An analysis of more than 5,000 images created with Stable Diffusion found that it takes racial and gender disparities to extremes — worse than those found in the real world. Here's what @Leonardonclt and I found: bloomberg.com/graphics/2023-…

TYLER KOLEK BEHIND THE BACK NO LOOK PASS 🤯

that's a lot of "DEUUUUUUCE" chants

congrats .@deucemcb11

The shooting has to get better at some point.

We’re simply not this bad.

A Dallas-based VC firm with 30 people has raised $10 billion mega-fund to back growth stage AI, defense startups

bloomberg.com/news/articles/…

Scoop: Physical Intelligence is in talks to nearly double its valuation to about $20 billion with new funding.

The startup, which is building AI models for robotics, is in discussions to raise 1 billion+ in a round co-led by Avenir and Lux Capital, per our sources.

w/ @nmasc_👇

ANTHROPIC MAY BE BUILDING THE FIRST AI RETIREMENT HOME

In today's newsletter, I wrote about the Anthropic S-1 and what I thought was the most interesting risk factor -- this idea that more and more of their compute may go to keeping obsolete models alive.

"There's a lot of nuance to debt, not all debt is created equal... we issued a public bond offering, a delayed draw term loan recently, it's still trading above par, it was issued a couple of weeks ago, it's trading somewhere at 8.5%..." @CrusoeAI Co-Founder & CEO @Chahis company's approach to debt issuance with @business' @dinabass.

#BloombergInvest

⏯️ bloom.bg/4kgCq1F

I wrote about why Anthropic’s IPO is a defining moment for Wall Street and the AI business model

bloomberg.com/news/articles/…

From Diplo-fueled wealth management parties to the golden era of VC, some string from yours truly in this great sweepy @shiringhaffary story:

bloomberg.com/news/articles/…

We went through the entire 94 pages of Anthropic's risk factors so you don't have to

with @rachelmetz

gift link:
bloomberg.com/news/articles/…

Really informative (and staggering) data story from the @Bloomberg team on Anthropic's revenue surge & compute bills

bloomberg.com/graphics/2026-…

One of the more under-appreciated details in Anthropic's S-1:

Nearly half of Anthropic's revenue now flows through cloud marketplaces - 48% in the first half of 2026, up from 11% in 2023. That's roughly $7.8B of revenue in six months sold through Bedrock, Vertex and Azure direct.

Which means the hyperscalers get paid twice! They sell Anthropic the compute - Anthropic has committed hundreds of billions of dollars to AWS, Google and Microsoft - and then they take a fee on roughly half of the revenue distributed through their marketplaces.

Also on gross margin...those marketplace fees don't sit in cost of revenue. They're in sales, marketing & partnerships, so they never touch the headline 85% gross margin everyone is quoting today. Fees paid to channel partners alone rose ~$2.7B year over year in H1 2026.

Hyperscalers feel like they're kind of the winner here all around though reading through this.

TOMORROW: What will it take to build the infrastructure powering the next era of AI?

At #BloombergInvest Dallas @ChaseLochmiller, Co-Founder & CEO of @CrusoeAI, joins @dinabass to discuss the surging demand for computing capacity, the Abilene-based Stargate Project and how Texas is efor AI infrastructure.

Tune in tomorrow at 10:45 AM CDT ⏯️
bloom.bg/4gqerJX

Microsoft is offering buyouts to 60,000(!) employees. Headcount and revenue growth is really starting to diverge at tech companies.

Anthropic:

$134b of cash today
$141b of total capital raised

<$10b of total burn to get to $16.8b in quarterly revenue (Q3 figure that was widely reported, Q3 not in S-1 yet)

A list of stats from the Anthropic S-1:

- NDR is ~900%

- Revenue per employee is over $6.6M, up from about $1.4M a year earlier

- Revenue went from $41M three years ago to $16.3B in the first six months of 2026

- Quarterly revenue went from $4.7B in Q1 to $11.6B in Q2

- Q2 2026 was the first profitable quarter: $974M in operating income ($1.7B operating loss the quarter before)

- Adjusted operating income was $1.6B in the first half of 2026, up from a $1.8B adjusted loss a year earlier

- Revenue grew 1,368% year over year in Q2, while compute and infrastructure costs grew 300%

- Compute went from 251% of revenue to 48% in five quarters

- The value of Anthropic’s own internal Claude usage grew 250x from January to September 2026

- Anthropic spends more on tokens (at list price) than on payroll

- Over 1,900 customers pay $1M+ a year, and about 250 pay $10M+

- Customers paying $100K+ went from 950 to over 11,900 in a year

- Over half of the Fortune 500 pays $100K+ a year

- Those Fortune 500 customers still spend less than 0.1% of their total expenses with Anthropic

- The top 5% of Claude Code users spend roughly 20x what non-users on Claude Enterprise do

- About 40 million smaller customers

- $72.4B of the $80.7B first-half net loss is an accounting charge on convertible notes (not operating losses)

- Nearly $800B in compute commitments over 10 years
$141.1B raised in total, with over $130B in cash and short-term investments

- Nearly half of revenue comes through Amazon, Google and Microsoft’s cloud marketplaces, all of which also compete with Claude

- A single share held by the seven co-founders carries 50.1% of the vote

- That share is redeemed for nothing if fewer than three founders remain

VCs, have no fear: You may not be in the S-1, but you are in this roundup from me and @RebeccaTorrenc5.

A look at some of the investors poised for blockbuster gains from Anthropic’s eventual IPO

bloomberg.com/news/articles/…

Anthropic’s IPO filing lays out extraordinary growth — and explicitly warns investors it won’t continue at the same pace.

Revenue hit $16.3B in 1H 2026, up from $1.2B a year earlier — about 14x.

The number of customers spending $100K+ annually jumped from 950+ to 11,900+ in a year. More than 1,900 customers now spend $1M+, and roughly 250 spend $10M+.

The economics are improving too. Compute and infrastructure costs went from more than 10x revenue in 2023 to 55% of revenue in 1H 2026.

But Anthropic says plainly: “We expect our revenue growth rate to decline over time.”

Why? The company says today's numbers partly reflect the early rush into AI. As Anthropic gets bigger and the market matures, it faces competition, pricing pressure, compute constraints, changing customer usage and even potential delays from its own AI safety measures.

And that's important because Anthropic is making enormous bets on future demand: hundreds of billions of dollars of minimum compute and infrastructure commitments, with potential spending considerably higher.

So the IPO pitch contains a fascinating tension: compute is getting dramatically cheaper relative to Anthropic’s revenue — but Anthropic is committing dramatically more money to compute just as it tells investors its extraordinary revenue growth will slow.

ANT S-1: The company spent $8.9 billion on computing power and infrastructure in the six months that ended June 30, up 283% from the year prior.

bloomberg.com/news/articles/…

A lot of people on my timeline complaining about Wiseman and I mean yes, but there were a lot of other issues in that game. Can't win in this league with 3-point shooting like that for starters.