A towering stack of paper prospectus documents balanced precariously on a small brass scale, with one side weighed down by a glowing microchip and the other tipping under the weight, close-up shot from a low angle, cool blue key light from above mixed with a faint amber glow from the right, deep shadows across a dark polished desk, shallow depth of field.

Anthropic's $2tn IPO Bid Masks $8bn Operating Hole

By Oliver BennsSeptember 30, 2026

Anthropic's leaked S-1 shows revenue rocketing more than tenfold to $4.6bn in 2024, alongside an $8bn operating loss and a $42bn net loss, most of the latter tied to a non-cash charge on financing instruments. Customer concentration is extreme, with two clients supplying nearly a quarter of revenue and Meta among the largest. The company is targeting a $2tn valuation in November, which would make it the biggest IPO in history, with almost a third of the S-1 devoted to risk factors including the existential threat to humanity.

Oura Pulls IPO as Order Book Fails to Ring the Bell

Smart ring maker Oura shelved its planned listing this week despite an order book reportedly four times oversubscribed and a prospectus showing profitability and 90% revenue growth this year. The company had aimed to raise up to $2.2bn and cited uncertainty in the IPO market. It becomes the third company this month to halt a planned offering, with historical odds suggesting most postponed IPOs never make it back.

Man City Guilty of 900m Financial Fraud Across Title Run

The Premier League has found Manchester City guilty of misrepresenting financial statements to the tune of 900m between 2009 and 2018, and of issuing sham contracts to evade spending rules. The period covers eight of the club's Premier League titles, throwing the integrity of a decade of English football into question.

30-Year Treasury Yield Hits Highest Level Since 2002

The bond sell-off deepened, with the 30-year US Treasury yield climbing to its highest level since 2002 and the 10-year pushing towards 5.3%. Equities slid alongside the move, while Brent crude eased to around $102 a barrel after the Trump administration ordered an emergency reserve release.