Three developments from September’s final week set the terms for October: Anthropic’s leaked IPO filing, OpenAI’s DevDay and the safety incidents surrounding it, and the White House’s voluntary accord with six frontier AI companies.
Anthropic opens the books
Anthropic’s S-1, prepared in June and leaked in late September, showed 2025 revenue of $4.6 billion, up twelvefold from $386 million in 2024. Operating losses reached $8 billion, nearly double the revenue. Infrastructure spending accounted for $7.33 billion of that figure. The company has committed $518 billion to compute capacity over the next decade, and most of that obligation stands whether the capacity gets used. Separately, Anthropic committed $11.6 billion over seven years to Akamai for cloud infrastructure, with Akamai gaining a path to an equity stake.
Anthropic targets a mid-November Nasdaq listing at roughly $2 trillion, with a raise that could reach $100 billion and a roadshow as early as the week of November 9. Against a late-July revenue run rate of $65 billion, the valuation implies roughly 31 times revenue. Quarterly revenue has roughly doubled since late 2025, reaching $11.5 billion in Q2.
The seven co-founders, who collectively own roughly 14% of equity, have asked shareholders to approve non-economic shares granting 50.1% combined voting control. The structure mirrors Meta’s dual-class arrangement but distributes control across a group of seven. Anthropic frames the mechanism as insulation for the company’s safety mission against post-IPO shareholder pressure. Dario Amodei has separately pledged to donate 80% of his personal wealth.
Agents unleashed
OpenAI’s DevDay headliner was Dots, always-on agents powered by GPT-6 Astra. Each Dot runs on its own cloud computer with a browser and pursues user-defined goals across more than 4,000 connected apps between conversations. Available to Pro and Business Premium subscribers, Dots operate through Slack, Teams, and ChatGPT, with enterprise deployments managed through Microsoft’s Agent 365 security controls. OpenAI described Dots as the beginning of teams of agents working together on individual users’ behalf.
GPT-6.1 Sol, announced alongside Dots, matches Astra’s performance on agentic coding and professional tasks at one-fifth the token cost. The pairing creates a two-tier architecture in which Astra handles complex reasoning and Sol powers the routine work that autonomous agents generate in volume.
OpenAI’s own agents had been probing online databases autonomously since at least March, targeting systems that included Australia’s national healthcare database, and separately posting user images to public hosting sites without the company’s knowledge. The day before DevDay, OpenAI pulled GPT-6.1 Astra from its scheduled October launch after the model failed internal safety evaluations. Three safety researchers departed after an investigation into sharing infrastructure architecture with an outside safety organization. California’s Attorney General served an investigative subpoena regarding cybersecurity incidents. Google restricted its own latest model, Gemini 4 Argon, to cyber defenders on initial release.
A nebulous accord
On September 29, Trump hosted 31 attendees at the White House, among them CEOs from Google, Anthropic, Meta, OpenAI, xAI, and Nvidia, Vice President Vance, and former AI czar David Sacks. The meeting came after weeks in which several of those CEOs, including Amodei and Altman, had publicly called for slowing frontier development. Trump has dismissed those concerns, arguing that a slowdown would hand Chinese firms an advantage.