Massive note conversions reveal the true extent of Amazon's ownership in Anthropic.

The Securities and Exchange Commission's publication on Monday of Anthropic's S-1 form—ahead of a heavily anticipated initial public offering—has led to plenty of discussion of whether the company's quickly ballooning revenues will be able to overcome its even higher costs. But amid the numbers and forward-looking optimism about AI "rapidly transform[ing] every sector of the global economy in ways greater than the impact of industrialization, electricity, semiconductors, and the internet," Anthropic also spends an inordinate amount of time in its S-1 laying out the myriad risk factors that could bring the company down.

Across 93 pages and over 70,000 words, Anthropic's S-1 "Risk Factors" section discusses literally hundreds of potential problems that could negatively impact its business in the coming years. Many of these potential risks are the kind of standard worries about competition, costs, customer acquisition, and potential regulation that almost any business must worry about. But some risks highlight interesting potential points of failure for Anthropic specifically and the hype-filled AI bubble more generally.

After wading through Anthropic's book-length treatise on its greatest risks, we've narrowed the list to the seven most surprising, interesting, or thought-provoking potential problems. Consider this a far-from-comprehensive look at what potential Anthropic investors should keep in mind.

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Here's a clear explanation of Anthropic's incredibly complex governance structure.

Anthropic’s IPO filing has brought renewed attention to FTX’s $1.3 billion sale of its investment in the AI company, as an undiluted calculation puts the former stake above $100 billion. Anthropic announced on Oct. 26 that it had filed an…

SwapGlobal secures backing from Marcel Boekhoorn, W Group and Kenzoll Capital to expand institutional OTC trading and strengthen risk management.

RedotPay considers a confidential US IPO filing by year-end as talks target a $4B–$5B valuation, while Binance litigation remains unresolved.

Anthropic’s S-1 shows more than half of its $100,000-plus customers now use both the Claude Platform and a first-party app, a cross-selling playbook reminiscent of Amazon that’s making enterprise customers stickier.

Anthropic has officially filed for an IPO, revealing soaring revenue, mounting losses, major enterprise adoption, and an unusual governance structure designed to preserve founder control and its AI safety mission.

Early-stage and follow-on investors in the AI lab are already sitting on major paper returns.

GCash parent Mynt's record ₱60.9B Philippine IPO puts digital lending in focus. Here's what PH users, merchants, and IT teams should watch next.

The post GCash Parent Raises ₱60.9B in Record PH IPO: What’s Next for Digital Lending? appeared first on TechRepublic.

GCash parent Mynt's record ₱60.9B Philippine IPO puts digital lending in focus. Here's what PH users, merchants, and IT teams should watch next.

The post GCash Parent Raises ₱60.9B in Record PH IPO: What’s Next for Digital Lending? appeared first on TechRepublic.

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Bitcoin Magazine

Jeff Walton: Where the Next Trillion Dollars for Bitcoin Comes from, $SATS IPO Update

While CCC high-yield credit spreads were blowing out, Strive still raised $700 million for Bitcoin. Jeff Walton, Chief Risk Officer at Strive, explains what that tells us about the growing market for Bitcoin-backed preferred equity. He discusses Strategy’s daily dividend vote, the future of rated capital, and why he believes that’s where the next trillion dollars comes from.

Chapters:
00:00 Strive Raises $700M in SATS Preferred Stock IPO
02:11 Behind the Scenes of the Upsized SATS Offering
05:03 How High Can Strive Take Its Amplification Ratio?
07:01 SATS vs. SATA: A New Tool for Raising Capital
08:36 Strive’s 18-Month Dividend Reserve Explained
11:13 Surviving the Longest Bitcoin Bear Market With No Capital Access
13:36 Strategy’s Daily Dividend Vote and STRC Returning to Par
15:59 “A Gold Rush”: New Capital Pools Chasing Bitcoin
18:54 Raising Capital as High-Yield Credit Spreads Blow Out
22:27 MSCI’s Bitcoin Treasury Exclusion and the Vanguard Parallel

DISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.

This post Jeff Walton: Where the Next Trillion Dollars for Bitcoin Comes from, $SATS IPO Update first appeared on Bitcoin Magazine and is written by Patrick Green.

TL;DR

• Blockchain.com is reportedly preparing a U.S. IPO that could raise about $500 million.
• Bloomberg reports the company is discussing a valuation of roughly $4 billion to $6 billion.
• The plans remain private and could change; Blockchain.com has not announced a final offering size or pricing date.

Blockchain.com is reportedly trying to become the next major crypto company to reach the U.S. public markets.

The company is discussing an initial public offering that could raise roughly $500 million, according to Bloomberg, citing people familiar with the plans.

A potential valuation in the range of $4 billion to $6 billion is being discussed.

The Numbers Are Targets, Not Final Terms

Blockchain.com has not publicly priced an IPO.

There is no final share count, offer price or trading date.

The figures currently circulating represent targets being discussed with prospective investors and advisers.

Bloomberg reports that the company could accept a smaller capital raise depending on market conditions.

That matters because private IPO preparations can change substantially before a company reaches a public roadshow.

Blockchain.com declined to comment on the reported plans.

The company was valued at approximately $7 billion in a private funding round in 2023, meaning the proposed public-market range would not necessarily restore its previous private valuation.

Crypto IPOs Are Testing Public-Market Appetite Again

The timing is interesting.

Crypto companies have spent several years moving between periods of aggressive expansion and long stretches where public listings were effectively off the table.

A $500 million Blockchain.com offering would be another test of whether public-market investors are ready to fund large crypto-native businesses again.

Blockchain.com operates wallets, brokerage and institutional infrastructure and has been active since the early years of Bitcoin.

It also announced a partnership with the New York Stock Exchange earlier this month around tokenized U.S. securities.

That does not guarantee an IPO will happen.

The listing process depends on market conditions, regulatory filings and investor demand.

The valuation target can also move before an offering is launched.

Still, the reported range gives a useful indication of what the company and its advisers believe the public market might support.

Crypto companies once relied heavily on venture capital and private token markets for funding.

More of them are now trying to use conventional equity markets as well.

If Blockchain.com proceeds, investors will get another chance to decide how they value a mature crypto business whose revenues span several different parts of the industry.

For now, it remains a proposed transaction.

The ambition is clear: raise hundreds of millions of dollars and return Blockchain.com to a multibillion-dollar valuation on the public market.

This article was written by the News Desk and edited by Samuel Rae.

TL;DR

• KuCoin has listed a MOONSHOTUSDT pre-IPO stock index perpetual linked to Beijing Moonshot AI Technology.
• The contract trades 24/7 with up to 20x leverage and settles in USDT.
• Traders are buying a synthetic derivative, not Moonshot AI shares or an allocation in a future IPO.

KuCoin is giving traders another way to speculate on a private technology company before it reaches the public market.

The exchange has launched a MOONSHOTUSDT pre-IPO stock index perpetual contract linked to Beijing Moonshot AI Technology, the Chinese artificial-intelligence company behind the Kimi assistant.

Trading opened on September 23 with leverage of up to 20x.

Private-Market Speculation Gets A 24/7 Derivative

The contract settles in USDT and trades continuously.

KuCoin defines one contract as exposure equivalent to 0.1 MOONSHOT under the exchange’s index methodology.

The product also includes an estimated share count of one billion shares, but KuCoin is explicit that the figure is informational and may differ from whatever capital structure exists if Moonshot ultimately completes an IPO.

That caveat matters.

There is no public Moonshot share trading venue providing a conventional spot price around the clock.

Pre-IPO perpetual products instead create a market around expectations of what a private company may eventually be worth.

The contract price can therefore reflect sentiment, liquidity and speculation rather than the value at which actual company shares could be bought or sold.

This Is Not Pre-IPO Equity

A trader opening a MOONSHOTUSDT position does not become a Moonshot shareholder.

There are no voting rights, dividend rights or direct claims on company equity attached to the perpetual contract.

The instrument provides synthetic price exposure through KuCoin’s derivatives market.

That difference becomes particularly important with leverage.

At 20x maximum leverage, relatively small price moves can have a large effect on a trader’s margin and can trigger liquidation long before any eventual public listing takes place.

Crypto exchanges have increasingly turned pre-IPO companies into tradeable themes through perpetual futures.

It is an unusual collision between private markets and the always-open structure of crypto derivatives.

For investors who cannot access private shares directly, that creates a new speculative instrument.

It does not create a new ownership right.

Moonshot AI may eventually go public, but KuCoin traders are wagering on the market’s expectations before that happens — not buying the company ahead of everyone else.

This article was written by the News Desk and edited by Samuel Rae.