AI Markets: Anthropic opens its books, OpenAI raises less

Anthropic opens its books ahead of its IPO, while OpenAI raises far less than expected. Palantir, CoreWeave and SpaceX round out a day dominated by the question of what AI is really worth.

Anthropic opens its books: $17 billion in sales, but growth is slowing

Anthropic has updated its IPO filing. The third-quarter numbers are in. They show a giant company that is growing more slowly than before.

Key points:

  • Q3 revenue of about $17 billion, or about $33.2 billion over nine months, according to press outlets that read the filing.
  • Purchase commitments of about $895 billion, nearly all of it for compute and data centers.
  • According to the Wall Street Journal, some investors are pushing for a more cautious valuation of $1.5 trillion to $1.6 trillion.
  • No price range published in the filing so far, according to the reports reviewed.

What’s changed since our last edition

We covered the public filing in late October. What’s new is the Q3 numbers. According to The Next Web and Axios, revenue topped $16.8 billion, up from about $11.6 billion the previous quarter. Quarter-over-quarter growth slows to about 47%, according to outlets that analyzed the filing. Anthropic also warns that it doesn’t expect to sustain comparable increases. Cash reached $131.8 billion at the end of September, according to gHacks.

The number that jumps out is the commitments: nearly $895 billion. About $70 billion comes due in the 12 months after September 30. For an investor, that’s the central question: can sales cover those bills?

The bridge to the stock market, seen from Europe

The IPO price hasn’t been set. The investors cited by the WSJ want to pay less than what was expected a few weeks ago. On the retail side, broker Robinhood is reportedly asking for a bigger slice of the offering, according to BeInCrypto. Reuters also mentions an offering in Australia, via CommSec. For a European, access will go through a broker that offers Nasdaq access. Nothing so far points to a listing in Europe. This article is for information only: it doesn’t say whether the stock is a good or a bad deal.

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OpenAI raises far less than expected: about $11 billion of a $30 billion target

OpenAI’s funding round isn’t going to plan. According to the Wall Street Journal, about $11 billion has been raised. The original target was $30 billion.

Key points:

  • About $11 billion secured, at a $1.25 trillion valuation (instead of the $1.4 trillion initially targeted), according to the WSJ as reported by The Decoder.
  • The Financial Times reports a target cut to about $20 billion, according to Forbes.
  • A UAE-led group, including MGX, is set to lead the round, according to CNBC.
  • Some reports refer to commitments, not cash already received.

What’s changed since our last edition

On October 23, we reported a $30 billion raise targeted at a $1.25 trillion pre-money valuation, with signatures expected by the end of the week. The signatures came in, but the amount is significantly lower. The WSJ and several outlets attribute this to lukewarm interest from big investors, amid a pullback in AI-related stocks. Dataconomy adds that concerns about AI spending weighed on demand.

The numbers vary by source: $11 billion secured, $20 billion as the new target, and a CNBC video still mentions $30 billion. OpenAI has not confirmed the final amount.

Why it matters for markets

OpenAI isn’t publicly traded. An IPO is being floated for 2027. This round serves as a barometer: it shows what price investors are willing to pay to fund the sector. It comes right before Anthropic’s IPO, which makes the comparison inevitable. A weaker round could also weigh on suppliers counting on OpenAI’s purchases: chips, data centers, electricity.

For a European saver, no OpenAI shares are available today, either directly or in a PEA. The only options are funds or ETFs exposed to indirect holders, with very diluted exposure. This article describes facts and press estimates. It doesn’t predict anything.

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Palantir: sales soar, stock slips

On November 2, Palantir reported a third quarter that beat expectations. For the first time, its sales to U.S. businesses topped its sales to government agencies. Even so, the stock fell after the release.

Key points:

  • Q3 revenue: $2.31 billion, versus about $2.18 billion expected by analysts.
  • U.S. commercial sales: $984 million, up 148% year over year, versus $953 million from the U.S. government.
  • 2026 guidance raised to about $8.53 billion, or roughly +91%.
  • The stock fell anyway: financial media cite valuation concerns.

The numbers behind the headline

According to the press release filed with the SEC and reports from CNBC and StreetInsider, U.S. commercial revenue grew 29% quarter over quarter. It overtook public-sector revenue for the first time. That’s a signal: Palantir is becoming less dependent on government contracts, long its core business. Full-year U.S. commercial revenue guidance rises to more than $3.56 billion, up from $3.42 billion previously.

On the investor call, CEO Alex Karp said demand is “far greater” than what the company can serve, according to press reports.

Why the stock is slipping

When a stock is expensive, a good quarter isn’t always enough. StockTwits and Yahoo Finance point to valuation fears. In the same session, other AI stocks also fell, amid concerns about Big Tech spending.

For a European investor, Palantir trades in the United States. The stock isn’t PEA-eligible, but it is accessible through a standard brokerage account. This is a breakdown of the facts, not an opinion on the stock.

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AI debt: CoreWeave under pressure, a Canadian fund sounds the alarm

Two signals about debt-financed AI came out on November 2. CoreWeave fell on the market despite good business news. And a major Canadian pension fund is talking about “near-bubble exuberance.”

Key points:

  • CoreWeave fell on November 2, despite an expanded partnership with CrowdStrike, according to The Motley Fool.
  • Earnings expected November 10.
  • David Colla of CPP Investments warns against excessive debt for AI (Bloomberg, via Benzinga).
  • CoreWeave’s debt figures vary by source: from $35 billion to more than $50 billion.

CoreWeave: debt takes center stage again

CoreWeave rents Nvidia chips to AI giants. It borrows heavily to buy them. According to press reports, quarterly interest rose from $267 million to $640 million in just a few quarters. HSBC cites bond yields of 14% to 15%, a sign that lenders are charging a lot to lend. On the plus side, the order backlog reached $104 billion in Q2, according to the Motley Fool.

Total debt depends on the method: CNBC cites $35 billion at the end of Q2, while other analyses go above $50 billion by including leases. We’re not taking sides.

The Canadian fund’s signal

David Colla heads credit at CPP Investments, Canada’s largest pension fund. He tells Bloomberg that you can’t decide one morning that AI should make up 25% of a portfolio. He also points to off-balance-sheet structures, where shell companies carry data center debt. The fund holds about $265 million of CoreWeave, according to Benzinga.

Bridge to the markets

When part of the data center buildout is financed with debt, rising rates or a delivery delay hit chips, energy and suppliers. CoreWeave is a test case to watch on November 10. It trades in the United States, outside the PEA. This article informs; it doesn’t advise.

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SpaceX and Boost Mobile: Starlink wants to become a carrier

According to the Washington Post, SpaceX is in talks with EchoStar to buy Boost Mobile, or to use its network. The companies have confirmed nothing. The market reacted immediately.

Key points:

  • Early talks between Elon Musk and Charlie Ergen, EchoStar’s chairman, according to the Post (via R&D World).
  • Boost doesn’t have its own towers: it leases capacity from AT&T and T-Mobile.
  • SpaceX reportedly also approached Verizon, AT&T and T-Mobile, which reportedly turned it down.
  • SpaceX rises about 4%, AST SpaceMobile falls about 4% (Yahoo Finance).

What’s changed since our last edition

We had covered SpaceX’s push into mobile through spectrum: a request for bands at the FCC and a vote on opening up new bands. What’s new is the idea of buying an existing carrier. Boost would bring subscribers and a sales network, which would accelerate SpaceX’s plans, according to Reuters, cited by Fox9.

A tie already forged in 2025

In September 2025, SpaceX had already bought spectrum licenses from EchoStar for about $17 billion, including up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock, according to Financier Worldwide. A commercial agreement also gave Boost customers access to Starlink’s satellite service.

The investor’s take

AST SpaceMobile’s drop shows the market sees a direct competitor. An acquisition would raise regulatory and cost questions. Price details aren’t known. SPCX can’t be bought through a PEA, only with a standard brokerage account. This is information, not advice.

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Edition prepared by our monitoring agent (data and sources as of Tuesday, November 3, 2026), reviewed in line with our editorial policy. General information, not investment advice: investing carries a risk of capital loss.