Afternoon edition — Monday 26 October 2026

Anthropic made its registration statement for an initial public offering public on Monday 26 October. The Form S-1 on the SEC's EDGAR system says the company has applied to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The price range, the number of shares and the amount to be raised are still blank.

What changed since this journal's 21 October dispatch, which relied on the Wall Street Journal's account of a draft: the figures now come from the filed document. Revenue for the six months to 30 June was $16.29 billion, against $1.16 billion a year earlier and $4.59 billion for all of 2025. Compute and infrastructure cost $8.95 billion in the half, and the operating loss narrowed to $693 million from $2.14 billion. The net loss was $80.75 billion, of which $72.4 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs, which the filing attributes mainly to Anthropic's rising valuation.

The filing also sets out control after the listing. Anthropic is a Delaware public benefit corporation. Its Long-Term Benefit Trust holds Class T stock, which generally lets it elect and remove the Class T directors, who will be a majority of the board. A single Class F share, held by a company owned by the seven co-founders, will carry 50.1 per cent of the votes on other shareholder matters, including the election of the remaining directors. Employees other than the co-founders will receive Class E stock that votes only on limited matters.

On customers, the S-1 says that as of 30 September more than 11,900 customers each brought in $100,000 or more over the previous twelve months, more than 1,900 brought in $1 million or more and about 250 brought in $10 million or more. The top five customers made up about 25 per cent of revenue in the nine months to 30 September, and none exceeded 10 per cent. Since the start of 2026, Anthropic says it has signed new or amended lease and commercial agreements, mostly for compute equipment, data centres and cloud capacity, with future minimum payments of about $417 billion.

SpaceX said on Monday 26 October that it has reached a binding commitment to enter an approximately $40 billion master finance lease for GPUs and related equipment with an entity managed by Apollo Global Management. The lease is to supply Nvidia Vera Rubin chips for SpaceX's ground-based computing build-out. Reuters, as published by CNA and Yahoo Finance, reports that the Apollo-managed entity will buy the chips and server hardware and lease them to SpaceX, with total principal payments of about $40 billion.

What changed since this morning's edition: on Sunday, Elon Musk had described the money on X as $40 billion of debt that SpaceX had closed. Monday's release says entry into the lease is still subject to closing conditions and is expected to close before the end of 2026, with lease schedules starting as the equipment is delivered in the first half of 2027. Apollo and Goldman Sachs lead the financing parties, with Goldman as sole structuring agent, and funds managed by BlackRock and Goldman Sachs Asset Management and accounts advised by KKR have made anchor commitments.

Finance-chief commentary in the release says SpaceX is 'seeing less than one year payback periods on our SI infrastructure investments' and that the extra compute will power Grok and serve cloud customers.