Anthropic, the artificial intelligence company behind Claude, has disclosed strong revenue growth alongside widening losses in a filing to list its shares on Wall Street. The float news helped drive a rally in US technology stocks, while ASX futures have been moving up and down. Business reporters are tracking the day's financial developments on a live blog, which carries a disclaimer that it is not investment advice.
AI company Anthropic has filed for an initial public offering, planning to list under the ticker ANT. Its filing shows revenue of $16.3 billion for the first half of 2026, up from $1.2 billion a year earlier, alongside a net loss of $80.7 billion. The company says it may not achieve or sustain profitability. Seven co-founders will hold 50.1% of shareholder voting power, a structure Anthropic says protects its AI safety mission. Critics note public shareholders will have little practical control. The offering size and share price have not yet been disclosed.
Tesla's net profit fell 43 per cent year on year to $787 million in the third quarter of 2026. Revenue was almost unchanged at $28 billion. Automotive revenue dropped 3 per cent to $20.6 billion, while solar and battery revenue fell 16 per cent to $2.9 billion. Services and other revenue rose by a third to $4.6 billion. Operating expenses climbed 39 per cent to $4.8 billion, lowering the operating margin to 2.6 per cent from 5.8 per cent a year earlier.
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Prosper Australia, a tax reform think tank, estimates Australia is losing $45 billion a year in potential revenue from mining and gas profits. Its report, written by former Victorian Treasury economist Richard Wielga, compares Australia's resource taxes with those of Norway, Alaska, Chile, Peru and Quebec. It also examines Queensland's coal royalty, which rises in steps as coal prices climb. It recommends royalties that rise when commodity prices are high, alongside a minimum floor payment.
Netflix will reduce its workforce by six per cent, affecting around 1000 employees, as part of broader organisational restructuring. The streaming service's co-CEOs, Greg Peters and Ted Sarandos, revealed the cuts in an internal memo, targeting product, tech, legal and HR teams. While maintaining strong business performance, the company aims to prioritise resources for future growth. Despite recent profit increases, Netflix's third-quarter forecast fell short of market expectations. The layoffs represent the largest workforce reduction in years for the California-based firm.
Olivia Moore, a partner at Andreessen Horowitz, has released a report on the top 100 consumer AI apps, highlighting ChatGPT as the dominant player. She sees opportunities in untapped consumer categories and believes the industry can diversify revenue streams beyond subscriptions. Moore argues that consumer AI is still in its early days, with potential for lower-cost models and ad-supported services to emerge.
OpenAI has reportedly revised its annualised revenue projections, now estimating $50 billion rather than the previously anticipated $70 billion. The discrepancy arises from differing calculation methods with rival Anthropic, which includes cloud partner sales. The initial figure was derived from investor comparisons, not direct company disclosures. OpenAI faces scrutiny over its substantial spending, including a $122 billion funding round in March, amid delays to its planned 2027 IPO. The company's 2025 financials revealed a $13 billion profit with significantly higher expenditures.
