO Dario Amodei and his team. Key Takeaways * Anthropic employees' expectations of AI breakthroughs appear to contrast with Wall Street's skepticism. * Market pricing suggests moderate confidence in Anthropic's valuation reaching certain benchmarks by the year's end. * Anthropic's upcoming IPO is a crucial test for its perceived valuation and market sentiment. What to Watch Dario Amodei's leadership and strategic announcements could play a pivotal role in shaping investor sentiment ahead of Anthropic's IPO. Any developments in partnerships with strategic investors like Amazon or Google may also influence valuation expectations. As the IPO approaches, market participants will likely monitor media coverage and strategic initiatives that could align with either YES or NO scenarios regarding Anthropic's valuation trajectory.
Anthropic's $80 Billion Loss Is Really a Story About Compute
Anthropic's $80.7B H1 loss is mostly a $72B paper charge; the real test is whether growth can cover $518B+ in locked-in compute costs. Anthropic's first-half net loss reached $80.7 billion, up from $13 billion a year earlier, according to its draft IPO prospectus. The number is startling, but most of it isn't cash leaving the building. About $72 billion is an accounting charge, because the estimated value of convertible bonds that could become Anthropic shares has climbed. In effect, the loss is a side effect of a soaring valuation. The same thing happened last year. Anthropic's 2025 net loss was about $42 billion, including a $34 billion non-cash charge, against an operating loss of roughly $8.1 billion on $4.6 billion of revenue. The operating loss is the figure to watch, and it is the one the compute bill drives. Growth that most companies never see Revenue growth has been extraordinary. Anthropic reportedly booked $16.3 billion in the first half of 2026, up from $1.1 billion a year before. Third-quarter revenue rose 45% to $16.8 billion, following a second quarter of $11.6 billion that more than doubled the first. That 45% is the problem. Sequential growth is slowing, and investors noticed. Those at the investor day are now discussing a valuation near $1.5 trillion, down from roughly $2 trillion, which had been the expectation over the summer. Against a $965 billion private valuation in May, $1.5 trillion is still a large step up. It is simply a smaller step than the market had priced in. The bill for being compute-starved The cost side explains the caution. Anthropic has committed to at least $518 billion in cloud, compute and infrastructure spending over a decade. Roughly 80 percent of those commitments cannot be cancelled. The Wall Street Journal's reading of the draft is larger still, putting commitments above $600 billion, with further deals under negotiation. The gap between the two figures suggests the total is still moving. First-half spending on computing and infrastructure hit nearly $9 billion, versus $2.3 billion a year earlier. The prospectus also says something about Anthropic's relationships. Amazon, Google and Microsoft increasingly see Anthropic as a competitor and have been reluctant to supply all the capacity it needs, which pushes Anthropic toward pricier, more fragmented sources. The company is building dependence on rivals into its cost structure. What the bulls are betting on The optimistic case rests on a margin shift. Bankers and investors are applying revenue multiples to 2028 forecasts, betting revenue will outrun the costs of supporting it. One prominent backer argues that as spending moves from training models to running them, profitability improves sharply, citing reported inference gross margins around 85%. If that holds, today's spending looks like an investment in software-like economics. Claude Code is the engine. The coding assistant gave Anthropic a product developers pay for repeatedly, and that is why the company's revenue is so enterprise-weighted. Anthropic also sells to businesses and developers rather than consumers, which made it more financially attractive than OpenAI's ChatGPT-led model. The risks hiding in the footnotes Three things deserve attention when the final prospectus lands. First, concentration: around a fifth of first-half revenue came from two customers. Second, fragility: a temporary Commerce Department restriction on Anthropic's top models contributed to slower revenue growth in June before business recovered. Third, structure, since non-cancellable contracts mean a growth stall cannot be met with cost cuts. Accounting for the convertible bonds also makes reported losses a poor guide to underlying health. Until the audited version appears, run-rate revenue, reported revenue and projected profit should not be treated as audited results. Why the whole sector is watching Anthropic's debut matters beyond Anthropic. A weak reception could weigh on the wider AI market, particularly because OpenAI is next. OpenAI's CFO has said it will be public next year, and its own projections show about $278 billion in cash spending through 2030. Advisers have warned that tech-stock volatility and SpaceX's post-IPO performance could dampen retail appetite. Written by: *Chloe Maluleke Associate at BRICS+ Consulting Group Russia & Middle East Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/
Anthropic partners with Hg to launch European AI consultancy
Anthropic has partnered with Hg, a European private-equity firm, to establish a consultancy aimed at assisting European firms in deploying AI solutions, according to Financial Times Markets. This new company will focus on implementing Anthropic's Claude AI models in business environments across Europe. The deal marks an expansion of a relationship between Anthropic and Hg that began in 2024, indicating a strategic push from Anthropic to commercialize its AI offerings through service channels rather than just model licensing. Observers note that this move could suggest increased confidence in Anthropic's growth potential and revenue prospects. Key Takeaways * The partnership appears to suggest enhanced confidence in Anthropic's business prospects, potentially boosting its valuation. * Market activity indicates that this development could positively influence perceptions of Anthropic's AI capabilities. * The deal with Hg is consistent with a scenario where Anthropic is preparing for strategic growth, potentially including an IPO. What to Watch Market participants will be monitoring whether this partnership leads to further strategic initiatives by Anthropic, such as new funding rounds or increased strategic investments from partners like Amazon or Google. Additionally, developments regarding Anthropic's potential IPO plans could provide further indications of the company's growth trajectory. Observers will also be watching for any announcements related to significant enterprise contracts or product advancements that could impact Anthropic's competitive position.
Why OpenAI Lowered Its Price Tag Weeks Before Anthropic Goes Public
Some investors would rather see Anthropic's IPO price before backing OpenAI. OpenAI has lowered the valuation target for its latest funding round to $1.25 trillion, the Financial Times reported. That sits below the $1.4 trillion price investors heard earlier this month. The new figure would still lift OpenAI almost 50% above its $852 billion valuation from March. Investors have until October 30 to commit. Why Did OpenAI's $1.4 Trillion Pitch Land With a Thud? Morgan Stanley and tech fund Dragoneer took the round to the bank's private wealth clients. They pitched a $1.4 trillion pre-money valuation, documents seen by the FT show. Several people close to the process said demand fell short of earlier OpenAI rounds. "There has been zero clamouring. All the prior times [OpenAI] have been on there's been a frenzy. This time is a bit of a thud," a person with knowledge of the deal said. Some of those people said investors also felt "indigestion" after backing earlier rounds. OpenAI raised $40 billion in March 2025 and a record $122 billion this March. Coatue and UAE funds are in talks to lead the new round, one person told the FT. CNBC, which reported the $1.25 trillion figure on Thursday, described it as pre-money. That puts the new target about $150 billion below the earlier pitch. Follow us on X to get the latest news as it happens Why Some Investors Are Waiting on Anthropic First Notably, other investors gave the FT a different reason for holding back. They would rather see how Anthropic prices its IPO, expected in mid-November, before committing to OpenAI. Anthropic's own price tag has already come down. Some investors discussed a valuation of $1.5 trillion for the listing, below the $2 trillion it once sought, after third-quarter growth slowed. On those reported figures, the gap between the 2 labs has widened to about $250 billion. Earlier this week, it stood near $100 billion. OpenAI wants the $30 billion as a "bridge" to its own listing, likely in the first half of 2027. CEO Sam Altman ruled out a 2026 IPO last month, citing safety. Why the Wider Stock Market Is Watching Both Labs The lower target comes as US tech stocks have sold off over worries about debt-funded AI spending. Chip stocks shed $2 trillion in 8 sessions this month. Jimmy Chang of the Rockefeller Global Family Office said uncertainty around both IPOs is weighing on US stocks. His office holds exposure to both labs. "The market needs to see a successful IPO. These companies need funding," Chang added. OpenAI may raise less than $30 billion, depending on investor interest. The October 30 deadline will show how much demand sits at $1.25 trillion before Anthropic sets a public price.
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Meta, OpenAI and Anthropic AI agents get user-approved logins via 1Password
1Password fills the password into the form, so the agent never sees it. 1Password on Thursday introduced a platform that allows personal AI agents from Meta, OpenAI and Anthropic to sign into a user's accounts after the user approves the request. The agent executes the task without seeing or storing the password at any time. Nine more companies, Perplexity among them, are building integrations The product, called 1Password for Agents, adds a check between the agent and the login page. The agent taps into a sign-in form, presents a unique digital key, and 1Password authenticates its identity. The user will be prompted with the account requested and why. Approval is on the individual's own device. Then 1Password fills in the credential directly into the form. The agent proceeds with the task, and the password stays in the vault. "Agents are starting to do real work on our behalf," said Aashish Tripathi, chief product officer at 1Password. He added that one task assignment shouldn't give an agent permanent access to everything behind an account. When the integration is on, Meta's Muse will seek logins through 1Password. OpenAI wired up both ChatGPT Work and its always-on Dots agents. Elon Musk's SpaceXSI signed up Grok Bot. An AI assistant startup named Town, which raised $108 million this week, signed as well. Since July, Claude has been using 1Password in the browser. The more recent Claude Duet agent from Anthropic, which was released on Wednesday, comes next. "Claude Duet asks before it signs in anywhere, and soon 1Password will complete the sign-in with the passwords people have already set up, so they don't have to start over," said Ami Vora, chief product officer at Anthropic. Vora said that Anthropic wants everyone to be able to use the feature, even those "who've never before let an agent near their accounts." Nine more companies, including Perplexity and Browserbase, are building their own integrations. US banks now detect automated activity inside customer accounts The launch came on the same day that reports emerged of US banks observing activity by agents inside customer accounts. Most banks can't tell whether that activity links back to a real user request. Chase Bank told customers not to give their usernames and passwords to anyone. 1Password said that typing a password into an AI chat saves a copy the user can't control. Its new system is built to stop that. During a June assessment, an OpenAI agent accessed an Australian Medicare statistics portal without authorization, Cryptopolitan reported. Prime Minister Anthony Albanese has directly complained about a delay of about three months in disclosure. Meta's Muse logged 10.2 million US downloads, but Claroc researchers also identified more than 6,800 shared-chat links anyone could access. "As agents take on more complex tasks for users, security and user control need to be built in from the start," said Glen Coates, head of app platform at OpenAI.
