Two AI Giants Raising. Neither Called A Bank.

Anthropic IPO & Meta's Meta's $95B Stock Sale, China's AI index down 40%, the Fed on Wednesday and More

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The Tech Buzz
October 27, 2026

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WHAT’S INSIDE:

Feature: Anthropic IPO & Meta's Meta's $95B Stock Sale

Top Tech News: Anthropic files for IPO with $16.3B H1 revenue but heavy losses; stocks rally, Fed pause expected, PHP flaws persist, Brazil markets plunge.

Company Watch: Anthropic IPO; Meta’s $95B AI raise; Apex’s $500M round; SpaceX’s $40B GPU debt; Jio IPO; Warhound’s $200M raise; fusion, Instacart, SoftBank Malaysia.

Buzzy Tools: iPhone Duo screen issues; Apple Pencil support and OLED iPad mini; ChatGPT work data; Instagram widescreen video; Sony XM4C; AI wearables.

Buzzy Tech: Marble text display; non-destructive qubit readout; Samsung TV tracking; graphene energy harvester; heat-proof solar; AI strains internet; AI search changes.

Crypto: OCC invites community banks to issue stablecoins; Canada drafts rules; Kalshi partners with S&P; Korea weighs tax delay; Circle adds cross-chain cirBTC.

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Top Technology News

Anthropic Files for IPO — Filing shows $16.3B H1 2026 revenue (vs. $1.2B), a $693M operating loss and $80.7B net loss; 1,900 customers spend $1M+.

Stocks Rally on IPO — The S&P 500 rose 0.6% and Nasdaq 0.8% on Anthropic's S-1 revenue; chips like Nvidia jumped ahead of tech earnings and a Fed decision.

Fed Hike Pause — The Fed is expected to hold rates at 3.75%-4.00% this week after September's hike, but with inflation broadening, analysts say the pause won't last long.

PHP Foundation — The nonprofit maintaining the open-source PHP language patched two critical bugs (PHP2Shell) allowing password-free server takeovers; many systems remain unpatched.

Brazil Markets Crash — After Lula beat Wall Street-aligned candidate Flávio Bolsonaro (priced at 80% by prediction markets), Brazil lost $200B+ in value; EWZ fell 26%, the dollar jumped 12%, and B3 halted trading.

Two AI Giants Raising. Neither Called A Bank.

Tech Buzz Editorial Feature

A $750B compute bill, Meta's $95B stock sale, China's AI index down 40%, the Fed on Wednesday and More

Anthropic filed to go public on Monday and Meta launched a stock sale of up to $95B on the same day. Between them they went looking for a sum larger than most national budgets, and neither one sold a bond to get it. That is the week's real story. For three weeks lenders have charged CoreWeave more than 15% to fund AI infrastructure while equity investors kept buying the pitch. Monday showed which side the companies themselves believe. The S-1 Anthropic put on file explains the choice in detail, and the detail is not comfortable.

The Cheapest Money Left Is You

Anthropic will list Class A shares on the Nasdaq under the ticker ANT, with Goldman Sachs and Morgan Stanley leading a syndicate of 22 banks. Meta's offering is straight dilution, sold to pay for data centres and cloud capacity. Both companies could borrow if they wanted to. The reason they would rather sell a piece of themselves is that a 20-year Treasury auction cleared at 5.469% last week, the highest at that maturity since 1986, and every other borrower is priced off that. Debt is still being arranged, just not in public. Wall Street banks and Blackstone are assembling $63B to finance Broadcom chips for Anthropic. Private credit carries the risk, the public bond market sits it out, and the real cost stays off the screen where nobody has to look at it.

Signed On The Way Out, Cancellable On The Way In

The filing shows what the lenders have been pricing. Anthropic has committed at least $475B to future cloud compute, including about $389.9B to Amazon, Alphabet, SpaceXAI and Microsoft, rising to as much as $750B once chip leases are counted. Much of it is owed whether the capacity gets used or not. The revenue facing those bills is far looser. Many customer contracts carry no long-term commitment and let buyers cut usage or leave with limited or no notice. The top five customers were about 25% of revenue over the first nine months of the year. The locked-in enterprise deals, the ones with fixed minimum spend, came to roughly $10.8B of remaining obligations in June, and three quarters of that gets booked within a year. Signed on the way out, optional on the way in. That gap is what 15% buys you.

The Business Works

Headlines everywhere led with an $80.7B net loss. About $72.4B of it is non-cash movement in the value of convertible notes, SAFEs and derivatives, which is what happens on paper when a private company's shares reprice upward. Underneath, the numbers run the other way. Revenue hit $16.3B in the first half, up from $1.16B a year earlier. The second quarter produced $974M of operating income, the first profitable operating quarter of the six the filing shows. Customers spending $100K or more a year went from about 950 to 11,900. The business works. The open question is whether it compounds fast enough to cover a compute bill signed years before the revenue arrives.

China Already Ran This Experiment

Beijing has some answers to this question. The STAR50 index of Chinese AI and chip leaders is down 40% in under four months, erasing about $480B. Unitree, oversubscribed 8,000 times at its August listing, has halved. Chipmakers MetaX and Moore Threads have halved since July. The index still trades near 100x trailing earnings against 30x for the Nasdaq 100, which is why some local investors think there is further to fall. The Nasdaq is 6% off its record. So, China’s AI market has already repriced and Wall Street has barely flinched.

Everything Else Lands This Week

The Fed delivers its statement on Wednesday with traders pricing a 12.7% chance of a hike and inflation refusing to cooperate. Growth and inflation readings follow on Thursday. More than a third of the S&P 500 reports, including Alphabet, Microsoft and Amazon, whose capex lines are the only honest test of whether this spending is converting into anything. Treasury sets its refunding terms next week. The midterms are on November 3. Monday's rally, with the S&P 500 up 0.7% and the chip index up 2.8%, arrived hours after Elon Musk warned that most of the 200-plus GPU providers face what he called guppy-level death. That chip index is still down 12.2% on the month.

Who Pays For the AI Bubble?

None of this says the technology is failing. Anthropic’s operating line and China’s order books argue the opposite. What Monday settled is who carries the cost, and the answer is equity holders, at a price lenders would not take below 15%. The filing describes the mechanism instead: stretches where the compute has been paid for and the demand has not arrived, set against a revenue growth rate the company says it expects to slow. Contracted revenue runs about a year deep. The commitments run years past it. The number worth watching is how much of the initial share price at $750B gets drawn before revenue catches up to it.

"It will be interesting to see how well things are received when they actually come to list. The risk is maybe a little bit of a whipsaw if things aren’t all moving in the same direction. A little optimism today, but who knows what will happen from some of these other releases this week.”

— JP Powers, chief investment officer, RWA Wealth Partners

Latest deals and trending companies

Open Deals

Anthropic Files for IPO — Filed under ticker ANT, posting $16.3B H1 2026 revenue vs. $1.2B a year ago and a $693M operating loss; founders keep 50.1% voting power.

Meta's $95B Raise — Meta is raising $95B via a stock offering, earmarked solely for AI infrastructure and "super intelligence," days after creating a non-voting share class.

Apex — Los Angeles-based satellite bus maker is in talks to raise $500M at a $4B valuation, nearly double its June round; Washington Harbour Partners is set to lead.

Big Movers

SpaceX's $40B GPU Debt — Elon Musk says SpaceX closed $40B in debt financing to buy GPUs for AI infrastructure, a push beyond rockets and Starlink; lenders are undisclosed.

Jio Platforms IPO — Jio Platforms, Mukesh Ambani's Mumbai telecoms and digital arm with 500M+ users, drew $77B in bids, India's most subscribed IPO, at a valuation up to $108.3B.

Warhound — Startup co-founded by Ben Lamm and Palmer Luckey exits stealth with $200M at a $1.2B valuation to genetically engineer military and police dogs, backed by Sequoia.

Commonwealth Fusion — Fusion power startup in Massachusetts won an $85M US government award to develop advanced chips for fusion plants, ahead of its Sparc reactor launch next year.

Instacart — San Francisco grocery delivery platform Instacart is in exclusive talks to be acquired by DoorDash, at a likely ~$15B versus its ~$12B valuation; deal not certain.

SoftBank's Malaysia Bet — SoftBank is reportedly planning a $50B investment in Malaysia's AI and data center buildout, per CNBC, among the largest foreign tech deals in the region.

Buzzy Tools & Tech

The Latest Trending Tools & Cutting Edge Technology Developments

Buzzy Tools

Buzzy Tools To Watch and Try Today

iPhone Duo — Foldable OLED fails early, with bright pixel lines near hinge + iOS 27.2 Adds Apple Pencil/Edge Light + iPad mini 8.5-inch OLED, A20 Pro chip.

Signals Data — ChatGPT work usage across 165 activities, ~100 countries.

Features — Widescreen longform video format, built for TV viewing.

Sony XM4C — Six-year-old XM4 redux: same ANC chip, 10-band EQ, foldable; $298.

AI wearables — Always-listening clip-ons add AI memory, notes, and shopping.

Buzzy Technology

Buzzy Tech Discoveries and Breakthroughs Trending Today

TV Tracking — Samsung firmware lists always-on mic, ad profiling.

Marble Scroller — 3D-printed marble display scrolls text endlessly.

Supercurrent Readout — Reads qubits without destroying their data.

Graphene Harvester — Scavenges ambient radiation, powering sensors 24+ hours.

Heat-Proof Perovskite — Catalytic fix holds 95% efficiency after 1,000 hours.

Web Strain — AI loads stress decades-old routing, DNS, and auth.

AI Overviews — Answers sit atop results, so searchers skip publisher clicks.

Cryptocurrency News

The Latest News in Crypto & Blockchain

OCC Courts Community Banks — The OCC urged community banks to apply to issue dollar-pegged tokens under the GENIUS Act, with issuers needing compliance by Jan. 18, 2027.

Canada Stablecoin Rules — Canada opened a 60-day consultation on draft rules requiring 1:1 reserves at Canadian institutions, 3-day redemptions, a 1% fee cap and a yield ban.

Kalshi x S&P Dow Jones — Kalsh signed a deal with S&P Dow Jones Indices to expand financial event contracts, joining other Wall Street firms.

Korea Crypto Tax — South Korea is weighing a fourth delay of its crypto gains tax to 2029.

Circle cirBTC Gateway — Circle's cirBTC joins Gateway, giving holders one balance across Eth and Arc with advertised sub-500ms access post-finality and a 7-day exit

PHP Flaw Warning — Immunefi CEO Mitchell Amador says a PHP flaw shows the AI 'vulnerability apocalypse' is on schedule, warning smaller sites slow to patch could stay compromised for weeks.

Crypto Opportunities

SoFi Tokenized Deposit — SoFi launched SOFIE, a tokenized deposit paying 4.4% APY with FDIC insurance, giving crypto users a yield-bearing option that converts to SoFiUSD.

Dune Data Feeds — Dune, the blockchain analytics platform, launched real-time feeds covering trades from 200+ onchain venues across 12 blockchains as tokenized markets grow.

Best Crypto Debit Cards 2026 — Coinbase Card offers up to 4% cashback, Kraken's Krak Card launched in the US August 18 paying up to 2% in BTC or USD, while Crypto.com tops rewards at 5% for staked CRO holders.

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