Anthropic’s draft S-1 reveals rapid growth and massive losses

Anthropic is reportedly preparing to go public at a valuation of $2 trillion, despite recording substantial losses, according to The Wall Street Journal, which obtained a draft of the company’s S-1 registration statement.

The filing offers a new look at Anthropic’s income statement. The company generated $16.3 billion in revenue during the first half of 2026, compared with $1.1 billion in the same period a year earlier. Its full-year revenue for 2025 was $4.6 billion.

Anthropic spent $9 billion on computing capacity and infrastructure in the first half of 2026, up from $2.3 billion a year earlier. The company plans to spend $750 billion on computing over the coming years and has signed $450 billion in mostly “noncancellable” agreements with cloud providers.

The company’s net loss reached $80 billion in the first half of 2026, compared with $13 billion in the prior-year period.

The draft also identifies risks related to Anthropic’s limited customer base and the capabilities of its products. The filing says the company’s product can hack into other companies or “blackmail” its own customers.

Chief Executive Officer Dario Amodei and his sister, Daniela, Anthropic’s president, each received a base salary of $655,000 in 2025. Most of their compensation came in the form of company stock. Dario Amodei’s total compensation was valued at $18 million, while Daniela Amodei’s was valued at $16.5 million.

Musk says Tesla and SpaceX committees are exploring a combination

Elon Musk said Tuesday that independent directors at Tesla and SpaceX have formed special committees to explore combining the two companies. At their current market values, a transaction would create a company worth roughly $3.5 trillion.

Musk said he cannot participate in the discussions because he is a “conflicted party.”

“This is definitely the kind of question where I feel like I’m tap dancing through a minefield,” Musk said during SpaceX’s third-quarter earnings call. He added that describing a merger as certain would be “overstating it.”

Two BNP Paribas analysts say CoreWeave can service its debt

CoreWeave’s stock has recently suffered as corporate credit investors sold the company’s debt, pushing loan yields as high as 15%. In private credit markets, that level is generally associated with a company in distress.

However, a new analysis by Daniel Wang and Stefan Slowinski of BNP Paribas argues that CoreWeave can meet its debt obligations. In a paper titled “A Deep Dive into the Debt Machine,” the analysts said CoreWeave’s “active” contracts could generate $6 billion to $7 billion in cash flow to service existing debt and provide “meaningful coverage” of its $1.7 billion in annual interest payments.

That cash flow represents “a potential path towards repaying ~$26 billion of [the company’s] obligations, even if growth capex comes to a halt,” the analysts wrote.

Two-thirds of CoreWeave’s $130 billion in remaining performance obligations—the pipeline of work contracted by customers—is already financed, according to the analysis. The remaining shortfall is $30 billion, which the debt markets should be able to provide as long as they “remain open” to the company, the analysts said.

“We see greater risk of a prolonged confidence crisis than an outright credit crisis,” they concluded. Fortune previously examined CoreWeave’s debt.

Other reports highlighted developments across the data-center and artificial-intelligence sectors, including DayOne’s reported consideration of U.S. IPO options, NextDC’s 42% share-price decline after a revenue delay, and efforts by Nscale’s chief executive to reassure employees amid concerns about the AI market.

Tech futures rise as SpaceX gains after earnings

U.S. stock futures rose before the New York open. Nasdaq futures were up 0.43% after SpaceX reported third-quarter earnings that exceeded analysts’ expectations. SpaceX rose 8.86% in post-market trading, while Tesla gained 1.42%. Both companies are controlled by Musk.

The S\u0026P 500 futures contract was up 0.24% after the index gained 0.28% the previous day. In Europe, the Stoxx 600 rose 0.54% in early trading, while the U.K.’s FTSE 100 edged up 0.03% before midday.

Asian markets were mixed. South Korea’s KOSPI rose 3.29%, Japan’s Nikkei 225 gained 0.85%, India’s Nifty 50 fell 0.66%, and China’s CSI 300 declined 0.97%.

Brent crude traded at $110 per barrel. Bitcoin was priced at $83,346.

Oil prices remain elevated despite a recovery in regional supply

Travel through the Strait of Hormuz remains heavily restricted by Iran. Oil supplies from the region, however, have returned to approximately their pre-war highs, according to the report’s chart. Operators are using a wider range of routes to move oil out of the region than they did previously.

Oil prices remain high in part because Ukraine’s bombardment of Russian oil and diesel refineries has removed a substantial amount of global supply. “Combined net exports from the country and the Middle East [fell] by 1.3 million barrels per day in September, down more than 60% year on year,” said Kelly Xu of Alpine Macro.

Number of the day: 91.7%

Morgan Stanley estimates that 91.7% of Nvidia’s 2027 revenue will be exposed to capital expenditure in the artificial-intelligence industry. That is the highest exposure among technology companies that generate sales from AI customers.

Other headlines

• Benjamin Netanyahu pushes to resume strikes against Iran - FT
• Cyber agency warns websites may go dark as PHP prepares critical fix - Reuters
• SpaceX up 10% in premarket after earnings beat and Musk hints at Tesla tie-up - CNBC
• Witkoff to present Putin with peace proposal after talks with Zelensky - Axios
• French supermarket giant’s shares plunge 14% after warning that “unprecedented” unrest will hit business - CNBC
• Musk ordered Starlink slowdown that blindsided Ukraine - WSJ
• Ken Griffin says AI is “almost certainly” in a bubble right now - Bloomberg
• A “doom loop” threatens France as populism confronts markets - NYT

Wedding guests pay to fill empty reception seats

Jeff and Karina Besen, a San Diego couple married for 19 years, had a weekly date night but eventually ran out of activities. “One day, Jeff literally looked at me and said, ‘Hey, wouldn’t it be fun if we could get dressed up and go to a wedding?’” Karina told Fortune.

The couple wondered whether a service existed to connect people with couples who needed guests to fill unused seats at weddings. When they found none, they built one.

Not a Wedding Crasher allows couples to offer unused seats at weddings to verified guests, who pay a fee to attend the ceremony and reception. Jeff Besen said an estimated 10% to 20% of invited guests either RSVP no or drop out.

“You may have to pay for 100 seats, and you can only get 75 people,” he said. The average cost per wedding guest is $292, while strangers can pay as much as $150 for an empty seat.