Anthropic publicly filed for its highly anticipated IPO this morning, setting the stage for it to become the first pure-play AI model developer to hit the stock market, potentially before Thanksgiving.

By the numbers: The Claude maker hasn't said yet how much it plans to raise in the offering, but there's speculation it could seek a record $100 billion at a $2 trillion valuation, Axios' Dan Primack writes.

• 💸 It reported an $80.75 billion net loss on $16.29 billion in revenue for the first half of 2026.
• It didn't report Q3 numbers, but given that they've been leaked, don't be surprised if they emerge in an amended filing before pricing.
• 🐜 Its shares would trade on Nasdaq under the ticker "ANT."

⚠️ Zoom out: Recent reports detailed some hair-raising risk warnings, and today's official filing did not disappoint.

• The over 90 pages of risk factors contain some of the wildest in IPO history, Axios' Madison Mills writes — a jarring collision of Wall Street legalese and what some see as Silicon Valley sci-fi, including catastrophic threats to humanity, blackmailing AI models and $750 billion in computing commitments.
• They also include more typical financial cautions, including massive computing commitments, the risk of overestimating or underestimating future demand, and potential defaults if the company can't meet its financial obligations.

The intrigue: Anthropic also warned investors that it may continue to be a target of the Trump administration — and that it has no plans to change its behavior, Axios' Maria Curi writes.

• Later this afternoon, the FTC sent demands for Anthropic executives to testify in its consumer harm probe, an agency spokesperson tells Maria.

The big picture: This IPO is likely to become a referendum on the business of AI, even if it's just a securities offering from a single company.

Anthropic is not the only company looking to raise piles of cash for its AI buildout.

• Before Anthropic's filing hit, Meta and SpaceX were already making headlines with announcements of their own, Axios' Pete Gannon writes.

💰 Zoom in: Meta said it's planning to raise up to $95 billion through equity offerings, broken into an initial $35 billion sale of stock, and another $60 billion in non-voting shares.

• SpaceX, meanwhile, announced a $40 billion debt financing for chips.

💪 The intrigue: SpaceX said that the deal "represents the largest committed GPU financing" — a bit of a flex after Elon Musk yesterday tweeted that debt markets have "almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers."

The big picture: As Dan Primack noted, AI giants need additional investment, as massive revenue isn't keeping pace with spending.

✂️ Microsoft is reportedly offering voluntary buyouts to about 60,000 employees, or roughly one-quarter of its global workforce. (Axios)

✈️ JetBlue said it expects a bigger operating loss this year than previously forecast. (Bloomberg)

⚖️ Dollar General was hit with a lawsuit from the FTC and 20 states accusing the retailer of charging customers more than the prices it displays on shelves, price tags and in advertisements. (CNBC)

SpaceX's move to become a viable player in the mobile carrier space has taken a toll on traditional telecom stocks in recent months.

• Verizon chief Dan Schulman today became the latest incumbent to try to quiet the noise, Pete writes.

Driving the news: Asked on the company's earnings call this morning for his thoughts on SpaceX entering the fray, Schulman had a simple message for Musk: Bring it on.

• "We know exactly what they're going to do," he said of SpaceX's satellite business, Starlink. "We know who they're talking to on towers. We know who they're talking to to put terrestrial equipment in place."
• But building a ground-based wireless network capable of competing with Verizon would require tens of thousands of cell sites, along with fiber connections, radio equipment and wireless spectrum, Schulman said.

🗣️ That would take "a minimum of four to six years," and "hundreds and hundreds of billions of dollars" to fully build out, he estimated, before ramping up the telecom smack talk.

• "And all of that gets them basically the same network and same capabilities and same cost structure as what we have today," he said.
• 🥊 "And then sometime over the next four, six years, they have the possibility of becoming the sixth — not the fourth, the sixth — competitor in the market. And frankly, at that point, I welcome the opportunity to compete against them."