Zillow will pay $212.5 million to settle a shareholder class action lawsuit over its handling of Zillow Offers, the home-flipping business it shut down in 2021.

The lawsuit alleged that Zillow executives painted an overly positive picture of Zillow Offers in the months before the shutdown, without disclosing how poorly the company was able to predict home prices. That kept the stock artificially high until Zillow revealed the problems and announced the shutdown in November 2021, according to the complaint.

The Seattle-based company disclosed the settlement Wednesday in an SEC filing. About $48 million of the payment is expected to come from insurance. The deal requires court approval and includes no admission of wrongdoing.

In a statement, a Zillow spokesperson said, “We are pleased that the parties have reached a resolution on the matter.”

The settlement comes about three weeks after the U.S. Supreme Court declined to hear Zillow’s challenge to the case’s class status. The U.S. Chamber of Commerce and other business groups backed Zillow’s petition.

Steve Berman, managing partner of Seattle law firm Hagens Berman, the court-appointed class counsel, told Real Estate News he believes it’s the largest single securities settlement in the history of the Western District of Washington, the federal court district that includes Seattle.

Separate shareholder lawsuits filed on the company’s behalf against its leaders, known as derivative suits, remain pending, according to the filing.

Zillow bet its future on buying and selling homes in 2019, when co-founder Rich Barton returned as CEO and projected the business would reach $20 billion in annual revenue within three to five years. The company used its pricing algorithms to buy houses, fix them up and resell them.

The effort unraveled in the fall of 2021. An analyst report found that two-thirds of 650 homes it sampled from Zillow’s inventory were listed for less than the company paid.

Days later, Zillow shut down the business, cut about 2,000 jobs and took a $304 million inventory writedown, with Barton citing the unpredictability of its home-price forecasts. Zillow’s stock fell 32% over two days, according to Reuters.

The original lawsuit, filed that month in federal court in Seattle, cited upbeat statements executives made in the months before the shutdown.

They included a September 2021 remark by Jeremy Wacksman, then Zillow’s chief operating officer and now its CEO, that “the strength and the appeal for Zillow Offers just continues to grow.” Investor Jeremy Jaeger later became the lead plaintiff.

The class covers investors who bought Zillow Class A or Class C shares between Aug. 5 and Nov. 2, 2021. If the judge grants preliminary approval, Zillow will pay the money into a settlement fund within 20 business days.

OpenAI generated $10 billion in revenue for Microsoft in the quarter ended Sept. 30, about 11% of the Redmond company’s total revenue, according to its quarterly filing Wednesday.

The amount is up sharply. In the fiscal year that ended in June, Microsoft recorded $24.1 billion in revenue from its business with OpenAI, or about $6 billion a quarter on average.

That $10 billion surpasses some of Microsoft’s longest-running businesses. Xbox brought in $5.4 billion in the quarter. Search and advertising, which includes its Bing search engine, generated $6.6 billion. Windows licenses sold through PC makers, along with Surface and other Microsoft devices, brought in $3.6 billion.

The total covers revenue-sharing payments from OpenAI, as well as other business between the companies, such as OpenAI’s use of Azure to train and run its AI models. Microsoft didn’t say how much came from each, or how much of Azure’s growth came from OpenAI.

Azure revenue rose 48% to $33.2 billion in the quarter, beating Wall Street’s expectations and the company’s own forecast of 44% to 45% growth.

Microsoft has begun disclosing its revenue from OpenAI because its stake of about 24% makes OpenAI a “related party” under accounting rules, requiring it to report the business they do with each other.

Microsoft first reported the number in its annual report in July, as a full-year total. This is the first time it has given a quarterly figure.

The original AI alliance: Microsoft first invested in OpenAI in 2019, eventually committing $13 billion, and became its exclusive cloud provider. ChatGPT ran on Azure when it launched in late 2022.

The companies have loosened their ties since then. OpenAI restructured as a public benefit corporation in October 2025, and Microsoft gave up its right of first refusal to supply OpenAI’s computing capacity. OpenAI committed to buy an additional $250 billion in Azure services. An April 2026 agreement gave OpenAI broader freedom to use other cloud providers.

OpenAI has also agreed to keep sharing revenue with Microsoft through 2030.

In addition, Microsoft sells access to OpenAI’s models to business customers through its Azure OpenAI Service, and the models became the foundation for its Copilot products, putting Microsoft at the front of the generative AI boom. That revenue comes from Microsoft’s own customers, so it isn’t part of the $10 billion.

Microsoft, for its part, now builds its own AI models and offers models from Anthropic and others.

Many customers, not a few: Asked by Bernstein Research analyst Mark Moerdler whether AI growth on Azure was coming from big businesses or AI-native companies, Microsoft CEO Satya Nadella didn’t mention OpenAI.

He said he doesn’t want Azure’s AI business to depend on a few big customers, and that broad adoption by businesses is just getting started.

Nadella described it as “a decade-long thing,” and contrasted it with relying on “four customers who buy a lot of capacity from you” to show a few quarters of growth. That, he said, is “not a business as far as I’m concerned.”

He added that Microsoft has large customers who want to buy capacity, “and as long as the pricing is right, we may sell them some. If not, we will be patient.”

Later in the call, Goldman Sachs analyst Gabriela Borges brought up the fact that OpenAI made up 11% of revenue. Nadella didn’t address the number but praised OpenAI’s latest models and said customers are increasingly mixing models from different companies, or training their own.

He cited Microsoft’s tools for routing each task to whichever AI model handles it best. If you use AI coding agents, Nadella said, you want Anthropic and OpenAI “to compete for your workload, not like once a quarter, but for every task.”

New risk language: Microsoft also expanded a warning in its quarterly filing about the risks of depending on outside AI providers. The company builds products such as Copilot on AI models from outside companies, including OpenAI and Anthropic. It now says it has “limited visibility into or control over” how those models are designed, trained, secured and tested.

Without naming OpenAI or Anthropic, the same section notes that some of these AI partners are also “significant customers of Azure,” and that the benefits Microsoft expects from those relationships “may not be realized or sustained.” It says those partners could change how much they buy, and that Microsoft itself may change how it allocates scarce data center capacity or prices it.

Microsoft is an investor in both companies. According to its latest filing, it owns about 24% of OpenAI, down from about 25% in June and about 27% after OpenAI’s restructuring a year ago, and has put $12.0 billion of a promised $13.0 billion into the company.

In addition, Microsoft agreed last year to invest up to $5 billion in Anthropic, and its results for the June quarter included a $3.2 billion gain on that investment. Microsoft hasn’t disclosed the size of its Anthropic stake, and Anthropic’s IPO filing earlier this week didn’t specify it either.

Microsoft’s Azure cloud business brought in $33.2 billion in revenue in the September quarter, up 48% from a year earlier, blowing past the company’s own forecast and beating Wall Street’s expectations.

The growth suggests that Microsoft is selling cloud and AI computing about as fast as it can install it. Azure revenue rose $10.8 billion from a year earlier, driven by demand for services across the platform, Microsoft said in its quarterly filing. That came even as some new data center capacity arrived late.

For investors worried about Microsoft’s record capital spending, it’s a sign that the company’s massive AI and cloud infrastructure buildout is turning into sales. Microsoft’s shares rose nearly 4% in after-hours trading following the earnings report.

Overall, Microsoft reported revenue of $92.3 billion for the first quarter of its 2027 fiscal year, up 19% and above the $90.75 billion analysts expected, according to Yahoo Finance. Earnings were $4.89 per share excluding the impact of its OpenAI investment, compared with expectations of $4.72.

It’s the first time Microsoft has reported Azure’s quarterly revenue figure, not just its growth. The disclosure is part of a new financial structure that took effect this quarter, splitting the company into two segments: Agents and Infra, and Devices and Consumer.

• Agents and Infra (Azure, Microsoft 365, Dynamics, LinkedIn’s recruiting and sales tools, and server and productivity licensing): Revenue rose 25% to $76.8 billion, above Microsoft’s forecast of $75.15 billion to $75.75 billion. Operating income rose 24% to $40.6 billion.
• Devices and Consumer (Windows, Xbox, and search and advertising): Revenue fell 3% to $15.5 billion, above Microsoft’s forecast of $14.7 billion to $15.2 billion. Operating income rose 2% to $5.4 billion.

Capital spending came in below Microsoft’s forecast. The company spent $45.2 billion, including finance leases, short of the more than $50 billion it expected. Some data center capacity that third parties were supposed to deliver in the quarter was delayed, the company said.

Google Cloud, which includes Google’s Workspace productivity apps, brought in $30.7 billion in revenue in the quarter, up 103% from a year earlier, Alphabet reported Wednesday afternoon.

Amazon reports earnings Thursday afternoon, including AWS results.

Update, 3:05 p.m.:Microsoft expects Azure growth to accelerate again this quarter, to 49% to 50% excluding currency changes, CFO Amy Hood said on the earnings call. “Customer demand continues to exceed available supply,” she said.

Hood said Azure’s growth came from Foundry, Microsoft’s service for building AI apps and agents, and from engineering work that let Microsoft sell unused capacity on its existing servers. That helped make up for delays in new data center capacity that outside providers were supposed to deliver.

Those delays pushed some spending later into the fiscal year. Microsoft now expects to spend about $170 billion on capital expenditures in calendar 2026, down from about $175 billion. It expects to spend more than $50 billion this quarter, and Hood said spending will accelerate in the first half of calendar 2027.

Hood also said Microsoft may tap additional sources of financing to help pay for the buildout, “when we believe it is attractive to do so.” The company still expects to bring in more cash than it spends this fiscal year.

Microsoft’s expense forecast for the December quarter includes an estimate for the buyout offer it announced Monday, Hood said, though she didn’t give the amount.

The company expects total revenue of $96 billion to $97.1 billion for the December quarter, above the $95.7 billion analysts expected, according to Yahoo Finance.

Seattle startup Ganaz, which provides payroll and HR tech for agricultural workers and employers, has been acquired by Beacon Holdings.

Ganaz co-founder and CEO Hannah Freeman announced the deal Wednesday on LinkedIn, saying the public benefit corporation “is in great hands” at Beacon, which “is building momentum for our next exciting season.”

Freeman indicated she is stepping away from the company to “catch my breath, spend more time with my daughter, and dream about what’s next,” she wrote. “I’ll miss our team & customers, but will be cheering you on from the sidelines.”

Ganaz launched in 2017 and has raised more than $10 million, with its last disclosed funding round in June 2021. That financing valued the company at $26 million, according to PitchBook. Terms of the acquisition were not disclosed.

Beacon, based in Toronto, buys software businesses serving traditional industries and provides shared technology and operational resources. The company said in September that its portfolio included 45 software businesses.

Ganaz’s platform provides employee onboarding, training, communication and analytics tools. It also offers a Mastercard payroll card that gives unbanked workers access to digital banking. Employers save time and money by skipping paper checks, while workers keep more of their pay by avoiding check-cashing and high remittance fees.

Ganaz received GeekWire’s 2023 Geeks Give Back Award. “We founded Ganaz to make life better for farm workers, and we do that by building technology that agricultural employers love and can’t live without,” Freeman told GeekWire in 2023. “We build our tools to help both workers and employers prosper, and that kicks off a virtuous cycle that helps agricultural communities prosper as well.”

At that time, the startup was serving more than 250,000 agricultural workers in the U.S. and Mexico and 100 employers in the sector.

The company has about 17 employees, according to LinkedIn. Freeman did not say in her post whether Ganaz will continue as a subsidiary or whether its employees will receive job offers from Beacon. GeekWire has reached out to Freeman for comment and will update the story with any reply.

Shares of F5 fell about 20% on Wednesday, a day after the Seattle-based company beat Wall Street’s estimates and said it would boost spending to capitalize on expected growth in the AI security market.

The application security and delivery company’s stock was trading around $368 late Wednesday morning, down from $459 at Tuesday’s close, wiping out about $5 billion in market value. That put F5 on pace for its biggest one-day drop in more than 13 years, according to Barron’s. Before the drop, F5’s shares had climbed nearly 80% this year.

F5’s revenue for its fiscal fourth quarter rose 13% to $917 million, and product revenue jumped 23%. Adjusted earnings of $4.42 a share beat estimates of about $4.30.

Slower growth ahead: Investors seem to be focused on the outlook. F5 expects revenue to grow 8% to 9% in fiscal 2027, down from 11% this year, and adjusted earnings per share to grow 3% to 5%. It’s also projecting lower margins as memory and storage components get more expensive, and as it doubles its team of AI security sellers.

F5’s hardware business is also cooling off. Systems revenue jumped 29% in the quarter as customers replaced aging equipment, but F5 Chief Financial Officer Cooper Werner said on the earnings call that those replacements will taper off in the second half of fiscal 2027.

The AI bet: F5 is spending more to go after AI security. CEO François Locoh-Donou said on the call that the company will double its team of specialist AI security sellers in fiscal 2027 and more than double its marketing in that area. It’s also adding compensation incentives for all of its field sellers to discuss AI security with customers.

F5’s adjusted operating margin fell to 33.7% in the quarter, from 37% a year earlier.

Locoh-Donou said F5’s AI-related bookings topped $100 million in fiscal 2026, up about 300%. Most of that came from AI data delivery, which moves data to and from AI systems, rather than security. More than 300 customers are using an AI-powered web application firewall that F5 launched in March.

The company estimates the AI market it sells into will grow from about $1 billion this year to $11 billion by 2030.

Wall Street reaction: Piper Sandler downgraded the stock to neutral, according to The Motley Fool. Analysts at William Blair, which rates F5 “market perform,” wrote in a research note that “the AI opportunity has yet to contribute meaningfully to the top line.”

We’ve contacted F5 for comment on the stock decline.

F5 has been building out its AI security business, including its acquisition of SurePath AI. Locoh-Donou talked about the company’s path from the early web to AI security on a GeekWire Podcast episode marking F5’s 30th anniversary. He said companies adopting AI are losing track of what those systems can access, and that juggling separate tools to manage it is a burden, which is why F5 is building a single AI security platform.

This week, F5’s board authorized an additional $1.5 billion in stock buybacks, on top of $322 million remaining in its existing program.

The patents behind PicoBrew, the Seattle startup that once promised to do for home beer what Keurig did for coffee, are up for sale again — six years after the company collapsed into receivership and after two changes of ownership.

Hilco Global, an Illinois-based diversified financial services company, announced this week that its Intellectual Property Services group has been retained by PicoBrew’s current owner to market the startup’s technology to potential buyers.

The sale includes 17 patents and patent applications, two of them pending, along with engineering and design files and product concepts. Buyers can bid on all or part of the portfolio, and non-binding indications of interest are due Nov. 18. Hilco is pitching the assets to companies in coffee, tea, kombucha, spirits, beverage appliances and housewares.

The seller is Pico Craft Group, which Hilco described as led by a former PicoBrew investor. After PicoBrew’s 2020 collapse, its bridge lender took over the assets. That lender, PB Funding Group, was managed by former Microsoft software developer Greg Whitten, The Seattle Times reported at the time. Pico Craft Group bought the assets from the lender in 2024 for an undisclosed amount, according to Hilco, which did not say who runs the group.

“PicoBrew was a true innovator in the consumer and commercial craft beverage space, and its portfolio has applications well beyond beer,” Eric Hurwitz, a senior director at Hilco, said in a news release.

The portfolio covers technology from PicoBrew’s full product line, according to the release, including the Pico Pro and Pico C home brewing appliances, the PicoStill accessory for spirits, the Pico U Multibrew platform for beer, coffee, tea and kombucha, and Z-Series brewing machines and KegSmarts kegerators for commercial use.

Bill Mitchell, a former Microsoft vice president and longtime homebrewer, founded PicoBrew in 2010 with his brother Jim Mitchell, a food scientist, and Avi Geiger, an engineer who also worked at Microsoft. Their countertop machines automated the brewing process using PicoPaks, ingredient packs based on recipes from craft breweries.

The startup became a Kickstarter regular. Its 2017 campaign for the Pico Model C raised $1.93 million from 4,301 backers, a record at the time in the site’s food category, and the $549 machine landed at retailers including Best Buy, Williams-Sonoma and Amazon. A 2018 campaign for the Pico U pushed PicoBrew into coffee, tea and kombucha.

But the company struggled to land more funding. In February 2020, after failing to close a new round, PicoBrew entered receivership. It had raised more than $15 million and cut its staff to fewer than 40, down from a peak of more than 80.

PicoBrew ceased operations in 2020, and no one has supported existing devices since, according to Hilco. Any decision about future support would be up to a buyer. The King County Superior Court approved the 2020 sale, which freed PicoBrew’s bridge lender from the company’s liabilities and from responsibility to past customers, The Seattle Times previously reported.

Some owners kept their machines brewing without the company’s servers by using a workaround developed by a Facebook group of PicoBrew users, The Spoon reported in 2020. The founders were let go after the receivership, according to the site.

When PicoBrew went up for sale in 2020, Mitchell told GeekWire that hardware takes time and multiple funding rounds backed by firm investor commitment.

He shared advice he’d gotten from Dan Leviton of Maveron: “Startups only fail for one of two reasons — they run out of heart, or they run out of money.”

Former T-Mobile CEO Mike Sievert is hanging up his magenta hat, leaving the wireless giant’s board of directors and vice chair role effective Nov. 1.

Sievert will also leave the board’s Transaction Committee, according to a federal filing. His departure comes a year after he handed the CEO job to Srini Gopalan.

A company spokesperson said via email that the vice chair role was structured as a one-year term, adding that Sievert has “been a valued strategic advisor throughout the leadership transition, and we’re incredibly grateful for his contributions.”

T-Mobile said in the filing that his departure “is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.”

Sievert joined T-Mobile in 2012 as executive vice president and chief marketing officer, the same year John Legere became CEO. He later became president and chief operating officer and was mentored by Legere before succeeding him as chief executive in 2020. He served as CEO for about five and a half years.

Sievert was a central figure in T-Mobile’s campaign to brand itself the “Un-carrier.” During his time at the company, T-Mobile grew from fewer than 30 million customers to more than 130 million by September 2025, a period that included its merger with Sprint.

Once the scrappy outsider, Bellevue, Wash.-based T-Mobile currently ranks second among U.S. telecom companies by market capitalization, behind Verizon and ahead of AT&T.

Sievert previously worked at Microsoft, AT&T Wireless, E-Trade, IBM and Procter & Gamble.

Blue Origin is taking over an industrial building in Des Moines, Wash., where the Jeff Bezos-founded space company plans a mix of lab, development and light production work, the company confirmed to GeekWire.

The 265,922-square-foot facility, known as Prologis Park SeaTac 3, was previously a Bartell Drugs distribution center just south of Seattle-Tacoma International Airport. Blue Origin said that at full capacity over the long term, the site is expected to support hundreds of employees.

KING 5 first reported the news Tuesday, citing a state environmental application filed in September that lists Blue Origin Manufacturing LLC at the building’s address, 21202 24th Ave. S. A pre-application under review by the city indicates the property could be used for research and development of commercial satellites, the station reported.

Commercial real estate firm Newmark announced a lease for the entire building last week without naming the tenant.

“The manufacturing project that will be using this property is cutting-edge and we are excited about the job growth and possibilities that it represents for our region,” Newmark Executive Vice Chairman Thad Mallory said in a news release.

With roughly 33,000 residents, the small city of Des Moines is becoming something of an aerospace hub.

Blue Origin’s new location is around the corner from where Shield AI is building X-Forge 3, a 420,000-square-foot facility that will make the company’s X-BAT autonomous fighter jet. Shield AI said last month it expects to have 4,000 workers in the region by the early 2030s, and that it’s looking for another 1 million square feet.

“It’s all about labor and access to power,” Mallory told KING 5, referring to the advanced manufacturing projects coming to the area.

Blue Origin is headquartered in nearby Kent, Wash., about 5 miles from the Des Moines site.

The company is working to get its New Glenn rocket flying again after one exploded during a ground engine test in May, which damaged its Florida launch pad. New Glenn is slated to carry Blue’s Blue Moon Mark 2 lander on NASA’s Artemis 3 mission, a test in Earth orbit planned for mid-2027 ahead of a crewed moon landing targeted for 2028.

Amazon reports third-quarter earnings Thursday afternoon with more demand for its cloud services than it can serve, driven by AI labs such as Anthropic and OpenAI along with growth in its traditional cloud business.

One big question for Wall Street going into the report is what Amazon might signal about next year’s spending as it tries to keep up with that demand.

CEO Andy Jassy said on an Andreessen Horowitz podcast last week that AWS capacity is largely booked for this year and next, along with “a good chunk of ’28.”

Amazon has said it expects to spend about $220 billion on capital expenditures this year, largely on AI and cloud infrastructure, up from its earlier plan of $200 billion. Even at that level, Jassy said, Amazon is “leaving a meaningful amount of demand on the table.”

Past spending pushed Amazon’s free cash flow to negative $7.6 billion for the 12 months ending in June, as the cost to add data centers, chips and other equipment exceeded the cash its operations brought in. Jassy gave no indication of slowing down, saying the company “could invest a lot more and it wouldn’t be a bad use of capital.”

Core numbers: Analysts expect revenue of about $202 billion, up 12% from a year ago, according to Yahoo Finance. That’s at the top of Amazon’s own forecast of $197 billion to $202 billion.

Analysts expect earnings of $1.96 per share, about the same as a year ago.

Amazon’s sales growth will likely look slower this time, about 12%, down from 20% last quarter. A big reason is timing. Prime Day, the company’s biggest sales event of the year, fell in the second quarter this year, rather than the third quarter as it did last year, so this quarter is up against a tougher comparison.

Amazon estimated in July that the shift would take nearly 4 percentage points off its growth rate this quarter. It hits online store sales hardest: analysts expect them to grow only about 3%, according to Zacks.

AWS: Amazon Web Services, the company’s cloud business, generates the majority of its operating profit. AWS revenue grew 37% to $42.2 billion in the second quarter, its fastest pace since 2021 and the fifth straight quarter of faster growth.

Analysts expect AWS revenue of about $45.4 billion this time, up 37.5%, according to Zacks. Wedbush is more optimistic, projecting growth of about 41%.

AWS had $496 billion in signed contracts it hadn’t yet delivered as of June, more than double the year before. That means its growth depends largely on how quickly Amazon can bring new data centers online.

“Capacity, not demand, is the constraint,” Yorkville Ives analyst Dan Ives wrote of the industry in a note Sunday.

Jassy said on the a16z podcast that running AI models is still “an order of magnitude too expensive” for businesses to use them widely, and that Amazon’s custom chips, including its Trainium AI processors, are a big piece of bringing that cost down. Amazon said in July that its chip business was on pace for more than $25 billion in annual revenue.

Anthropic stake: Amazon’s reported earnings could look very different. That’s because its profit fluctuates significantly depending on the value of its stake in Anthropic.

Last quarter, $53.4 billion in pre-tax gains, mostly on Anthropic, pushed Amazon’s earnings to $5.75 per share, against expectations of $1.82.

Anthropic filed paperwork Monday for a planned IPO on the Nasdaq. Amazon’s stake in the AI company was valued at about $190 billion as of June 30, according to Amazon’s latest quarterly filing. That includes about $92 billion in gains on convertible notes, a form of loan that turns into stock, which haven’t yet been counted in Amazon’s profit. Those notes would convert to Anthropic stock when it goes public.

Anthropic is also one of Amazon’s biggest cloud customers. Its IPO filing shows commitments to spend at least $110 billion on Amazon’s computing capacity into the 2030s, behind the $114.5 billion it committed to Google, as GeekWire reported Tuesday. Anthropic also said in the filing that it has asked its cloud providers for more computing power than they were willing to supply.

Shopping agents: Amazon blocked Meta’s new Muse AI agent from its store last month, escalating a fight over who controls the customer relationship when software does the buying. Amazon said Muse broke its rule requiring agents to identify themselves.

Agents that shop on a customer’s behalf could bypass Amazon’s advertising business, which depends on people browsing its pages. Ad revenue grew 26% to $19.8 billion last quarter, and analysts expect about $20.8 billion this time, up 18%, according to Zacks.

“Investor questions remain on agentic commerce risk, particularly to advertising, but we see limited risk,” Wedbush analyst Ygal Arounian wrote in an Oct. 16 note, citing Amazon’s logistics advantage and its role connecting shoppers with sellers.

Amazon is trying to give shoppers fewer reasons to look elsewhere. It now lists 250 million products sold on other retailers’ sites, about 2.5 times as many as in March, The Information reported Wednesday. On the seller side, Amazon opened its tools to outside AI agents in September, starting with Anthropic’s Claude.

Cloud rivals: Microsoft and Alphabet report quarterly results Wednesday afternoon, a day before Amazon. Microsoft’s report is its first under a new structure that breaks out Azure cloud revenue every quarter.

Check back with GeekWire on Thursday afternoon for coverage.

Astronomers sorting through data from the Vera C. Rubin Observatory in Chile have found an icy world that has a good chance of joining Pluto in the solar system’s retinue of dwarf planets.

University of Washington astronomer Mario Jurić joined the astronomer who made the discovery, Matthew Holman of the Harvard & Smithsonian Center for Astrophysics, to announce the findings today at a meeting of the American Astronomical Society’s Division for Planetary Sciences in Spokane, Wash.

Jurić, the Rubin team’s solar system lead scientist, said the observatory’s capabilities made it possible to detect and characterize the new dwarf planet candidate, known as 2026 ED138.

“Rubin is giving us an unprecedented capacity to explore the sky through a combination of speed, depth, and precision,” Jurić said in a news release. “And the discovery is just the beginning: Once we identify a new object, we can search back months, and sometimes even decades, finding it in images where nobody knew to look. This ability to both discover and ‘precover’ objects is transforming how quickly and accurately we can determine their orbits and understand the distant solar system.”

2026 ED138 traces a tilted orbital path that takes it well beyond Pluto, the solar system’s best-known dwarf planet. It’s currently at a distance of 46 astronomical units, where 1 AU equals the average distance between Earth and the sun. Pluto, by comparison, is currently about 40 AU from the sun.

Astronomers suspect ED138 formed billions of years ago closer to the sun before being flung into a wider orbit by gravitational interactions with Neptune.

Based on an analysis of its distance, brightness and assumed composition, ED138 is thought to be somewhere between 600 and 1,500 kilometers (373 to 932 miles) in diameter. At that size, an icy object should possess enough gravity to pull itself into a round shape — satisfying the primary physical criterion for a dwarf planet.

ED138 may be Rubin’s first dwarf planet candidate, but it almost certainly won’t be the last. Thanks to the observatory’s Simonyi Survey Telescope — named after the family of Seattle software billionaire Charles Simonyi — the Rubin team detected more than 11,000 new asteroids even before June’s official start of a 10-year survey of the southern sky.

Rubin’s researchers analyze the data from those scans to find objects of interest — ranging from asteroids to gamma-ray bursts — and track them over time. On Oct. 13, Holman was running data through a search code that he developed with Kevin Napier, a colleague at the Center for Astrophysics. ED138 stood out due to its exceptional size and brightness.

“My first reaction was one of excited disbelief,” Holman said. “Objects like this are very rare, so I immediately started checking whether I or the code had done something wrong.”

To confirm the discovery, Holman, Jurić and their colleagues found 30 archived observations of ED138 dating back to March 4. The Asteroid Institute’s ADAM Precovery service found still more images of the object, going back to 2016, in the archives of a different astronomical survey.

The precovery data confirmed that ED138 was a special case.

“Finding an object this big, roughly 1,000 kilometers across, is something that happens maybe once in a generation,” Jurić said. “It’s the largest trans-Neptunian object found in about 20 years, and Rubin turned it up while we were still commissioning the telescope.”

In 2006, the International Astronomical Union defined dwarf planets as planetary objects that are big enough to crush themselves into a roundish shape — technically speaking, into a state of hydrostatic equilibrium — but not big enough to clear their orbital neighborhood.

So far, the IAU has classified five solar system objects as dwarf planets — including Ceres in the main asteroid belt, plus Pluto, Eris, Haumea and Makemake in the region beyond Neptune. 2026 ED138 joins a host of other celestial objects that are thought to be dwarf planets but haven’t yet been added to the IAU’s official list.

“The official list hasn’t moved since 2008,” Jurić told GeekWire in an email. “I’m not sure if there’s an active process that reviews candidates, and what are the timelines.”

Jurić and his colleagues hope additional observations will boost ED138’s chances of attaining true dwarf planethood.

“The next step in building the case would be to prove it’s round (in hydrostatic equilibrium),” he wrote. “The means to do that would be directly through occultations (and there’s a good chance of that, given it’s in a dense stellar field), and then thermal measurements plus modeling and light curves (or the absence of variability).”

Anthropic filed to go public on Monday under the ticker ANT, and you may end up owning the stock soon even if you never buy it directly, because index funds and ETFs will be required to buy it within weeks of its debut.

Anthropic’s bankers are reportedly valuing Anthropic between $1.5 trillion and $2 trillion. Below is a simple, interactive tool to help you form your own opinion of what’s an appropriate valuation for Anthropic.

Disclaimer: this is highly simplified, and I’m not an investment advisor.

— Xbox Chief Operating Officer Helen Chiang has suddenly left Microsoft after 21 years with the company, just months after landing the role in July. Her past roles include leading Mojang and the Minecraft franchise.

Verge first reported the news on Friday, citing a memo from Xbox CEO Asha Sharma that did not disclose the reason for her departure.

An Xbox spokesperson was likewise mum on details. “We don’t discuss individual personnel matters. We’re grateful for Helen’s years of service and wish her well,” the company said in an email to GeekWire.

Xbox has undergone a massive reorganization that included Chiang’s appointment, roughly 3,200 job cuts through the fiscal year — about 20% of the Xbox workforce — the spinoff of four game studios and a plan to dramatically flatten management.

— Seattle-based tech leader Philip Su has joined Anthropic as a member of technical staff on beneficial deployments. The management role focuses on AI applications in global health, life sciences, economic mobility and education.

Su started his tech career with 12 years at Microsoft and later worked for Facebook. He has launched multiple ventures, including Audere, a global health software nonprofit, and Superphonic, a podcast player. In 2021, he worked at an Amazon fulfillment center to experience the holiday rush.

Su also created and leads an annual course for University of Washington computer science students on how to maximize their personal and professional growth.

— More leadership changes are underway at SeekOut, a Bellevue-based recruiting startup launched in 2017. The company announced Monday that co-founder John Tippett is now president, moving from his role as chief client officer.

In April, SeekOut CEO and co-founder Anoop Gupta retired and passed the reins to enterprise software veteran Sean Thompson. In August, co-founder and chief technology officer Aravind Bala took over as CEO. Thompson is now listed as an adviser to the board.

Tippett will lead day-to-day operations and work with Bala “on the company’s direction,” according to a press release. SeekOut said it wants to integrate AI tools into customers’ operations to reduce recruiters’ workload.

SeekOut is No. 68 on the GeekWire 200, a ranked index of the Pacific Northwest’s top startups.

— Fred Hutch Cancer Center has appointed Michael (Mick) Merritt as vice president of strategy and partnerships, effective Dec. 7.

Merritt joins from Penn Medicine, where he was chief operating officer of Penn Signature Services. He has more than 25 years of experience in academic medicine, consulting, strategy, business development and operations.

— Industrial wastewater treatment startup Membrion has named Alexander Demihovsky as director of applications engineering. He joins the Seattle-based company from Xylem. His past employers include Evoqua Water Technologies and Bechtel National.

“Alex helps turn customer needs into viable project plans, mitigate execution risks and develop competitive proposals,” the company said.

Membrion is No. 160 on the GeekWire 200.

— Marine geothermal energy startup Endurance Energy has named Marty Calvert as the director of turbomachinery. Calvert joins the Seattle startup from Blue Origin. He was previously a turbomachinery engineer at NASA for more than 13 years.

Endurance completed its fifth deployment to the ocean floor last month, testing Adélie, a 100-kilowatt geothermal generator named for a penguin.

— Lattice Semiconductor, a Hillsboro, Ore.-based company, has added two directors to its board:

• Raejeanne Skillern, former VP and chief marketing officer of Amazon Web Services, who returns to Lattice after serving on the board from 2022 to 2024
• John McCool, senior vice president and special adviser to the CEO at Arista Networks

Update, 10/28: Microsoft’s Azure cloud business brought in $33.2 billion in revenue in the September quarter, up 48% from a year earlier, blowing past the company’s own forecast and beating Wall Street’s expectations. Read the full story.

Microsoft’s earnings report Wednesday will come two days after the company offered buyouts to about 60,000 people, roughly a quarter of its employees. The call gives executives their first chance to say what the offer will cost, and to explain how it fits with the company’s long-term view of its workforce.

Whether or not they go into those details, it’s one of several issues to watch in Wednesday’s report, the first under Microsoft’s new reporting structure. Anthropic’s IPO filing on Monday adds another storyline, showing how much the Claude maker has agreed to spend on Microsoft’s cloud.

Coming into the report, Microsoft’s stock is near its high. Microsoft closed Monday at $532.60, about 2% below its record close of $543.45 on Oct. 13, after gaining roughly $1.4 trillion in market value since late June.

Here are the key numbers and issues heading into Microsoft’s results for the first quarter of its 2027 fiscal year, ended Sept. 30.

Core numbers: Analysts expect revenue of $90.75 billion, up nearly 17% from a year ago, and earnings of $4.72 per share, up 14%, according to Yahoo Finance. Microsoft’s own forecast was $89.85 billion to $90.95 billion, so Wall Street is looking for a result near the top of that range.

In July, Microsoft reported $90 billion in revenue for the June quarter, well above the $87.7 billion analysts expected.

A new scorecard: Microsoft announced in September that it would sort its business into two groups instead of the three it had used since 2015. This is the first quarter under the new setup.

The first, dubbed Agents and Infra, includes Azure, Microsoft 365, Dynamics, LinkedIn’s recruiting and sales tools, and server and productivity licensing. It brought in 81% of Microsoft’s revenue and 88% of its operating income in fiscal 2026, based on figures Microsoft recast under the new structure.

Microsoft expects Agents and Infra revenue of $75.15 billion to $75.75 billion this quarter, which would be growth of about 22% to 23%, by GeekWire’s calculation.

The other group, Devices and Consumer, includes Windows, Xbox and search advertising. Microsoft expects it to bring in $14.7 billion to $15.2 billion, down 5% to 8% from a year earlier.

Azure, in dollars: Microsoft started disclosing Azure’s annual revenue last year, when it passed $75 billion, and topped $100 billion in fiscal 2026. Starting this quarter, it reports the figure every quarter. It also changed what counts as Azure: GitHub’s cloud business and Security Copilot now fall under Microsoft 365, and its healthcare cloud moved to a new industry unit.

Counted that way, Azure brought in $29.4 billion in the June quarter, up 42%. Microsoft expects growth of 44% to 45% this quarter, not counting currency fluctuations, which would put Azure at roughly $32 billion, by GeekWire’s calculation. That compares with the roughly 45% Microsoft projected in July, under the old definition.

Hitting that forecast may not be enough. Investors are looking for about 46%, BNP Paribas analyst Stefan Slowinski wrote in a note Monday. In January, Azure beat Microsoft’s own forecast and the stock still fell 10%, because investors had privately expected more.

“Azure moves the stock, but the read that matters is whether capacity is absorbed as fast as it lands,” wrote Dan Ives of Yorkville Ives in a note last week.

Capital spending: Microsoft expects capital expenditures of more than $50 billion for the quarter, which would be a record. That’s up from $41 billion in the June quarter and $34.9 billion a year earlier.

An accounting change reduces what Microsoft reports as capital spending, without reducing its planned investment. Microsoft now assumes its data center buildings will last 25 years instead of 15. As a result, more of its data center leases will be classified in a way that doesn’t count as capital spending, CFO Amy Hood said on the July earnings call.

That change alone lowered Microsoft’s capital spending estimate for calendar 2026 to about $175 billion, from the roughly $190 billion it projected in April. Hood said the company’s actual spending plans hadn’t changed.

Cloud margins: Microsoft Cloud gross margin came in at 65% last quarter, better than expected but down from a year earlier. Microsoft said it expects the figure to be relatively stable this quarter. It also expects operating margins to be roughly flat with a year ago.

Workforce: The new “voluntary exit” offer, announced Monday by Chief People Officer Amy Coleman, covers participating teams in the U.S., Canada, the U.K. and India. It has no age or tenure requirement and extends to some vice presidents. Employees have until the first week of December to decide, and Microsoft hasn’t said how much the offer will cost or when it will record the charge.

For the spring retirement program, Hood disclosed the cost on the April earnings call: about $900 million, with roughly $350 million in cost of revenue and $550 million in operating expenses. The charge showed up in the following quarter. About 30% of the 8,750 eligible employees accepted.

The new offer is less generous. It matches Microsoft’s standard severance, without the extended healthcare of the spring program, and the company expects a much smaller share of people to take it. But the pool of eligible employees is nearly seven times larger.

Microsoft says the offer doesn’t mean it needs fewer people. Coleman said in July that the company was studying whether to make voluntary exits a regular part of managing its workforce. It has told investors to expect operating margins roughly flat this quarter and down less than a point for the full fiscal year, even with record capital spending.

Nadella has addressed this before. In a July 2025 memo to employees, after Microsoft laid off about 15,000 people, he acknowledged the “uncertainty and seeming incongruence” of thriving financially while cutting jobs. “This is the enigma of success in an industry that has no franchise value,” he wrote.

In his annual shareholder letter last week, he focused on Microsoft’s spending on AI infrastructure. “Based on the demand we see and the efficiencies we are driving, I am confident in the long-term returns on our investments,” Nadella wrote. “We are building against a growing book of business tied to this secular shift.”

Microsoft had about 223,000 employees as of June 30, before it cut 4,800 jobs in July and more in September. The Information reported this month that Azure President Girish Bablani told leaders in his group to find ways to cut costs by at least 20%. Microsoft called the report inaccurate and said Azure leadership had not directed teams to develop cost-cutting plans.

Copilot: Microsoft said in July that businesses were paying for more than 30 million Microsoft 365 Copilot seats, up from 20 million in April. That’s still only about 7% of the more than 450 million commercial Microsoft 365 seats.

The bigger change is in how Microsoft charges for Copilot and its other AI tools. In July it added usage-based billing alongside per-seat pricing. It’s also pushing customers toward E7, a new premium bundle that includes Copilot. Microsoft expects Microsoft 365 commercial cloud revenue to grow about 17% this quarter, not counting currency swings, a number that now includes GitHub.

The BNP Paribas analyst Slowinski, who attended Microsoft’s Frontier Tour event in London last week, wrote that partners are seeing more customers roll out Copilot company-wide. Partners also told him that Microsoft now ties 35% of E7 sales incentives to how much customers use features like Cowork.

Anthropic and OpenAI: Anthropic’s S-1 filing shows the company has committed to spend at least $44.9 billion with Microsoft from November 2026 to May 2033, up from the $30 billion Azure commitment announced last November. That’s well below its minimum commitments to Amazon ($110 billion) and Google ($114.5 billion).

Microsoft agreed last year to invest up to $5 billion in Anthropic. Its results for the June quarter included a $3.2 billion gain on that investment.

OpenAI remains the bigger factor. Microsoft’s commercial remaining performance obligation (RPO), the measure of signed contracts it hasn’t yet delivered on, reached $678 billion last quarter, up 84% from a year earlier. Without OpenAI, the backlog grew 25%. OpenAI told investors its annualized revenue approached $50 billion at the end of September, The Information reported, lower than earlier reports of about $70 billion.

Windows: Microsoft expects revenue from Windows licenses sold to PC makers, along with its own devices, to fall a little more than 20%. Higher memory prices are making PCs more expensive, and PC makers are still working through extra inventory.

What’s next: Alphabet also reports Wednesday afternoon, and Amazon reports Thursday, setting up a side-by-side look at Azure, Google Cloud and AWS.

Anthropic is aiming to go public the week of Nov. 16, according to the Wall Street Journal.

Check back Wednesday afternoon for coverage.

Seattle-based Kivo Health today announced $10 million in funding to help increase access to its services, which target older adults with chronic obstructive pulmonary disease (COPD). The Series A round brings the startup’s total funding to more than $16 million.

Kivo ships equipment to patients’ homes and provides a nine-week program of therapist-led, live video sessions focused on exercise, breathing techniques and disease management. The company provides ongoing support following the program and says it uses AI to handle administrative tasks and communicate with patients, supporting its clinicians.

“We’re using the funding to build our AI health coach to blend AI-led care with human-led care,” Dr. Victor Sadauskas, Kivo’s co-founder and CEO, said via email. That pairing, he added, will help patients manage their chronic disease over the long term.

The company has approximately 50 employees, including clinicians.

COPD is an incurable lung disease in which damaged airways and air sacs make breathing difficult and can worsen over time. Common symptoms include shortness of breath, a persistent cough and fatigue. COPD is the third leading cause of death globally and the fifth in the U.S.

However, there are effective treatments to improve the condition, though many patients are not able to easily access care. A study of Medicare beneficiaries with COPD found that only 3.7% received pulmonary rehabilitation in 2012.

Kivo reports that a peer-reviewed study of its program found improvements in participants’ symptoms, physical function and mental health. The company also funded an analysis that estimated its model could reduce annual health care spending by $8,245 per member through fewer hospitalizations, ER visits and time in nursing homes.

Kivo says its program is covered by Medicare, Medicaid and private insurers including UnitedHealthcare, Humana, Blue Cross, Aetna and Priority Health.

“By thoughtfully combining high quality clinical care with AI, we can now scale proactive, accessible care to every senior, improving symptoms and reducing avoidable costs,” Sadauskas said in a statement.

Sadauskas launched Kivo in 2023 with co-founder and Chief Technology Officer Vaughn Koch. Sadauskas previously was an emergency medicine physician for Kaiser Permanente and a senior investment fellow with Life Science Angels. Koch is a serial entrepreneur who sold his startup Movity to Trulia in 2010.

While its current focus is COPD, Kivo aims to expand into other costly chronic conditions affecting older adults.

Allumia Ventures led the round, with participation from Corewell Health Ventures, Y Combinator, Heuristic Capital and MassMutual Ventures.

Avante, the maker of an AI platform to help companies manage employee health care and other benefits, has landed a $30 million Series A round.

Frist Cressey Ventures led the round, with participation from Sorenson Capital, Hearst Ventures, Morgan Stanley Next Level Fund and existing investor Fuse. The new funding, announced Tuesday, brings Seattle-based Avante’s total raised to $40 million, following a $10 million seed round led by Fuse in 2024.

Benefits are one of employers’ biggest costs. Avante’s AI agents do work like comparing vendor contracts against actual claims, reviewing plan documents for errors and preparing for renewals. Employees can also use the platform to ask questions about their own coverage.

The startup plans to use the cash to expand internationally and develop more AI agents, building on a beta release of its “Ava Agents” last week.

Avante says it now has more than 70 customers, including Samsung Semiconductor, Real Chemistry, Zscaler and News Corp, and that bookings grew nearly fivefold over the past year. The platform reaches more than 385,000 employees and family members, according to the company.

Avante was founded in 2023 by CEO Rohan D’Souza; Carly Eckert, a physician and epidemiologist who serves as head of innovation and impact; and executive chairman Kabir Shahani, the co-CEO of Amperity.

D’Souza and Eckert previously worked as executives at health care automation company Olive AI, which shut down in 2023. The startup emerged from stealth in early 2024 and launched publicly in April 2025.

“Benefits teams are responsible for one of the largest and most consequential investments their companies make, yet they’re still operating with outdated information, archaic spreadsheets, and technology built for another era,” D’Souza said in a statement.

Avante is pitching its software as employers face rising health care costs. Large employers are projecting a median 9.2% increase for 2027, the company said.

The startup competes with benefits and HR software providers such as Workday, ADP, Deel and Rippling. It has also signed partnerships with benefits advisory firms including Gallagher, OneDigital, Segal Benz, Howden and USI Insurance Services.

Avante ranks No. 156 on the GeekWire 200, our list of top Pacific Northwest tech startups.

Emerald Nuclear today announced a $2.1 million award from The Research Council of Norway to support its efforts to bring nuclear energy to the shipping industry and offshore power. The Seattle-based startup is developing high-temperature gas reactors that use an encapsulated fuel designed to resist meltdowns.

“This award will enable Emerald Nuclear to work directly with our marine partners to validate integration of our technology with their state-of-the-art marine power distribution and control systems,” said Wesley Deason, co-founder and CEO.

The funding supports Norway’s Marine Nuclear Propulsion System Pilot project, which is being led by Emerald Nuclear’s Norwegian subsidiary.

Shipping accounts for roughly 3% of global carbon dioxide emissions, making it a significant target for lower-carbon energy solutions. Some ferries serving shorter routes are adopting hybrid-electric propulsion. Shipping companies are exploring methanol, ammonia, biofuels and other alternatives to heavy fuel oil, but their climate benefits depend on how those fuels are produced and used.

Nuclear reactors have powered U.S. Navy submarines for more than 70 years. Now, a new wave of companies is working to expand nuclear power’s role in commercial shipping and other marine applications.

The award supports an early development step for Emerald Nuclear, with substantial work remaining before commercial deployment. The company has yet to build its first reactor, and its plans will require additional financing, regulatory approvals and a reliable fuel supply. The startup has previously received an undisclosed amount of funding from angel investors.

Emerald Nuclear has five employees, most of them in Norway, and is targeting two applications: offshore ships that help construct facilities like oil platforms and wind turbines and lay deep-sea cables, and floating power plants for remote communities. Each reactor is designed to produce 5 megawatts (6,705 horsepower), according to the company.

Bringing nuclear to the marine environment poses several significant challenges. They include safety issues, regulations for vessels traveling internationally, management of nuclear fuel and waste, and the way shipping companies frequently buy and sell vessels.

Deason said the company’s approach helps address those concerns:

• The reactor will use TRISO fuel, which consists of a uranium-containing kernel surrounded by protective carbon and silicon-carbide layers. The uranium is in short supply, but Deason is confident it will be available by the time the company is ready to deploy.
• Nuclear regulations are still being developed for international vessels, though initial deployments will be within a single country’s jurisdiction.
• Emerald Nuclear will have seaside manufacturing, providing easy access for ships and floating power plants that need installations, repairs and exchanges of fresh and spent fuel.
• The company will lease, rather than sell, its systems, allowing customers to swap nuclear in or out depending on their needs.

Emerald Nuclear is designing its technology “to integrate with the unique power needs of the ship, but also to meet the ways that the maritime industry does business,” Deason said.

Other companies pursuing nuclear ship propulsion include Core Power, newcleo and Blykalla. Core Power, Westinghouse, Saltfoss Energy and Prodigy Clean Energy are also developing floating nuclear power stations. Russia’s state-owned Rosatom already has nuclear-powered icebreakers and a floating nuclear power plant in operation.

Prior to launching Emerald Nuclear, Deason, a nuclear engineer, worked for Ultra Safe Nuclear Corp. (USNC) developing reactors for space-based applications.

During his tenure at the Seattle company, a professor from the Norwegian University of Science and Technology approached USNC about applications for the maritime sector. USNC declared bankruptcy in October 2024 and the deal wasn’t pursued. But the idea interested Deason and Hallgeir Juliebø, a Norwegian entrepreneur who had been a consultant with USNC. The two co-founded Emerald Nuclear in 2024 and Juliebø serves as chief commercial officer.

Emerald Nuclear has signed a lease for an engineering center in Norway, where it’s designing and building its first prototype, a non-nuclear thermal device that will be used for the Marine Nuclear Propulsion System Pilot project.

Other partners for the project are VARD Group, Vard Electro, Island Offshore, Norwegian University of Science and Technology, Imperial College London and Maskindynamikk, bringing together nuclear technology, ship design and integration, vessel operations and academic research.

The startup will build its first nuclear reactor, named the Gem Microreactor, at the Norwegian University of Science and Technology, with 2030 as its goal for completion. Emerald Nuclear will integrate equipment from Peregrine Turbine Technologies in Maine to convert the reactor’s heat into electricity.

The target for the first commercial deployment is 2031, on a Norwegian offshore vessel.

Deason is hoping to open a manufacturing site in the future in Western Washington on Puget Sound with an initial focus on floating nuclear power systems that replace diesel generators. That phase of growth is roughly targeted to the early 2030s.

Anthropic’s IPO filing reads like a ledger of who’s getting paid in the AI boom. The Seattle region’s tech giants are on the list, but they aren’t at the top.

The prospectus, filed Monday with the Securities and Exchange Commission, details more than $750 billion in computing deals, including firm commitments and estimated future spending, and offers clues about what its founders and biggest investors stand to gain ahead of the company’s planned Nasdaq listing under the ticker ANT.

Amazon and Microsoft have invested billions in Anthropic and won high-profile spending commitments from the Claude maker. But both trail Google, chipmaker Broadcom and Elon Musk’s SpaceX in their shares of Anthropic’s planned spending on computing power, the filing shows.

Following the compute money: Google’s chips are the biggest winner. Anthropic has lined up roughly $400 billion in computing capacity, mostly over the next seven years, based on Google-designed AI chips, known as tensor processing units or TPUs.

That total includes $114.5 billion to Google directly through July 2033, $161.2 billion in equipment leases with chipmaker Broadcom, and an estimated $125 billion to $150 billion in additional TPU capacity from 2028 to 2031.

Broadcom’s leases are the largest single arrangement in the filing. The five-year leases provide TPU-based hardware for data centers operated by other companies on Anthropic’s behalf.

Elon Musk’s SpaceX is next. Anthropic agreed to spend up to $120.5 billion through 2029 for computing capacity from SpaceX’s AI subsidiary, formerly known as xAI, which runs a rival AI lab.

The filing says payments will reach about $3.1 billion a month once all the capacity is delivered, which Anthropic expects in December. The agreements run into 2029, though either side can cancel on 90 days’ notice after early 2027.

Amazon is still a big winner. Anthropic committed in April to spend at least $110 billion with Amazon Web Services over 10 years, through April 2036, and AWS Trainium is one of four chip families that Anthropic uses to train and run its models.

Microsoft’s piece is smaller, which reflects its later start. The company was aligned closely with OpenAI for years before striking its own deal with Anthropic.

Anthropic has committed to spend at least $44.9 billion on Microsoft’s Azure cloud from November 2026 through May 2033, the filing shows. That’s up from the $30 billion Azure deal announced in November 2025. The deal has been amended twice since, most recently this month.

Claude is built into Microsoft 365, and former Microsoft CFO Chris Liddell joined Anthropic’s board in February.

Two smaller providers have deals in the same range as Microsoft’s. Anthropic agreed to spend up to about $44.6 billion with Nscale, a U.K.-based AI infrastructure company, and about $41.3 billion with GPU cloud provider Lambda, both for capacity powered by Nvidia chips, according to the filing.

Will Anthropic need it all? Most of the commitments can’t be canceled, and the deals with Microsoft, Google and Amazon require Anthropic to pay “regardless of actual usage,” according to the filing.

So far, the demand is there. Anthropic’s revenue hit $11.6 billion in the second quarter, up from $787 million a year earlier, and the company posted its first operating profit, $974 million. It still had a $66.3 billion net loss, mostly from accounting charges tied to its soaring valuation.

The company says it has “consistently operated in a compute-constrained environment where customer demand exceeds available compute.”

Its compute commitments assume that demand keeps growing. Anthropic spent less than $2 billion a month on compute and infrastructure in the second quarter. The SpaceX deal alone is expected to cost about $3.1 billion a month at full capacity.

Paper fortunes: Amazon’s biggest payoff is its stake, which it valued at $190.4 billion as of June 30 in its quarterly SEC filing. That includes convertible notes with $6.2 billion in principal that Amazon valued at $97.9 billion. The notes would convert into stock, subject to a 12% ownership cap that Amazon can waive.

Amazon is scheduled to report third-quarter results Thursday, its first earnings report since Anthropic’s filing. The Seattle-based company has updated the value of its Anthropic holdings in each of its quarterly filings this year, so a new number could come this week.

Google put $10 billion into Anthropic’s latest funding round and can invest up to $20 billion more under a March financing deal. The filing doesn’t give ownership percentages for Amazon, Google or Microsoft. It says only that the three companies have each made “significant equity investments” in Anthropic.

Anthropic’s seven co-founders hold roughly 230 million to 245 million shares each, worth about $14 billion apiece at the latest private funding price. The company also gave its own Public Benefit Fund about 847 million shares, or 5% of its fully diluted stock as of June 30, worth about $50 billion at that price.

Anthropic could begin formally marketing its IPO to investors as soon as the week of Nov. 9, Bloomberg reported, citing people familiar with the matter. It is aiming to go public the following week, according to the Wall Street Journal. The company expects the offering to match or beat the size of SpaceX’s IPO, according to Bloomberg. SpaceX raised $75 billion in June, the largest IPO on record.

The Washington Technology Industry Association kicked off the third annual Seattle AI Week on Monday with a reminder that AI affects everyone, from engineers and artists to “someone who learned about ChatGPT today,” as WTIA’s Nick Ellingson put it.

“All of us should be a part of that conversation,” he added.

A few people in the audience took that statement literally.

Members of Troublemakers, a Seattle climate activism group, interrupted the week’s opening panel on AI and economic growth several times before they were led out by security. Outside on Elliott Bay, others floated in kayaks with a banner: “Power for People, Not for Tech.”

“These are not your constituents — we are,” one protester told Beau Perschbacher, Gov. Bob Ferguson’s senior policy advisor, as he addressed the large crowd of tech and startup leaders at Seattle’s AI House. Perschbacher was on a panel with Joe Nguyen of the Seattle Metropolitan Chamber of Commerce and Mattie Zazueta of OpenAI, the event’s presenting sponsor.

The group’s main message, according to members who spoke with GeekWire: the rush to build data centers and roll out AI is putting the state’s communities, jobs and environment at risk, and Washington should be investing in green jobs and clean energy instead.

The protest comes amid a broader backlash against data centers in Washington state and across the country. The Seattle City Council voted unanimously in June to pause new large data centers in the city for a year, and Washington AI Resistance organized at least 19 protests around the state this month calling for a statewide moratorium.

The event also came the same day Microsoft offered voluntary buyouts to about 60,000 employees, roughly a quarter of its workforce, as it spends tens of billions of dollars on data centers and AI infrastructure.

The backlash contrasts with a push from the business and tech community for Washington state and the Seattle region to do more to stay competitive in the AI era.

“Washington helped build the technology economy of the last generation. We have an extraordinary opportunity to lead the AI economy of the next,” said former Gov. Chris Gregoire, now CEO of the business group Challenge Seattle, in her opening remarks at the AI Week event.

Gregoire cited efforts to put AI to work on the region’s own problems, including an AI permitting pilot in Everett that she said could cut the median wait for an accessory dwelling unit permit from 252 days to 90. She highlighted the AI-driven protein design work of Nobel laureate David Baker of the University of Washington, with applications in areas including the environment, agriculture and health care.

She also warned that Washington is close to the bottom for its business climate, even though it ranks second in North America for tech talent, as other states court its companies and jobs.

On the panel, Perschbacher said Ferguson’s administration has been focused on data centers since taking office, setting up a work group early last year to study their impact. The group looked for a Washington community that had been harmed by a data center and couldn’t find one, he said.

He added that the state won’t permit data centers to run diesel generators around the clock, and that their water use turned out to be “not out of line with a typical industrial user.”

Electricity is a different story. Data centers “use a really significant amount of electricity,” he said, and with demand also rising from EVs and heat pumps, getting enough power “is a major challenge.”

Perschbacher addressed the protesters directly, saying Washington has some of the strictest environmental laws in the country and that the state’s data center work group reinforced those rules rather than weakening them. Bills on ratepayer protections and transparency for data centers are likely to come back in the next legislative session, he said.

The issue also came up in the event’s second panel, on AI policy. State Sen. Marko Liias, who sponsored a bill this year on high-risk uses of AI, said data centers that want to locate in Washington need to meet “stringent expectations,” including adding clean energy to the grid, recycling water and dropping nondisclosure agreements that keep communities in the dark. Washington’s goal “has never been to be the cheapest or easiest place,” he said.

“When energy becomes scarce, I do think we need to be clear that our communities deserve access to that energy before the data centers do,” Liias said.

Joe Braidwood, founder of AI governance startup Glacis, which works out of AI House, said on the same panel that it was the first event he’d attended there with a public protest. “I think that’s actually kind of promising that people care enough to want to come together and talk and disagree and figure this out,” he said.

Zazueta, OpenAI’s global head of community programs, said in the opening panel that the industry needs to do a better job showing people the benefits of AI. Many people “read about these scary headlines,” she said, but don’t see how the technology applies to their daily lives.

OpenAI runs AI literacy workshops and trains libraries and community groups to lead their own, she said. The company opened an expanded office in Bellevue in March, its largest engineering center outside San Francisco.

Speaking with GeekWire outside the event on Monday afternoon, one of the protesters who had interrupted the panel singled out that remark. She said it dismissed public concerns about AI as the product of bad headlines, and she objected to the idea of using community groups to win people over to the benefits of artificial intelligence.

“They want to infiltrate our communities,” she said.

The opening panel with Zazueta, Perschbacher and Nguyen was titled “The Abundance State: Washington’s Chance to Lead the AI Future.” The protester objected to that framing, saying the panelists’ idea of abundance came down to easing permits for data centers.

It wasn’t the first time the group has protested the tech industry’s energy use. In 2024, it blocked entrances at Amazon’s Seattle headquarters to protest the company’s plans to power data centers in Oregon with natural gas.

Inside the event on Monday, as the interruptions continued, Nguyen, a former state senator who now leads the Seattle chamber, had responded to the protesters directly. “If you want to have your own event, have your own event,” he told them.

After they were led out, Nguyen said he agreed with the protesters, calling their passion “very warranted.” Those concerns are one reason Washington created some of the most stringent energy policies in the country, he said, adding that everyone would be better off if data centers elsewhere were held to the same standards.

“I think we’re very unique in Washington state to be able to actually do this in a way that really is mindful of our values, of the environment, and also pushing for innovation as well,” he said.

At the same time, Nguyen said demand for AI and data centers is market-driven, and it isn’t fair to criticize data centers while using them every day.

“For anybody who’s upset with data centers, I hope that when you email me, don’t email me,” he said. “Print it off and walk it to my office.”

Update, Oct. 27: Protesters interrupted the opening session of WTIA’s Seattle AI Summit six times Tuesday morning, during an on-stage interview of OpenAI’s Vijaye Raji by GeekWire’s Todd Bishop. They objected to AI-related job losses, the climate impact of data centers, OpenAI’s ties to the Trump administration and the leadership of OpenAI CEO Sam Altman.

Kent, Wash.-based Stoke Space has secured a conditional commitment for a $150 million loan from the Department of War’s Office of Strategic Capital to build a second launch pad at Cape Canaveral for a larger version of its fully reusable rocket.

The loan isn’t final until Stoke meets a list of financial, legal, technical and due-diligence requirements. The announcement Monday comes less than two months after Stoke raised roughly $1 billion in a Series E round, bringing its total funding to about $2.3 billion.

The new pad would serve Stoke’s Nova Block 2 rocket, which is designed to carry up to 15 metric tons to low Earth orbit. That’s five times the capacity of Nova Pathfinder, which Stoke plans to launch for the first time from its existing pad in early 2027. Block 2 is slated to debut in 2029.

The loan would be paired with private capital to pay for the pad, according to the Department of War. Jordan Sebold, senior managing director for investments at the Office of Strategic Capital, said in a statement that adding launch infrastructure would “enhance the overall capacity and resilience of the commercial space industrial base.”

The Office of Strategic Capital was set up in 2022 to draw private investment into technologies seen as critical to national security. The following year, Congress gave it the power to make loans and loan guarantees to companies in those fields. Space launch is one of the technology categories it targets.

“By expanding domestic launch facility capacity, this investment enables launch service providers to ensure our commercial and defense partners have reliable, high-cadence access to space,” David Lorch, the office’s director, said in the news release.

Stoke is already lined up for military launch work. In 2025, the Space Force added the company to a pool of providers that can compete for national security missions under Lane 1 of the program’s third phase. Lane 1 is the tier meant for newer launch companies and less demanding payloads. Stoke can’t bid on those missions until it completes a successful orbital flight.

The company has other federal ties as well. The Defense Innovation Unit awarded Stoke a $4.5 million contract in 2024 to study rapid delivery of cargo to orbit, and possibly back to Earth. In June, Stoke was one of 37 companies NASA chose for unfunded partnerships. Stoke’s project focuses on returning Nova’s upper stage safely through the atmosphere.

Nova is designed so both of its stages can return and fly again. The booster flies itself back for recovery. The upper stage uses a metal heat shield cooled by liquid hydrogen that circulates through channels inside it, to survive the heat of reentry. Only SpaceX, with its much larger Starship, is pursuing the same goal, and it hasn’t fully achieved it yet. Stoke has yet to launch a rocket to orbit.

Stoke was founded in 2019 by two Blue Origin veterans: Andy Lapsa, the CEO, and Tom Feldman, the chief technology officer. The company has about 400 employees. Most work at its 168,000-square-foot factory and headquarters in Kent, and about 50 are at its test site in Moses Lake, which is expanding from 75 to 550 acres. About 50 more work at Cape Canaveral.

GeekWire reached out to Stoke Space for comment and we’ll update this story when we hear back.

A startup led by former GitHub CEO Thomas Dohmke is introducing its own platform for storing, reviewing and shipping code written by AI agents, competing with the company he used to run.

The startup, Entire, on Monday unveiled what it calls a Git forge — a service for hosting code, reviewing changes and running builds, the core of what GitHub does — designed for teams whose AI agents write code faster than people can review it. The company is pitching it as an alternative to GitHub.

The news comes two days before GitHub’s annual Universe conference in San Francisco. Microsoft acquired GitHub for $7.5 billion in 2018 and has since folded it into its CoreAI division.

The biggest change is Trails, Entire’s replacement for the pull request, the standard way developers propose and review code changes. The pull request “has become an audit log that only the agent reads,” Dohmke wrote in a blog post Monday. Instead of reading through every changed line, developers see a dashboard of scores from AI agents evaluating the code on each update.

According to Entire, multiple AI agents check the quality of each change, so developers can merge code without reading every line. Teams can also require a person’s sign-off, or passing automated tests, before any code goes in, the company said.

The launch comes as GitHub strains under the load from AI agents. The platform has had several significant outages in recent months, including one in August that lasted nearly eight hours. GitHub is moving from its own data centers to Microsoft’s Azure cloud to add capacity. GitHub said developers and agents made 7.38 billion commits, or saved code changes, on the platform in September alone.

Dohmke, who is based in Bellevue, Wash., left GitHub last year after nearly four years as CEO. Entire says it now has 50 employees. The company is fully remote.

Entire isn’t alone in rethinking code hosting for AI agents. AI coding company Cursor launched its own code-hosting service, Origin, in August. And Anthropic recently described building its own source control system as the number of code changes it merged each day grew from about 2,500 in May to more than 30,000 in September.

With the latest updates, Entire now lets developers host private code repositories directly on its service in the U.S., Europe, India and Australia, and says its service can handle up to 89 times as many code pushes per second as GitHub, based on its own benchmarks. It’s partnering with Buildkite and Depot on build and test pipelines, giving developers a way to move off GitHub Actions. Public repositories and self-hosting are on the roadmap.

Entire is also adding what it calls Continuous Memory, which lets AI agents search past coding sessions for the context behind earlier changes. The company says one part of it, a map of the codebase, cut token use by up to 71% in its testing.

That goes beyond the startup’s July launch, which mirrored existing GitHub repositories on a faster network rather than replacing them. Developers can still mirror from GitHub, or now move their code to Entire instead.

Microsoft’s venture arm M12 was among the backers of Entire’s $60 million seed round in February. Felicis led the round, with participation from Seattle-based Madrona and Basis Set Ventures, along with individual investors such as Yahoo co-founder Jerry Yang and Y Combinator CEO Garry Tan.

“Code review was always a bottleneck,” Dohmke said at a Madrona event last month. “I’ve never worked in a software company where I didn’t wait for somebody else to review my pull request, and you have to ping people in Slack three times. And there was this one guy that had to review everything because he knew what to look for. And now that bottleneck is 10 times bigger.”