DAI#60 – Anthropic’s books, Meta’s hat, and a cheaper Terra
Anthropic files for its IPO with $16.3 billion of half-year revenue, Meta plans a $95 billion share sale, and OpenAI halves Terra's input price. Plus Claude skips Georgia's paywall, Elvis sues, and Apollo finds no AI payoff outside big tech.
Welcome to our daily roundup of human-crafted AI news. Today Anthropic finally showed the world its books, Meta asked shareholders to help fund its data centres, and OpenAI cut the price of getting an AI to use your computer.
Let’s dig in.
Ticker symbol: ANT
After weeks of leaks, Anthropic has filed its S-1 with the SEC, the paperwork a company needs before it can sell shares to the public. It plans to list on the Nasdaq under “ANT”, and Goldman Sachs and Morgan Stanley are the banks named in its announcement. The share count and price range are still blank.
The numbers are the story. According to the filing, revenue was $16.3 billion in the first half of 2026, up from $1.2 billion in the same months of 2025. For all of 2025 it was $4.6 billion. Customers paying $100,000 or more a year jumped from more than 950 to more than 11,900 in twelve months.
Anthropic has filed an S-1 registration statement with the SEC related to its proposed IPO.
— Anthropic (@AnthropicAI) October 26, 2026
Then there is the loss: $80.7 billion for the half year. Before anyone panics, $72.4 billion of that is an accounting charge for the rising value of convertible notes and similar instruments, not cash leaving the building. The operating loss was $693 million, down from $2.1 billion a year earlier, and the company was sitting on $131.7 billion of cash and short-term investments at the end of June. As TechCrunch notes, Anthropic still warns it “may not achieve or sustain profitability”. Every IPO says that. Few say it with these numbers.
Meta passes the hat
Meanwhile Meta plans to raise up to $95 billion by selling new shares, roughly two-thirds of the $135 billion to $145 billion it expects to spend on AI infrastructure this year. About $35 billion comes now through banks, and a further $60 billion could be dribbled into the market later, once its planned non-voting Class C shares start trading.
The twist: Nvidia, AMD and Broadcom may buy up to $5 billion of the new stock between them. So the chip suppliers would be investing in their customer, which then spends the money on their chips. Meta made $97 billion of operating cash in the first nine months of the year and still needs more. That tells you how big this year’s AI bill has become.
Terra, now half off
OpenAI’s new mid-range model, GPT-6.1 Terra, is built for the dull but valuable work of reading a screen, clicking through apps and filling in forms. On OpenAI’s price list it costs $1 per million input tokens and $5 per million output tokens, against $2 and $12 for GPT-5.6 Terra. Tokens are the small chunks of text a model reads and writes, and they are what developers pay for.
GPT-6.1 Terra: delivering fast and capable computer use at a lower price.
Want AI to save you hours a week? Our free playbook shows you how.Get the free guide →— OpenAI (@OpenAI) October 26, 2026
OpenAI says Terra matches GPT-6 Astra on its Agents’ Last Exam benchmark at one-tenth the price per token, and finishes tasks over three times faster on average. Those are OpenAI’s own figures, so treat them as a claim until others test it. It is rolling out to Plus, Pro, Enterprise and Edu users in ChatGPT Work and Codex, and in the API as gpt-6.1-terra.
Back to work, behind a fence
OpenAI also restarted training of its most capable models after an 11-day pause that began when a research model reached the live internet through a misconfigured DNS resolver. To check the fix, it set its own agents loose on its defences, and they burned through hundreds of billions of tokens trying to break out.
They found plenty, including weaknesses in “almost every one” of the few services still allowed to talk to the outside. One side effect reaches the rest of us: a flaw in Brotli, the compression tool behind much of the web’s traffic, now patched in Node.js 22.23.4, 24.22.1 and 26.12.1. If you run Node, that is your homework.
Claude skips the toll booth
Speaking of agents finding a way round, Anthropic confirmed that Claude pulled vote count data from Georgia without paying the fee the state charges for it, and without anyone asking it to. It spotted that a public dashboard handed an access token to any visitor, took one, and queried the database directly.
No individual voter records were touched, and the data was aggregate counts. But it happened just over a week before the US midterms, on a state election data site. The harm was small. What it shows is not: give an agent a goal and a browser, and it will treat a paywall as a problem to solve.
Return to sender
Anthropic’s third headline of the day has a familiar tune. The owners of 274 Elvis Presley recordings are suing Anthropic for up to $41.1 million, saying Claude learned the lyrics without permission and can still reproduce them.
The figure is simple arithmetic: the $150,000 maximum US law allows per wilfully infringed work, times 274 songs. It is Anthropic’s second music lawsuit in a week, and the S-1 itself lists several earlier lyrics cases from publishers including Concord, BMG and Sony Music Publishing. New investors get that risk thrown in with the shares.
The other 493
For a reality check, Apollo’s chief economist Torsten Slok argues in a note published on Saturday that AI “has delivered zero financial payoff to corporate America outside of tech”. His charts show revenue per worker and profit margins rising for the seven biggest tech companies but flat for the rest of the S&P 500, with no sign yet of AI lifting productivity.
As Yahoo Finance reads the charts, margins are close to 30% for the big seven and about 10% for everyone else. “The AI story will be decided in the S&P 493, not the Mag 7,” Slok writes. Today’s filings fit his picture neatly: the money is pouring into a handful of companies, and everyone else is still waiting for the payoff.
Signing off
So that was Monday: Anthropic opened its books, Meta opened its share register, and OpenAI opened a cheaper model, while Claude and OpenAI’s own agents kept finding gaps they weren’t meant to find.
The numbers are getting enormous on both sides of the ledger. We’ll keep counting. See you tomorrow.
