$ANT Pre-IPONasdaq Global SelectS-1 filed Oct 26Expected: Mid-November 2026 (reported)H1 2026 revenue $16.3BQ3 2026 revenue $16.96B9M 2026 net loss ~$104BCash & equivalents $112.4BHaiku 5.5 $0.10/M inOpus 5.5 $4/M in
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METR: Anthropic's progress has roughly doubled in speed, and AI is likely why

An outside evaluator with unusual access to Anthropic's internal data estimates the company's models are now improving about twice as fast as before, mostly because AI is speeding up the work. METR also says the August risk report understated that acceleration. On the IPO side, investors are reportedly pushing back on a $1.5 trillion valuation, and the roadshow timing is in question. Claude added a read-only Personal Finance beta, Google is backstopping a $19 billion Anthropic lease in Kentucky, and Enterprise security teams got a new set of controls.

Illustration: an ant colony whose tunnels hold glowing server racks

The brief

  1. 01After 11 weeks with Anthropic's internal data, METR estimates the company is improving models on well-specified tasks at about 2x its March 2024–October 2025 pace (plausible range 1.3x–3x), with AI likely driving most of the speed-up. It found no major bottlenecks for the next 12 months.
  2. 02Four people familiar with investor talks told Reuters that potential buyers see $1.5 trillion as the high end and are asking for a discount. That puts next week's planned roadshow, and a November listing, in doubt.
  3. 03Personal Finance in Claude is rolling out in a US beta on Pro, Max and Ultra. Accounts connect through Plaid with read-only access, and the feature shows no ads or product offers.
  4. 04TeraWulf says Google will backstop Anthropic's 20-year, roughly $19 billion lease for 401 MW in Hawesville, Kentucky. The guarantee only takes effect once each building is delivered.
  5. 05Claude Enterprise added a security center (beta), generally available inference hooks for DLP tools, a parent-level admin console, self-serve IP allowlists and an Admin API call that signs a member out everywhere.

METR finds Anthropic's models improving about twice as fast, with AI likely the main reason

The independent evaluator also says Anthropic's August risk report understated the speed-up, and notes that key evidence was redacted.

From August 12 to October 29, METR staff carried out what they call a high-access evaluation at Anthropic. They reviewed internal pretraining and reinforcement-learning metrics, compute figures, benchmark scores for unreleased models and forecasts, and interviewed staff. The report, published Thursday, concludes that as of October Anthropic is likely improving its models on well-specified tasks at around twice the rate it did from March 2024 to October 2025. METR flags high uncertainty and says a true figure of 1.3x or 3x would not surprise it. On Anthropic's internal capabilities index, benchmark scores have grown about 1.9x faster since October 2025 (95% interval 1.5–2.8x), roughly two years of past progress in one.

METR attributes most of the speed-up to AI itself, perhaps 80% according to Reuters, and says it is confident the cause is not faster growth in training compute. It found no convincing evidence of bottlenecks in algorithms, compute or data that would slow progress over the next 12 months, and warns of a significant risk that acceleration gets even faster over the coming year. It adds that current AI cannot yet make highly significant, fully autonomous contributions to the most important parts of model training.

In a separate review of the August 2026 Risk Report, METR agrees that catastrophic risk from models available on July 15 was low. However, it calls the report's claim that the 2x early-warning threshold had not been crossed overconfident, says it is plausible the threshold had already been crossed, and says the public report understates the acceleration. METR notes that some of the findings that most shaped its conclusions were redacted by Anthropic. The report follows this week's S-1/A language saying Anthropic may 'imminently' meet its own threshold for dramatically accelerated, AI-driven progress.

Estimated acceleration
~2x (range 1.3x–3x)
Benchmark growth since Oct 2025
1.9x (95% CI 1.5–2.8x)
Share attributed to AI
Majority, perhaps ~80%
Assessment window
Aug 12 – Oct 29, 2026

Read the full story at METR

Sources METRMETR risk report reviewReuters

More from Nov 6

Investors push for a lower valuation, putting next week's roadshow in doubt

Reuters' sources say $1.5 trillion looks like the high end, and buyers want to see October revenue.

Potential buyers of Anthropic's IPO are questioning whether the company can start its roadshow next week and still list in November, four people familiar with investor discussions told Reuters on Thursday. Some see the roughly $1.5 trillion valuation that has been discussed as the high end of expectations and want better terms before committing. Anthropic may need to offer a larger discount, the people said, given its record of quarterly losses and its large compute commitments.

Investors are also waiting for Anthropic's October revenue figure, which was left blank in the amended S-1, to see whether growth picked back up after slowing in Q3. If AI-related stocks stay under pressure, the company could wait for a steadier market before launching an offering that some expect to reach $100 billion. Thursday brought another broad selloff in chip and AI infrastructure stocks. None of this has been confirmed by Anthropic, and no price range has been filed.

Roadshow (planned)
Week of Nov 9; now uncertain
Valuation discussed
~$1.5T (seen as the high end)
Price range
Not yet filed

Read the full story at Reuters

Sources Reuters

Claude gets a Personal Finance beta, with bank connections through Plaid

Read-only access to US accounts, no ads or sponsored offers, and no investment advice.

Anthropic on Thursday began rolling out Personal Finance in Claude, a beta for Pro, Max and Ultra subscribers in the US. Users sign in to their bank through Plaid and can link checking, credit card, loan and investment accounts. Claude then shows balances, spending, cash flow, subscriptions and upcoming bills on one page, and answers questions such as where last month's money went. It can see up to 24 months of transactions.

Access is read-only, so Claude cannot move, manage or invest money, and Anthropic says the feature is not built to give investment advice. It has no ads or sponsored recommendations, and Anthropic does not offer its own cards, loans or savings products. It works on the web, desktop and mobile apps, but not on Free, Team or Enterprise plans, and linked accounts cannot be used in scheduled tasks, Cowork or Claude Code. Plaid announced a similar connection deal with OpenAI in May.

Plans
Pro, Max, Ultra (US only)
Status
Beta, gradual rollout
Access
Read-only via Plaid

Read the full story at Claude by Anthropic

Sources Claude by AnthropicPlaidBloomberg

Google backstops Anthropic's $19 billion Kentucky data center lease

If Anthropic stops paying, Google can step in as tenant or take a stake in the project.

TeraWulf said Wednesday that Google signed three credit support agreements covering Anthropic's 20-year leases for about 401 megawatts at its Justified Data Campus in Hawesville, Kentucky, worth roughly $19 billion in contracted rent. The guarantee is meant to help TeraWulf borrow at lower cost. Alphabet is rated AA+ by S&P. TeraWulf also signed a construction contract with Fluor. Delivery is expected in phases from late 2027 through the second quarter of 2028.

Under the 8-K, if Anthropic misses rent or becomes insolvent, Google can pay what is due and take over the lease, or in some cases pay a termination fee and receive an equity stake in the project subsidiary. Each backstop starts only when the final data hall under that lease is delivered, so construction risk stays with TeraWulf. It ends once Anthropic holds an investment-grade rating for three months. The deal follows reports that Blackstone now expects a junk rating for Anthropic after the IPO, and that Nvidia is weighing a similar backstop for Nscale.

Lease value
~$19B over 20 years
Capacity
~401 MW (Hawesville, KY)
Backstop ends
After 3 months at investment grade

Read the full story at TeraWulf

Sources TeraWulfReutersCoinDesk

Claude Enterprise adds a security center, DLP hooks and an org-wide sign-out

A batch of admin tools for security teams, several of them in beta.

Anthropic on Thursday added new security and admin tools to Claude Enterprise. A security center (beta) compares an organization's settings for chat, Cowork and Claude Code with Anthropic's recommended configuration and can be exported as a report for auditors. Anthropic notes it is guidance, not a compliance certification. Inference hooks, now generally available, send prompts and tool calls to a company's existing data-loss-prevention tools for a check before they run. Centralized management (beta) gives companies with several Claude organizations a single admin console at admin.claude.com, with support for more than one identity provider.

Admins can also manage their own IP allowlist without going through Anthropic. The Claude Console version, in beta, supports up to 1,000 addresses or ranges. They can sign a member out of every device with one Admin API call (beta), and block personal Claude accounts in Claude Desktop on managed computers. A recently announced integration lets companies run their endpoint detection and response (EDR) sensor inside the local Cowork virtual machine.

Security center
Beta
Inference hooks
Generally available
IP allowlist (Console)
Up to 1,000 entries, beta

Read the full story at Claude by Anthropic

Sources Claude by AnthropicClaude Platform release notes

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