News & Updates
The latest news and updates from companies in the WLTH portfolio.
Authors push back as publishers and agents seek share of Anthropic settlement
Some authors hoping to receive their share of Anthropic's $1.5 billion copyright settlement said they received surprising emails this week -- emails informing them that someone else was making a claim on their payments. Anthropic settled a copyright class action suit last year, after a judge ruled that training AI models on copyrighted material is legal under fair use doctrine, but pirating that material was not. The deal received final approval in July, allowing the payments to move forward. Under the terms of the settlement, the authors of nearly 500,000 titles will be paid $3,000 for each pirated work. If the book is still in-print with a traditional publisher, the money will be split 50-50 between author and publisher. If the book was self-published, or if the publisher reverted the rights by allowing the book to go out-of-print, then the author should get the entire payment. But writers have been posting on social media that publishers seem to be claiming more than their fair share of some payments. For example, mystery and thriller author April Henry asked, "WTF is HarperCollins playing at? They claimed one of my books on the Anthropic Settlement that reverted back at least 17 years ago AND on the same day I got a credit alert saying they had been added as my employer! (which they never were)." At the popular blog Writers Beware, Victoria Strauss wrote that she's been receiving author complaints that fall into two broad categories: one where publishers are seeking payment for works that they no longer have a legitimate claim on (because the rights have reverted), and another where publishers are seeking a full 100% payment when they're only entitled to 50%. In both cases, Strauss said she's "reluctant to attribute to malice what can be plausibly explained by poor recordkeeping" -- and she noted that some publishers have already said this is a mistake that they've asked Anthropic to fix. Similarly, Authors Guild CEO Mary Rasenberger told The New York Times that she doesn't see this as "a grab by the publishers" and that she doesn't believe publishers are "specifically trying to screw any author over." Instead, she argued that this is the predictable result of bad record-keeping and a confusing settlement process. Strauss also acknowledged that any complaints she's seen are just "a peek through a small crack in a massive wall." "But the unusually large number of reports I've received over the last two days, as well as the fact that authors are reporting the exact same errors over and over, suggest to me that these aren't the kind of routine glitches you might expect from such a large operation, but something much more wide[s]pread and systemic," she wrote. And publishers aren't the only ones seeking a cut of the payments. Strauss said she's gotten complaints that a number of literary agencies are also making claims, which she said is surprising since "agents are not rightsholders in the books that they sell." Author Courtney Milan (the pen name of former law clerk and law professor Heidi Bond) was more blunt in a post on Bluesky, writing, "Apparently some agents are trying to claim percentages on the Anthropic settlement, and I do not REMOTELY think they should do this, what the fuck, stop that shit!" Milan and the Authors Guild also shared more details about how authors can dispute their payment allocations. (One tricky issue: When the rights to a specific book reverted. In order for an author to make a 100% claim on a book, the rights reversion needs to have happened before August 10, 2022, which is the "download date" in the settlement.)
Potential Anthropic IPO investors seek detailed revenue metrics ahead of blockbuster listing
The AI company's revenue grew more than sevenfold in roughly seven months, and prospective backers want to know exactly how that number is being counted. Anthropic is sprinting toward what could become the largest AI IPO in history, and the investors lining up to participate have one persistent request: show us the receipts. The Claude maker's annualized revenue run rate ballooned from roughly $9B at the end of 2025 to over $65B by the end of July 2026. The numbers behind the frenzy Anthropic's preliminary Q2 2026 revenue clocked in at $11.5B, up from $4.73B in Q1 2026. For context, Q2 2025 revenue was $787M. So the company roughly 15x'd its quarterly top line in a single year. That growth has also pushed the company into unfamiliar territory: profitability. Anthropic posted its first quarterly operating profit of approximately $559M in Q2 2026. The company's most recent private round, a record $65B Series H completed in late May 2026, valued Anthropic at $965B post-money. Some prospective IPO investors are now projecting a public market valuation north of $2 trillion. Internal revenue projections for 2028 sit in the $190B to $200B range, according to figures being shared with potential backers. The accounting question investors keep asking Revenue growth this steep invites a specific kind of scrutiny, and prospective IPO investors are zeroing in on one issue in particular: how Anthropic accounts for revenue generated through cloud reseller partnerships. The distinction matters more than it might sound. When Anthropic sells its models through a partner like Amazon Web Services or Google Cloud, the question is whether the company books the full amount customers pay (gross revenue) or only its share after the cloud provider takes a cut (net revenue). Enterprise customers already account for roughly 80% of Anthropic's revenue. Over 1,000 businesses were spending at least $1M annually on Anthropic's products as of April 2026. Many of those customers access Claude through AWS Bedrock or Google Cloud's Vertex AI, which means the gross-versus-net question touches a significant portion of total revenue. The path to public markets Anthropic confidentially submitted its draft S-1 registration statement to the SEC in June 2026. The company is working with Goldman Sachs, Morgan Stanley, and JPMorgan as underwriters. The public filing of the S-1 is anticipated in late September 2026, with a roadshow potentially kicking off in mid-October. The company has raised between $118B and $130B in private capital across its funding history. Amazon holds approximately 21% of the company, while Alphabet owns around 15%. For Amazon in particular, the math is striking. A 21% stake in a company valued at $2 trillion would be worth roughly $420B. What this means for the AI sector Anthropic's IPO will function as a pricing signal for the entire AI industry. If the company achieves a $2 trillion valuation, it effectively sets a new ceiling for what public markets are willing to pay for frontier AI capabilities. There's a risk dimension worth watching, too. Revenue that grows from $787M to $11.5B in a year is extraordinary, but it also means the company has very little historical baseline for predicting churn, seasonality, or customer concentration risk. Investors projecting $190B to $200B in 2028 revenue are essentially betting that a trend line drawn from fewer than four quarters of meaningful data will extend smoothly for another six quarters. The first operational profit is encouraging, but $559M on $11.5B in quarterly revenue implies thin margins relative to pure software businesses. Capital expenditure on compute infrastructure, talent costs for top-tier AI researchers, and ongoing model training expenses all weigh on the bottom line.
Salesforce Stock Has Surged as AI and Anthropic Bets Pay Off, But Technical Risks Remain - Microsoft (NAS
Salesforce (NYSE:CRM) stock has staged a strong comeback in the past few months, moving from the year-to-date low of $144 to $260. This rally accelerated after the software giant published strong financial results and as its Anthropic investments pays off in a big way. Salesforce Stock Jumped After its Earnings Beat CRM stock jumped after the company published its strong financial results, which showed that its revenue continued growing. Its current remaining performance obligation (cRPO) jumped by 14% to $33.5 billion in the second quarter, while its revenue soared by 11% to $11.3 billion. Informatica, which it acquired last year, contributed $440 million to its revenue. Most importantly, there are signs that Salesforce's approach to artificial intelligence is starting to pay off. Agentforce and Data 360 businesses generated an annual recurring revenue of nearly $3.9 billion. It had 7 billion Agentic Work Units, which were delivered across its products like Agentforce and Slack. The management boosted its forward guidance, a sign that it expects its business to do well. It now expects that its revenue will be between $46.1 billion and $46.4 billion, representing a 12% increase from what it made last year. Salesforce and other software companies have been under intense pressure in the past few months as concerns about SaaSPocalypse remained. This is the view that software companies will be disrupted by artificial intelligence tools. Markets Oracle Stock Showing Bottoming Signs as Earnings Loom 3 min read There are signs that Oracle stock is forming bottoming signs as the first quarter earnings nears on September 10 this year. Read article Anthropic IPO to Boost Salesforce Another catalyst boosting Salesforce is its investment in Anthropic, which is reportedly planning to go public at a valuation of up to $2 trillion. Salesforce first invested in Anthropic's 2023 Series C round and has since participated in every subsequent funding round. Its stake is now estimated at $5 billion, and if Anthropic reaches that $2 trillion valuation, the position would be worth substantially more. Trending Salesforce is one of the many companies that will benefit from Anthropic's IPO. Some of the other top ones are Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA). These events explains why analysts have boosted their CRM stock forecast. Morgan Stanley (NYSE:MS) hiked its target to $315, while Needham, BTIG, Cantor Fitzgerald, and Deutsche Bank have all boosted their targets. Technicals Points to a CRM Stock Pullback While Salesforce has some notable catalysts, technicals suggest that the stock may experience a pullback in the near term. It has already hit the crucial resistance level of $267, which aligned with the highest swing in December last year. The stock has already formed a shooting star candlestick pattern, which is made up of a small upper shadow and a body. This pattern often leads to a retreat. It has also formed a fair value gap on August 27 that it may attempt to fill. More gains will be confirmed if it moves substantially above the resistance at $267. Markets Michael Dell's Net Worth Up $110 Billion So Far 2026: Why the Surge May Continue 2 min read Michael Dell has added $110 billion this year as his net worth gains momentum amid the ongoing Dell stock surge. Read article Image: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.
Anthropic settlement: who gets the $3,000 per book?
Anthropic is paying $1.5bn to the authors whose books it pirated. As the money lands, some of it is going to their publishers instead. The Anthropic settlement has run into contracts written long before AI training existed, and nobody is sure who owned what in 2021. Anthropic agreed to pay $1.5bn to the authors whose books it pirated. The money is now being counted out. Some of those authors are discovering that a share of it goes to their own publishers. The New York Times reported on Friday that authors and publishers have filed competing claims over the same titles. The settlement administrator has begun telling both sides they disagree. The class action covers more than 482,000 books. It pays up to $3,000 for each one a judge found Anthropic had downloaded illegally and stored while building Claude. A judge in the Northern District of California approved it in July. At the top rate, the full list of titles comes to roughly $1.45bn. Authors filed the case in 2024. The default split is 50/50, and not everyone gets it Authors do not keep the whole $3,000. They split it with the publishers they granted rights to, and with any co-authors. Publishers were always in line for a payout. A class-action council set the percentages. It took input from the Authors Guild, which says it has more than 18,000 members, and from publishers. Nobody negotiated them title by title. Textbook authors come off worst. Their contracts hand them as little as 10 to 15% of the total, according to Mary Rasenberger, the guild's chief executive. "It's the textbooks where there are a lot of unhappy authors right now," Rasenberger said. She does not read it as opportunism. "I don't see this as a grab by the publishers," she said. Her concern is record-keeping. Publishers that never removed reverted titles from their catalogues are now claiming them back by default. Two authors, two different problems April Henry has written more than 30 mysteries and thrillers. Logging into the claims portal, she found HarperCollins listed as a part-owner of her first book, Circles of Confusion, published in 1999. The rights had reverted to her in 2007, and she said so on Threads. Her agent produced a letter confirming she owned them. She uploaded it, and the portal later showed the full $3,000 going to her. "I don't think Harper was deliberately trying to cheat," she said. HarperCollins declined to comment. Henry has 22 titles on the list of books Anthropic took. She expects somewhere in the mid-$20,000 range once her publishers and co-authors take their cut. She was told payments might start flowing in August. They have not. Amy Lupold Bair has the other problem. Her publisher is not disputing who owns her guidebooks about blogging and family life online. It is disputing the split. "They only want me, the author whose entire work was stolen, to get 10%," she wrote on Threads. She did not name the publisher. Her website lists John Wiley & Sons for two of the titles, Raising Digital Families for Dummies and Blogging for Dummies. Wiley told the Times it had filed claims for all Wiley-published works, and that allocations for educational titles follow individual contracts. It did not say whether the Dummies series counts as educational. The Association of American Publishers did not comment. The date that decides who gets paid Underneath both cases sits a single question, and it is not who owns a book now. It is who owned it when Anthropic downloaded it. Rasenberger puts that in 2021 and 2022. A title that reverted to its author last year was still the publisher's when the infringement happened. The guild heard from one such author this week. The rights had come back to them this year, which settles nothing, because the download predates the reversion by four years. That turns a payout into a records exercise across decades of publishing contracts. Where the two sides cannot agree, a court-appointed arbitrator decides. The guild says it will fight hard for any author it believes is losing out. Publishing gets its streaming moment Kristelia García, who teaches copyright at Georgetown Law, compares the Anthropic settlement to the fight over Eminem's digital royalties. Producers sued a Universal Music Group subsidiary in 2007, arguing that downloads should pay a higher rate than records. That case settled in 2012. The parallel is in the paperwork. Most book contracts say nothing about a copyright settlement. They say nothing about revenue from technologies that nobody had built when the authors signed. The industry is "having that sort of streaming moment where their contracts didn't contemplate this," García said. What Anthropic still owes, and to whom Anthropic settled after a judge let the case go to trial, having found that stockpiling pirated books gave the authors a claim. The same ruling held that training Claude on books the company had bought legally was fair use. That finding is now the one every AI defendant cites, and it is why firms started buying up old books. The company pointed back to a statement from May. Its deputy general counsel, Aparna Sridhar, said then that more than 91% of authors and publishers had claimed their share. Anthropic wanted the matter closed. The ownership disputes surfaced after that. Its other copyright problems are live. Sony Music and Warner Chappell are suing over song lyrics in Claude's training data. In New York, Microsoft has told a court that Copilot almost never reproduces books, running the same fair use argument against news publishers and the Authors Guild. Anthropic's record settlement was meant to be the clean outcome, the one showing that rights holders could be paid. What it has produced first is 482,000 books, an arbitrator, and a lot of authors rereading contracts they signed before Claude existed.
Kraken Review 2026: Fees, Best Features, Safety, and More - Memeburn
Kraken has a strong security record and has not experienced a major breach that resulted in lost customer funds. However, users still face the normal risks associated with trading and holding digital assets. Kraken processed more than $2 trillion in transactions in 2025 across 190+ markets, underscoring the volume of activity moving through the exchange. The platform offers spot, margin, futures, staking, stocks, and ETFs, while Kraken Pro gives active traders advanced tools and volume-based pricing. Still, size alone and the number of transactions processed do not make an exchange the right choice. Here is a comprehensive look at what Kraken Exchange offers, its customer support, and its fees to help you make informed decisions. Kraken at a Glance: Scorecard What Is Kraken? Kraken is a US-based cryptocurrency exchange founded in 2011. The exchange is widely recognized as one of the longest-operating exchanges with no major public hack on record. It supports spot, margin, and futures trading, with more than 700 assets available. That makes it a suitable option for both everyday users and institutional traders. You can use the standard Kraken app for basic trading, or Kraken Pro for a more advanced interface and additional trading tools. The platform also supports 8 different fiat currencies, including GBP, EUR, USD, CAD, JPY, CHF, AED, and AUD. This gives users different ways to fund their accounts and trade crypto. Kraken also stands out for its banking status in the US. It became the first cryptocurrency company to receive approval for a Special Purpose Depository Institution (SPDI) banking charter in Wyoming. The charter, overseen by the Wyoming Division of Banking, allows Kraken Financial to provide certain banking services. Is Kraken Safe? Kraken has a strong security setup, but from our experience, this does not mean your crypto balance is completely risk-free. This is because there are other factors that could influence the safety of crypto assets, including sending assets to the wrong address. The exchange uses cold storage, account protection tools, security monitoring, and regulatory controls to protect customer funds. It also has a history of publishing Proof of Reserves reports, allowing users to verify whether specific crypto balances were backed by assets at each review. How Kraken Protects Customer Funds Kraken stores 95% of customer crypto assets offline in air-gapped cold wallets across multiple locations, backed by physical security and 24/7 monitoring. It also supports FIDO2 two-factor authentication and passkeys. The exchange also offers a Global Settings Lock. When enabled, it can prevent changes to your Kraken account, including changes made through Kraken Support. It can also hide sensitive account information and delay an attempted unlock. Kraken has completed a SOC 2 Type 1 examination and holds ISO/IEC 27001:2022 certification. It also runs an internal security testing team and a bug bounty program. Kraken's Regulatory Record Kraken operates through different legal entities and registrations depending on the country and service involved. In the US, it is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). Kraken's regulatory footprint includes registrations with ASIC and AUSTRAC in Australia, FINTRAC in Canada, and the FSA in Japan. Kraken Financial also holds a Special Purpose Depository Institution (SPDI) banking charter in Wyoming and is regulated by the Wyoming Division of Banking. In 2023, Kraken agreed to pay $30 million to settle Securities and Exchange Commission (SEC) charges concerning its staking-as-a-service program. As part of the settlement, the affected Kraken entities agreed to stop offering the service in the US. Kraken also reached a settlement with the US Treasury Department's Office of Foreign Assets Control (OFAC) in 2022. It agreed to pay $362,158.70 over potential civil liability related to apparent violations of US sanctions against Iran and to invest an additional $100,000 in sanctions compliance controls. Kraken has published its Proof of Reserves reports regularly since 2014. The process uses an independent third party and cryptographic verification to show that covered customer funds were backed by corresponding assets at the time of the review. Are Kraken Accounts FDIC or SIPC Insured? No. Crypto balances held on Kraken are not FDIC-insured bank accounts or SIPC-protected brokerage securities. Cryptocurrency exchange balances do not qualify for deposit insurance programs. Even deposits held with Kraken Financial are not FDIC insured, although Wyoming's SPDI rules require qualifying fiat deposits to be fully backed by reserves. Those rules apply to fiat deposits held through the relevant banking entity, not to crypto assets sitting in a standard Kraken account. Kraken has several layers of security and a broad regulatory footprint, but that does not remove account security risk or the risk of a security breach. You should also consider the legal entity serving you and the geographical restrictions that apply to your Kraken account. Kraken Fees Kraken uses different fee structures depending on how you trade. Buying crypto through the standard Kraken app, trading on Kraken Pro, using margin, staking assets, or trading stocks can all come with different costs. The fee you pay can also depend on your trading volume, the assets you hold on the platform, payment method, and the type of order you place. Standard Kraken app Kraken charges a 1% trading fee on instant and recurring buy, sell, and conversion orders, while custom orders carry a 1.5% fee. Kraken+, a paid subscription costing $4.99/month or $49.99/year, gets you 0% trading fees on up to $10,000 in monthly volume for major fiat currencies (USD, GBP, CAD, AUD, EUR, CHF), with a 30-day free trial for new subscribers, though spreads and card processing fees still apply. Payment fees vary depending on how you fund the transaction, and small balance conversions below the minimum order size carry a flat 3% fee. Kraken Pro Kraken Pro uses a maker-taker model for spot trading. Your tier is based on whichever is higher: your 30-day spot volume or your Assets on Platform (AoP). Deposit, Withdrawal, and Minimum Deposit There's no fee to open a Kraken account, and no minimum deposit required to activate one. The minimum trade size is 1 unit of currency for USD, EUR, GBP, CAD, AUD, and CHF (110 JPY), or the equivalent of $1 for crypto-to-crypto trades. Deposit and withdrawal fees depend on the currency and method and can be fixed or variable, based on network and processing costs. Check your account's funding page before transferring funds, as rates change without notice. Stablecoin and Fiat Pair Fees Stablecoin, pegged token, and FX pairs start at 0.20% maker and taker, dropping to 0.02% at $1 million in 30-day volume. USDG pairs run separately: 0% maker and 0.01% taker at the standard tier, falling to 0.001% taker at $100 million or more. Margin Trading Fees Margin fees are charged on top of the standard trading fees when you open and close a position. The rollover rate is locked in when you place the order and charged every four hours. Most assets cost 0.02% to 0.04%, while Bitcoin costs 0.01% to 0.02%. Kraken also charges a separate 2% fee on liquidated margin positions. Perpetual Futures Fees On the standard app, perpetual futures carry a 0.25% fee to open and 0.25% to close, based on notional value. Available only in select regions. On Kraken Pro, futures run on their own tiered maker-taker schedule based on futures volume, spot volume, or AoP. Entry tier is 0.02% maker / 0.05% taker; the highest tier drops to a negative maker rate (rebate) and 0.0125% taker. Futures are not available to customers in the US, Canada, or New Zealand. Institutional Tier Clients with over $100 million in 30-day spot and xStocks volume, combined with activity on Kraken Futures, Custody, or Staked, qualify for a flat 0.08% taker rate and additional perks. Staking Fees No transaction fee applies to stake or unstake rewards. Flexible staking on assets with an on-chain unbonding period and assets in the Rewards program carry a 20% commission on rewards earned. Bonded and other flexible staking arrangements vary by asset and amount staked. Stock, ETF, and xStocks fees Kraken offers zero-commission trading on 11,000+ US stocks and ETFs, though regulatory agencies can pass through their own fees. Tokenized stocks (xStocks) carry no trading fee when purchased with USDG or USD; buying with other assets triggers the standard 1% fee, and a spread may apply to lock in price. Kraken Review: Key Features Its key features include Kraken Pro, the Standard app, staking and earn, stocks, ETFs, and xStocks. 1. Kraken Pro vs. the Standard App The standard app suits someone who buys and holds crypto without needing advanced trading tools. Kraken Pro is built for experienced traders who want tighter spreads, lower fees at volume, and a full order book. 2. Staking and Auto-Earn Kraken lets you earn rewards on eligible crypto through Auto-Earn, which automatically stakes supported assets in your account. There is no transaction fee to stake or unstake, and staked assets stay liquid, so you can still trade or withdraw them at any time. Rewards accrue daily and pay out weekly. Kraken takes a commission from the rewards instead of charging a separate fee. Flexible staking and assets in the Rewards program carry a 20% commission on earned rewards, while bonded staking commissions vary by asset. Supported assets also differ by region, and Kraken only stakes part of eligible holdings on-chain so the rest stays liquid for withdrawals. 3. Stocks, ETFs & xStocks Kraken offers commission-free trading on more than 11,000 US stocks and ETFs, though regulators can still pass through their own fees. This is currently available to US customers only. Tokenized stocks, branded as xStocks, let users trade exposure to equities like Nvidia, Tesla, and Apple as on-chain tokens. Buying xStocks with USDG or USD carries no trading fee; funding the purchase with other assets triggers the standard 1% fee, and a spread may apply to lock in the price. Availability varies by region. Where Kraken Falls Short While Kraken gets a lot right, it also has a few downsides you should consider before signing up. * Customer support: The most common complaint across independent review platforms, mainly tied to the ticketing system. Wait times for account restrictions, withdrawal holds, and verification issues are cited negatively in numerous reviews. * Standard app fees vs. Pro: Fees on the standard Kraken app run significantly higher than on Kraken Pro. A 1% fee on instant trades (1.5% on custom orders) is steep next to Kraken Pro's 0.40% starting maker rate. * Geographic limitations: Kraken does not serve residents of New York or Maine. Both states remain fully excluded due to state-level licensing requirements Kraken has chosen not to pursue. * Learning curve: Splitting the platform into two separate interfaces, the simple app and Kraken Pro, creates a genuine learning curve for beginners moving from one to the other. What Real Users Are Saying User feedback on Kraken is mixed. People generally praise its trading features and security, but customer support remains a common complaint across Trustpilot, the App Store, and G2 Kraken vs Coinbase Here is a comparison table of how Kraken compares to Coinbase Similar to Kraken, Coinbase is a US-based cryptocurrency exchange with established compliance programs. The biggest difference between these two platforms for active traders is no longer as wide as it once was. Kraken Pro now starts at 0.40% for makers, bringing its entry-level fee closer to Coinbase Advanced. With its long operating history, strong security track record, and staking features, Kraken remains a solid option for many users. Coinbase, meanwhile, is the simpler choice for beginners. Kraken vs Binance Binance beats Kraken on trading fees, trading volume, and liquidity. Binance charges a 0.10% standard spot trading fee, while Kraken Pro starts at 0.40% for makers. These lower fees can benefit experienced traders who frequently trade crypto and want to keep transaction costs down. However, Binance Global Exchange has faced major regulatory action, including a $4.3 billion settlement in 2023. Kraken has not faced a regulatory case of comparable scale. Choose Binance for lower trading fees and deeper liquidity, or Kraken for its longer operating history, security track record, and established trading tools. Who Should Use Kraken? Kraken fits some traders better than others. * Intermediate to advanced traders: Kraken Pro suits active traders who want lower trading fees as their trading volume or assets on the platform increase. The maker-taker fee structure can make a noticeable difference for frequent traders compared with the standard app. * Security-focused users: Kraken has maintained a strong security track record and holds a Wyoming SPDI banking charter. It also publishes regular Proof of Reserves reports. If security and a long operating history matter more to you than finding the absolute lowest fees, Kraken is a strong fit. * Absolute beginners: The standard Kraken app keeps buying and selling simple, which makes it suitable for casual users. However, its 1% fee for instant and recurring trades and 1.5% fee for custom orders can be higher than on Kraken Pro, especially if you trade frequently. * High leverage and altcoin traders: Kraken may not be the best fit if you prioritize very high leverage or early access to new altcoins. Platforms such as Bybit may offer more products and features for these trading strategies. Final Verdict: Is Kraken Worth It in 2026? Yes, Kraken is worth considering in 2026, especially if you value security, transparency, and advanced trading tools over the lowest possible fees. Kraken Pro gives active traders access to volume-based maker-taker fees, while the platform continues to offer spot trading, margin, futures, staking, stocks, and other crypto products depending on your location. The main drawback is cost. The standard Kraken app charges 1% on instant and recurring trades and 1.5% on custom orders, making it less suitable for frequent traders who could use Kraken Pro instead. FAQs How trustworthy is Kraken? Kraken has built a strong reputation among crypto exchanges through its long operating history, security measures, and regular Proof of Reserves reports. It also offers transparent fees and publishes information about its security and regulatory framework. However, no exchange is risk-free, and your digital assets are not protected by FDIC insurance. Which is safer, Robinhood or Kraken? Both platforms use security measures to protect customer accounts and cryptocurrency assets, but they operate differently. Kraken focuses heavily on crypto trading, while Robinhood combines crypto with stocks and ETF trading. If you want a dedicated crypto platform with features such as staking and futures trading, Kraken offers more crypto-focused tools. Your choice should also depend on the assets, account type, and services available in your location. Has Kraken ever been hacked? Kraken has not experienced a major security breach resulting in the loss of customer funds. However, the exchange has experienced security incidents and individual account compromises, so users should enable strong account protections and review their account settings. Kraken also recommends security features such as passkeys and Global Settings Lock. Is Kraken good for investing? Kraken can suit investors seeking exposure to digital assets and staking rewards, as well as traders looking to start trading crypto, trade futures, or use advanced trading tools. It also offers stock and ETF trading to eligible US users. Kraken does not provide personalized investment advice, so you remain responsible for choosing the assets and strategies that fit your goals. What are the risks of using Kraken? The main risks include cryptocurrency price volatility, account restrictions, withdrawal delays, and trading losses during sharp market swings. Kraken customer service can also take time to resolve some account issues. Traders who use margin can borrow funds, which increases both potential gains and losses. You should also check whether bank transfers, Google Pay, or a bank card are available in your region before funding your account.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Discord servers where everybody knows your name?
This is kind of a follow-up to my recent question about community. I took the responses to heart, and I've gone back to my local Unitarian Universalist, where I am showing up and pitching in and generally trying to become a part of the community. It's not working, though. Or it's not working quickly enough. I see those people for two hours a week and the rest of the time I still feel lonely and isolated. I've realized that the last time I felt like my "I have friends" well was full was when I had a Skype group chat in the fandom I was in five years ago. We've since dispersed, and I'd like to find something like that again, but I'm having a heck of a time finding a Discord server that meets the criteria above. Either it's all 13-year-olds, or nobody has spoken on it in weeks, or it's a bunch of transphobes (oh, I should have said above that the community should be inclusive). It's kind of a long shot, but I thought I'd ask y'all if you have any leads. (It would be cool if MeFi had a Discord server! But I have seen no evidence of this.)
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Anthropic delays IPO prospectus as listing shifts toward October
That step, which would begin the final stages of the offering, is now not expected until late September SAN FRANCISCO, California: Anthropic is now expected to begin marketing its initial public offering in mid-October at the earliest, with the listing potentially completed just days before the U.S. midterm elections in November, people familiar with the matter said September 5. The artificial intelligence company had previously been expected to make its IPO prospectus public as early as next week, two of the people said. That step, which would begin the final stages of the offering, is now not expected until late September. The people cautioned that the plans, including the timing, could still change. The shift delays what some investors have said could be a US$2 trillion listing, potentially making it one of the largest IPOs ever attempted and a major test of investor demand for the fast-growing artificial intelligence sector. Companies often adjust IPO schedules as they work through market conditions, regulatory reviews and other preparations. As part of the IPO process, Anthropic is seeking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one person said. Bloomberg News previously reported that Anthropic was in talks to expand the facility to $15 billion. Companies typically leave several weeks between analyst meetings and the public release of an IPO prospectus. Anthropic, however, is expected to have a tighter timetable because analysts are already familiar with the company, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely watched IPOs, as investors seek public-market exposure to the expanding artificial intelligence industry. It could come alongside potential listings by other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
SpaceX Was 'Nowhere' in AI 6 Months Ago -- Now It's an Anthropic Rival After the $60 Billion Cursor Deal, Says Oppenheimer
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Oppenheimer analyst Timothy Horan says Space Exploration Technologies Corp. has gone from an artificial-intelligence also-ran to a credible Anthropic rival within months, crediting its $60 billion Cursor acquisition and expanding compute infrastructure. Cursor Deal Transforms SpaceX's AI Business "The company's doing an incredible job with AI," Horan told CNBC's Power Lunch hosts Kelly Evans and Brian Sullivan. "Six months ago, their AI business was almost, people thought, dying. The large language models of Grok were nowhere." He called Cursor "an absolute game changer." Cursor officially joined SpaceX on Aug. 14. "SpaceX really is a competitor to Anthropic."@Oppenheimer's Timothy Horan makes the bullish case for $SPCX -- saying the stock could double from here.https://t.co/DpdTOSPnle -- Power Lunch (@PowerLunch) September 2, 2026 Horan said Cursor's agentic coding activity gives SpaceX data on "what works, what doesn't work and all the logic behind that," helping improve Grok and other applications. He said SpaceX is targeting a $100 billion revenue run rate by year-end, with about 70% tied to AI, and could reach $120 billion to $130 billion next year. "I think Grok Bot is about to go viral," Horan said, while people working on Grok 5 believe it will be "transformational." Oppenheimer Raises Target On AI Momentum Oppenheimer reinforced that thesis Wednesday, maintaining its 'Outperform' rating and raising its SpaceX price target to $280 from $250, implying nearly 99% upside from around $141. The firm said SpaceX's vertically integrated AI platform combines proprietary data, capital, Nvidia Corp. GPUs and rapid infrastructure deployment. Oppenheimer raised long-term revenue estimates roughly 10%, said Nvidia's next-generation Rubin chips could pay for themselves within a year, and estimated SpaceX could capture 100% of revenue from software such as Cursor and Grok, versus roughly 50% when it acts as a wholesale AI infrastructure provider. See Also: Avoid the #1 Investing Mistake: How Your 'Safe' Holdings Could Be Costing You Big Time SpaceX already leases substantial compute to Anthropic and Alphabet Inc.'s Google. The Anthropic deal includes $1.25 billion in monthly payments through May 2029, subject to a 90-day termination provision.
Polymarket extends upgraded $50 code "OREGON" to Elections and UFC live odds
The Polymarket code OREGON has been extended to UFC odds, and its $50 bonus is live on a $10 deposit for Saturday's Fight Night. New users registering with the Polymarket code OREGON receive a $50 Polymarket sign up bonus after a first deposit of $10 -- a $60 opening balance across every market on the platform. Saturday's UFC card is drawing volume on Polymarket US, with traders repricing the lightweight and featherweight bouts through the week. The Polymarket code OREGON is verified and active as of September 5, 2026, and open to all eligible new US accounts, including readers in Oregon. What separates this Polymarket code and its bonus from most is the entry cost. The required deposit is $10, not $50 or $100, and the $50 bonus is five times that stake, credited immediately. The bonus is not restricted to Polymarket UFC markets either -- it is live across the full board, from Saturday's Fight Night to the 2028 presidential market drawing record volume. Polymarket Code OREGON: Key Terms and Bonus Details (September 5, 2026) * The Polymarket code is OREGON. * Entering OREGON and depositing $10 returns a $50 bonus, for $60 in total trading funds. * The Polymarket code OREGON is verified and active as of September 5, 2026. * It is entered in the promo/referral field at registration and cannot be applied to an existing account. * The $50 bonus is open to new Polymarket US accounts only, one per user. * Bonus funds work on every open market, including Polymarket UFC odds and the politics board. Polymarket Code OREGON: How to Claim the $50 Bonus Tip: the code has to go in during registration. A Polymarket code cannot be applied to an account that already exists, and expired codes will not return the bonus. Polymarket Code OREGON: Terms and Conditions * Bonus: $50 in trading funds * Deposit required: $10 minimum first deposit * Total starting balance: $60 * Code: OREGON * Where it goes: The promo/referral field at registration * Eligibility: New Polymarket US accounts only; one per user * Active as of: September 5, 2026 * Usage: Valid on all open Polymarket odds and prediction markets -- UFC, politics, crypto, finance, and global events * Withdrawal: Subject to Polymarket's standard terms; review current terms at Polymarket.com What Is the $50 Polymarket Bonus Worth? The bonus attached to OREGON is $50 in trading funds on a $10 deposit -- a 500% match, the largest ratio of any new-user bonus currently running on a US prediction market, delivered as tradeable funds rather than a restricted credit. A $60 opening balance spread across Polymarket UFC markets, the lightweight title futures, and the politics board gives a new trader room to take several positions rather than one, with no market restriction and no minimum trading volume before it unlocks. Polymarket UFC Odds for Saturday's Fight Night: What the Market Is Pricing Saturday's Fight Night is live on Polymarket US, and two of the main-card bouts are drawing steady action. On Polymarket, each cent price is the market's implied probability -- a fighter at 58¢ is priced at roughly a 58% chance to win. The total is priced on whether the fight goes over or under 2.5 rounds: Polymarket odds update in real time and may shift before the walkouts. All figures current as of September 5, 2026. Track live Polymarket UFC odds for Saturday's Fight Night. Polymarket UFC Futures: Lightweight Champion at the End of 2026 The same $60 balance reaches the futures board, where the lightweight title picture is one of the most lopsided markets in the division. Polymarket has Justin Gaethje priced as a heavy favorite to hold the belt at year's end: Market resolves at the end of 2026. Figures current as of September 5, 2026; several more fighters are priced in the same market. View live Polymarket UFC futures. Polymarket Politics Markets: 2028 Presidential Winner Polymarket's politics markets are the platform's highest-volume category outside sports, and the Polymarket code OREGON unlocks them on the same $10 deposit as UFC. The 2028 presidential winner market has cleared nearly $700 million in volume and is repricing continuously. Here is how the top of the field is currently priced: Figures current as of September 5, 2026. The four names above lead a wider field of more than 50 candidates priced in the same market. View live Polymarket politics markets. Polymarket Code vs. Kalshi Promo Code vs. DraftKings Promo Code: Three platforms are courting new customers into Saturday's Fight Night. Two are prediction markets, one is a sportsbook: Polymarket runs fully peer-to-peer -- every trade is matched between users, and Polymarket odds tend to move first on breaking fight news. Kalshi is a CFTC-regulated exchange matching limit orders; its Kalshi promo code OREGONLIVE1 and Kalshi referral code OREGONLIVE1 point to the same flat 100% deposit match -- $25 in bonus funds on a $25 deposit, for $50 total, with no minimum trade count. DraftKings is a licensed sportsbook where the reward arrives as non-withdrawable bonus bets -- signing up with this DraftKings promo code unlocks Spend $5, Get $200 in Bonuses after a $5 qualifying bet. On entry cost alone, the Polymarket code OREGON is the least demanding: $10 in, $60 to trade, no volume requirement. Do You Need a DraftKings Promo Code to Claim the Bonus? No. DraftKings does not require a DraftKings promo code at registration -- a persistent misconception. The DraftKings bonus attaches automatically when a new customer signs up through an eligible link and places a qualifying $5 bet. Polymarket is the opposite: the Polymarket code OREGON must be entered at sign-up, or the $50 bonus is never granted. Other Verified Polymarket Codes for Saturday's Fight Night: The Polymarket code OREGON is one of five verified codes carrying the same $50 bonus on a $10 deposit as of September 5, 2026: Each is sourced through Polymarket's official affiliate program. Conclusion: Use the $50 Bonus with Polymarket Code OREGON for Saturday's UFC Fight Night! Saturday's UFC card is one of the busiest Polymarket UFC markets on the board, and the walkouts are the window to fund an account. Registering with the Polymarket code OREGON takes under five minutes and turns a $10 deposit into $60 of trading funds. The Polymarket code OREGON is verified, active as of September 5, 2026, and limited to new users -- it cannot be reused, and it will not carry the bonus once that window closes.
Anthropic IPO launch shifted to October
Anthropic chief compute officer Tom Brown at the G20 Innovation Ministerial summit, in the US. The company is planning a $2-trillion listing, one of the largest IPOs Anthropic is expected to begin marketing its initial public offering (IPO) in mid-October at the earliest and complete the listing days before the US midterm elections in November, people familiar with the matter has said. The artificial intelligence company had been expected to make its IPO prospectus public as early as next week, two of the people said, a crucial step that would kick off the final stages of the offering. Now that is not expected until late September, the people added, cautioning that the plans, including the timing, are subject to change. The shift pushes back what some investors have said could be a $2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry. Companies frequently adjust their IPO schedules as they work through market conditions, regulatory reviews and other preparations, so such changes are not unusual. As part of the IPO process, Anthropic is looking to finalize a $15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one of the people said. Bloomberg News earlier reported that Anthropic was in talks to expand the facility to $15bn. Companies typically leave a few weeks between analyst meetings and making the IPO prospectus public, although Anthropic is expected to have a tighter window because analysts already know the company well, the person said. Anthropic declined to comment. The offering is expected to be one of the most closely anticipated IPOs ever, as investors look to public markets for exposure to the rapidly growing artificial intelligence industry. It could come alongside potential listings from other AI companies, including OpenAI. Elon Musk's SpaceX went public in June at a record $1.77trn valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter. The banks declined to comment.
Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
By most measures, Cerebras Systems (NASDAQ:CBRS) delivered an outstanding second quarter. The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI. A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI. Image source: Getty Images. The backlog arrived almost all at once In December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030. Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement. Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year. When does the backlog become revenue? The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028. Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request. It's worth noting, though, that the near-term share has moved up. At the close of 2025, Cerebras expected about 15% of the balance to convert in the 24 months through 2027. The latest figure is 22%, though it covers a window ending six months later. The conversion takes years partly because Cerebras is still building the thing it has sold. Capacity for OpenAI deploys in stages from 2026 through 2028. Cerebras says more than 600 megawatts of data center capacity is live or under contract for delivery by the end of 2027, with manufacturing capacity set to grow more than tenfold in 2026. And just this week, Cerebras announced a new 165-megawatt data center in Finland. OpenAI is even helping to finance the build-out, advancing Cerebras a $1 billion working capital loan in January. Concentration isn't new here In 2025, Mohamed bin Zayed University of Artificial Intelligence accounted for 62% of the company's revenue, and Group 42 accounted for another 24%. Those figures are shares of last year's revenue, not of the backlog. But the pattern held in the second quarter, when three customers each accounted for at least 10% of revenue, or 76% of it between them. The company doesn't say exactly how much of the $25.4 billion sits with OpenAI. Either way, a short list of buyers is doing most of the buying. That matters because of the stock's valuation. With shares around $215 as of this writing (down about 44% from their 52-week high of $386.34), the whole company is valued near $51 billion -- nearly 58 times the adjusted revenue management expects this year, for a company still posting operating losses. Even if revenue more than triples in 2027, as management plans, the stock would trade at about 19 times those expected sales. What, then, is the backlog worth to a shareholder? A lot, I think -- just not everything the headline number implies. The $25.4 billion includes a customer's multiyear commitment, not revenue in hand. And most of it is scheduled to convert after mid-2028, by a company that must build enormous capacity on time, much of it for one buyer whose needs could change. The business itself is executing well. Adjusted gross margin improved about nine percentage points from a year ago, and Cerebras holds about $8.6 billion in cash and investments after May's initial public offering. Ultimately, the backlog is evidence of extraordinary demand and arguably the best reason to keep watching Cerebras closely. But I'd want to see the OpenAI revenue step up for a few more quarters before paying today's price. Should you buy stock in Cerebras Systems right now? Before you buy stock in Cerebras Systems, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and Cerebras Systems wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $421,997!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,413,876!* Now, it's worth noting Stock Advisor's total average return is 978% -- a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks " *Stock Advisor returns as of September 5, 2026. Daniel Sparks and his clients do not have positions in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Despite xAI's objections, judge rules not to block Minnesota "nudification" law
A Minnesota law went into effect Aug. 1 that bans apps that alter photos of people to make them nude. Despite objections from xAI, Elon Musk's artificial intelligence company, U.S. District Judge Donovan Frank ruled the law can stay in effect, the Star Tribune reports. xAI had issued a legal challenge to block the first-of-its kind law from going into effect. The law can fine companies up to $500,000 if users create deepfake nude images and also allows victims to sue the app owners. xAI's attorneys said the law limits free speech and said the company already doesn't allow users to create nude or pornographic images of people without their consent, the Star Tribune reported. In his opinion, Frank said Minnesota's decision to ban those AI tools is in response to harms caused by the technology, whereas xAI failed to show the decision caused their company irreparable harm.
Cerebras Has a $25.4 Billion Backlog, and One OpenAI Agreement Is Behind Much of It
By most measures, Cerebras Systems (NASDAQ:CBRS) delivered an outstanding second quarter. The artificial intelligence (AI) computing specialist grew its non-GAAP (adjusted) revenue 103% year over year to $209.9 million. Its inference cloud business nearly quadrupled, and management raised its full-year outlook to a range of $880 million to $890 million in adjusted revenue. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " But the most important number in the mid-August update wasn't on the income statement at all. Cerebras ended June with $25.4 billion in remaining performance obligations, the backlog of contracted work it hasn't yet delivered or recognized as revenue. That's nearly 29 times the revenue management expects for all of 2026, a figure lifted by data center costs passed through to OpenAI. A figure that large deserves scrutiny. The company's own filings say where to look: at a single agreement with OpenAI. Image source: Getty Images. The backlog arrived almost all at once In December 2025, Cerebras signed a master relationship agreement with the ChatGPT maker under which OpenAI committed to purchase 750 megawatts of computing capacity for AI inference -- a deal Cerebras has valued at more than $20 billion. OpenAI also holds an option to buy an additional 1.25 gigawatts of capacity by the end of 2030. Remaining performance obligations were $24.6 billion at the close of 2025, then edged up to $25.0 billion in March and $25.4 billion in June. The balance grew only about 3% over the first half of 2026. Nearly all of it was on the books before 2026 began. And Cerebras says in its latest quarterly filing that a significant amount of the balance is attributable to its obligations under the OpenAI agreement. Cerebras recognized $56.8 million of revenue under the arrangement in the second quarter, or about 32% of the company's $180.1 million in revenue under generally accepted accounting principles (GAAP), which grew 74% year over year. When does the backlog become revenue? The backlog converts slowly, by design. Cerebras expects to recognize only about 22% of the $25.4 billion (about $5.6 billion) over the 24 months ending June 30, 2028. Another 43% should arrive between months 25 and 48, with the rest coming later. Of course, the timing can shift at the customer's request.
