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MSFT•Anthropic’s prospectus lays out $518 billion in spending plans as the AI company prepares to go public after the November midterms. It also discloses that nearly a quarter of revenue comes from two customers, while concerns about AI development and rising interest rates weigh on the backdrop.
1. Anthropic’s spending plans
Anthropic is making a large bet that AI will transform the global economy and that public investors will finance its plans. Its prospectus lays out $518 billion in spending as the company prepares to enter public markets after the November midterms.
2. AI risks and revenue
The prospectus discloses that nearly a quarter of Anthropic’s revenue comes from two customers. This month, one company researcher quit, warning that AI development could pose an existential threat, possibly within a decade; another researcher said the odds of human extinction exceeded 10%. CEO Dario Amodei has called for slowing the development of increasingly capable AI systems, alongside rivals at OpenAI, Google’s DeepMind, Microsoft and xAI.
3. Rates and market backdrop
The sale will test whether enthusiasm for AI can withstand rising rates and scrutiny. Sovereign yields rose through September, and benchmark 10-year rates are around their highest levels in decades across major economies. Tuesday’s developments include Canada GDP, US job openings and consumer confidence, as well as remarks from Fed speakers Goolsbee and Williams.
