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• What follows is from Jim. Because if I'm gonna let someone make my morning easier, why not let that someone be my boss?

I have no clue if there's an AI bubble.

I do know this: I went hunting for any company — in any industry, in any era — that has scaled organic revenue this quickly at this level as Anthropic.

• Couldn't find one. Not in tech. Not in oil. Not in wartime manufacturing.
• Historically, many of America's biggest companies have grown through acquisitions or government contracts. This is customers lining up to buy.

Try to wrap your head around this. The company announced last week that its run-rate revenue has passed $30 billion — up from $19 billion in early March, up from $9 billion at the end of 2025. Its main product, Claude, launched just over three years ago.

The only ones to come close with an already established revenue base:

1. OpenAI is the closest comp at ~$25 billion in annualized revenue. Anthropic just passed it with far fewer users than ChatGPT. More than 1,000 businesses are each spending over $1 million annually on Claude — a number that doubled in less than two months. That's a business model, not a toy.
2. Zoom was the previous "holy s--t" growth story. It roughly 4x'd revenue during COVID. Analysts lost their minds. Anthropic is crushing that rate on a far bigger base.
3. Snowflake set the modern benchmark for enterprise growth. With $400 million+ in run-rate revenue and 100%+ growth at IPO, it still took a decade to reach $1 billion. Anthropic got there in three years — then added $29 billion more in just over a year.
4. Google went from ~$400 million to $6 billion between 2002 and 2005 with search advertising — the previous "fastest ever" organic ramp. Think of it this way: Anthropic covered nearly four times more ground in a single quarter than peak Google did in three years.

Every CEO knows the Standard Oil story. It was the most dominant growth machine in American business history. John D. Rockefeller built it into a monster that had near-monopolistic control of its industry by 1904.

• But here's what people forget: It took him 34 years to get there, and he did it by strong-arming railroads into secret rebate deals and acquiring competitors who had no choice but to sell.

The bottom line: Even Rockefeller would be jealous of Anthropic.

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PopUp Bagels, a bagel chain with 30 locations in 10 states, raised new funding at a $300 million valuation led by Tiger Global, as scooped by Bloomberg and confirmed by Axios.

Why it's the BFD: E keeps having me take her to the one in Harvard Square, egged on by viral social media posts about "grip, rip, and dip."

• It's also a pretty brilliant business model, as VC-backed bagel stores go. PopUp only sells five types of bagels (three-bagel minimum per order) and just a few types of rotating cream cheeses and butters, thus limiting SKUs.
• PopUp also doesn't cut its bagels or make them into sandwiches, thus reducing labor costs, and has very small footprints without much seating (if any).

Yes, but: It feels like more of a weekend business than a weekday one, given the order minimums, and social media users may move onto other food fads.

• Also, this past weekend's special schmear was "birthday cake." Yes, it lived up to its name. No, that is not a compliment.

Zoom in: Stripes, which first invested in 2023, remains PopUp's largest investor. It's unclear if it sold any of its shares to Tiger Global.

The bottom line: "Founded in a Connecticut backyard during the pandemic, PopUp began as a small operation launched by a baking hobbyist before expanding into a brick-and-mortar location in Westport, Connecticut, and later expanding across the New York metropolitan area." — Charles Gorrivan, Bloomberg

🚑 Ultralight, an NYC-based EHR startup focused on longevity and personalized medicine clinics, raised $9.3m in pre-seed and seed funding, per Axios Pro. The General Partnership led, joined by Wisdom Ventures, Anthemis and Emerson Collective. axios.link/3PW8kDM

• Round, a London-based finance automation platform, raised $6m in seed funding. Alstin Capital led, joined by Backed VC and Love Ventures. axios.link/3OjK8KQ

• Sonibel Instruments, a Canadian developer of a weld quality control system, raised C$2.2m in seed funding led by Maple VC, with participation from Champion Hill Ventures and Dorm Room Fund. axios.link/3QAhZQo

• Alpha FMC, a Bridgepoint portfolio company, agreed to acquire JPSB Group, a London-based fintech consultancy. axios.link/4c9huFG

• Eurazeo agreed to acquire a majority stake in Netco, a French provider of maintenance services for conveyor systems, from Ardian. axios.link/48vs1Zj

• Leonard Green & Partners is in talks to buy Cumming Group, a Westport, Conn.-based construction project consultancy, from New Mountain Capital for around $3b, per the FT. axios.link/4mvlns2

🎵 MusicBird, a music-rights investment firm, acquired the master royalty income of Supertramp bassist Dougie Thomson. axios.link/4tJrFqg

• SalemOne, a portfolio company of Granite Creek Capital Partners, acquired SmashBrand, a CPG brand development agency. axios.link/4cpLaNB

• Staple Investments backed Corporate Travel Services, a Northville, Mich.-based provider of travel, tours, and event management services. axios.link/4vqbvnn

• STG acquired Carrier Logistics, an Elmsford, N.Y.-based provider of transportation management software for LTL carriers. axios.link/48IO9zr

🚑 The Sterling Group acquired Healthcare Linen Services Group, a St. Charles, Ill.-based provider of laundry and rental services to health-care customers, from York Private Equity. axios.link/4tGBjK8

Arxis and Madison Air Solutions both plan to raise at least $1b in U.S. IPOs this week.

• Alpex Acquisition, a SPAC led by Xiaolin Zheng (ex-CE Innovation Capital), filed for a $100m IPO. axios.link/4c520Cr

🚑 Alamar Biosciences, a Fremont, Calif.-based protein biomarker detection platform, set IPO terms to 9.4m shares at $15-$17. It would have a market cap just north of $1b, were it to price in the middle, and plans to list on the Nasdaq (ALMR). Alamar raised over $300m in VC funding from firms like Qiming Venture Partners, Illumina Ventures, Sands Capital, and Sherpa Healthcare Partners. axios.link/3O3bVPQ

• Blackstone Digital Infrastructure Trust, a new REIT focused on data centers leased to hyperscalers, filed for a $100m IPO. axios.link/4suf7C6

🚑 Hemab Therapeutics, a Copenhagen-based blood disorder biotech, filed for a $100m IPO. The Phase 3 company plans to list on the Nasdaq (COAG) and raised around $346m from firms like RA Capital Management (17.6% pre IPO stake), Novo Holdings (15.2%), Access Industries (13.8%), Sofinnova (8.7%), Deep Track Capital (8%), SCWF (7.9%), Healthcap (6.9%), and Avoro Ventures (6.6%). axios.link/4szSNqJ

• Irenic Acquisition, an aerospace and defense SPAC formed by Irenic Capital Management, filed for a $220m IPO. axios.link/3QAfHAM

🚑 Kailera Therapeutics, a Waltham, Mass.-based developer of GLP-1 drugs for obesity, set IPO terms to 33.3m shares at $14-$16. The Phase 3 company plans to list on the Nasdaq (KLRA) and raised around $1b from Bain Capital Life Sciences, RTW Investments, CPPIB, Atlas Ventures, Adage Capital Management, Invus, Janus Henderson, Perseverance Capital, QIA, Royalty Pharma, Surveyor Capital, Rowe Price, and Sirona Capital. axios.link/424RW6s

🚑 National Healthcare Properties, a health-care REIT for outpatient medical and senior housing, set IPO terms to 38.5m shares at $13-$16. It plans to list on the Nasdaq (NHP). axios.link/4t4zgQb

🚑 Seaport Therapeutics, a Boston-based developer of neuropsychiatric medicines, filed for a $100m IPO. The Phase 2 biotech plans to list on the Nasdaq (SPTX) and had raised around $330m from firms like PureTech Health (42.9% pre-IPO stake), Arch Venture Partners (13.4%), General Atlantic (8.6%), Sofinnova (7%), and Third Rock Ventures (5.3%). axios.link/4sufWLc

• Suja Life, a better-for-you juice maker owned by Paine Schwartz Partners, filed for a $100m IPO. It reports a $23m net loss on $327m in revenue for fiscal 2025, and plans to list on the Nasdaq (SUJA). axios.link/423r46S

• Yesway, a Fort Worth, Texas-based gas station and convenience store operator, set IPO terms to nearly 14m shares at $20-$23. It reports $54m of net income on $2.67b of revenue for 2025. Yesway plans to list on the Nasdaq (YSWY), and previously tried to go public in 2021 before pulling the offering in 2022. Backers include Brookwood Financial Partners and HPS Investment Partners. axios.link/41vMCZG

• Baker Hughes (Nasdaq: BKR) agreed to sell Waygate Technologies, a German provider of testing and inspection tech for the structural integrity of materials, to Sweden's Hexagon (S: HEXA) for around $1.45b in cash. axios.link/4e2w2s3

⚡ BP (LSE: BP) agreed to buy operating stakes in three offshore Namibian blocks. axios.link/4tOw5w9

• GFL Environmental (NYSE: GFL) is in talks to buy Canada's Secure Waste Infrastructure (TSX: SES) for more than C$6b, per Bloomberg. axios.link/48wZimX

⚡ Iberdrola (Milan: IBE) is pausing a $1b sale of a minority stake in its Spanish solar energy portfolio, per Reuters. axios.link/4t84mXm

• Somnigroup International (NYSE: SGI) agreed to buy Carthage, Mo.-based bedding company Leggett & Platt (NYSE: LEG) for around $2.5b in stock. axios.link/47Tk00e

• Nir Zuk, founder of Palo Alto Networks, agreed to buy California-based Liberty Bank, which he wants to convert into an AI-powered lender, per the WSJ. axios.link/3OgBj4E

Thoma Bravo is winding down its growth equity strategy, with group co-heads Ross Devor and Robert Sayle having already left the firm, per PEI. It plans to finish investing dry powder in its sole growth fund, a $1.88b vehicle raised in 2022, and won't raise a second. axios.link/4c7nvCz

• 26North, led by Joshua Harris, raised $5.9b for its debut fund. axios.link/4vvSJeo

• Adams Street Partners raised $7.5b (inclusive of leverage) for its third private credit fund. axios.link/4dILMAf

• Eka, a London-based impact VC firm, raised £80m for its second fund. axios.link/4vkZ9Nb

• Leeds Equity Partners, a PE firm focused on knowledge industries, raised $1.9b for its eighth fund. axios.link/4cEBiAM

🚑 Propel Bio, an LA-based biotech VC firm, raised $100m for its latest fund. propelbio.com

• Philip Kirk joined Databricks as SVP of corp dev and ventures. He previously was with ServiceNow. axios.link/4t11J9A

🚑 Venrock promoted Phil DiGiacomo and Mariana Mihalusova to partners. venrock.com

Oil prices are surging again, as the U.S. prepares a naval blockade of Iranian ports in the wake of this past weekend's failed peace negotiations.

• The bull case: Iran will be brought to its economic knees by the blockade, thus ending the war and fully reopening the Strait of Hormuz.
• The bear case: Things will drag on for a while, raising prices for most everything most everywhere.