gm.
back a day later this week. here's what's worth catching up on.
3 things worth your time
1. anthropic has filed to go public.
on monday, anthropic, the company behind claude, filed for an initial public offering (IPO). it plans to trade on Nasdaq under ANT. the share count and proposed price range haven't been set.
the filing gives potential investors a closer look at the business. first-half revenue reached roughly $16.3 billion, up from about $1.2 billion a year earlier. it also reported an $80.7 billion net loss. much of that was a paper loss tied to earlier fundraising. some investors lent money under agreements that can turn into shares. as anthropic's value rose, the value of what those investors were entitled to rose too. anthropic had to record that increase as a loss, without paying out that amount in cash.
the business still needs to cover substantial computing bills. those include long-term commitments that don't disappear if demand slows.
this is preparation for a public stock-market listing. the filing discloses the business and its risks before the IPO, when shares would be sold to investors. trading on Nasdaq would follow.
2. moderna's vaccine trial succeeded. its stock still fell.
on thursday, merck and moderna released results from a large melanoma trial. patients had already had their cancer surgically removed. researchers tested whether adding a personalized vaccine to merck's Keytruda could help keep it from returning.
the vaccine uses mutations from a patient's tumor to teach the immune system what to target. Keytruda is an existing treatment that helps the immune system attack cancer.
at two years, an estimated 82.2% of patients receiving both treatments were alive without their cancer returning, compared with 70% receiving Keytruda alone. researchers counted both cancer recurrence and death when measuring the treatment's benefit. whether it helps patients live longer overall is still being studied.
moderna shares closed more than 17% lower thursday. according to Reuters, the stock had nearly quadrupled between august's announcement that the trial succeeded and the close of trading on wednesday, before the detailed results came out. some analysts questioned how broadly the treatment might work in other cancers. investors were weighing how much future business the results could support, alongside whether the trial worked.
3. meta's new shares come with ownership, but no vote.
meta plans to create nonvoting Class C stock in january. existing shareholders would receive one new Class C share for every Class A or Class B share they hold.
think of a hypothetical $100 share. after a split, you might hold two shares worth roughly $50 each. you have more shares, but the same total investment before market movements. the distribution itself doesn't raise money for meta or automatically make you richer.
meta's share classes have different rights. Class A carries one vote per share, Class B carries ten, and Class C carries none. the new shares give their holders an economic stake without adding votes to company decisions.
that lets meta potentially issue Class C shares later to raise money, pay employees, or buy companies without diluting existing shareholders' voting power. it can still dilute their economic ownership: the company's value would be divided among more shares.
that distinction helps founders retain control even as outside investors own more of the business. buying Class C would give you a financial stake in meta, but no ordinary shareholder vote on directors or other company decisions.
one more quick thing
instagram is testing a home for longer videos.
on monday, instagram introduced its Features test, which lets creators post longer, horizontal videos and connect them to shorter Reels. someone watching a podcast clip could jump to the full episode inside instagram. the test starts in the US. instagram hasn't announced a broad YouTube-style ad-revenue-sharing program for it.
see you later this week.
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not financial advice. aggregated community trends and commentary.