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We are releasing the first liquid way to trade Anthropic.
For far too long, frontier assets have only been accessible to a select few. We are here to bring them to the masses.
Introducing EntropyIO. We’ve raised $14M led by Ribbit Capital and a $40M HYPE stake to build both improved and entirely new markets, the first of which are live on Hyperliquid today.
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JUST IN: Anthropic’s IPO is already several times oversubscribed, per Bloomberg. The public offering could raise up to $64.4B, with another $26B from a private placement.
Anthropic jumps ~6% on Entropy on news that its IPO is already several times oversubscribed, with the company and its selling shareholders seeking up to $90.4 billion across the public offering and a private placement, per Bloomberg.
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JUST IN: IBM announced Nighthawk r3, a quantum chip designed to run 10,000 operations across 520 qubits. It plans to link two chips into a system with more than 1,000 qubits in 2027.
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JUST IN: Utah startup Torus raised $500M in a Series C led by Magnetar to manufacture Foundry, a container-sized system that pairs battery storage with AI inference, per Bloomberg.
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ANTHROPIC IPO: WHAT WE KNOW
1/ Anthropic has launched its IPO roadshow and applied to list on the Nasdaq Global Select Market under $ANT. The proposed price range is $70–$78 per share.
2/ The offering covers 825M shares, worth $57.8–64.4B before fees. Anthropic is offering about 801.4M shares, with existing shareholders selling the remaining 23.6M.
3/ At $78 per share, Anthropic would raise about $62.5B before fees. The top of the range implies a fully diluted market cap of roughly $1.3T, per MarketWatch.
4/ Underwriters are expected to have a 30-day option to buy another 123.75M shares. If fully exercised at $78, the total offering would reach about $74B.
Anthropic has launched the roadshow for its proposed initial public offering: anthropic.com/news/roadshow-…
Legal disclaimer: A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This post does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Anthropic nosedives ~7% on news that it aims to raise up to $69.3 billion in its IPO by selling 866.7 million new shares at $70-80 each, significantly lower than expectations.
Anthropic climbed ~7% from around $1,580 to $1,690 on Entropy, implying a $1.69T fully diluted market cap, as the company unveiled Claude Fable 5.2 and Claude Mythos 5.2.
ANTHROPIC’S CLAUDE FABLE 5.2 AND MYTHOS 5.2: WHAT WE KNOW
1/ Anthropic launched Claude Fable 5.2 and Mythos 5.2 for complex coding, research and engineering.
2/ About 1,000 Fable agents converted an existing proof of Fermat’s Last Theorem into computer-checkable code in 30 hours. Opus 5.5 reached 27% in the same setup.
3/ On FrontierCode 2.0, Fable at High effort roughly matched Opus 5.5 at Max for half the cost per task.
4/ Anthropic says Fable solved two open problems involving black holes, while Mythos accurately modeled 28 of 34 viral protein shells.
5/ The models generate tokens up to 30% faster than their predecessors, according to Anthropic.
6/ API prices fell 20% to $8 per million input tokens and $40 per million output tokens.
7/ Fable is broadly available. Mythos uses the same underlying model and is limited to approved organizations.
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ANTHROPIC’S CLAUDE FABLE 5.2 AND MYTHOS 5.2: WHAT WE KNOW
1/ Anthropic launched Claude Fable 5.2 and Mythos 5.2 for complex coding, research and engineering.
2/ About 1,000 Fable agents converted an existing proof of Fermat’s Last Theorem into computer-checkable code in 30 hours. Opus 5.5 reached 27% in the same setup.
3/ On FrontierCode 2.0, Fable at High effort roughly matched Opus 5.5 at Max for half the cost per task.
4/ Anthropic says Fable solved two open problems involving black holes, while Mythos accurately modeled 28 of 34 viral protein shells.
5/ The models generate tokens up to 30% faster than their predecessors, according to Anthropic.
6/ API prices fell 20% to $8 per million input tokens and $40 per million output tokens.
7/ Fable is broadly available. Mythos uses the same underlying model and is limited to approved organizations.
Nvidia fell ~3.4% on Entropy from $187.50 to $181.20 as Axios reported that CEO Jensen Huang admitted in an email to staff that he had been unfaithful to his wife. Nvidia’s board opened an independent investigation into reports that foreign intelligence had targeted him.
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JUST IN: Nvidia CEO Jensen Huang acknowledged an affair in an email to staff seen by Axios. Nvidia’s board has opened an independent investigation into reports that he was targeted by foreign intelligence.
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The sixth round of Entropy affiliate badges has been distributed.
Invitations have been sent on X, and recipients will find further instructions in their DMs.
Each week, we’re more impressed by how you represent Entropy across the space. You’re bringing your own perspectives, helping others understand the markets, and giving more people a reason to explore what we’re building.
As Entropy grows, so do the voices around it. Seeing familiar contributors develop their ideas and new ones join the conversation makes that progress especially rewarding. We’re growing together, and these badges recognize the people helping make that happen.
Thank you to everyone sharing research, trades, and insights on Entropy. The next round will follow soon.
Anthropic climbed ~5% from around $1,580 to $1,665 on Entropy, implying a $1.66T valuation, as the FT reported its $3.4B deal to secure 1.7GW of gas-fired generators for its data centers.
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JUST IN: Anthropic struck a $3.4B deal to secure 1.7GW of Caterpillar gas-fired generators for its data centers, per FT. It took over equipment orders placed by OnePWR Solutions two years ago, securing deliveries over the next two years as AI demand stretches supply.
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JUST IN: NASA selected SpaceX, Blue Origin and six other companies to compete for lunar delivery missions under its new $10B CLPS 2 contract.
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JUST IN: Justin Yek will replace Kaiser Ng as Binance CFO, per Reuters.
The exchange is managing the fallout from a $6.3B hack and has pledged to fully reimburse affected users.
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JUST IN: Coca-Cola plans to reduce its stake in its Indian bottler from 60% to about 45% through an IPO, per Reuters.
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JUST IN: US intelligence believes Nvidia CEO Jensen Huang had a romantic relationship with Alice Huang, a Megaspeed executive suspected of spying for China, per FT. Megaspeed is an Nvidia customer.
Nvidia has previously described their contacts as routine business interactions.
Anthropic is down ~18% from its recent high on Entropy, now at $1,555, implying $1.56T. The slide continued after the FT reported that some people involved in the IPO expect a valuation closer to $1.3T.
