Artificial Intelligence

Inside Anthropic’s S-1: $16.3B in six months

Anthropic made its S-1 public on Monday, and we took an extra day to read it. This issue digs into the revenue, compute commitments and shareholder rights, along with the risks Anthropic lays out.

Paul Smalera

Artificial Intelligence

October 28, 2026

Paul Smalera

Artificial Intelligence

October 28, 2026

OpenAI seeks $30B at a lower valuation target

Paul Smalera

The SEC’s private-markets vote, read closely

Paul Smalera

Anthropic pledges 5% of its shares to a public benefit fund

Paul Smalera

OpenAI’s reported $50B and $70B count different things

Paul Smalera

Private-company exposure without the shares

Paul Smalera

Microsoft reportedly cut Claude spend by a third

Paul Smalera

OpenAI’s $1.4T is a pre-money number

Paul Smalera

Exit, Voice and the Continuation Fund

Paul Smalera

Anthropic’s IPO Prospectus Shows a $42B Loss

Paul Smalera

Bamboo Postpones Its $700M IPO

Paul Smalera

What VCX’s premium says about private-company access to Anthropic

Paul Smalera

Anthropic reportedly moved its IPO to November

Paul Smalera

Valor handed its LPs $8.5B of SpaceX stock

Paul Smalera

Four Days That Split Silicon Valley on AI

Paul Smalera

OpenAI Won’t IPO in 2026. SoftBank Falls 11%.

Paul Smalera

Miro’s 90% valuation reset

Paul Smalera

SambaNova and Forge’s At-Par Median

Paul Smalera

Oura’s S-1 Reveals $1.09B in Buybacks

Paul Smalera

The price SpaceX's private market never set

Paul Smalera

Anthropic Signs $35B Cloud Deal With Lambda

Paul Smalera

Nvidia Reportedly Agrees to Buy Hugging Face for $12.9B

Paul Smalera

What Nvidia Buys Without Buying the Company

Paul Smalera

Nvidia eyes Perplexity at $30B+

Paul Smalera

Anthropic Reportedly Targets SpaceX's IPO Record

Paul Smalera

A Stock Token Can Be Three Different Things

Paul Smalera

Nvidia Guaranteed Up to $105B on OpenAI's Ohio Lease

Paul Smalera

Six Anthropic Backers Expect a $2 Trillion October Listing

Paul Smalera

What Airtable and Brex Actually Sold For

Paul Smalera

OpenAI's $7B tender cleared at $852B

Paul Smalera

OpenAI: Reportedly $0 debt, $665B in commitments*

Paul Smalera

OpenAI's at $852B. Employees still won't sell.

Paul Smalera

$45B to $10B. The Anthropic stake stayed.

Paul Smalera

The Builders Are Back

Max Melmed

SpaceX reports Aug. 4. $116B unlocks Aug. 6.

Paul Smalera

Stripe's ~$10B move on OpenRouter

Paul Smalera

OpenAI's reported $1T IPO target ask and the Bonfire Economy

Paul Smalera

Moonshot's $30B path opens after Kimi K3

Paul Smalera

DeepSeek's $52B valuation, found in a filing

Paul Smalera

Kalshi priced compute. OpenAI’s exposure may be different.

Paul Smalera

Blue Origin's $130B ask

Paul Smalera

SpaceX joined the Nasdaq-100 today: $4.3B in play

Paul Smalera

OpenAI reportedly weighs 2027; $1T still the ask

Paul Smalera

ByteDance reportable trades near $600B without an IPO

Paul Smalera

Why SpaceX priced at $135 and opened at $150

Noel Moldvai

Anthropic got 90 minutes. Top models went dark.

Paul Smalera

Bezos raises $12B; Citi tokenizes private shares; SpaceX IPOs

Paul Smalera

SpaceX's $135 mark meets the public tape

Paul Smalera

SpaceX: a $1.77T ask, a $780B dissent

Paul Smalera

Anthropic's S-1: Reconstructed From the Record*

Paul Smalera

Anthropic's reported $965B tops OpenAI

Paul Smalera

OpenAI's $6.6B Tender: Comp, Not Cash Out

Paul Smalera

SpaceX filing unveiled; IPO pipeline comes into focus

Paul Smalera

$725B in capex. The math behind the datacenter buildout.

Paul Smalera

Musk lost in 2 hours. OpenAI litigation overhang eases; appeal and IPO timing still in focus

Paul Smalera

Cerebras popped 108%

Paul Smalera

Hackers shipped AI's first working zero-day

Paul Smalera

Ramp $40B. Hyperscalers' $49B tell.

Paul Smalera

Anthropic's tender priced at $350B. The market said $1T.

Paul Smalera

Anthropic's $1.5B JV with Blackstone

Paul Smalera

KKR raised $10B for AI infra

Paul Smalera

OpenAI rewrote the Microsoft deal

Paul Smalera

SpaceX S-1: $26.5T from AI

Paul Smalera

Power 20 Q1: OpenAI -22%, Anthropic +59%

Paul Smalera

Tim Cook out. Ternus gets a $4T Apple

Paul Smalera

Anthropic Says No to $800 Billion

Paul Smalera

Databricks 25x, Snowflake 12x: The NAV Trap

Paul Smalera

OpenAI says Anthropic's $30B is off by $8B

Paul Smalera

CoreWeave has now signed the four biggest AI labs

Paul Smalera

Anthropic's Mythos Just Broke Cybersecurity's Business Model

Paul Smalera

Dario's notes on Sam. Anthropic's $30B run rate.

Paul Smalera

OpenAI Bought a Talk Show. Seriously.

Paul Smalera

The robot money is here

Paul Smalera

SpaceX is finally going public. Here's what it actually means.

Paul Smalera

Musk just announced the biggest chip factory in history. Investors should pay attention.

Paul Smalera

OpenAI is eating the developer stack

Paul Smalera

Jensen Huang just set the AI infrastructure agenda for the next two years

Paul Smalera

Vibe coding is the new AI infrastructure trade

Paul Smalera

Anthropic's $380B valuation has a new problem

Paul Smalera

SpaceX is filing for its IPO. The window is officially open.

Paul Smalera

The AI infrastructure boom has legs. Literally.

Paul Smalera

The fastest SaaS company ever just doubled again

Paul Smalera

Block just cut half its workforce. Wall Street loved it.

Paul Smalera

A Substack post helped tank the Dow 800 points. Here's why it matters for private markets

Paul Smalera

The $1 trillion question hanging over private markets

Paul Smalera

Friday the 13th came for the IPO market

Paul Smalera

The AI business model war just went live on national television

Paul Smalera

The $285B wakeup call—and the $100B+ bet on what comes next

Paul Smalera

From $68B to $11B: Figma's lesson for private investors

Paul Smalera

Secondary markets just had their biggest year ever. Here's what comes next.

Paul Smalera

Musk just created a $1.25 trillion company

Paul Smalera

SpaceX and xAI in merger talks ahead of IPO

Paul Smalera

Nvidia and Google back AI video unicorn Synthesia at $4B

Paul Smalera

Sequoia is betting on three AI rivals at once.

Paul Smalera

What Anthropic's $350B round means for secondary pricing

Paul Smalera

Private equity market trends for 2026: what’s next for investors and startups?

Noel Moldvai

Can AI browsers challenge Google Chrome’s dominance… and what could it mean for private markets?

Noel Moldvai

Scale AI–Meta Partnership: Risks, Strategy & What It Means

Noel Moldvai

2025’s hottest sectors for secondary market investment

Noel Moldvai

The future of secondary markets in 2025: Trends & insights

Noel Moldvai

Top-ranked companies end 2024 up 40% as four AI companies join the Augment Power 20

Noel Moldvai