Dear Trader,
Anthropic dropped its IPO prospectus Monday, all 407 pages of it.
Most of Wall Street admits it hasn’t finished reading the thing, which might be the most honest thing Wall Street has said all year. That hasn’t stopped anybody from picking a favorite chapter.
Bankers reportedly want somewhere between $1.5 trillion and $2 trillion for this company. With that kind of price tag, you’d better know what you’re buying before the opening bell on day one.
Mark Sebastian and Andrew Giovinazzi go live today to sort out the pages worth your time.
They’ll get into the two rivals Anthropic chose to name in its filing and what the whole deal means for Microsoft. Mark’s also got a take on why SpaceX shareholders have more riding on this IPO than they probably realized.
They’ll walk through the three stories below, too, so read up before you tune in.
Hit the link above to join them, and come ready with an opinion for the chat.
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The Daily News Breakdown
SNEAKER: SpaceX’s bet on Anthropic just got a lot bigger than anything SpaceX’s own IPO filing let on. Anthropic’s prospectus dropped Monday, and it shows a compute deal worth up to $120.5 billion through 2029. Once all the capacity comes online in December, Anthropic pays about $3.1 billion a month.
That’s roughly 2.5 times the $1.25 billion SpaceX (SPCX) disclosed back in May. Evercore ISI figures one customer could cover 25% to 28% of SpaceX’s first-quarter 2027 revenue guidance.
The analyst doesn’t lose sleep over it near term, since Anthropic has $131.7 billion in liquidity. Still, if you own SPCX, you also own a fat side bet on how Anthropic trades once it lists.
SIREN: SoFi finally gave its shareholders something to smile about after a short-seller attack and a stock that got cut in half. SoFi Technologies (SOFI) beat on third-quarter revenue. Then it raised its full-year revenue forecast to $5 billion.
Lending did the heavy lifting. Loan originations hit a record $16.9 billion, up 71%, and personal loan charge-offs actually dropped to 2.26% from 2.62% last quarter.
CEO Anthony Noto built his 2026 guidance around two rate cuts. He got a hike instead, now plans for two more, and raised the numbers anyway. The stock jumped double digits before the bell.
SIGN: Wall Street admits it hasn’t finished Anthropic’s 407-page prospectus, and it’s already picked out two favorite parts. Customers outside Anthropic’s top five now bring in about 79% of sales, up from 64% in the first quarter. So the business leans a lot less on a handful of whales.
Compute spending hit $8.9 billion in the first half, more than all of 2025. Yet it shrank to 55% of sales from 201% a year earlier, which KeyBanc reads as an early hint the company can actually make money.
“Early” carries plenty of weight there, since the same filing shows an $80.7 billion first-half net loss. Bankers reportedly want a $1.5 trillion to $2 trillion valuation, and the stock could list before the end of November.