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Anthropic will seek to go public in an IPO valuing the company at $2 trillion, even though it is heavily loss-making, according to The Wall Street Journal, which obtained a draft of the company\u2019s S-1. The report gives us new details about what Anthropic\u2019s income statement looks like:<\/p>\n
Revenue: $16.3 billion in the first half of 2026, up from $1.1 billion in the year-earlier period. Full-year 2025 revenue was $4.6 billion.
\nExpenses: $9 billion on computing capacity and infrastructure in H1 2026, up from $2.3 billion the year before. The company plans to spend $750 billion for compute over the coming years and has signed $450 billion of mostly \u201cnoncancellable\u201d deals with cloud providers.
\nNet loss: $80 billion in H1 2026, up from $13 billion the year prior.
\nRisks: Anthropic has a limited customer base, and its product has the ability to hack into other companies or \u201cblackmail\u201d (!) its own customers.
\nExecutive comp: CEO Dario Amodei and his sister Daniela, the company\u2019s president, received a base salary of $655,000 in 2025. Most of their compensation is in the form of company stock. Total comp for him is valued at $18 million; $16.5 million for her.<\/p>\n
\u2018Tap dancing through a minefield\u2019: Elon Musk teases $3.5 trillion Tesla-SpaceX merger talks<\/p>\n
Elon Musk said Tuesday that independent directors at Tesla and SpaceX have formed special committees to explore combining the two companies\u2014a deal that, at current market values, would create a roughly $3.5 trillion giant. Musk said he can\u2019t take part in the talks because he is a \u201cconflicted party.\u201d<\/p>\n
\u201cThis is definitely the kind of question where I feel like I\u2019m tap dancing through a minefield,\u201d Musk said on SpaceX\u2019s third-quarter earnings call, adding that calling a merger a certainty would be \u201coverstating it.\u201d<\/p>\n
MORE FROM FORTUNE<\/p>\n
Is Kalshi Gambling? The Billionaire Founder Answers | Fortune Daily<\/p>\n
Powerful new AI models are powering a growing wave of cyber attacks, experts say – Emily Forlini<\/p>\n
Billionaire Mark Cuban\u2019s 5-step plan to make healthcare affordable targets drug middlemen\u2019s \u2018contractual terrorism\u2019 – Emma Witman<\/p>\n
The Bezos Earth Fund has given away $2.4 billion. Jeff Bezos and Lauren S\u00e1nchez Bezos\u2019 latest $100M bet is saving species on the edge of extinction – Sydney Lake<\/p>\n
Political campaigns have poured $137 million on AI-made ads ahead of a crucial midterm\u2014after spending virtually nothing last election cycle – Sasha Rogelberg<\/p>\n
The way we consume energy is changing. Abu Dhabi\u2019s integrated\u202fsystem has already embraced that change – H.E. Dr Abdulla Saif Al Jarwan<\/p>\n
Leica\u2019s U.S. boss says F1 \u2018goes at incredible speed\u2019 and photography helps \u2018stop the moment.\u2019 Now they\u2019ve made a $10,000 camera together – Catherina Gioino<\/p>\n
Can CoreWeave pay its debts? Two analysts say yes.<\/p>\n
CoreWeave stock has been a disaster recently after corporate credit investors began selling its debt, pushing the yield on those loans as high as 15%\u2014which, in the private credit markets, is the level you\u2019d expect from a company in distress.<\/p>\n
However, a new analysis from Daniel Wang and Stefan Slowinski at BNP Paribas suggests that the debt traders are wrong\u2014CoreWeave can pay its debts, they said in a paper titled \u201cA Deep Dive into the Debt Machine.\u201d<\/p>\n
CoreWeave\u2019s \u201cactive\u201d contracts can generate $6-7 billion in cash flow to service its existing debt and provide \u201cmeaningful coverage\u201d of its $1.7 billion in annual interest payments. That is \u201ca potential path towards repaying ~$26 billion of [the company\u2019s] obligations, even if growth capex comes to a halt,\u201d the pair noted.<\/p>\n
In addition, two-thirds of CoreWeave\u2019s $130 billion in remaining performance obligations (i.e., the pipeline of work its customers have contracted for) is already financed. That leaves a shortfall of $30 billion that the debt markets should be able to provide as long as they \u201cremain open\u201d to the company, they said.<\/p>\n
\u201cWe see greater risk of a prolonged confidence crisis than an outright credit crisis,\u201d they concluded.<\/p>\n
THE MARKETSTech futures rise in premarket trading as SpaceX stock rockets overnight<\/p>\n
Traders woke up in a cheerful mood today, shaking off the riots in France and the rising price of oil. Asia was mixed but the European indexes rose in early trading. U.S. futures were up before the open in New York. Nasdaq futures were up 0.43% after SpaceX reported Q3 earnings that solidly beat analysts\u2019 expectations. Both of Elon Musk\u2019s companies rose in overnight trading. SpaceX was up 8.86% post-market, and Tesla rose 1.42%.\u00a0<\/p>\n
S&P 500 futures were up 0.24% this morning. The index rose 0.28% yesterday.\u00a0
\nIn Europe, the Stoxx 600 rose 0.54% in early trading, and the U.K.\u2019s FTSE 100 rose marginally by 0.03% before lunch.
\nAsia: South Korea\u2019s KOSPI was up 3.29%. Japan\u2019s Nikkei 225 was up 0.85%. India\u2019s Nifty 50 was down 0.66%. China\u2019s CSI 300 was down 0.97%.
\nBrent crude was $110 per barrel.
\nBitcoin was at $83,346.<\/p>\n
Read more here: Wells Fargo \u201cbuy\u201d signal sees retail traders going against the bears.<\/p>\n
CHART OF THE DAYWhy the price of oil is still high even though supplies are back at pre-war levels<\/p>\n
Travel through the Strait of Hormuz is still heavily restricted by Iran, but as the chart on the left shows, oil supplies from the region are back at roughly their pre-war highs. The only difference is that operators are using a wider variety of routes out of the area than they were before.<\/p>\n
So why is oil still high? Because Ukraine\u2019s bombardment of Russian oil and diesel refineries has taken out a huge chunk of global supply. \u201cCombined net exports from the country and the Middle East [fell] by 1.3 million barrels per day in September, down more than 60% year on year,\u201d according to Alpine Macro\u2019s Kelly Xu.<\/p>\n
NUMBER OF THE DAY\u00a091.7%<\/p>\n
The percentage of Nvidia\u2019s 2027 revenues that are exposed to capex spending in the AI industry, as estimated by Morgan Stanley. It is the most exposed of all the tech companies that generate sales from AI customers.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Benjamin Netanyahu pushes to resume strikes against Iran – FT<\/p>\n
Cyber agency warns websites may go dark as PHP prepares critical fix – Reuters<\/p>\n
SpaceX up 10% in premarket after earnings beat and Musk hints at Tesla tie-up – CNBC<\/p>\n
Witkoff to present Putin with peace proposal after talks with Zelensky – Axios<\/p>\n
French supermarket giant\u2019s shares plunge 14% after warning \u2018unprecedented\u2019 unrest will hit business – CNBC<\/p>\n
Musk Ordered Starlink Slowdown That Blindsided Ukraine – WSJ<\/p>\n
Ken Griffin Says AI \u2018Almost Certainly\u2019 in a Bubble Right Now – Bloomberg<\/p>\n
A \u2018Doom Loop\u2019 Threatens France as Populism Confronts Markets – NYT<\/p>\n
ONE MORE THINGStrangers are paying up to $150 for empty seats at weddings<\/p>\n
Jeff and Karina Besen have a standing date night every week. After 19 years of marriage, they ran out of things to do. \u201cOne day, Jeff literally looked at me and said, \u2018Hey, wouldn\u2019t it be fun if we could get dressed up and go to a wedding?\u2019\u201d Karina told Fortune.<\/p>\n
So the two wondered if there was a place where they could connect with couples having a wedding in their area who needed a seat-filler. Nothing like it existed. So, the San Diego couple built it themselves.<\/p>\n
Not a Wedding Crasher lets couples share unused wedding seats with verified guests, who pay a fee to attend the ceremony and reception. And it\u2019s solving a common problem: Jeff said an estimated 10% to 20% of invited guests RSVP no or drop out.<\/p>\n
\u201cYou may have to pay for 100 seats, and you can only get 75 people,\u201d he said. And those empty chairs are costly: The average cost per wedding guest is $292.<\/p>\n
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#Anthropics #leaks #againheres #income #statement<\/p>\n","protected":false},"excerpt":{"rendered":"
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