IDD Daily Brief: Tuesday, Oct 27, 2026 — Anthropic files to go public as Meta raises $37.5 billion
> “Unconventionality shouldn’t be a goal in itself, but rather a way of thinking.” — Howard Marks
The Big Picture
- Anthropic filed to go public. The maker of Claude filed an S-1 for an initial public offering under the symbol ANT, showing first-half 2026 revenue of $16.3 billion, up from $1.2 billion a year earlier.
- Meta priced $37.5 billion of new equity, with NVIDIA writing a $3 billion check. The package pairs $25.0 billion of Class A stock sold through forward agreements with $12.5 billion of mandatory convertible preferred depositary shares.
- Energy dealmaking picked up. EQT agreed to buy Range Resources in an all-stock natural gas deal with a pro forma enterprise value above $50 billion, and Ovintiv agreed to buy Logan Energy for about $890 million.
Company News
Anthropic, PBC (ANT) filed its S-1 with the SEC on Oct. 26, with Goldman Sachs and Morgan Stanley leading 22 underwriters. The filing shows a first-half net loss of $80.7 billion, driven mostly by fair-value changes on convertible notes, and a structure that gives a founder entity 50.1% of the vote and a benefit trust the power to elect a board majority.
Meta Platforms (META) priced an upsized sale of 40 million Class A shares through forward sale agreements settling by Nov. 19, 2027, plus 6.50% mandatory convertible preferred depositary shares. NVIDIA (NVDA) said it will invest $3 billion in the offering as the two companies expand their Muse AI collaboration.
EQT (EQT) agreed on Oct. 25 to acquire Range Resources (RRC), exchanging 0.987 EQT share for each Range share and leaving EQT holders with about 73% of the combined company. The deal is expected to close in the first quarter of 2027, according to EQT's 8-K.
SpaceX (SPCX) signed a binding commitment for a master finance lease with an Apollo-managed entity that will buy GPU pods for its data centers, with aggregate principal payments of about $40 billion, according to an 8-K.
Intel (INTC) agreed to acquire quantum software company Classiq, and moved to raise its stake in BE Semiconductor Industries to about 20%. named CFO Jamere Jackson its next finance chief, effective Nov. 30, according to both companies' 8-Ks.