# Business — AI updates

Funding, deals, leadership moves, and the business of the companies building AI.

- [Meta to issue new non-voting share class to fund AI](https://www.parallelquant.com/posts/meta-to-issue-new-non-voting-share-class-to-fund-ai-2ce38b) (2026-10-21, The Verge): In its Q3 earnings, Meta said it will create a new class of non-voting stock to fund AI initiatives, acquisitions and employee compensation, with trading starting in 2027. The CFO said it expands Meta's funding tools.
- [CoreWeave's bonds turn distressed, rattling other AI stocks](https://www.parallelquant.com/posts/coreweave-s-bonds-turn-distressed-rattling-other-ai-stocks-176d75) (2026-10-19, The Verge): CoreWeave's bonds slipped into distressed territory, meaning investors demand 1,000 basis points more than government yields. Its shares are down more than 20 percent since Tuesday's close, with some spillover to other AI companies.
- [Nscale and Anthropic reportedly discuss a second $45B compute deal](https://www.parallelquant.com/posts/nscale-and-anthropic-reportedly-discuss-a-second-45b-compute-deal-a0b685) (2026-10-19, TechCrunch): In August, Nscale and Anthropic announced a $45 billion compute deal. The two are now reportedly in talks on another deal of the same size.
- [Anthropic Q3 revenue reaches $16.8B as growth slows before IPO](https://www.parallelquant.com/posts/anthropic-q3-revenue-reaches-16-8b-as-growth-slows-before-ipo-92bedb) (2026-10-15, The Decoder): Anthropic reported $16.8 billion in third-quarter revenue, up 45 percent, versus a 140 percent surge in Q2. With a November IPO planned, some investors now expect a valuation below $1.5 trillion.
- [IMF warns AI sector failure could spread financial contagion](https://www.parallelquant.com/posts/imf-warns-ai-sector-failure-could-spread-financial-contagion-86bbb5) (2026-10-14, Tom's Hardware): The International Monetary Fund published a report examining how financing for the global AI buildout could spread contagion if the industry fails to deliver its promised profits.
- [Report: OpenAI revenue about $20 billion below earlier projections](https://www.parallelquant.com/posts/report-openai-revenue-about-20-billion-below-earlier-projections-786019) (2026-10-08, TechCrunch): A new report claims OpenAI's annualized revenue is roughly $20 billion lower than the earlier-reported figure of about $70 billion. The excerpt does not give the underlying sourcing.
- [Anthropic reportedly delays IPO to November](https://www.parallelquant.com/posts/anthropic-reportedly-delays-ipo-to-november-9bcbcf) (2026-09-20, The Decoder): Anthropic is reportedly pushing its IPO from October to November 2026 to show stronger Q3 results first. Investors are said to be expecting a roughly $2 trillion valuation, while rising infrastructure costs, including a reported $1.25 billion a month tied to its SpaceX compute deal, and unresolved security concerns complicate the listing.
- [Crusoe raises $3.9B to build AI data centers, hits $30.9B valuation](https://www.parallelquant.com/posts/crusoe-raises-3-9b-to-build-ai-data-centers-hits-30-9b-valuation-d6bec5) (2026-09-17, TechCrunch): Crusoe, a data center and AI infrastructure company, raised $3.9 billion in new funding, valuing it at $30.9 billion. The money will fund large-scale data centers and smaller modular "AI factories."
- [Apple exits Musk's antitrust suit, leaving OpenAI to fight alone](https://www.parallelquant.com/posts/apple-exits-musk-s-antitrust-suit-leaving-openai-to-fight-alone-743e0f) (2026-09-14, Ars Technica): Elon Musk's antitrust lawsuit over the ChatGPT-Apple integration has narrowed, with Apple finding a way to be dismissed from the case while OpenAI remains a defendant. Musk has also eased his public attacks on Apple over the integration since the ruling.
- [OpenAI reportedly buys smartphone camera startup for $300M](https://www.parallelquant.com/posts/openai-reportedly-buys-smartphone-camera-startup-for-300m-4739f1) (2026-09-14, TechCrunch): OpenAI has acquired Glass Imaging, a smartphone camera technology startup founded by former Apple engineers who helped build Portrait Mode, according to a report. The deal is reportedly worth $300 million.
- [Zankore secures $3.1 billion loan to build AI cloud capacity](https://www.parallelquant.com/posts/zankore-secures-3-1-billion-loan-to-build-ai-cloud-capacity-761b60) (2026-09-10, Data Center Dynamics): Zankore secured a $3.1 billion senior term loan to fund an AI cloud buildout. The plan starts with 100 megawatts of capacity and aims to scale up to 1 gigawatt.
- [Maven Robotics emerges from stealth with $100M and live deployments](https://www.parallelquant.com/posts/maven-robotics-emerges-from-stealth-with-100m-and-live-deployments-40a475) (2026-09-10, TechCrunch): Maven Robotics came out of stealth with a $100 million Series A funding round. The startup already has active robot deployments in place.
- [Mistral raises 3 billion euros in Europe's largest-ever tech funding round](https://www.parallelquant.com/posts/mistral-raises-3-billion-euros-in-europe-s-largest-ever-tech-funding-rou-ab5561) (2026-09-08, The Decoder): Mistral AI closed a 3 billion euro Series D round three years after launch, pushing its valuation past 21 billion euros. Samsung Electronics led the round, and Mistral plans to use the funds to expand its compute capacity.
- [Untangling the corporate web behind a $3.2 billion AI data center](https://www.parallelquant.com/posts/untangling-the-corporate-web-behind-a-3-2-billion-ai-data-center-e60d8c) (2026-09-07, Ars Technica): Ars Technica examined the web of developers, financiers, and operators behind a $3.2 billion AI data center project. The piece looks at who bears responsibility for problems like delays, cost overruns, or local impacts when many separate companies are involved in one facility.
- [Anthropic signed $517bn in compute deals over 11 months](https://www.parallelquant.com/posts/anthropic-signed-517bn-in-compute-deals-over-11-months-908459) (2026-09-07, Data Center Dynamics): Data Center Dynamics reports Anthropic has signed compute agreements totaling $517 billion over the past 11 months, representing 14.8GW of capacity. The figure covers commitments made across multiple deals rather than a single contract.
- [Microsoft breaks out Azure earnings separately for the first time](https://www.parallelquant.com/posts/microsoft-breaks-out-azure-earnings-separately-for-the-first-time-7899f8) (2026-09-04, Data Center Dynamics): Microsoft has started reporting Azure's financial results on their own instead of folding them into its broader 'intelligent cloud' segment, adjusting its financial reporting practices accordingly.
- [Anthropic's expected $2 trillion IPO spotlights its outside trustees](https://www.parallelquant.com/posts/anthropic-s-expected-2-trillion-ipo-spotlights-its-outside-trustees-ae2719) (2026-09-04, Ars Technica): As Anthropic moves toward a reported $2 trillion IPO, scrutiny is growing over the powerful external trustees it built into its governance structure to balance commercial goals against its stated safety mission.
- [OpenAI dropped $1B/year Cursor deal after Musk's SpaceX bought it](https://www.parallelquant.com/posts/openai-dropped-1b-year-cursor-deal-after-musk-s-spacex-bought-it-e5173e) (2026-09-03, WIRED): OpenAI reportedly estimated its partnership with AI coding startup Cursor would generate more than $1 billion in annual revenue. OpenAI still walked away from the deal after Elon Musk's SpaceX acquired Cursor.
- [Thinking Machines in talks for $1B round at $40B valuation](https://www.parallelquant.com/posts/thinking-machines-in-talks-for-1b-round-at-40b-valuation-fc9ed2) (2026-09-03, TechCrunch): Accel is reportedly in talks to lead a $1 billion funding round for Thinking Machines at a $40 billion valuation. The startup's annual revenue run rate reportedly stands at over $100 million.
- [Crusoe raises $3B at $30B valuation after Jane Street deal](https://www.parallelquant.com/posts/crusoe-raises-3b-at-30b-valuation-after-jane-street-deal-1bd29f) (2026-09-04, TechCrunch): Data center developer Crusoe reportedly raised $3 billion at a $30 billion valuation. The round reportedly came together after Crusoe secured a $13 billion contract with trading firm Jane Street.

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