E255: Anthropic $30B revenue, 3x in 3 months!; Perplexity $500M ARR, 2x in 1 month; Revolut $9B in revenue; + more

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0:46Here is the pre-IPO stock update for April 10, 2026. Anthropic, the AI large language model business crossed 30 billion in annualized revenue. That's a 50 % jump, 58 % jump since the end of February and more than a threefold increase from$9 billion at the end of last year. The maker of Claude AI model has been closing the gap with OpenAI, which reported$25 billion in annualized revenue as of February. The vast majority of Anthropics revenue comes from API access to its models, with the remainder from Claude Chatbot subscriptions. To support accelerating infrastructure demands, the company signed a new deal with Google and Broadcom from multiple gigawatts of Google Tensor processing unit capacity starting in 2027.

1:33CFO Krishna Rao said that the company is building capacity to serve exponential growth in its customer base. Anthropic is a$532 billion secondary market valuation. That's up 40.1 % versus its February 2026 primary round just a month ago. Anthropic is planning to invest$200 million in a new joint venture with major private equity firms with a total raised target of$1 billion, including its own contribution. The new entity would function as a consulting arm for Anthropic, teaching PE-backed businesses how to incorporate Claude into their operations. General Atlantic, Blackstone, and Helman and Friedman are among the firms in discussions to back the project.

2:16Separately, Anthropic last month committed$100 million to provide training and technical support for consulting firms helping enterprises adopt Claude. OpenAI is pursuing a parallel effort internally called DeployCo, which would embed engineers directly inside portfolio companies. PE-backed companies are appealing targets because their owners are already seeking cost reductions and can mandate technology decisions across the entire portfolios. OpenAI and Anthropic are both racing towards potential IPOs while absorbing massive capital losses to stay at the frontier of AI. OpenAI's confidential financial documents reveal plans to spend$121 billion on computing power in 2028 alone, with training costs peaking at approximately$120 billion that year before declining towards$85 billion by 2030.

3:09The company still projects burning$85 billion in 2028, even after nearly doubling sales from the prior year. Excluding model training costs, OpenAI is on track to turn a small pre-tax operating profit this year, but with them included, it does not expect to break even until the 2030s. Revenue is projected to reach roughly$300 billion by 2030 across its consumer, enterprise, and new product segments. Though inference costs currently consume more than half of revenue, a share expected to decline as technology becomes cheaper to run. Anthropik's financial profile is smaller in scale, but shows a faster path to profitability.

3:45Trading costs as a share of revenue peaked at nearly 400 % in 2024 and are projected to decline sharply towards zero by 2029, with free cash flow turning positive before 2030 ahead of OpenAI's timeline. Excluding trading costs, Anthropic is also on track to turn a small pre-tax operating profit this year under its best case scenario. Anthropik's revenue is dominated by enterprise customers, and one key accounting distinction makes direct comparisons with OpenAI inexact. Anthropik counts sales through cloud providers as revenue, while OpenAI does not. On the competitive front, OpenAI was caught flat-footed after Anthropik released a new version of Cloud Code last year, or excuse me, last fall, but has since poured more resources into its codex coding assistant and prioritized enterprise sales.

4:34Both companies are counting on IPO investors to help fund their massive ongoing capital requirements, while bankers are also working to change index rule entry rules to give newly listed companies faster access to broad broader pools of capital. Firmus raised$505 million in a round led by KOTU at a post-money valuation of$5.5 billion, bringing total capital raised to$1.35 billion over the last six months. The Singapore-based company previously raised approximately$215 million at a$1.2 billion valuation from investors, including NVIDIA. Firmus is developing what it calls Project Southgate. That's an energy-efficient network of AI data centers in Australia and Tasmania built on NVIDIA's reference designs.

5:20The new facilities will be powered by NVIDIA's Verorubin platform, the chip company's next-generation AI computing system, succeeding Blackwell, which is expected to ship in the second half of 2026. The company originally provided cooling technology for Bitcoin mining before pivoting to AI infrastructure. Perplexity's revenue rose 50 % in a single month with annualized recurring revenue estimated at$500 million as of March. The company has more than 100 million monthly active users across its search and agent tools, including tens of thousands of enterprise clients. Consumer subscriptions run$20 per month, while enterprise tiers reach$200 per month.

5:59The gains reflect a deliberate shift away from AI-powered search and towards AI agents that perform tasks autonomously. Perplexity is$17.4 billion secondary market valuation. That's down 12.8 % versus that September 2025 primary round. Canva acquired two companies co-founded by the same pair of entrepreneurs. Sim Theory, an AI collaboration and agent management platform, and Orto is a customer data and marketing automation company. Financial terms were not disclosed. Orto is used among more than 11 ,000 customers across 190 countries. The acquisitions are part of Canvas' effort to evolve from a design tool into a full end-to-end platform, handling everything from concept to campaign measurement.

6:44The deals follow a string of recent purchases, including Dually, Calvary, Mango AI, and Magic Brief. Canva closed 2025 with$4 billion in annualized revenue, 265 million total users, and 31 million paid users, and are reported a 20 % increase in monthly active users during the year. Canva has a$47.1 billion secondary market valuation. That's up 12 % versus its August 2025 primary round. Stripe launched its Agentic Commerce Suite, a solution designed to let businesses sell across multiple AI agents through a single integration. The suite is built on the Agentic Commerce Protocol, an open standard.

7:30Stripe recently released and introduced shared payment tokens, a mechanism that lets AI agents securely pass a buyer's payment credentials to sellers without exposing them. Early adopters include Coach, Kate Spade, URBN, Revolve, Ashley Furniture, and ABT Electronics, along with e-commerce platforms, including Squarespace, Wix, Etsy, WooCommerce, and BigCommerce. Stripe positioned the launch as part of its broader effort to build the payment infrastructure of the AI era. Stripe has a$167.1 billion secondary market valuation. That's up 5.1 % versus its February 2026 tender. Stripe is powering the new in-chat shopping experience called Copilot Checkout embedded directly into Microsoft Copilot.

8:20Users in the U.S. can purchase products from Etsy sellers and retailers, including Urban Outfitters and Anthropologie, without leaving the Copilot chat interface. When a conversation leads to a shopping moment, Stripe-powered checkout appears natively within the chat using Stripe's agentic commerce protocol and shared payment token to complete the transaction while keeping the seller as merchant of record. Microsoft has been a Stripe customer since 2022 and previously adopted Stripe Connect for marketplace payment acceptance. The integration follows Stripe's earlier deployment of instant checkout inside ChatGPT, reinforcing its position as the default payment leader across major AI platforms.

9:03Tata Power, one of India's largest integrated power companies and member of the Tata Group, announced an enterprise-wide adoption of Databricks' data and AI platform. The partnership is designed to unify Tata's power data engineering and analytics and AI operations under a single system covering renewable energy integration, smart grid management, billing and customer operations. A central feature is Genie, Databricks AI agent that allows employees to query enterprise data using natural power, natural language, excuse me. Tata Power operates a diversified generation portfolio exceeding 16 gigabytes and is committed to reaching net zero before 2045.

9:42Databricks counts more than 20 ,000 organizations globally as customers, including more than 60 % of the Fortune 500. Databricks has$141.8 billion secondary market valuation. It's up 5.8 % versus this November 2025 primary round. Revolut is targeting$9 billion in revenue and$3.5 billion in profit for 2026. ex-CEO Nick Stornoski confirmed a$75 billion valuation set during a secondary share sale in November and disclosed that he personally holds a 29 % stake in the company. A public listing is now considered most likely two to three years out with a U.S. IPO favored over a London listing. The company aims to grow its customer base from over 65 million users to 100 million by mid-2027.

10:27Revolut has secured banking license in India, UAE, and Mexico, and entered Latin America through its June 2025 acquisition of Banco Centime in Argentina, a lender previously owned by B &P Paribas. Revolut has a$109.9 billion secondary market valuation. It's up 46.6 % versus its November 2025 tender. Revolut is reportedly in discussions to acquire FUPS, F-U-P-S, a Turkish neobank founded in 2018 that offers money transfers, bill payments, ATM withdrawals, and virtual and physical card services. Any deal would require approval from Turkey's BDDK banking regulator, and no timeline has been disclosed.

11:11Revolut has been building its Turkish presence, appointing a country director and a head of strategy and operations in 2024. both charged with launching and scaling operations in a market the company has described internally as having a young and tech-forward population. A completed deal would represent a significant milestone in the company's broader global expansion, which already spans regulated markets across multiple continents. Satellite startup Impulse Space is working with Andrel Industries to develop space-based interceptor technology for President Trump's planned Golden Dome missile defense system.

11:47The Pentagon selected the two companies to build prototype interceptors designed to track and destroy missiles from orbit, with Impulse Space serving as a subcontractor to Andrel. The technology does not yet exist. In November, the U.S. Space Force awarded multiple prototype contracts of less than$9 million each, with recipients eligible to compete for larger production contracts after demonstrating capability. Golden Dome is expected to cost $185 billion in total and reach operational capability by 2028, per General Michael Guitlin, the military official overseeing the program. Space-based interceptors are considered most technically complex and expensive component of the initiative, potentially requiring the manufacturing and orbital deployment of hundreds or thousands of armed spacecraft.

12:39Impulse Space was founded in 2021 by Tom Mueller, the first full-time employee at SpaceX, and already holds national contracts with National Reconnaissance Office, Space Systems Command, and NASA. Andrel has a$92.9 billion secondary market valuation. That's up 52.3 % versus its March 2026 primary round. AnySphere released Cursor 3. It's the most significant redesign of its AI code editor since the product launched in 2023. The update adds an agent's window alongside the existing IDE, allowing developers to run multiple AI agents in parallel across local machines, cloud environments, and remote servers from a unified interface.

13:24More than one-third of Cursor's own engineering pull requests are already generated by agents. The release also includes Composer 2, the company's first in-house model, built through continued pre-training on Moonshot AI's open-source Kimi K2.5 base. Composer 2 scores 61.7 on the Terminal Bench 2.0 benchmark ahead of Claude Opus 4.6 at 58.0, but below GPT, ChatGPT 4.5 at 75.1 and costs roughly one-thirtieth of Opus 4.6 per token. A self-summarization technique compresses aging context from over 5 ,000 tokens to approximately 1 ,000, reducing compaction errors by 50%. Any sphere has a$51.6 billion secondary market valuation.

14:13It's up 69.6 % versus its November 2025 primary round. Any sphere is in talks to raise up to$5 billion at a valuation of$50 billion to$60 billion, which would make it the most valuable AI coding startup in history. Revenue grew from$100 million in annualized recurring revenue in January 2025 to$500 million by June of 2025 and crossed$1 billion by late 2025 and surpassed$2 billion by April of 26. The company's most recent completed round was a$2.3 billion Series D in November 2025 at a$29.3 billion valuation with Excel and Co2 leading and NVIDIA and Google joining the cap table. More than 50 % of the Fortune 500 companies use the platform, including NVIDIA, with over 30 ,000 internal seats.

15:00Enterprise clients now represent approximately 60 % of revenue. The company has more than 1 million daily active users and generates roughly$6.7 million in annualized revenue per employee, nearly 10 times the enterprise software average. Neuralink aims to restore hearing and deaf individuals by directly stimulating the brain's auditory cortex, bypassing conventional ear function entirely. The approach mirrors the company's blindsight device, which targets the visual cortex to restore vision and receive FDA breakthrough device designation in September of 2024. Human trials for blindsight are suspected to begin in 2026, pending regulatory approval.

15:41Neuralink's clinical trial enrollment rose from 12 participants in September of 2025 to 21 by January of 2026, with no series adverse events reported. The company completed a$650 million Series E in June of 2025 at evaluation of approximately$9 billion with ARK Invest and Sequoia Capital among the investors. Elon Musk has outlined plans for high volume device production in 2026 with surgical automation targeting thread insertion times of 1.5 seconds. A patient named Kenneth received a speech cortex implant in early 2026 that decodes and vocalizes imagined speech, and that device has also received FDA breakthrough device designation.

16:28Neuralink has a$42.9 billion secondary market valuation. That's up 344.1 % versus its May 2025 primary round. Ramp expanded its partnership with Visa under a renewed multi-year issuing agreement that includes integration with Visa Intelligent Commerce and the Visa Trusted Agent Protocol. Together, the companies are deploying AI agents designed to automate corporate bill payments, apply spend controls at the point of purchase, and reduce manual finance workflows. Ramp serves more than 50 ,000 customers, including Spotify, Fanatics, Stripe, and Twilio, and powers over$100 billion in purchases annually.

17:05The company's enterprise customer base grew 133 % year-over-year in 2025. Businesses using the platform have recorded a 62 % decline in out-of-policy spending over the first two years of use. Since its founding in 2019, Ramp has saved its customers a combined$10 billion and 27.5 million hours. Visa will also use Ramp for targeted corporate services use cases under the agreement. Ramp has a$31.8 billion secondary market valuation. That's up half a percent, half of one percent versus its November 2025 primary round. Open Evidence, described as the most widely used medical AI platform among U.S. physicians, launched DotFlows.

17:50It's a system of reusable natural language prompts that lets clinicians customize how the platform responds. Users can trigger structured workflows with simple commands such as.discharge for patient summaries or.prior underscore auth for authorization documentation and can share or browse community-created DotFlows through a central library. The platform is trusted by hundreds of thousands of verified clinicians. Separately, Mount Sinai Health Systems announced that it will embed open evidence directly into its epic electronic health record workflow. The partnership is the first enterprise scale open evidence deployment to extend access to the full clinical care team, including physicians, registered nurses and pharmacists.

18:33Mount Sinai spans seven hospitals and 48 ,000 employees across the New York metro area. Open Evidence has a$13.6 billion secondary market valuation. It's up 13.2 % versus December 2025 round. Harvey published a study of 200 legal professionals across North America, EMEA and APAC, examining how mobile technology and AI are reshaping legal work. The data shows that nearly universal adoption of both 90 % of respondents use a smartphone for work and 86 % rely on a mobile device as their primary tool away from the desk and 80 % use AI at least weekly. But the two trends have not converged. Three quarters of respondents still access AI primarily on a laptop or desktop.

19:22Only 20 % use AI on a smartphone and just 5 % use it on a tablet. Harvey called this the mobile AI gap and released the study alongside a preview of its own mobile app designed to bring AI-assisted legal work to any location and device. Harvey has an$11 billion valuation following a February-slash-March 2026 primary round. Okay, that's it for this week. Thanks, and see you all next week.