Anthropic investors expect the AI start‑up to float at a valuation of $2tn or more in October, a figure that would vault it past Space X to become the largest‑ever IPO. The backers say the lab’s rapidly rising revenue will enable it to more than double its current valuation. A listing at that level could unlock billions of dollars in gains for the five‑year‑old company’s early investors but would also test public markets that are becoming more nervous about the AI boom.

Investors expect Anthropic’s annualised revenue to be between $100bn and $120bn by the end of 2026, up by more than 10 times over the course of the year. Anthropic lacks a publicly listed US peer that would provide a benchmark for its valuation, but AI beneficiaries such as Palantir and Nebius have traded this year at roughly Explore revenue multiples of 55.

Wall Street is betting that AI chips can defy the rule that fast‑moving technology quickly loses value. Nvidia last week unveiled a $500bn deal under which companies can lease semiconductors with financing from big names, underscoring confidence that chip prices will remain high for longer.

Other headlines include Swarovski’s CEO saying women are now buying their own lab‑grown diamonds, a UK government plan to crack down on zero‑hours contracts, and the White House press secretary stepping down as Donald Trump remains an outside advisor.