News & Updates
The latest news and updates from companies in the WLTH portfolio.
EntropyIO relaunches Anthropic pre-IPO markets on Hyperliquid platform
EntropyIO has launched new perpetual markets for Anthropic's pre-IPO equity and SNDK on Hyperliquid, utilizing real-time data from RedStone. This development reinvigorates activity around Anthropic's valuation after a previous market closure earlier this year. The move marks a significant step for EntropyIO as it aims to capture interest in the burgeoning AI sector, with Anthropic being a notable entity in the field. The relisting on Hyperliquid's HIP-3 framework allows participants to engage with synthetic derivatives of Anthropic's pre-IPO equity, maintaining a focus on valuation rather than direct equity ownership. Key Takeaways * EntropyIO's launch of new perpetual markets appears to enhance interest in Anthropic's pre-IPO valuations. * Market pricing suggests potential increased exchange activity, reflecting interest in Anthropic's significant AI endeavors. * The relisting on Hyperliquid could indicate a renewed focus on Anthropic's growth potential leading up to its anticipated IPO. What to Watch Observers should monitor Anthropic's upcoming financial disclosures and any IPO-related announcements, as these could significantly impact market sentiment. Developments in the AI sector and broader tech market conditions may also influence participant behavior. Key indicators to watch include any updates from Anthropic's leadership or changes in secondary market valuations that could affect the perceived attractiveness of the pre-IPO equity. Get live prediction-market analysis, powered by Vera. Sign up for Vera.
David Sacks accuses Anthropic of regulatory capture against open source AI
The White House tech advisor warns that a proposed self-regulatory body could quietly kill open source AI models through compliance requirements they can never meet David Sacks, venture capitalist and co-chair of the President's Council of Advisors on Science and Technology, is sounding the alarm on what he calls a quiet regulatory strategy to suffocate open source AI. His argument: you don't need to ban something outright if you can just regulate it into irrelevance. During an episode of the All-In Podcast, Sacks laid out a scenario in which a self-regulatory organization designed for AI oversight gradually morphs into a mandatory pre-release approval agency. Think of it as a DMV for AI models, except instead of waiting in line to renew your license, developers would need to get their models blessed before releasing them to the public. The compliance trap The core of Sacks' concern is structural. A pre-release approval regime would impose compliance requirements that proprietary, closed models from companies like Anthropic could feasibly meet. Open source models, by their very nature, cannot. Once you release an open source model into the wild, it's out there. It's decentralized, forkable, and immutable. You can't recall it for a safety audit the way Anthropic can update Claude behind a closed API. Requiring pre-release certification would essentially create a regulatory framework where closed models pass and open models fail by default. Sacks specifically named Anthropic, the company led by CEO Dario Amodei, as the primary actor pursuing what he described as "sophisticated regulatory capture." In his telling, Anthropic has positioned itself as the responsible adult in the room, advocating loudly for AI safety while quietly lobbying for regulatory structures that happen to favor its own business model. The industry split What makes Sacks' framing notable is the degree of isolation he attributes to Anthropic. According to him, virtually the entire tech industry supports open source AI development, with Anthropic standing as the notable exception. Meta, which has invested heavily in its open-weight Llama model family, represents the other end of the spectrum, betting that open release accelerates adoption and ecosystem development. The competitive dimension extends well beyond Silicon Valley. Chinese-developed open-weight models have recently topped or approached critical benchmarks, a development that Sacks has used to sharpen his argument about American competitiveness. If the US constrains open source AI through regulatory friction while China faces no such limitations, the talent and innovation gap could widen in the wrong direction. Sacks has been vocal on X about this framing, repeatedly invoking the principle of "permissionless innovation," the idea that developers should be able to build and release technology without needing prior government approval. What this means for the AI landscape The companies most exposed to this regulatory risk are the ones building in the open. Meta's Llama ecosystem, Mistral, Stability AI, and the broader constellation of startups and research labs that depend on freely available model weights all face a scenario where their core distribution model becomes legally complicated, if not outright impossible. Sacks' warning also carries weight because of his current position. As co-chair of the President's Council of Advisors on Science and Technology, he's not just a podcast commentator. He has a direct channel to policy discussions, which means his framing of the issue, regulatory capture dressed up as safety, could influence how the White House approaches AI governance.
Zoom's hidden Anthropic stake could overshadow Q2 earnings streak
A roughly $97 million bet on Anthropic may now be worth billions, and analysts say it's the most interesting thing about Zoom right now Zoom Communications has beaten Wall Street's revenue estimates for 15 straight quarters. Ahead of Zoom's fiscal Q2 2027 earnings on August 25, 2026, the real conversation among analysts isn't about video call growth or enterprise seat expansion. It's about the company's equity position in Anthropic, the AI lab behind Claude, which has ballooned in value to a degree that makes the core business look like a rounding error. The math behind the 'hidden gem' Zoom first invested approximately $51 million in Anthropic through its venture arm back in May 2023. It later added another $46 million, bringing total capital deployed to roughly $97 million. As of April 30, 2026, that combined stake was valued at $1.27 billion on Zoom's books. Anthropic's post-money valuation hit approximately $380 billion in February 2026. By May 2026, that number had reportedly surpassed $900 billion. Bank of America estimates Zoom holds roughly a 0.311% ownership stake, which at recent Anthropic valuations would put the position's worth at approximately $3 billion. Analysts at Baird, Wedbush, and BofA have all used the phrase "hidden gem" to describe it. Some projections range from $2 billion to $4 billion or more, depending on how much dilution Zoom has absorbed through subsequent funding rounds. Why it doesn't show up where you'd expect The Anthropic position sits on the balance sheet at cost-adjusted value rather than fair market value. If Anthropic goes public, or if there's a secondary sale or acquisition that triggers a revaluation, the gains could materialize on Zoom's financials in a single quarter. A $3 billion unrealized gain on a company with a market cap hovering around the low-to-mid $20 billion range represents a meaningful percentage of the entire enterprise. BofA has reinstated a Buy rating on Zoom with a $130 price target, implying roughly 24% upside from recent trading levels. The Anthropic stake is a central pillar of that thesis. The actual business still works The consensus revenue estimate for the upcoming quarter sits at around $1.27 billion, and the company has a 15-quarter streak of beating those estimates. Zoom has also integrated Anthropic's Claude models into its Contact Center solutions, which was the strategic logic behind the original investment: product differentiation alongside financial upside. What to watch on August 25 Investors will be parsing the earnings call for any updated commentary on the Anthropic valuation, whether management addresses potential liquidity events, and any changes to the carrying value on the balance sheet. If Anthropic's valuation trajectory continues, the stake alone could represent 10% to 15% or more of Zoom's total market capitalization, depending on dilution. Anthropic has not announced IPO plans, and the AI company's fundraising pace suggests it is comfortable staying private for now.
AI infrastructure stocks surge, boosting Anthropic valuation outlook
AI infrastructure stocks, notably CoreWeave and Super Micro Computer, have experienced a surge in value, according to Yahoo Finance. The rise is attributed to increased investor confidence in the AI sector, which has been gaining momentum due to advancements and heightened interest in artificial intelligence applications. This development is seen as a potential indicator of broader market expectations for the sector's growth and could influence valuations of other companies involved in AI, such as Anthropic. The market for Anthropic's valuation by December 31 is experiencing significant activity, with current pricing suggesting a high likelihood of reaching substantial valuation targets. This is reflected in the 68% YES pricing for Anthropic hitting a $2.0 trillion valuation by the end of the year and 81% YES for reaching $1.75 trillion. The recent uptick in AI infrastructure stocks appears to support market confidence in Anthropic's prospects. Market participants appear to interpret the surge in CoreWeave and Super Micro Computer as a broader indication of health in the AI sector, potentially boosting Anthropic's valuation outlook. The current market pricing reflects a strong expectation that Anthropic could meet or exceed high valuation targets by the end of the year, consistent with the positive momentum observed in AI infrastructure stocks. Key Takeaways * Market activity suggests increased investor confidence in the AI sector, as indicated by the surge in CoreWeave and Super Micro Computer stocks. * Current pricing for Anthropic's valuation indicates a strong expectation of meeting substantial valuation targets by December 31. * The developments in AI infrastructure stocks are seen as supportive of positive valuation scenarios for Anthropic. What to Watch Watch for any announcements from Anthropic regarding funding rounds, strategic partnerships, or product advancements, as these could influence market perceptions and pricing. Changes in investment levels from key partners such as Amazon and Google could also impact market expectations. Additionally, any shifts in the broader AI market sentiment, as reflected in infrastructure stocks, could affect Anthropic's valuation prospects. Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Anthropic's S-1 filing reveals key details for Amazon investors
Amazon's $33 billion bet on the Claude maker has ballooned into a $190 billion stake as Anthropic eyes one of the largest IPOs ever Anthropic quietly filed a draft S-1 registration statement with the SEC on June 1, making official what the AI industry had been whispering about for months: the maker of Claude is heading for the public markets. For Amazon, which has poured up to $33 billion into the company, this filing transforms what was already a monster bet into something that could meaningfully reshape the retail giant's balance sheet. The confidential filing doesn't include share count, pricing, or a timeline for listing. Anthropic says those details will depend on market conditions. The numbers behind the filing Just days before the S-1 hit the SEC's desk, Anthropic closed a $65 billion Series H funding round. That round valued the company at $965 billion post-money, placing it in the same atmospheric tier as the world's most valuable public companies, except it isn't public yet. Anthropic's annualized revenue run rate sat at roughly $47 billion as of May 2026. Amazon's financial exposure here is enormous and increasingly complicated. The tech conglomerate has committed a total of $33 billion to Anthropic, structured across multiple tranches: $8 billion deployed before April 2026, another $5 billion in immediate funding, and milestone-based investments that could reach an additional $20 billion. In return, Anthropic has pledged to spend over $100 billion on Amazon Web Services compute and infrastructure over the next decade. Amazon's stake has nearly tripled in value By the end of Q2 2026, Amazon's stake in Anthropic was valued at $190.4 billion. At the close of Q1, that same stake was worth $74.2 billion. In the span of a single quarter, the position appreciated by more than $116 billion. Amazon's total investment of $33 billion has generated a paper gain of roughly $157 billion at current valuations, a return of nearly 6x before Anthropic has even priced its IPO. Governance structure sets Anthropic apart Anthropic isn't filing as a typical corporation. The company is structured as a Delaware public benefit corporation, which legally obligates its board to balance shareholder returns with broader societal considerations. It has also established a Long-Term Benefit Trust with majority rights in board elections, a governance mechanism designed to prevent the kind of hostile takeover or activist-driven pivots that could compromise the company's stated AI safety mission. This dual structure means public shareholders will have less control over board composition than they would at a traditional C-corp. Google also holds a significant position in Anthropic, making the company's cap table a who's-who of Big Tech cloud providers competing against each other while simultaneously bankrolling the same AI lab. What this means going forward If Anthropic prices its IPO anywhere near its $965 billion private valuation, it would rank among the largest public offerings in history. A $965 billion valuation implies roughly a 20x multiple on annualized revenue. Anthropic has the cash reserves from its $65 billion raise to wait for favorable market conditions, which is precisely why the filing language leaves timing deliberately vague.
Anthropic has a $65 billion annual revenue run rate
Anthropic, the AI company behind the Claude product, has reportedly achieved a $65 billion annual revenue run rate by the end of July 2026, according to a report from Motley Fool. This figure marks a significant increase from the $47 billion run rate reported in May and a substantial leap from approximately $9 billion at the end of 2025. The revenue milestone comes ahead of Anthropic's potential initial public offering (IPO) later this year, a development closely monitored by investors and market analysts. The reported growth is seen as a key indicator of Anthropic's expanding market presence and may influence its valuation in upcoming private market assessments. Key Takeaways * Anthropic's revenue run rate appears to have increased substantially, suggesting strong growth momentum. * Market pricing suggests there is confidence in Anthropic reaching a valuation of $1.25 trillion by December 31, with YES outcomes currently priced at 98%. * The anticipation of an IPO later this year adds a notable factor to Anthropic's market dynamics, potentially impacting valuation estimates. What to Watch Observers will be keenly watching for any announcements regarding Anthropic's IPO, as these could significantly impact market sentiment and valuation predictions. Potential strategic moves by major investors such as Amazon and Google may also influence the market. Any updates on Anthropic's revenue projections or strategic partnerships would be consistent with scenarios supporting a higher valuation outcome. Additionally, scrutiny of media coverage and analyst reports will continue to shape market expectations around Anthropic's financial trajectory and its implications for the valuation by year-end. Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Anthropic's Fable 5 accounts for just 6% of purchased tokens as cheaper Opus 5 steals the show
Anthropic's most expensive AI model is struggling to find an audience as users flock to its half-price sibling that performs nearly as well Anthropic built its most powerful AI model ever, slapped a premium price tag on it, and watched customers shrug. Claude Fable 5, the company's flagship "Mythos-class" model launched on June 9, 2026, has captured just 6% of total tokens purchased in its first two months on the market. For a model positioned as the pinnacle of Anthropic's AI capabilities, that's a remarkably thin slice of the pie. Even measured by revenue, where Fable 5's higher prices should inflate its share, the model accounts for only 11.4% of earnings. The price tag problem Fable 5 costs $10 per million input tokens and $50 per million output tokens. Anthropic released Claude Opus 5 on July 24, barely six weeks after Fable 5's debut, priced at exactly half: $5 per million input tokens and $25 per million output tokens. Opus 5 matches or exceeds Fable 5's performance across many benchmarks. When a model that costs 50% less delivers comparable results, the math isn't complicated. Developers and enterprises ran the numbers and made the obvious call. Anthropic frames this as intentional segmentation rather than cannibalization. Fable 5 is designed for "long-horizon projects," the kind of complex, multi-step reasoning tasks where marginal improvements in capability justify the premium. Opus 5, meanwhile, handles "everyday high-value work" for broader enterprise needs. What this means for Anthropic's strategy The company has already started adjusting how users access Fable 5, including temporary subscription inclusions and shifts to usage-based credits. These aren't the moves of a company watching its premium product fly off the shelves. They're the moves of a company trying to get more people to actually try the thing. Anthropic appears to be settling into a dual-market approach. The strategy banks on a small cohort of power users paying the Fable 5 premium. Meanwhile, Opus 5 and other lower-tier models handle the volume. If Fable 5's share stays in the single digits, it raises questions about whether Anthropic can sustain the economics of developing ultra-premium models. A model that generates 11.4% of revenue while presumably consuming a disproportionate share of compute resources to develop is a tough business case to defend indefinitely.
Vercel reports open-weight models hit 62% of AI Gateway traffic in August
Open-weight models nearly tripled their share of Vercel's token volume in two months, reshaping how enterprises think about AI spending Two months ago, open-weight AI models were a minority player on Vercel's infrastructure. Now they're running the show, at least by volume. Vercel CEO Guillermo Rauch reported on August 22 that open-weight models accounted for 62% of all tokens processed through Vercel's AI Gateway, up from 28.4% on June 24. How fast is fast? Open-weight models held just 11% of Vercel's token volume in April. By June they were at 29%. By late August they crossed 62%. Vercel's AI Gateway acts as a routing and traffic management layer for AI-powered applications, meaning its data reflects real production workloads from real companies, not benchmark experiments or lab conditions. The structural thing happening here is cost. Open-weight models can run at roughly one-tenth the price of their closed-source counterparts, and enterprises have figured out that not every AI task needs a premium model to get the job done. The spending paradox Despite commanding 62% of token volume, open-weight models are not commanding 62% of the money. Anthropic's closed models captured between 61% and 65% of total expenditure on the gateway in recent reporting periods. Claude is processing a minority of tokens but collecting a majority of the revenue. DeepSeek has climbed to the top, or near the top, of Vercel's token volume leaderboard, overtaking Google in processing share. What this means for AI deployment broadly Major companies including AT&T and Coinbase have been noted among those emphasizing cost-reduction strategies in AI deployment, which aligns with exactly the kind of workload routing the Vercel data describes.
