Anthropic is targeting a record-breaking IPO that could top SpaceX's. Broadcom is raising $100B for AI chip financing. Warsh faces a Fed independence test at Jackson Hole. SpaceX secured $8B in Golden Dome contracts. JPMorgan layoffs hit a decade high.
Futures Are Up. Bitcoin Around $80,000. The Bond Market Shrugged Off Bessent All Week.
Futures opened higher Friday after Thursday's selloff. The S&P is on track for its first weekly loss since late July. Bitcoin came within reach of $80,000, its best week in over three years.
The 30-year Treasury yield settled down from Monday's 19-year closing high but still on pace for the highest weekly close in over a decade. Bessent's buyback intervention bought a few hours. Gold and silver surged again, pricing the same fiscal concern the bond market is pricing.
Strategy (MSTR), Robinhood (HOOD), and Coinbase (COIN) all jumped in premarket on crypto momentum. WTI was near flat near $87 after five straight days of gains. Oil climbed all week on Iran escalation.
The Signal
Bitcoin surging for the week while the 30-year closes at a decade-plus high is not a contradiction. Both assets are pricing the same thing: confidence in the dollar's long-term purchasing power is declining. Bessent said the administration would announce an increased focus on fiscal consolidation in coming days. Jackson Hole is where the Fed responds to that backdrop.
Unicorn in the making?
Some companies you only hear about after they IPO.
And some…
Eventual unicorns like Uber, Airbnb and OpenAI…
Forced the world to pay attention long before that.
Mode Mobile could be a new member to that second group.
Uber turned cars into taxis, Airbnb turned homes into hotels, and Mode Mobile is turning smartphones into EarnPhones.
With $115M+ in revenue, 3-year growth of 32,481%, and an ecosystem with more than 490M+ users, it’s what investors call a “category disruptor.”
The kind that could turn early capital into generational wealth.
They’re raising privately.
For now.
But investors can invest at $0.55/share before the round closes.
With a Nasdaq ticker ($MODE) secured, and early backers like Kevin Harrington from Shark Tank, the company has its eyes on potentially going public.
Their previous two raises sold out, and this one is on track to do the same.
⏰ Invest at $0.55/share before the round closes.
Disclosures
*Please read the offering circular and related risks at invest.modemobile.com.
*Mode cumulative revenue includes full year revenue of businesses acquired in 2025.
Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.
The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.
Anthropic Is Targeting a Record IPO That Would Top SpaceX. Filing Could Come This Month.
Anthropic expects to match or beat SpaceX's record $86 billion IPO with a filing as soon as the end of August. The company raised $65 billion in May at a $965 billion valuation. Q2 revenue hit $11.5 billion, up fourteen-fold year over year.
The IPO would make 2026 the record year for U.S. IPO volume. Morgan Stanley, Goldman Sachs, and JPMorgan are working on the deal.
The Revenue Race
- Anthropic run rate $65B in July, OpenAI at $40B
- OpenAI recovering enterprise market share faster in Q3 to date
- Anthropic's 2025 net loss roughly $42B, far above prior year
- Ramp data shows OpenAI model named as more performant at lower cost
The competitive gap that justified the $965 billion valuation was clear at Q2. The enterprise spending data heading into the IPO is less clear. Banks pricing the IPO on 2028 revenue projections will have to explain how Anthropic maintains share against an OpenAI narrowing the gap at the model layer.
The Loss Profile
A $42 billion 2025 net loss at a $2 trillion IPO target is not automatically disqualifying. But the loss magnitude and the narrowing competitive gap are the two concerns every allocator prices. The S-1 either resolves them or amplifies them.
Broadcom Is Raising Up to $100 Billion for AI Chip Financing With Blackstone and Apollo.
Broadcom (AVGO) is in talks with lenders for more than $60 billion in senior-secured debt for an AI chip financing deal that benefits Anthropic and others. A junior tranche adds roughly $30 billion more. Total could reach $100 billion. Blackstone (BX) and Apollo (APO) are in talks to participate.
The debt would be issued by a special-purpose vehicle. Broadcom guarantees a portion of the senior tranche. The partnership targets financing more than 20 gigawatts of computing power.
The Structure
- Senior tranche $60-70B, junior tranche roughly $30B
- Broadcom guarantee unlocks investment-grade SPV debt rating
- Nexus Data Centers separately received $1.3B mezzanine loan
The AI infrastructure capital stack is being built on structured credit at a scale that rivals sovereign debt markets. Each vehicle is technically separate. The counterparty exposure is not.
The Broadcom Position
Broadcom lost the Google TPU relationship Wednesday and moved to a $100 billion financing platform for Anthropic Thursday. Custom silicon and structured compute financing are two different businesses. Broadcom just showed it competes in both.
Everyone Else Burns Coal. This Company Cashes It In.
One lump of coal holds six separate commodities, and almost every company on earth just sets it on fire. Frontieras patented a way to split it apart instead.
Their process pulls diesel, jet fuel, naphtha, hydrogen, and fertilizer out of the same ton of coal, without burning any of it. One rock. Six markets totaling $2.1 trillion annually*.
Every ton of coal already has a 10-year buyer locked in, so the revenue is contracted before the plant even fully ramps up. Patents across 9 countries protect the process too, meaning no competitor can replicate and cut into that revenue once it's flowing.
Six revenue streams from one raw material means no dependence on a single commodity swinging the wrong way. Become an early-stage Frontieras investor before the opportunity closes 8/27.
This is a paid advertisement for Frontieras’s Regulation A offering. Please read the offering circular at https://invest.frontieras.com/. Forward looking statements were included here that the Company believes to be accurate given the current information. They involve known and unknown risks, uncertainties and other important factors which if changed may affect the outcome(s). Reservation of the ticker symbol is not a guarantee that we will be listed on the NASDAQ. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.
Warsh Goes to Jackson Hole With the Fed-Treasury Coordination Question Unanswered.
Bessent said the government has a big toolkit and that the Treasury and the Fed would work together on balance sheet changes. BlackRock's Rick Rieder said more firepower sits at the Federal Reserve than at Treasury. Former Fed President Mester said there is no clarity yet on Warsh's plans or reaction function.
Warsh welcomed higher yields in his July FOMC remarks, which accelerated the selloff. He proposed in 2025 updating the 1951 Treasury-Fed Accord to give Treasury more authority over Fed balance sheet changes. The Fed balance sheet is $6.7 trillion.
The Jackson Hole Setup
- Warsh welcomed higher yields in July, Bessent intervened in August
- The 1951 Treasury-Fed Accord is the framework Warsh proposed updating
- FOMC balance sheet task force reports late 2026 or early 2027
Jackson Hole is the first public forum where the Bessent and Warsh frameworks either converge or diverge visibly. The bond market is watching for the convergence signal.
The Communication Gap
Markets can price any Fed policy if the reaction function is known. Mester named it unknown. Risk premiums expand when that is the case. Part of what the 30-year yield is currently pricing is exactly that uncertainty.
SpaceX Booked $8 Billion in Golden Dome Contracts. The AI Satellite Fleet Is Next.
SpaceX (SPCX) has secured at least a third of the total Golden Dome missile defense budget, including the largest tracking satellite contract and the data satellite network backbone. Competitors received a combined fraction. FCC spectrum and satellite interference waivers have also been favorable.
SPCX fell sharply Thursday after Musk said the Starship upper-stage catch is months away. The catch is required for the Starmind AI satellite deployment targeted for 2027.
The Contract Stack
- SpaceX secured at least a third of the total Golden Dome budget
- Competing companies won a combined fraction of SpaceX's total
- Starmind pending FCC approval for up to 1 million AI satellites
FCC rebuked Amazon (AMZN) for opposing Starmind. DOT proposed rolling back environmental oversight for space activities. When one company benefits from FCC, DOT, and Defense simultaneously, the concentration question is not hypothetical.
The Execution Risk
Starship catch months away with Starmind deployment targeted for 2027 is a tight timeline. The AI satellite fleet requires upper-stage reusability not yet demonstrated. Every slip brings the 2027 target closer without the prerequisite confirmed.
Hidden in Tesla's Filing: A $12 Billion "Super Startup"
Pull up Tesla's most recent SEC filing. Page 5.
And you'll see a single line showing $12 billion in revenue from a brand-new "super startup" Elon Musk has been quietly incubating inside Tesla.
This new "super startup" has nothing to do with cars or robots or space or AI…
But it sits at the center of what Blackstone calls "a $23 trillion investment opportunity."
And on Oct 21st, Elon is expected to pull back the curtain and reveal exactly what he's building.
But Adam O'Dell already knows… and he reveals it all in this urgent video.
JPMorgan Hit Its Highest Layoff Volume Since 2015. Record Revenue. Fewer Humans.
JPMorgan Chase (JPM) filed six layoff notices this year impacting hundreds of employees, the highest total since 2015. This came the same quarter JPMorgan hit record revenue across its three major divisions.
Goldman research found call center employment already running well below pre-AI trend in the U.S. Entry-level headcount growth is being dragged down at measurable rates in multiple countries.
The Productivity Split
- Goldman research: U.S. call centers more than 35% below pre-AI trend
- Dimon named 30-40% reductions in specific categories already implemented
- 78% of JPMorgan employees say AI tools improve efficiency
Record profits and headcount reductions in the same quarter is what AI-driven productivity looks like in practice. The gains flow to the bottom line. The labor cost line declines. That arithmetic repeats across every information-processing sector.
The Category Signal
AI is not replacing workers broadly. It is replacing specific task categories comprehensively. Goldman quantifies it at the labor market level. JPMorgan confirms it at the company level.
Anthropic is targeting a record IPO that could top SpaceX's while enterprise market share data shows the OpenAI gap is narrowing. Broadcom is raising up to $100 billion in structured compute financing with Blackstone and Apollo. Warsh heads to Jackson Hole with no disclosed reaction function and the Fed-Treasury coordination question still open. SpaceX captured at least a third of the Golden Dome budget and is pending approval for 1 million AI satellites. And JPMorgan hit its highest layoff volume since 2015 in the same quarter it posted record revenue.
