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JUST IN: Germany’s Bundestag passed a bill allowing its foreign intelligence agency to hack overseas systems and take down servers used by state-backed hackers.
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JUST IN: Anthropic is seeking to exclude investors based in mainland China and Hong Kong from its IPO, per Bloomberg.
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ANTHROPIC IPO: WHAT WE KNOW
1/ Anthropic expects to price its IPO on Nov. 18 and begin trading on Nasdaq as $ANT on Nov. 19, subject to regulatory clearance.
2/ The preliminary prospectus lists 825M shares at $70–$78 each, putting the base offering at up to $64.4B before fees.
3/ Eligible retail investors can request shares through participating brokerages. RetailBook is handling the UK retail offer. Allocations are expected to be confirmed on the first trading day.
4/ Anthropic reported $17B in Q3 revenue, more than 12x a year earlier. Its $23.3B net loss included a $21.9B noncash charge.
Our initial public offering: ipo.anthropic.com
Legal disclaimer: Anthropic has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement (available at: sec.gov/Archives/edgar/data/…) and other documents Anthropic has filed with the SEC for more complete information about Anthropic and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at sec.gov. Alternatively, copies of the preliminary prospectus may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
The securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post is not an offer to sell, or a solicitation of an offer to buy, the securities in any jurisdiction where the offer or sale is not permitted.
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JUST IN: Chinese AI firms are racing to rent Nvidia-powered compute overseas amid fears the US could restrict remote access to advanced chips, per Reuters.
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JUST IN: Reuters found that Megaspeed, the Nvidia cloud partner under scrutiny over possible chip diversion to China, lists a virtual office in Sydney for its Australian subsidiary and a rural lottery shop as its director’s address.
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JUST IN: Investors worry Nvidia could pull back on AI financing if Jensen Huang is ousted, per Reuters. The chipmaker disclosed $164.5B in financial commitments in its latest earnings report.
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JUST IN: Anthropic’s IPO is already several times oversubscribed, per Bloomberg. The public offering could raise up to $64.4B, with another $26B from a private placement.
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JUST IN: IBM announced Nighthawk r3, a quantum chip designed to run 10,000 operations across 520 qubits. It plans to link two chips into a system with more than 1,000 qubits in 2027.
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JUST IN: Utah startup Torus raised $500M in a Series C led by Magnetar to manufacture Foundry, a container-sized system that pairs battery storage with AI inference, per Bloomberg.
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ANTHROPIC IPO: WHAT WE KNOW
1/ Anthropic has launched its IPO roadshow and applied to list on the Nasdaq Global Select Market under $ANT. The proposed price range is $70–$78 per share.
2/ The offering covers 825M shares, worth $57.8–64.4B before fees. Anthropic is offering about 801.4M shares, with existing shareholders selling the remaining 23.6M.
3/ At $78 per share, Anthropic would raise about $62.5B before fees. The top of the range implies a fully diluted market cap of roughly $1.3T, per MarketWatch.
4/ Underwriters are expected to have a 30-day option to buy another 123.75M shares. If fully exercised at $78, the total offering would reach about $74B.
Anthropic has launched the roadshow for its proposed initial public offering: anthropic.com/news/roadshow-…
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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ANTHROPIC’S CLAUDE FABLE 5.2 AND MYTHOS 5.2: WHAT WE KNOW
1/ Anthropic launched Claude Fable 5.2 and Mythos 5.2 for complex coding, research and engineering.
2/ About 1,000 Fable agents converted an existing proof of Fermat’s Last Theorem into computer-checkable code in 30 hours. Opus 5.5 reached 27% in the same setup.
3/ On FrontierCode 2.0, Fable at High effort roughly matched Opus 5.5 at Max for half the cost per task.
4/ Anthropic says Fable solved two open problems involving black holes, while Mythos accurately modeled 28 of 34 viral protein shells.
5/ The models generate tokens up to 30% faster than their predecessors, according to Anthropic.
6/ API prices fell 20% to $8 per million input tokens and $40 per million output tokens.
7/ Fable is broadly available. Mythos uses the same underlying model and is limited to approved organizations.
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JUST IN: Nvidia CEO Jensen Huang acknowledged an affair in an email to staff seen by Axios. Nvidia’s board has opened an independent investigation into reports that he was targeted by foreign intelligence.
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The sixth round of Entropy affiliate badges has been distributed.
Invitations have been sent on X, and recipients will find further instructions in their DMs.
Each week, we’re more impressed by how you represent Entropy across the space. You’re bringing your own perspectives, helping others understand the markets, and giving more people a reason to explore what we’re building.
As Entropy grows, so do the voices around it. Seeing familiar contributors develop their ideas and new ones join the conversation makes that progress especially rewarding. We’re growing together, and these badges recognize the people helping make that happen.
Thank you to everyone sharing research, trades, and insights on Entropy. The next round will follow soon.
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JUST IN: Anthropic struck a $3.4B deal to secure 1.7GW of Caterpillar gas-fired generators for its data centers, per FT. It took over equipment orders placed by OnePWR Solutions two years ago, securing deliveries over the next two years as AI demand stretches supply.
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JUST IN: NASA selected SpaceX, Blue Origin and six other companies to compete for lunar delivery missions under its new $10B CLPS 2 contract.
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JUST IN: Justin Yek will replace Kaiser Ng as Binance CFO, per Reuters.
The exchange is managing the fallout from a $6.3B hack and has pledged to fully reimburse affected users.
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JUST IN: Coca-Cola plans to reduce its stake in its Indian bottler from 60% to about 45% through an IPO, per Reuters.
