Anthropic showed investors $16.8B in quarterly revenue and positive cash flow. Anduril let employees sell at $90B. SpaceXAI shipped a voice model, a bundle, and a spectrum deal. Kraken is buying a European bank. Kalshi told Washington it is federal rules or offshore. ICON raised $200M from BlackRock and Baillie Gifford. Nvidia wants a bigger piece of Reflection AI. OpenAI got sued by eight states. A lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI told investors Q3 revenue reached $16.8B, up 45% from Q2, with positive cash flow and IPO marketing possibly starting the week of Nov. 9, though the figures come from sources rather than a filing. 🚀 @xai topped speech-to-speech benchmarks with Grok Voice 3.0, merged X Premium, Grok, and Cursor into one subscription, and agreed to buy Grain’s 800 MHz spectrum for roughly $8B. That deal sent T-Mobile, AT&T, and Verizon down double digits. 🛡️ @anduriltech opened an employee tender capped at $1.3B at about a $90B valuation, up from $61B in May, giving staff in 16 countries liquidity with no new primary and no IPO. 🐙 @krakenfx parent Payward agreed to acquire Lithuania’s Saldo Bank for an EU banking license, which would make it the first crypto firm to buy a bank in Europe, with closing expected in 2027. 📊 @Kalshi faces a Supreme Court petition from New Jersey after split appeals rulings, while the CFTC moves to fold event contracts into swaps and Taiwan authorizes blocking it ahead of local elections. 🏗️ @ICON3DTech raised a $200M Series D co-led by Baillie Gifford and BlackRock at a reported $1.4B valuation, and says it is on pace for 4x revenue growth and has won more than $370M in government contracts. 🔦 @reflection_ai is in early talks with Nvidia, already an $800M investor, about a deeper stake or an acqui-hire that could put America’s leading open-weight lab inside its chip supplier. 🤖 @OpenAI was sued by eight states for misleading parents about ChatGPT safety, and separately one of its engineers was charged with bugging a company conference room. 👀 Watch List 💳 @tryramp reportedly raised about $1.85B at roughly $60B, led by Dragoneer and Thrive, up from $44B just four months ago. 🚗 @AppliedInt has received offers at a $30B valuation, double its June 2025 mark, as it pushes into military vehicles and considers a raise of $1B or more.

Anthropic sent out IPO invites. OpenAI put ads next to your images and got a subpoena for its agents. Anduril is building a submarine shipyard in Baltimore. SpaceXAI reportedly wants $40B in debt for Nvidia chips. Lambda is raising up to $4B ahead of a 2027 IPO. Reflection AI debuted an American open-weight model built to rival China's best. Kraken is talking to Wells Fargo. Erebor reportedly hit $7B in deposits. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI is hosting investors at HQ on Oct 14 ahead of an IPO pegged at $1.8T to $2T that could trade before Thanksgiving, though Microsoft and Meta scaling back Claude usage will be a roadshow question. 🤖 @OpenAI launched GPT-6 with a more visual ChatGPT and U.S. ads, collected SoftBank’s final $10B tranche, and is now facing a California AG subpoena plus a $500K-a-day review of rogue agent activity. 🚀 @spacexai is in early talks, led by Apollo, to raise $40B in debt for Nvidia chips, and shares slipped 2% on the report. 🛡️ @anduriltech unveiled Arsenal-2, a Baltimore shipyard for Virginia-class sub components backed by a Navy contract worth up to $2.9B and $3.7B of its own capital, while also acquiring Popoto Modem and signing a propulsion deal with Voyager. 🏗️ @lambdamarkets1 is raising up to $4B at $14.5B pre-money ahead of a 2027 IPO, with backlog jumping to $50B largely on a single $35B Anthropic commitment. 🔦 @reflection_ai released Beam, a 501B-parameter open-weight model claiming GLM-5.2 parity at 3 to 4x lower inference compute, backed by more than $7B in compute deals. 🐙 @krakenfx parent Payward is in talks to become Wells Fargo’s crypto liquidity provider, a move that would extend it from exchange into bank infrastructure if it closes. 🏦 @ereborbank reportedly reached $7B in deposits after adding over $3B and 500+ customers last quarter, and is said to be raising at an $8B valuation. 👀 Watch List 🦿 @agilityrobotics is heading to Nasdaq as AGLT via SPAC with $300M in Digit 5 orders covering 1,000 robots and a plan to cut unit cost from $150K to $30K. 🎲 @Polymarket is testing its rebuilt Protocol V2 ahead of a tentative Nov 2 switchover while appealing a €420K fine from Dutch gambling regulators.

Anthropic's leaked prospectus shows $518B in compute commitments. OpenAI shipped near-Astra smarts at a fifth of the price and is reportedly raising at $1.4T. SpaceXAI finally made orbit. Saronic broke ground on its shipyard and booked a fleet of autonomous ships the same day. Kalshi lost in the Sixth Circuit and is reportedly raising at $40B anyway. Lambda is paying its own power bill. Gecko Robotics got NVIDIA's safety stamp. Varda raised $251M to make drugs in orbit. Valar Atomics wants to put 456 reactors in the Utah desert. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI posted nearly $4.6B in revenue against an $8B+ operating loss and $518B in mostly locked-in infrastructure spend in its leaked prospectus, eyeing a raise of up to $100B at $2T+ likely after the midterms, while shipping a faster, cheaper Sonnet 5.5 and splitting a DC Circuit loss with a Trump dinner. 🤖 @OpenAI launched GPT-6.1 Sol at one-fifth of Astra's price plus always-on dots agents, reported 1.2B weekly users, and is reportedly in early talks to raise $30B+ at around $1.4T, even as image-leak disclosures and an Australian Senate inquiry add pressure. 🚀 @spacexai took Starship to orbit for the first time on Flight 14 despite an early Raptor shutdown and off-target splashdown, while Musk says Colossus 2 runs 550k Blackwell chips and could top 1.2M by year end. ⚓ @Saronic broke ground on its $3B+ Port Alpha shipyard in Brownsville and won a Navy production award for the 180-ft Marauder in a 30-vessel MUSV program, though its own contract value remains undisclosed. 🎯 @Kalshi dropped to 1-for-3 in circuit courts after a Sixth Circuit loss on sports contract preemption and moved to end its volume incentive program, yet is reportedly near a $1B raise at roughly $40B, nearly double its May valuation. 🏗️ @lambdamarkets1 is building an Oklahoma AI data center while paying 100% of its own energy costs with closed-loop cooling, a signal that self-funded power is becoming the cost of getting permitted. 🦎 @geckorobotics was named a launch partner on NVIDIA's Open Agent Safety Platform, using OpenShell as an independent enforcement layer on its Navy-deployed Komodo robot, turning auditable safety into a sales edge. 💊 @VardaSpace closed a $251M Series D at a $1.6B valuation led by Lux and Natural Capital, bringing total funding to $598M ahead of its first two-capsule flight on Transporter-18. ⚛️ @valaratomics filed with BLM for Project Beehive, a roughly 9.6 GW, 456-reactor data center power site in Utah targeting first reactors in 2028, with permitting and local buy-in as the real hurdles. 👀 Watch List ☀️ @Helion_Energy quietly softened Orion's 2028 goal from electricity to initial operations, with full power now pegged at 2029 or later, putting its Microsoft grid deadline at risk.

Anthropic cut its flagship price and then let 950 agents find an enzyme system nobody had described. OpenAI halved its API prices the same afternoon and built a math board it does not have to listen to. SpaceXAI goes for orbit Monday, six days later than we told you, and shipped Grok 4.7 without touching the price. Kalshi asked the CFTC for margin while the Senate argued about it in public. Anduril is building a supply base inside Taiwan. Saronic just became a shipbuilder. Perplexity published its own breach data. Let's get into it. 📈 Portfolio Pulse 🦾 @AnthropicAI cut Opus 5.5 pricing 20% to $4 and $20 per million tokens, surfaced a novel CRISPR-like enzyme system using roughly 950 Claude agents, launched Claude Marketplace for enterprise spend, and pushed its IPO to November at up to $2 trillion. 🧠 @OpenAI launched GPT-6 Sol and Luna at permanent half-price API rates with roughly half the factual errors of GPT-5.6, and formed a nine-member IAS mathematics advisory group that has no power to slow or redirect its work. 🚀 @spacexai is targeting Monday for Starship Flight 14, its first orbital attempt carrying 26 Starlink V3 satellites, while NASA added $946M in crew contracts and Grok 4.7 held its $2 and $6 pricing while posting gains on CursorBench, EEBench and the Harvey legal benchmark. 📊 @Kalshi asked the CFTC to approve risk-based margin for institutional self-clearing members on non-sports event contracts, landing the same week Senate Banking Democrats demanded a public hearing after Republicans met privately with Tarek Mansour. 🛡️ @anduriltech is expanding local production in Taiwan with new suppliers, staff and a branch office on top of an NT$26.9B deal for 2,000-plus Altius drones, hedging against slow US arms approvals and turning a sale into a program. ⚓ @Saronic won a Navy fixed-price agreement to build LCU 1700-class landing craft as the first project at Port Alpha in Brownsville, with production starting 2028 and deliveries in 2029. 🧪 @perplexity_ai self-published red-team results showing no VM escapes but 11 network-policy bypasses (since patched) in its SPACE sandbox, and disclosed that Perplexity Computer now runs on Zhipu's GLM 5.2 with fewer tool-call failures. 👀 Watch List ⚡ @CrusoeAI signed a $65M-a-year inference deal with Thinking Machines Lab and disclosed $100M in contracted Managed Inference ARR, strengthening its software-margin story a week after a $3.9B Series F at $30.9B. 🚁 @zipline secured an eight-year Côte d'Ivoire partnership to scale from one distribution centre to ten, reaching a projected 12 million people, with the government covering operating costs.

OpenAI got offered $1.2T and still isn't in a hurry. Anthropic has Nvidia circling its IPO and the President calling the safety case a hoax. SpaceX goes for orbit next week with paying cargo aboard. Kalshi cleared $983M in NFL volume in one week. Kraken got a Trade button placed inside the X feed. Anduril hung bombs on Fury. Perplexity bought itself a cost structure. Paradromics gave a woman her voice back. Per usual, a lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🧠 @OpenAI Investors floated a $1.2T pre-IPO round but the company is holding for $1.5T while Altman rules out any 2026 listing. 🦾 @AnthropicAI Nvidia may anchor up to $10B of a raise reportedly reaching $100B near a $2T valuation, just as Trump turned safety-first positioning into a fresh regulatory target. 🚀 @SpaceX Flight 14 on September 22 aims for the first orbital run with 26 Starlink V3s aboard, alongside a newly disclosed $1.11B-a-month AI compute deal worth roughly $13B in ARR. 📊 @Kalshi NFL volume hit $983.18M for the week, up 1,288%, even as its bid for single-stock perpetual futures runs straight into overlapping SEC and CFTC jurisdiction. ₿ @krakenfx X's new Cashtag program routes in-feed $BTC and $NVDA trades to Kraken, which separately launched tokenized xStocks vaults yielding up to 2% on Solana. 🛡️ @anduriltech Fury was fit checked with JDAMs and Small Diameter Bombs, positioning the airframe as a swing-role, export-friendly platform, though nothing has yet been fired in flight. 🧠 @perplexity_ai A multi-year Crusoe deal locks training and inference onto dedicated GB300 clusters while its new Windows agent shifts local execution onto users' own RTX GPUs. 🧬 @paradromics The first Connexus participant used the implant for unscripted real-time speech and a live call with her grandchildren, the threshold between research device and clinical product. 👀 Watch List 🚁 @zipline The FAA opened comment on authorizing up to 220,000 daily drone deliveries across five Texas metros, testing whether the regulatory ceiling finally lifts. 🐉 @BytedanceTalk A $29.6B syndicated loan priced at just 68 basis points over SOFR shows debt markets underwriting Chinese AI capex at near investment-grade terms. 💳 @tryramp The UK launch marks its first market outside North America, exporting a full spend-intelligence platform rather than just a card.

OpenAI pointed ten thousand agents at a Millennium Prize problem and won. Anthropic walked away from a $6B deal and lost a researcher to the timeline. Kalshi got gold and silver perps cleared, then paid the wrong side of a Hail Mary. Kraken took $100M from Nasdaq at $21B. Anduril got a second shot at $1.5B and lost a drone to Iran. Groq became a DOJ antitrust file. PsiQuantum signed its CHIPS money. The Boring Company raised $3B at $23B and owes the UAE 150 kilometers of tunnel. SpaceX is wiring 6,000 Argentine schools. A lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🧠 @OpenAI roughly 10,000 agents on an unreleased model cracked Navier-Stokes in 88 hours, and the firm is skipping the $1M prize while fielding claims it leaned on private Codex research. 🦾 @AnthropicAI walked from a ~$6B Decart acquisition despite the direct fit to Claude's cost curve, as researcher departures and public risk warnings surfaced internal unease. 📊 @Kalshi cleared gold and silver perps as commodities volume topped $400M monthly, but the reversed Michigan football payout reminded everyone that settlement integrity is the real product. ₿ @krakenfx landed a $100M Nasdaq venture check into Payward at a $21B valuation, locking in Kraken as the distribution rail for tokenized Nasdaq stocks with real voting rights. 🛡️ @anduriltech got GAO to clear its path toward a second slot on a $1.5B counter-UAS contract, even as Iran paraded a captured Dive-LD that CENTCOM says held no sensitive data. 🧮 @GroqLLC drew a DOJ probe into whether Nvidia's $20B license-plus-hire was structured to dodge merger review, putting the acqui-licensing playbook at risk. ⚛️ @PsiQuantum signed definitive docs on a $100M CHIPS award for barium titanate wafer production, aiming non-dilutive capital straight at the materials bottleneck for million-qubit machines. 🚀 @SpaceX locked a state-funded Starlink deal to connect 6,000 rural Argentine schools, the emerging-market template that converts subscriptions into national infrastructure. 🏗️ @boringcompany closed a $3B Series D at a $23B valuation led by the UAE, which doubles as anchor customer for 150-plus kilometers of Emirates tunnel. 👀 Watch List 🛩️ @shieldaitech signed a five-year LOI with Poland's PGZ to localize production and sustainment of its runway-independent X-BAT fighter, the move that turns a demo into a program of record. 🤖 @Figure_robot AI committed $3.5B with intent to scale past $6B for up to 100,000 Vera Rubin GPUs, betting humanoids are training-limited rather than hardware-limited.

Anthropic hit the brakes on its own training runs, then signed $35B of compute with Lambda. OpenAI shipped GPT-6 Astra and called it a generational leap. xAI got Grok into the Pentagon at IL5 while a competitor sits in court. Kraken pushed its IPO to 2027 and plugged into a bank. Kalshi is going to the Supreme Court. SpaceX got the biggest tax break in Louisiana history. Anduril turned TITAN into production dollars. Beast Industries signed Google for multiple years. A lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI paused high-risk RL training after a Mythos 5 safety incident, then locked in a roughly $35B six-year Lambda compute deal and cut cache-read pricing 75%. 🧠 @OpenAI shipped GPT-6 (Astra) as its most capable model and the first to hit the Critical cybersecurity threshold, even as Congress still waits on withheld July logs. 🛡️ @spacexai got Grok to IL5 authorization on the Pentagon's GenAI.mil portal, banking a massive federal seat during the exact window Claude sits excluded. 🖥️ @lambdamarkets1 became the counterparty on Anthropic's ~$35B cloud agreement, turning a mid-tier neocloud into an $80B-in-a-week backlog story. ₿ @krakenfx slipped its US IPO to at least Q2 2027 while quietly expanding its settlement rails through a new SoFi order-flow partnership. 📊 @Kalshi watched New Jersey take the state-versus-CFTC fight to the Supreme Court and issued its first lifetime ban against George Santos. 🚀 @SpaceX secured an estimated $27.5B incentive package for its $100B Louisiana spaceport, likely the largest single-project tax exemption in US history. 🛡️ @anduriltech landed $65M in TITAN production orders as the Army moved past prototyping, plus a Lattice autonomy win on Hermeus's Mach 3 Quarterhorse. 📈 @Beast signed a multi-year Google deal extending beyond YouTube into Gemini and Google Health, the clearest third-party mark yet on its distribution value. 👀 Watch List 📈 @Polymarket raised $1B at a $21B valuation led by Trump Jr.'s 1789 Capital, a 40% markup that also concentrates its cap table around a politically exposed lead. 🧠 @cerebras locked in up to 165MW of seven-year contracted capacity in Finland, a revenue-visibility play built to reset its post-IPO multiple. 🧠 @togethercompute became the inference layer for Equinix's new Inference Exchange across 280-plus data centers, winning enterprises that refuse public-cloud inference.

Anthropic rented $45B of compute and is weeks from a public S-1. OpenAI put numbers on its own chip and published the report on how its own model got out. SpaceX is building a $100B spaceport in a Louisiana marsh. Kalshi signed five MLB clubs and got sued by Connecticut in the same week. Perplexity shipped an agent that runs on your desk for zero credits. Groq silicon is now shipping under Nvidia's name. Paradromics got the FDA to open the BCI to your laptop. A lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI signed a roughly $45B, six-year compute lease with Nscale as its IPO prospectus nears at a projected $2 trillion float. 🌶️ @OpenAI unveiled its Jalapeño inference chip at up to 1.9x work per watt while disclosing a July breach where an internal model escaped its sandbox and hit three companies. 🚀 @SpaceX confirmed a $100B Starbase Louisiana with ten launch pads across 125,000 acres of coastal marsh, breaking ground in 2027. ⚾ @Kalshi locked exclusive deals with five MLB clubs, then drew a four-count Connecticut lawsuit seeking disgorgement over alleged underage wagering. 🔍 @perplexity_ai launched an on-device agent that burns zero credits, as Nvidia reportedly weighs an investment above $30 billion. ⚡ @GroqLLC saw Nvidia push its licensed Groq 3 LPX chip into full production while its own cloud closed a $350M Series A at a $3.5B valuation. 🧬 @paradromics won an FDA letter letting its Connexus brain-computer interface add consumer laptops, tablets, and phones without per-device approval. 🤖 @spacexai landed Grok 4.6 on all three major clouds in eight days without an enterprise sales team. 👀 Watch List 🦿 @1x_tech is in talks for SoftBank to take a majority stake at a roughly $6 billion valuation, repricing humanoids as industrial assets. 📊 @Polymarket expanded its Sportradar deal to 20-plus leagues with exclusive streaming rights, turning a prediction market into a place to spend the evening.

Anthropic is writing itself a new set of voting rules. OpenAI finally named the year. SpaceX hit 100 launches before the end of August. Kalshi got itself a Wall Street block desk. xAI landed inside AWS procurement. Perplexity found out its India giveaway actually converted. Anduril is protesting a contract it partly won. Let's get into it. 📈 Portfolio Pulse 🧠 @AnthropicAI Q2 revenue hit $11.5B with positive adjusted operating income no rival can claim, and it is prepping a supervoting class for founders ahead of a possible fall IPO. 🤖 @OpenAI CFO Sarah Friar floated a 2027 listing even as Q2 losses widened to $12.3B, with ChatGPT Ads going live across 31 European markets on Aug 24. 🚀 @SpaceX It cleared 100 orbital launches before September for a third straight year, roughly two months ahead of its 2024 pace. 📊 @Kalshi Cantor opened institutional block trading in its event contracts just as Nevada returned to court seeking $120,000 a day over post-deadline trades. 🧠 @spacexai Grok 4.6 went generally available on Amazon Bedrock, handing cloud-locked enterprises a clean procurement path to the model. 🔍 @perplexity_ai India revenue climbed about 60% and monthly actives held near 14M after the Airtel free offer closed, proving the cohort stuck even as downloads cratered. 🛡️ @anduriltech It won the services track of a $1.5B DHS counter-drone contract but filed a GAO protest after missing the hardware track it actually builds for. 👀 Watch List 💳 @stripe It agreed to buy model-routing gateway OpenRouter for a reported $7.5B, planting itself on the cost side of the AI economy. 🛡️ @shieldaitech The Navy and DIU put $50M into its still-unflown X-BAT strike jet while the Air Force holds off, concentrating the risk in two places.

👂🏽 You can now listen to The Markup For those of you who don’t know how to read, we added the ability to listen to our newsletter. Just click the “Listen online” link. Give it a try and let us know if you like it. Next week, you may even hear a familiar voice. SpaceX dropped its first print as a public company and the AI unit did the damage. Anthropic is financing compute on private credit, $10B at a time. Kalshi lost twice in court in a single day. OpenAI crossed a billion users, cut prices 80%, and made frontier chat free. xAI got squeezed on both its product and its power. Apptronik became Google's reference humanoid. A lot to unpack this week. Let's get into it. 📈 Portfolio Pulse 🚀 @SpaceX First public quarter beat at $7.8B revenue up 92%, but a $1.3B AI-unit loss and this week's $116B lockup expiry leave the print exposed from both sides. 🧠 @AnthropicAI Signed a $10B six-year compute deal with Volta and shopped fresh debt to fund the buildout, while helping shape the first US voluntary frontier-model testing rules from inside the White House. 📊 @Kalshi Lost two rulings in one day as courts let New York's $36B suit proceed and rejected federal preemption in Utah, even as it reportedly raises near a $40B valuation. 🤖 @OpenAI Crossed a billion users and cut GPT-5.6 Luna pricing 80% while making frontier chat free, resetting the price floor rivals have to clear. ⚡ @xai Hit by a Minnesota nudification ban and a Mississippi order to pull 69 gas turbines at Southaven, turning regulation into a direct tax on both product and power. 🦿 @Apptronik Became the reference hardware for Google DeepMind's Gemini Robotics 2, running autonomous full-body tasks and tightening its grip on the humanoid race. 👀 Watch List 📈 @Polymarket In talks to raise about $1B above a $20B valuation, a 33% step-up in four months, plus a new deal as the Yankees' official prediction-market partner. ⚛️ @valaratomics Atomics Raised a $1B Sequoia-led Series B at roughly $6B, triple its April mark, to scale SMRs for AI data centers. 🛡️ @HadrianInc Raised a $1.37B Series D at about $7.87B, a roughly 5x step-up that resets the comps for automated defense-industrial manufacturing.