The biggest line in finance
Bloomberg reports that Anthropic’s IPO has drawn roughly six times the orders for the shares available, according to people familiar with the matter.
· The Aigentic · Morning Brief
Good morning. The biggest stock offering in history is about to open its doors, and the line to get in is already long. Anthropic’s IPO has reportedly drawn about six times the shares on offer, even as its largest chip partner searches for a new chief executive. Elsewhere, SpaceX put a price on its AI ambitions, advocacy groups asked a court to freeze the frontier, and a security firm said thousands of Grok-built apps were wide open. Here is what moved while you were away.
Bloomberg reports that Anthropic’s IPO has drawn roughly six times the orders for the shares available, according to people familiar with the matter. The company and its co-founders are seeking up to 64.4 billion dollars in the offering and another 26 billion in a private placement, which together would make it the largest listing ever. It is targeting a valuation of about 1.4 trillion dollars, below what some investors had expected, and the stock is expected to trade on the Nasdaq under the symbol ANT. Bankers have told investors that existing backers will be prioritized, so some would-be buyers should expect smaller allocations than they asked for.
Lianhe Zaobao reports that Jensen Huang’s resignation has put a spotlight on Nvidia’s agreement to buy about 10 billion dollars of Anthropic shares in that private placement. Bloomberg Intelligence analyst Mandeep Singh wrote that the leadership change could lead Nvidia’s board to reassess the size, timing or rationale of the commitment, though pledges from Google and others could limit the damage to the fundraising.
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The Wire
The latest headlines from our live AI news feed.
Cerebras jumps 17% after revenue beat and new Microsoft cloud deal — CNBC
AMD launches Instinct MI450X GPU and claims MI455X beats Nvidia Vera Rubin on inference — AMD
OpenAI backs congressional chip export control bills after Nvidia scandal — Bloomberg
Anthropic and OpenAI sued for allegedly infringing inventors' neural network patents — Reuters
SpaceX and Tesla merger talks progress, with a deal possible as soon as December, Bloomberg reports — Bloomberg
Reuters reports that SpaceX plans to invest more than 74 billion dollars in two supercomputing campuses, about 24 billion at its Starbase site in Texas and roughly 50 billion in Cochise County, Arizona. The company’s AI segment generated more than half of its revenue in the third quarter. The Arizona campus still needs county approval, and a petition with 2,400 signatures asks officials to deny the permit, with a public hearing set for December. The Texas site would generate its own electricity rather than draw from the public grid.
The Associated Press reports that four nonprofit advocacy groups have sued Anthropic, Google, Meta, OpenAI and SpaceXSI in San Francisco Superior Court, asking a judge to halt development or deployment of AI models more capable than today’s systems. The suit cites risks of cyberattacks, bioweapons and loss of human control, and argues that the companies are violating California’s unfair competition law.
The Verge reports that the security firm Claroc found 35,000 apps made with SpaceXSI’s Grok Build that anyone with the link could open, including 24 built by SpaceXSI’s own staff, among them ad proposals and a confidential onboarding plan. Grok replied that a related Ars Technica article was incorrect and referred to the app builder on grok.com rather than Grok Build, adding that users see sharing settings and a warning before they publish.
Reuters reports, citing the Wall Street Journal, that OpenAI’s third-quarter revenue rose about 50 percent to 10 billion dollars, while its operating loss widened to 10.9 billion from 10.1 billion. The company told investors its adjusted operating margin improved to negative 109 percent from negative 150 percent a quarter earlier, a comparison investors will have in mind as Anthropic goes to market.
Deals Desk
The newest compute and power deal on our tracker:
Nov 12 — An undisclosed investment-grade hyperscaler × Fermi Inc.: Fermi said the customer has agreed to a 200 million dollar prepayment and a 15 million dollar early construction agreement to advance an initial 600 MW at Project Matador in the Texas Panhandle, with capacity beginning in 2027. A definitive long-term lease has not yet been signed, and Fermi also terminated its August lease with TensorWave. Data Center Feed
Full tracker → theaigentic.com/deals
Yesterday’s movers
Biggest winners
| Ticker | Name | Price | Day |
|---|---|---|---|
| AMD | AMD | 585.30 | +5.86% |
| AVGO | Broadcom | 364.36 | +5.54% |
| ANET | Arista | 206.77 | +5.13% |
| CLS | Celestica | 254.15 | +4.62% |
| CEG | Constellation Energy | 282.40 | +2.79% |
Biggest losers
| Ticker | Name | Price | Day |
|---|---|---|---|
| NBIS | Nebius | 128.64 | -16.84% |
| SMCI | Super Micro | 26.99 | -11.30% |
| BBAI | BigBear.ai | 2.08 | -9.78% |
| IONQ | IonQ | 30.84 | -9.45% |
| SOUN | SoundHound | 3.60 | -7.93% |
Watch
Three picks this morning: The AI Daily Brief on life after Jensen Huang at Nvidia, Nate B Jones on whether Fable 5.2 is worth its price, and Liam Ottley on building a business owner his own Jarvis.
The AI Daily Brief — Jensen Huang Is Out. Everything in AI Is Now Up for Grabs.
NLW of The AI Daily Brief examines the allegations behind Jensen Huang’s departure from Nvidia and the power vacuum it leaves across the AI industry.
He follows the consequences well beyond one company, from China policy and open source to the financial commitments that support the AI buildout, and asks who stands to benefit.
Watch this if you want the big-picture read on what Nvidia’s change at the top means for everyone else.
Nate B Jones — Claude Fable 5.2 read a month of my failed attempts and got it right the first time.
Nate B Jones shares an early-access review of Anthropic’s Fable 5.2, which finally built an e-ink display that three earlier attempts could not.
He argues the model costs enough that you have to choose its work carefully, and walks through where Fable 5.2 is worth the price and where Opus 5.5 is still enough.
Watch this if you are deciding how to budget your most expensive model.
Liam Ottley — I Built a Business Owner His Own Jarvis with Claude Code
Liam Ottley builds a business owner a personal AI operating system with Claude Code, a Jarvis-style assistant wired into how the company actually runs.
He works with Isaac, who runs Imprint Genius, and the video shows what the build looks like for a real small business rather than a demo.
Watch this if you want a template for putting an AI layer on top of a small company.