$ANT Pre-IPONasdaq Global SelectS-1 filed Oct 26Expected: Mid-November 2026 (reported)H1 2026 revenue $16.3BQ3 2026 revenue $16.8BH1 2026 net loss $80.7BCash & equivalents $112.4BHaiku 5.5 $0.10/M inOpus 5.5 $4/M in
The Big Ant

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Daily rollup ·

Anthropic asks California for a court-ordered off switch

A letter to Governor Newsom spells out how Anthropic wants frontier AI policed: independent evaluators, regular risk reports, and a path for the state to ask a judge to halt a dangerous model. On the IPO front, a UK retail route is taking shape, while Claude Enterprise gets new spend reports and a well-known valuation professor puts his own number on ANT.

Illustration: an ant colony whose tunnels hold glowing server racks

The brief

  1. 01Anthropic told Gov. Gavin Newsom that California's attorney general should be able to seek a court order suspending a model that poses a near-term risk of catastrophic harm. It also warned that kill-switch mandates alone could give false comfort.
  2. 02Bloomberg reports Anthropic is working with RetailBook to sell IPO shares to UK individual investors through the country's new public offer platform rules. Plans are not final.
  3. 03Claude Enterprise now has smart reports, in-app surveys and pooled group budgets, all generally available, to show admins what teams are producing and what it costs.
  4. 04Anthropic's AI for Science program is sharing Claude credits with 20 partners, including the US National Science Foundation, the Sloan and Simons foundations and the Francis Crick Institute.
  5. 05NYU's Aswath Damodaran values Anthropic's equity at about $1.475 trillion in his base case, just under the reported $1.5T–$2T range, and says he will likely sit out if it prices well above that.

Anthropic tells Newsom courts should be able to block risky AI models

A letter to California's governor backs embedded auditors, twice-yearly risk reports and court orders as a last resort.

In an October 15 letter first reported by Politico, Anthropic told California Gov. Gavin Newsom that independent evaluators should be able to flag risks to the state attorney general. If the attorney general concludes a company's models pose a near-term risk of catastrophic harm, the letter says, the state should be able to ask a court to suspend that model's deployment, internal use or further development. An Anthropic spokesperson confirmed to Reuters that the letter is authentic. Newsom's office did not immediately comment.

The letter answers the expert panel Newsom convened by executive order in September. Anthropic says every large frontier developer should publish a risk report at least every six months, and that outside evaluators should get access comparable to a company's own risk staff. It proposes that companies pay into a state-administered fund rather than paying auditors directly, with the state rating evaluators on rigor and track record.

On kill switches, Anthropic says every frontier lab should be able to rapidly shut down the models it serves or uses internally. But it argues that a law focused only on pulling whole models offline could give regulators a false sense of reassurance, and that targeted steps, such as disabling a misbehaving agent or cutting off one customer's access, would work better. OpenAI sent Newsom its own recommendations on October 20.

Letter dated
Oct 15, 2026
Risk reports proposed
At least every 6 months
Who could seek a block
California attorney general, via a court
First reported by
Politico

Read the full story at Politico

Sources PoliticoReuters

More from Oct 29

UK retail investors could get a slice of ANT through RetailBook

Anthropic is reportedly using Britain's new public offer platform route, following SpaceX's playbook.

Anthropic is working with investment platform RetailBook to market IPO shares to individual investors in the UK, Bloomberg reported Wednesday, citing people familiar with the matter. The S-1 already names the UK among the countries where public offerings are planned. This is reported, not confirmed, and no final decisions have been made.

According to follow-up coverage of the Bloomberg report, the sale would use the UK's public offer platform rules, which let a licensed operator such as RetailBook coordinate orders fed in by other brokerages without a separate UK prospectus. SpaceX used the same route for its listing. Allocations would not be guaranteed if demand runs ahead of supply. The UK piece would sit inside the broader retail tranche of roughly 15% to 20% that Anthropic has reportedly weighed.

UK platform (reported)
RetailBook
Mechanism
UK public offer platform (no UK prospectus)
Status
Plans not final

Read the full story at Bloomberg

Sources BloombergBusiness Insider Markets

Claude Enterprise adds smart reports and shared team budgets

Admins can now see what a team built with Claude, what it cost, and where the work got stuck.

Anthropic on Wednesday made three admin tools generally available for Claude Enterprise. Smart reports analyze a sample of a team's transcripts over a chosen date range, group the work into workstreams, and show spend, deliverables and common friction points such as a missing connector or a failed tool call, along with recommendations like turning recurring workflows into skills. Anthropic says the reports are meant for adoption and investment planning, not for judging individual performance. In-app surveys collect feedback directly from users.

Pooled group budgets give a team one shared monthly amount on top of each member's own limit, so heavy users are less likely to run dry early in the month. Billing admins get email alerts at 50%, 75%, 95% and 100% of the pool. TechCrunch notes the launch lands as the S-1 highlights very high net revenue retention, and Anthropic says the reporting data is not used for model training by default.

Plan
Claude Enterprise
Status
Generally available
Budget alerts
50% / 75% / 95% / 100%

Read the full story at Claude by Anthropic

Sources Claude by AnthropicTechCrunchClaude Help Center

AI for Science expands to the NSF, Sloan, Simons and the Crick

Anthropic will route free Claude credits through 20 foundations, institutes and research groups.

Anthropic said Wednesday it is expanding its AI for Science program, which has given free Claude credits to researchers since May 2025, through partnerships with 20 organizations. Funders including the US National Science Foundation, the Alfred P. Sloan Foundation, the Simons Foundation, Schmidt Sciences, Renaissance Philanthropy's Open Source for Science Fund and CAS, a division of the American Chemical Society, will hand out credits to the researchers they support.

Institutions using credits in-house include the Space Telescope Science Institute, the Wellcome Sanger Institute, the Francis Crick Institute, Imperial College London's life sciences department, EMBL and the Gladstone Institutes. Anthropic also launched a discounted Team plan for scientists. It did not put a dollar value on the credits or the discount.

Partners
20
Program started
May 2025
Credit value
Not disclosed

Read the full story at Anthropic

Sources Anthropic

Damodaran pegs ANT at about $1.475 trillion, and may sit out

The NYU valuation professor's base case lands just under the reported deal range.

Aswath Damodaran, the NYU Stern professor known for valuing hot IPOs, published his take on Anthropic and arrived at an equity value of about $1.475 trillion. His base case assumes revenue near $1 trillion by 2036, an operating margin of 27.5% after a 5-point haircut for regulation, a 9.74% cost of capital and a 10% chance of failure. His scenarios run from a worst case where the equity is worthless to a best case of about $4 trillion.

He says he will wait for the IPO to price and will sit out the frenzy if it comes in well above his number, though he would not short it. He also argues the founders' voting control would call for a much larger discount to his estimate before he would buy. This is one analyst's view, not a forecast of the offer price, and it is not investment advice.

Base-case equity value
~$1.475T
Scenario range
Worthless to ~$4.04T
2036 revenue (base)
~$1T

Read the full story at Musings on Markets (Aswath Damodaran)

Sources Musings on Markets (Aswath Damodaran)

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