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Top stories today:
- Anthropic said to prep 2026 IPO while pursuing $350B valuation
- OpenAI said to develop āGarlicā model to fight Gemini, Claude
- Amazon debuts Trainium3 UltraServer, teases Trainium4
- Kalshi raises $1B at $11B as prediction-market boom continues
- Michael, Susan Dell give $6.25B for 25M kids
- American Bitcoin -50% as Trump-affiliated crypto projects shed $1B
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Anthropic said to prep 2026 IPO while pursuing $350B valuation in private round
Anthropic has reportedly hired Wilson Sonsini to begin IPO preparations, targeting as early as 2026.
On track for ~$10B ARR by end-2025, more than 10Ć its 2024 revenue.
~$26B ARR for 2026 was projected to investors in Aug.
CEO Dario Amodei has held preliminary discussions with major investment banks about the potential listing.
$15B commitment from Microsoft and NVIDIA would be included in a new private round at a $300B-$350B valuation.
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3. OpenAI said to develop āGarlicā model that beats Gemini 3, Claude Opus 4.5 in internal tests
Representational image generated using ChatGPT.
OpenAI Chief Research Officer Mark Chen reportedly briefed colleagues on the new āGarlicā model.
Coming as soon as possible, Chen said, potentially as GPT-5.2 or GPT-5.5 early next year.
Garlic is distinct from the āShallotpeatā model Sam Altman mentioned to staff in Oct.
Incorporated bug fixes discovered during Shallotpeatās development into its own pretraining process.
Chen said OpenAI can now fit the same level of knowledge into a smaller model, reducing the need for much larger systems.
