Good morning! Nvidia fell another 5% yesterday and is now down ~30% in 25 trading days, erasing ~$1.8T in market cap, with >$400B of that lost since the Jensen Huang affair story broke.

A British man was convicted of fraud for posing as a PE exec (including a fake American accent) to make a bogus $206M bid for a commodities company. Anthropic launched AI office tools to take on Microsoft and Google, tanking Microsoft shares. And smart ring maker Oura is buying AI primary care startup Counsel Health for $625M.

Plus: Inside Sequoia’s reinvention, and parents suing schools over their kids’ bad grades.

Stuut’s AI coworker handles the payment follow-ups that finance teams never have time for. See it in action.

Anthropic’s IPO is just days away, with trading set to begin next Thursday, Nov. 19. The Claude maker plans to sell 825M shares at $70 to $78 apiece on the Nasdaq under the ticker “ANT,” with pricing set for Wednesday, Nov. 18.

At the top of the range, it raises up to ~$64B and is valued at up to ~$1.4T fully diluted, up from $965B in its May funding round. It’s also earmarking ~20% of shares for retail investors, double or quadruple the typical 5 to 10%.

On top of that, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC are buying $26B of stock in a private placement at the IPO price, with no lockup, bringing the total raise to ~$90B.

The book is reportedly already covered, and per the FT, lead banks Goldman Sachs and Morgan Stanley are weighing a price above the range, which could lift the valuation to $1.5T+ and total proceeds past $100B.

Backers say the priority is raising as much cash as possible to fund compute, not maximizing the headline valuation. Some pre-IPO holders are already flipping allocations: one brokerage is offering up to $500M of shares at 4% above the IPO price, and an SPV is selling $1.25B at a $1.5T valuation, deals Anthropic says it won’t recognize.

Anthropic’s revenue run rate hit ~$81B in October. Goldman reportedly models revenue reaching ~$685B by 2030, ~150x the $4.6B it made last year, with ~$586B coming from enterprise clients. Goldman doesn’t see positive annual free cash flow until 2030, with compute spending climbing to nearly $400B a year by then.

Last week’s midterms sparked a $3.2T tech selloff, and investors who were eyeing a $2T valuation have dialed that back. Analysts are all over the map: William Blair calls $1.5T reasonable at ~7x 2028 revenue, Morningstar pegs fair value at $1.7T (bear case $500B, bull case $3.4T), and NYU’s Aswath Damodaran sees anywhere from under $400B to $4T.

Takeaway: Even at the low end, Anthropic would be worth more than Berkshire Hathaway or Walmart on day one. If Goldman’s $685B forecast is even close, ~$1.4T could look cheap in hindsight. But that math requires Anthropic to grow ~150x in five years while spending its way to profitability. At least the investment bankers will be cash flow positive come next Thursday.

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Stuut co-founder Ben Winter is blunt about it: “Companies are really good at selling stuff and terrible at collecting cash.” That’s how a signed deal ends up sitting unpaid for weeks while someone in finance tracks down a missing purchase order.

Stuut’s AI coworker takes that follow-up work off the team’s plate. It connects to the systems a company already uses for billing and customer records. Then it calls, texts and emails customers with the invoice, payment history and past conversations already pulled up. When a customer disputes a charge, it works through the issue using rules the team sets and hands the judgment calls to a person.

Stuut says customers cut the time it takes to get paid by 47% on average, and that’s a big part of why Insight Partners led the round.

See how fast Stuut gets your team paid.

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