Anthropic aims for $1.4 trillion value; SoftBank pays for buying too early

Good morning.

AI's ambitions carry price tags from Ring's $270 indoor drone to Anthropic's IPO.

Anthropic is offering 825 million shares at $70 to $78 each. The retail allocation target gives individual buyers a larger place in an already covered book.

SoftBank has booked a $3.7 billion loss on advance equipment payments for US data centers. Finance chief Yoshimitsu Goto explains the trouble with buying before the specifications are final.

Ring's drone arrives Jan. 27 at $270. The camera can fly to a triggered alarm, though Amazon's previous attempt to put a security robot to work offers a less reassuring flight plan.

Stay curious,

Marcus Schuler

Anthropic launched its IPO roadshow on Nov. 10 with an offer of 825 million shares at $70 to $78 each.

Anthropic is selling about 801.4 million shares itself. Existing stockholders supply the rest, with no proceeds going to the company. The book is already covered at the proposed range.

Seven companies have agreed to buy $26 billion of Class N stock privately. Those shares carry no underwriter lock-up. Retail buyers are targeted for about 20% of the IPO allocation, versus a typical 5% to 10%. Pricing is planned for Nov. 18, followed by Nasdaq trading Nov. 19.

Why This Matters:

• CoreWeave, which carries almost $47 billion in debt, counts Anthropic as a key customer heading into the Nov. 19 debut.
• Pricing on Nov. 18 will test investors' willingness to pay up to $1.405 trillion, compared with May's $965 billion valuation.

SoftBank reported a $7 billion second-quarter net loss on Nov. 10.

A $3.7 billion loss came from advance equipment payments for US data centers after plans changed. Finance chief Yoshimitsu Goto said intense competition for power equipment led SoftBank to buy before long-term specifications were final. Possible rebates of up to $2.1 billion depend on future purchases.

The AI Futures Project's Nov. 10 timelines update says a superhuman AI researcher likely arrives in 2027.

METR's estimate of Anthropic's research pace implies about a 1.7x AI-driven speedup, which the authors' own models gave under 4% odds for November 2026 less than three months earlier. Much of METR's supporting evidence was redacted.

• OpenAI's quarterly revenue reached $10 billion in the three months ending September, people familiar with the matter said.
• Google made Gemini 4 Carbon available Nov. 10 at introductory API prices of $2 per million input tokens and $10 per million output tokens through Nov. 30.
• Mercor raised $750 million at a $20 billion valuation, double the valuation of its October 2025 round.
• Oura agreed to buy AI care service Counsel Health for $625 million, with closing expected before the end of 2027.
• Railway says an October breach led to about $740,000 in unauthorized AI usage after attackers decrypted customer secrets.

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Infisical sells open-source security software for managing the credentials, certificates, encryption keys and privileged access used by developers, machines and AI agents. Its case rests on whether companies want a separate control point for agents that can reach production systems, rather than relying on older vaults or cloud-native security tools.

Founders:

Vlad Matsiiako, Tony Dang and Maidul Islam founded Infisical in 2022 after meeting at Cornell University. Their prior roles included engineering and data work at Figma, AWS and bunq.

Product:

Companies pay for a managed or self-hosted platform that supplies credentials when software or an agent needs them, rotates secrets and certificates, and records temporary access to servers and databases. Infisical said on October 27, 2026 that more than 1,300 organizations used the platform, including LG, First American Financial, OpenRouter, Wise and the U.S. government.

Financing:

Infisical has raised about $59.3 million across disclosed rounds, including a $2.8 million seed round led by Gradient Ventures in July 2023, a $16 million Series A led by Elad Gil in June 2025, and a $40 million Series B led by Gil on October 27, 2026. The latest round valued the company at $600 million.

The risk:

HashiCorp Vault, CyberArk and the major cloud providers already control security budgets and integrations. Infisical still must prove that agent access becomes a standalone category instead of another feature those incumbents bundle into broader platforms.

Ring unveiled its $270 indoor Drone Cam on Nov. 10, 2026. It launches Jan. 27, 2027 (TechCrunch, Nov. 10, 2026).

Our take: Ring's $270 drone gives indoor surveillance its own flight schedule. A camera that maps your home and investigates alarms is an ambitious purchase from a company still facing criticism over police access to its camera networks. Ring calls the encryption its strongest default yet. Whether you can keep the video locally is unclear.

The company's pitch is a guard who never clocks out. Its inspiration includes feedback from Amazon Astro customers. Astro became a business security robot and was discontinued about seven months later. Before hiring the flying guard, ask about its employer's retention record.

Marcus Schuler

San Francisco

Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: editor@implicator.ai