Anthropic's amended S-1 offers 825 million Class A shares at $70–$78 on Nasdaq under the ticker ANT. Seven compute suppliers will add a $26 billion non-voting placement, with Google and Nvidia reported at about $10 billion each (Crunchbase News). At the top of the range, the fully diluted value is about $1.4 trillion, roughly 45% above May's $965 billion Series H. On outstanding shares the range works out to about $916 billion–$1.02 trillion, below the roughly $2 trillion discussed earlier this year (20VC).
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Coverage of the filing reports $33.24 billion in nine-month revenue and $17 billion in Q3. The reported operating-loss figures conflict, at $1.26 billion and $25.1 billion, so that number needs a direct read of the S-1. The $104 billion net loss is mostly a $94.3 billion non-cash charge on convertible notes. Compute commitments total $900.9 billion, against about $132 billion in cash and short-term investments. The co-founders' Class F share and the Long-Term Benefit Trust keep control away from public holders. Pricing is expected November 18 (TBPN).
METR spent 11 weeks embedded at Anthropic. It estimates that progress on Anthropic's internal benchmarks has run about 1.9x faster since October 2025, but Anthropic redacted the stage-level data METR considered most informative (The Information). The AI Futures Project moved its forecasts for a superhuman AI researcher into 2027 and called for a pause.
Nvidia's shake-up and Sequoia's retreat
According to an SEC filing, Nvidia's board accepted Huang's resignation with immediate effect. CFO Colette Kress is interim CEO, and Harvey C. Jones is chair (TBPN). The export-control allegations about Megaspeed rest on press reports, which Nvidia partly disputes. Those reports include Bloomberg's account that Megaspeed imported about 50,000 more GPUs than Nvidia reported to the government. The hosts of the TBPN show argued that Huang's personal dealmaking had acted as a backstop for neoclouds such as CoreWeave. A pause in Nvidia's anchor investments would affect AI infrastructure startups. The change follows a 6.4% Nasdaq 100 drop on November 5 that erased about $2.5 trillion in market value (20VC).
Sequoia is closing London, Arc and Scouts and merging its teams under Alfred Lin and Pat Grady. It reportedly raised about $10 billion. The Information, citing unnamed sources, reports that Sequoia will put hundreds of millions into Sequence Holdings (The Information). Filings set Sequence's take-private of Baldwin Group, done with Michael Dell's family office, at $32.50 a share, or about $7.7 billion of enterprise value, which is roughly 20 times EBITDA. Sequoia partner Ravi Gupta co-founded Ithaca Holdings, the firm's other AI holding-company bet, which agreed to buy Bumble for $1.3 billion.
Big rounds, fast repricing
Uforce raised a $700 million Series A at a $6 billion post-money valuation, co-led by Valor Equity Partners and the UK's National Wealth Fund, whose stake is reported at about $150 million (Sifted). Its bookings and combat-use figures come from the company. Mercor announced $750 million at $20 billion, double its October 2025 price. The round includes an employee tender and no named lead, and it comes after a March breach of contractor data (Sourcery). Nominal's $240 million Series C, led by Lightspeed with Insight co-leading, triples its valuation to $3 billion on demand from defense customers (TechCrunch ·). Imprint raised $130 million at $1.88 billion, reportedly led by Khosla. Its projected $400 million in 2026 revenue is a company figure (Upstarts Media).
Acquisitions run through several of these companies. Uforce buys Ukrainian drone makers, and Mercor bought Deeptune. WeRoad bought Zurich's TravelTribe, the first deal in a plan to add €70 million of revenue through acquisitions, six months after Airbnb led its $58 million Series C (Tech.eu).
Early-stage gaps
Tracxn and Gobi data cited by e27 show Philippine Series A value down about 98% this year, while Series B value is up 795%. Mynt's ₱60.9 billion IPO, the largest in the history of the Philippine Stock Exchange, mostly paid selling shareholders (e27). Cometa led Palomma's $10 million Series A, which will fund rent advances; its roughly $3 million ARR and 390% net retention are self-reported (Crunchbase News). Anorak raised a $5 million pre-seed from Play Ventures, Backed VC, Supercell and MTG for generative video games, with no product yet (Tech.eu).
When agents read first
Dragonfly's Haseeb Qureshi says some founders now send VCs a company.md file for AI screening agents, though no schema exists (This Week in Startups). Tyler Shultz warns that AI investors are repeating the meeting-based diligence that failed at Theranos (Y Combinator).