Welcome back. The main thing happening today is Anthropic's backers tipping it for a $2 trillion debut. Live 12–3 BST. Here's your Order of Play.
WHAT’S HAPPENING TODAY
Anthropic's investors think the company could be on track for the biggest IPO in history.
Half a dozen of its backers told the FT they expect the Claude maker to list in October at $2 trillion or more, a figure that would eclipse SpaceX's record debut and more than double Anthropic's current $965 billion valuation.
The wider market is more cautious. On Polymarket, traders currently see $1.25–1.5 trillion as the likeliest range for the closing market cap on the first day of trading at 19%, while IG's grey market quotes a tradeable spread of $1.77–1.81 trillion.
The trouble is nobody quite knows how to price it. Anthropic has no listed US peer to anchor a valuation, and its executives reportedly haven't landed on a target themselves. Meanwhile, competition from cheap Chinese models is growing, and Anthropic's flagship costs more than two and a half times what OpenAI charges for its own.
None of that has dented Anthropic’s momentum. Revenue growth briefly dipped in June but investors say it quickly rebounded. One investor, who also backed OpenAI and SpaceX, summed up the sentiment to the FT: it’s easy to come up with the challenges, but Anthropic is still the company everyone wants exposure to.
We're getting into all of it on today's show at 12 BST.
Poll: What Will Anthropic’s IPO Closing Market Cap Be?
YESTERDAY’S MOMENT
Superintelligence co-founder Kim Isenberg highlighted the shift from “chatbots that give you an answer to agents that actually carry out work,” pointing to the release of Grok bot as an example. “These AI agents are doing more and more real white-collar work, real tasks in the real world.”
He also said he was surprised to see such a strong comeback from xAI: “It really looks like the Cursor deal is paying off massively…” Isenberg noted that Grok 4.6 is competing with Opus 4.8, while being “much cheaper and much faster.”
Watch the clip below.
VIEWER TAKES
in response to the Forbes fraud news…
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