Anthropic plans to price its shares at $70 to $78, implying a valuation of $1.3 trillion, below earlier market expectations.
6:45 PMFortune14 stories from 7 sources
Anthropic’s IPO puts AI’s private valuations to public test
Day’s Recap
Supporting Articles
Mercor raised $750 million in a Series D round, giving the AI training company a reported $20 billion valuation. The former AI-powered hiring platform plans to use the capital to train and test AI agents.
5:04 PMPYMNTS
Alta, formerly known as Metal, has raised $48 million in a Series A led by Index Ventures to build a blockchain focused on compliance. Airwallex and its chief executive, Jack Zhang, also backed the company.
9:00 AMFortune
Alterra Labs has raised $12.5 million in seed funding to build training environments for medical AI systems. Founder Akash Kapoor left medical school in his final year to help developers train models to exercise better clinical judgment.
8:00 AMFortune6:45 PMFortune
Anthropic’s lower-than-expected IPO valuation: smart strategy or sign of trouble?
Summary
Anthropic plans to price its shares at $70 to $78, implying a valuation of $1.3 trillion, below earlier market expectations.
The lower pricing resets expectations for Anthropic and reduces the potential upside for existing shareholders
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Anthropic’s pricing will test whether public investors still reward leading AI companies with exceptionally high valuations.
6 stories · 6 sources
5:04 PMPYMNTS
Mercor Raises $750 Million for AI Training Platform
Summary
Mercor raised $750 million in a Series D round, giving the AI training company a reported $20 billion valuation. The former AI-powered hiring platform plans to use the capital to train and test AI agents.
Mercor is shifting from matching companies with talent to supplying the data, expertise, and evaluation
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The round shows investor money moving beyond AI models toward the labor and evaluation infrastructure required to make autonomous agents useful.
9:00 AMFortune
Alta raises $48 million for its compliance-focused blockchain in Series A round led by Index Ventures
Summary
Alta, formerly known as Metal, has raised $48 million in a Series A led by Index Ventures to build a blockchain focused on compliance. Airwallex and its chief executive, Jack Zhang, also backed the company.
The round signals investor interest in blockchain infrastructure that addresses regulatory requirements rather than pursuing
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Blockchain funding is shifting toward infrastructure designed to fit regulated financial systems.
8:00 AMFortune
Exclusive: Alterra Labs announces $12.5 million seed round to build training environments for medical AI
Summary
Alterra Labs has raised $12.5 million in seed funding to build training environments for medical AI systems. Founder Akash Kapoor left medical school in his final year to help developers train models to exercise better clinical judgment.
Alterra is targeting a core weakness in medical AI: models need realistic, structured environments in
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The company is betting that better training environments, rather than bigger models alone, will determine whether AI can work safely in medicine.
Other Developments
A curated list of other prominent stories from this day.
Sage Haus founder Kelly Hubbell built a company that places house managers with families in the United States and Canada. The business emerged from her effort to quantify the roughly 23 hours of household work she performed each week.
12:27 PMFortune
Swiss fintech Light Frame has raised $5.1 million in an oversubscribed seed round. The company provides core banking and portfolio management software for wealth management firms.
10:39 AMFinextra
Garage has raised $41 million to help communities buy used fire trucks and sell surplus equipment to buyers nationwide. The company was founded by a 27-year-old former firefighter who left Goldman Sachs and is now leading a business valued at $225 million.
9:00 AMFortuneBud Financial has secured investment from BankTech Ventures to support an expansion into the United States. The UK fintech provides customer intelligence tools for banks and other financial institutions.
9:00 AMFinextra12:27 PMFortune
One mom tallied 23 hours a week of household work. Then she built a company to turn ‘invisible labor’ into a paid profession
Summary
Sage Haus founder Kelly Hubbell built a company that places house managers with families in the United States and Canada. The business emerged from her effort to quantify the roughly 23 hours of household work she performed each week.
Sage Haus is turning fragmented domestic work into a formal labor market with defined roles,
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The model targets a large but underformalized category of labor by converting unpaid household coordination into a paid service.
10:39 AMFinextra
Private banking fintech Light Frame raises $5.1m
Summary
Swiss fintech Light Frame has raised $5.1 million in an oversubscribed seed round. The company provides core banking and portfolio management software for wealth management firms.
The oversubscribed round gives Light Frame capital to build a larger foothold in wealth management
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Investor demand signals continued appetite for specialized infrastructure serving the wealth management sector.
9:00 AMFortune
Meet the 27-year-old former firefighter who left Goldman to build a used-truck marketplace that’s now valued at $225 million
Summary
Garage has raised $41 million to help communities buy used fire trucks and sell surplus equipment to buyers nationwide. The company was founded by a 27-year-old former firefighter who left Goldman Sachs and is now leading a business valued at $225 million.
Garage is applying marketplace economics to a specialized, fragmented asset class where public agencies face
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Niche marketplaces can attract venture-scale valuations when they solve high-friction procurement problems with little established infrastructure.
9:00 AMFinextra
Bud lands venture backing for US push
Summary
Bud Financial has secured investment from BankTech Ventures to support an expansion into the United States. The UK fintech provides customer intelligence tools for banks and other financial institutions.
The funding gives Bud capital and a potential distribution network for entering a larger but
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Bud's US expansion reflects continued demand for technology that helps financial institutions use customer data to improve targeting and retention.
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