Closing Time: Anthropic walks in with $30 trillion

• Anthropic is likely to tell IPO investors its potential revenue opportunities sit above $30 trillion, topping SpaceX’s $28.5 trillion estimate, The Wall Street Journal reported.

• OpenAI said its new Jalapeño inference chips beat Nvidia’s GB300 in tests of work per watt and response speed, Bloomberg reported.

• ClickHouse’s annual recurring revenue, the last twelve months of subscription-like sales, passed $350 million, up 40 percent from May, The Information reported.

• Alice, the AI-safety vendor that works with model labs, raised $140 million at a valuation close to $1 billion, Bloomberg reported.

• Gatik raised $200 million after a PepsiCo driverless-truck deal, TechCrunch reported, and Emerald AI raised $150 million at $1.05 billion, Reuters reported.

Today’s Biggest Moves

Symbol	Name	Chg %	Price
$SMCI	Super Micro Computer, Inc.	+9.35%	38.46 USD
$LITE	Lumentum Holdings Inc.	+6.67%	885.57 USD
$CDNS	Cadence Design Systems, Inc.	+5.06%	331.90 USD
$AMD	Advanced Micro Devices, Inc.	+4.91%	479.18 USD
$MRVL	Marvell Technology, Inc.	+4.84%	240.38 USD
$COHR	Coherent Corp.	+4.59%	288.14 USD
$ZS	Zscaler, Inc.	-4.34%	168.42 USD
$DELL	Dell Technologies Inc.	+4.23%	451.50 USD
$CLS	Celestica Inc.	+4.17%	306.86 USD
$SNPS	Synopsys, Inc.	+3.62%	408.79 USD

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1. Anthropic walks into the IPO with a $30 trillion TAM

Corrie Driebusch at The Wall Street Journal reports that Anthropic, the company behind the Claude models, is likely to tell investors its potential revenue opportunities are above $30 trillion, topping SpaceX’s $28.5 trillion estimate, according to people familiar with the matter.

Total addressable market, or TAM, is the annual revenue a company could capture if it won every customer in a category, and the Journal notes that historical TAM figures are already a bit of guesswork, even more so for AI. PYMNTS and Quartz reprints of the same Journal story say Anthropic could aim to raise as much as $100 billion and is targeting a valuation of about $2 trillion, figures those reprints flag as not final.

NYU’s Aswath Damodaran said before SpaceX’s June IPO that AI TAM estimates were reaching the end of what is plausible. Anthropic did not immediately comment, and Reuters notes a large TAM would justify valuation and heavy infrastructure spending as the company prepares a prospectus. The $30 trillion figure versus SpaceX is the print to hold, not a priced deal. Read The Wall Street Journal

2. OpenAI says Jalapeño beat Nvidia in inference tests

Dina Bass at Bloomberg reports that OpenAI said its new Jalapeño chips, custom processors built with Broadcom to run finished models rather than train them, performed better than Nvidia’s current lineup during testing, according to OpenAI chip chief Richard Ho.

Russell Brandom at TechCrunch writes that Ho presented the results at Hot Chips on SemiAnalysis InferenceX, a public benchmark of how fast and efficiently a chip can serve model responses. The Verge, covering the same briefing, says Jalapeño did 1.5 to 1.9 times more AI work per watt than the best recorded Nvidia GB200 and GB300 results across GPT-OSS 120B, DeepSeek R1, and Kimi K2.5 1T, and 1.7 to 3.6 times lower end-to-end latency.

Ho told reporters deployment would come at the end of 2026 in very small volumes, with more significant volume in 2027, and that OpenAI does not expect to replace its entire Nvidia lineup. Treat this as a first-party inference ASIC, not a training coup. Read Bloomberg

3. ClickHouse ARR passes $350 million on agent demand

Alix Coutures at The Information reports that ClickHouse, which sells a database that can quickly analyze large volumes of data such as website visitor activity, recently generated more than $350 million in annual recurring revenue, up 40 percent from May, according to a person close to the company.

A Dealroom rewrite of the same Information story says AI agents such as Anthropic’s Claude and OpenAI’s Codex are driving that demand, that ClickHouse acquired Langfuse earlier this year, and that investors valued the company at $15 billion in January. CEO Aaron Katz told that rewrite ClickHouse’s gross margins sit at 50 to 70 percent, and that if the company wanted to be cash-flow positive next year it could be.

J.P. Morgan’s Mark Murphy wrote in May, per that rewrite, that OpenAI’s use of ClickHouse jumped as it moved parts of its business including log management from Datadog. The nut is a $350 million run-rate on agent demand, not a new valuation. Read The Information

4. Alice raises $140 million at nearly $1 billion

Marissa Newman at Bloomberg reports that Alice, an Israeli startup that works to protect AI models from misuse and rogue behavior, has raised $140 million led by Apax Digital, with SentinelOne and Samsung Electronics participating. CEO Noam Schwartz told Bloomberg the investment gives the company a valuation close to $1 billion.

A company newswire, not the Bloomberg body, says Alice now has $280 million in total funding, is approaching $100 million in annual recurring revenue, and works with eight of the ten leading AI model labs. The closed check is the $140 million at nearly $1 billion, after a run of high-profile model hacks. Read Bloomberg

5. Gatik raises $200 million after the PepsiCo truck deal

Kirsten Korosec at TechCrunch reports that Gatik, the Santa Clara company that runs middle-mile driverless box trucks (short-haul grocery and consumer-goods routes, not robotaxis or long-haul big rigs), raised $200 million in a Series D led by Qatar Investment Authority and Koch Disruptive Technologies.

CEO Gautam Narang told TechCrunch the company has commercial deals worth $600 million in contracted revenue, and that PepsiCo is running 41 driverless box trucks shuttling Frito-Lay product in Dallas, Phoenix, and Northwest Arkansas. Valuation was not disclosed. Millennium Management, ARK Invest, and Intact Private Capital also participated. Read TechCrunch

6. Emerald AI hits $1.05 billion on the power tape

Sri Muppidi at The New York Times first reported, and Reuters’ Pragyan Kalita picked up, that Emerald AI, which uses software to optimize data-center power consumption against grid demands, raised $150 million in a Series A led by DCVC and Energize Capital at a $1.05 billion valuation.

A company wrap of the same round says Nvidia, Samsung Ventures, Siemens, and a long list of energy and climate investors participated. The nut is a $1.05 billion print on the power-constraint tape, not more GPUs. Read Reuters

7. OpenAI’s data-center head left last week

Anissa Gardizy at The Wall Street Journal reports that Chris Malone, who joined OpenAI as head of data centers in March 2025, left last week amid a broader exodus of senior executives as the company heads toward an IPO.

Dina Bass at Bloomberg, citing an OpenAI spokesperson, confirmed Monday that Malone is no longer with the company. The same Bloomberg lede stacks him with Brad Lightcap, who announced plans to exit this month, and Fidji Simo, who stepped down last month after a medical leave. The person who sat on the data-center stack walked out while the lab is still shopping an IPO. Read The Wall Street Journal