Anthropic Preps for Blockbuster Public Listing

This is Bloomberg Tech. Our big story: Anthropic may pursue an IPO on the scale of SpaceX’s blockbuster debut, as AI’s demand for capital and chips puts markets under a microscope.

The offering could rival SpaceX’s record raise, but Anthropic lost nearly $42 billion in 2025, about five times the prior year. Frontier AI is expensive, and an IPO offers repeatable capital for billion-dollar training.

Bankers and lawyers are working out demand, fees, and valuation. Anthropic was last valued around $965 billion; can public investors support $1 trillion or more? Once an S-1 is public, this can move crazy fast.

Enterprise customers worried Anthropic might use their data for training. Retention was pitched as cyber-defense after breach concerns, but customers didn’t love it, so more storage control is coming.

Broadcom’s debt deal has a partner-financed vehicle buying chips for customers, while Broadcom supplies hardware and guarantees meaningful debt. Seller, financier, and customer support are all tangled together.

AI-infrastructure debt issuance tops $220 billion this year, more than twice 2025’s level. Financing buyers to purchase your own products is a circular-financing concern. Still, we’re long-biased: delays can extend high coupons, but AI adoption is early, and we’re adding best-in-class names.

Software has had a rotten year and a half over fears AI replaces it. AI revenue hasn’t persuaded everybody, so companies are trying zany cosmetics: new leaders, fights with analysts, AI-sounding names, or giant buybacks.

Samsung plans $80 billion in dividends and repurchases, potentially South Korea’s biggest shareholder-return program. Memory is generating tremendous cash, shares have fallen, and Samsung wants investors to see its high-bandwidth-memory progress and payoff.

The Meta trial combines federal allegations over children’s data with claims from 29 states that public safety assurances conflicted with internal evidence. Meta puts exposure at $1.4 trillion; states discuss closer to $200 billion. What did Meta know, when, and what must change?

I’d heard about the magical Discovery Loop deck, but as seed-round lead, I still haven’t seen it. Jeff Dean’s team is building recursive science AI: design experiments, evaluate results, then launch thousands more for fusion, batteries, and drugs. How do you say no?

For Nvidia, I expect a beat and raise, though the market may demand more. Watch vendor financing, China revenue, Vera Rubin, and whether a new-product launch pressures gross margin.

That does it for Bloomberg Tech. Anthropic was the huge story, AI financing stayed front and center, and Nvidia earnings are the next major test. Have a great weekend, everybody.