🎃 Would you buy shares in a company losing billions?

Halloween is tomorrow, and tech didn’t need costumes this week.

We got a $1,999 phone cracking within hours, a threat to clone indie games with AI, and an offer that could see 60,000 people leave Microsoft.

But the number that made everyone do a double take was Anthropic’s $16.3 billion in revenue and another billion-dollar loss in the same six months. But before you panic, read the Big Story.

It’s less scary than it looks. See you next week!

— Kelechi, Interim Managing Editor

🚀 THE BIG STORY

💰 Thinking of buying Anthropic shares? Read this first.

By Damilare Odedina

Anthropic is going public, maybe as soon as Thanksgiving week. And if you’re itching to buy, you should know that there’s no price yet. The filing leaves the price range blank, and an updated filing will set it.

It also made $16.3 billion in the first half of this year, fourteen times what it made a year earlier. But at the same time, it saw a $693 billion loss, about a third of what it lost in the same period last year, even though it turned an operating profit in the second quarter.

Another thing is that about a fifth of its revenue comes from just two customers, Amazon and Google, and the filing lists that reliance as a risk.

My honest take? Don’t buy on day one because everyone’s hyped. Wait for the price, watch it for a few weeks, and only put in money you won’t lose sleep over.

When it lists, look for ANT on Nasdaq.

📤 Know someone who’s been waiting for this IPO? Forward this.

⚡️ QUICK HITS: TRICKS & TREATS

🧟 TRICK: “Pay up, or we’ll clone your game”

At a Steam event in Busan, an indie developer said they got an extortion threat saying exactly that. One studio has already cancelled a public demo over AI cloning fears. Valve’s response: it won’t ban AI tools, and developers should build communities and keep their games distinctive. With nearly 23,000 games released on Steam this year, standing out was already hard. → Valve’s full response.