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- Anthropic IPO: Musk Wants AI Firm To Hand Shares Directly To Public, Says 'This Is What I Will Be Doing'
Elon Musk suggested Anthropic should distribute its shares directly to the public, responding to the company's plan to commit 5% of its equity to a new Public Benefit Fund, which could rise by 2% for every 50% increase in valuation above a baseline. Co-founders pledged to donate 80% of their equity, and Anthropic committed $200 million to address AI-driven labor disruption. Critics including David Sacks and investor Vijar Kohli questioned whether the LLC structure serves the public good or could dilute voting rights and complicate the IPO. Anthropic, which confidentially filed for a U.S. listing in June, reported third-quarter revenue of $16.8 billion, up 45% from the previous quarter, but some investors are discussing a valuation near $1.5 trillion, below earlier expectations of $2 trillion.
- Anthropic IPO, MANGOS ETFs and the Future of the AI Trade
This ETF Spotlight podcast features Paul Marino, Chief Revenue Officer of Themes ETFs, discussing the AI trade, the Anthropic IPO, and investing in MANGOS companies. The AI trade came under pressure last week after hotter-than-expected inflation readings, and neocloud stocks, especially highly leveraged ones, plunged. Anthropic held an investor meeting ahead of an IPO that could be the biggest ever, with third-quarter revenue reportedly up 45% to $16.8 billion. The Leverage Shares MANGOS ETF (MGOL) gives exposure to six MANGOS companies, including Meta, Anthropic, NVIDIA, Alphabet, OpenAI and SpaceX, via derivatives, while investors should weigh the risks of limited transparency in private companies. AI is creating new cybersecurity risks while expanding long-term opportunities, and uranium has benefited from AI data center buildouts, yet uranium and nuclear ETFs such as URAN have struggled this year.
- How Anthropic's 5% public benefit fund could reshape its IPO
In the discussion, participants say Anthropic is a public benefit corporation that needs approval from current investors to move 5% of its shares into a fund for public benefit. They question who will oversee the fund and where the money will go, comparing it to Facebook's oversight board. They say the stake is worth $100 billion, and that taking those shares out of the float could let the IPO be priced as desired if the float stays low enough. They also point to a possible role for Morgan Stanley and Goldman Sachs, the lockup terms, and index funds' buying rules. Finally, they argue that companies are trying to control their public narrative before it controls them.
- Anthropic is AI trade's last big hope for a major IPO this year
Investors had expected a wave of major 2026 IPOs from SpaceX, Anthropic and OpenAI, but several offerings have been postponed and OpenAI has ruled out listing this year. On prediction market Kalshi, Anthropic, which confidentially filed a prospectus with the SEC in early June, is the only major company with better-than-even odds (75% as of Monday morning) of officially announcing an IPO this year. Odds for others have fallen sharply, such as Plaid (from 50% to 10%) and Databricks (from over 50% to 1%). Although IPO proceeds are up thanks to megacap debuts like SpaceX, the number of U.S. IPOs priced this year is down 33% from 2025, according to Renaissance Capital. Anthropic's third-quarter revenue of $16.8 billion showed slower growth, and a revised IPO valuation range starting at $1.5T, instead of the earlier expected at least $2T, was viewed as disappointing.
- Can Anthropic's Shadow Board Cripple Its IPO?
Anthropic's IPO documents show the Long-Term Benefit Trust (LTBT), which holds only 5% of shares, can appoint most of the board, including four members, and can block some corporate actions. It also has a say in debt issuance and in selling more than half the company. Its mandate is to steer AI for humanity's long-term benefit, and it has appointed former Federal Reserve Chair Ben Bernanke and Neil Buddy Shah, CEO of the Clinton Health Access Initiative. The article asks what happens if the trust views a management decision as not serving long-term benefit, while Anthropic competes with Chinese AI advances and OpenAI. IPO investors may see this as a risk to Anthropic's ability to innovate, and the federal government has so far stayed out of this governance.
- AI Infrastructure Stocks Rally as Selloff Reverses: Applied Digital Jumps 8%, TeraWulf and IREN Rise 6%
Shares of AI infrastructure companies rebounded after a steep selloff driven by financing concerns, with TeraWulf up 6% to $12.42, Applied Digital up 8% to $19.54 and IREN up 5% to 28.41. The CoinShares Bitcoin Mining and Digital Power ETF (WGMI), which held these stocks, rose 6% while the SPDR S&P 500 ETF Trust gained 0.46%. TeraWulf, shifting from Bitcoin mining to AI leasing, generated over 70% of its Q2 2026 revenue from high-performance computing leases, and its largest contract is a 20-year lease with Anthropic for 401 megawatts worth $19 billion. The company doubled the power commitment for its Muskie campus in Kentucky under an expanded agreement with Kentucky Power, but its tenant search there is unresolved. The article cautions that the rebound may fade, since TeraWulf's Justified and Muskie campuses are not due to deliver capacity until the second half of 2027 or later.
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- Nasdaq Jumps Past 1 Percent as VIX Swings While Dow Dips Below Its 50 - Day Line
The Nasdaq Composite rose 1.11% and the S&P 500 gained 0.66% in a session led by big tech, while the Dow Jones Industrial Average slipped 0.07% and settled just under its 50-day EMA near 52,010. The VIX fell 1.55 points to 18.44, even as the Nasdaq-100 volatility gauge jumped 4.24 points. The indexes closed at 7,709.63 for the S&P 500, 26,430.89 for the Nasdaq Composite, 51,966.03 for the Dow and 2,728.30 for the Russell 2000. WTI crude closed at $98.41 per barrel and gold at $4,157.80 per ounce, while the 10-year Treasury yield rose to 5.14%. The article also covers Lockheed Martin and F.N.B. Corporation, which reported third-quarter net income of $152.9 million, or $0.43 per diluted share.
- 44% Of Americans Have Trouble Paying For Basic Necessities As Lifetime Cost Of The American Dream Tops $5 Million
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Pfizer shares, long overlooked despite solid fundamentals and an attractive valuation, have climbed 18% so far this year, their best performance since 2021, though they remain about 30% lower over five years. The article suggests investors may be rotating from tech into healthcare, citing recent moves in two exchange-traded funds. Pfizer's yield of 5.8% is more than five times the S&P 500 average of 1%. Its trailing P/E of 37 looks high because restructuring and impairment charges weigh on earnings, but its forward P/E of about 10 suggests the stock is still undervalued. The author believes the market will eventually recognise this, although long-term growth questions remain.
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The U.S. federal deficit reached $2 trillion in fiscal year 2026, its highest level since 2021 and more than 6% of GDP, while interest costs alone exceeded $1 trillion, or about $3 billion per day. Treasury Secretary Scott Bessent blamed tariff refunds, the Iran war and high interest rates, and said economic growth would lower the deficit-to-GDP ratio. Many experts doubt growth alone can solve the problem, pointing to an aging population, fewer workers and projected deaths exceeding births within four years. A poll cited by the Peter G. Peterson Foundation found that 92% of voters are concerned debt is pushing up inflation, and 84% say a plan to address it is a deciding factor in supporting a candidate. Social Security and Medicare are projected to become insolvent in 2032 and 2033, and fiscal watchdogs are urging Congress to act.
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