October 27, 2026

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ENOUGH. You’re not showing up to the Halloween party dressed as an overused pun or “party guest.” But don’t worry, because we asked your fellow Brew readers what to be this year, so now you can borrow their easy(ish) ideas:

Scrubs and furry coyote ears to be Noah Wyle Coyote (Ann Marie from Pittsburgh, PA)
Make your family go as the cast of Deal or No Deal (Tracy from New Jersey)
Hank Hill and the rest of the King of the Hill cast (Kevin from Danville, VA)
Wear all black with a giant “8” taped to you to be a Magic 8 Ball. You’ll have total power to tell people to quit their jobs all night (Jeremy from Springfield, MO)
Don operating room scrubs and a Google logo and go as a Google Doc (submitted anonymously)
Cover yourself in tinfoil to be leftovers (submitted anonymously)

—Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, Neal Freyman, Abby Rubenstein

In today’s newsletter, we’ll get into:

Anthropic’s upcoming IPO
The NBA partnering with prediction markets
One thing future CEOs do

Markets

Nasdaq

26,169.38

+0.82%

S&P

7,676.77

+0.70%

Dow

52,361.58

+0.28%

10-Year

4.986%

-- bps

Bitcoin

$79,994.6

-0.20%

JetBlue

$2.37

-9.71%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean.

Markets: Anthropic’s public IPO filing (which we’ll talk about below) hit the market like a cool kid agreeing to come to your pool party, generating buzz that sent stocks up yesterday as AI stocks began recovering from last week’s sell-off.
Stock spotlight: JetBlue had a turbulent day: Its stock sank yesterday as investors worried that high fuel costs could threaten the airline’s turnaround plan. But in its after the bell earnings report, the carrier posted a loss for Q3 but said demand was strong and margins were improving. So, it bounced back in after-hours trading.

ANTICIPATING ANT

Anthropic lifts the veil on its IPO

Illustration: Morning Brew Inc., Photo: Chance Yeh/Getty Images

Like a high school senior who just submitted their SAT scores and GPA into the Common App, Anthropic just filed some very important paperwork. The AI company took a stride towards its widely anticipated IPO yesterday with a regulatory filing that details its plans to list on the Nasdaq under the ticker symbol ANT.

The filing provides more clarity about Anthropic’s finances and its plans to manage the (potentially catastrophic) risks its product poses to society.

Big numbers

With investors feeling jittery about AI, Anthropic’s disclosure contains plenty of fodder for both bulls and bears:

Anthropic’s revenue soared 14-fold to $16.3 billion in the first half of 2026 compared to a year earlier, a growth pace Anthropic expects to slow. Revenue is less concentrated to a few customers than many analysts expected.
But the company has yet to make a profit and is on the hook for $417 billion of contractual obligations to vendors like data center operators.

Analysts believe Anthropic could raise up to $100 billion—surpassing SpaceX’s record IPO earlier this year—and placing it among the world’s most valuable companies.

Things could go wrong

While touting AI’s potential to bring about revolutionary change, Anthropic dedicated 94 pages to warnings about risks. These range from customer lawsuits over being excluded from early access to its most sophisticated models to government restrictions on its business. Plus, there are concerns about its ability to accurately predict demand for its models when planning infrastructure investments.

In an unusual step…it also listed worries for those not planning to buy the stock. Anthropic said it is concerned about insufficient safeguards to prevent bad actors from using its AI for weapons development or devastating cyberattacks.

Anthropic said its co-founders will control key decisions, while financially disinterested trustees prioritizing safety will oversee board appointments. Critics said this ownership structure would concentrate control of the company with management at the expense of shareholders.

Is it a buy? Anthropic’s chatbot Claude said yes “at a sensible price,” while rival OpenAI’s ChatGPT disagreed.—SK

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World

Tour de headlines

Oliver Berg/Getty Images

💻 Microsoft offers buyout to 60,000 employees. The company that makes the spreadsheets your company uses to figure out how to cut costs is looking to cut its own by offering voluntary buyouts to up to 60,000 staffers in the US, UK, Canada, and India. That’s roughly 27% of Microsoft’s 223,000-person workforce. Those who take the buyout will get similar benefits to its standard severance packages, a Microsoft spokesperson told Bloomberg. Microsoft—which also recently offered retirement buyouts and conducted layoffs—joins other Big Tech companies in reducing headcount amid significant spending on AI and its infrastructure like data centers.

📉 Brazil’s stock market tanked after surprise election results. Brazilian voters propelled President Luiz Inácio Lula da Silva to a surprise election win on Sunday, and it looks like no one was more surprised than the country’s investors who had bet on his defeat by his right-wing opponent. Yesterday, Brazil’s benchmark stock index fell almost 14%, and its currency dropped ~9% against the US dollar. Some stocks plummeted more than 50%, per Bloomberg, and the country’s exchange halted trading multiple times amid the fast and deep rout. It highlights the tough economic road ahead for the newly reelected Lula.

📱 Some users are finding the iPhone Duo not all it’s cracked up to be. Apple’s $2,000+ foldable iPhone has spurred buzz—and preorders—but some users have complained on social media that their new phone’s screen has cracked along the inside crease within hours of using it. Apple said yesterday that it was “aware of an issue impacting the inner display on a small number” of phones and that the replacement would be covered under AppleCare.—AR

DEAR BASKETBALL

NBA joins with prediction markets to boost integrity

Marcin Golba/Getty Images

That Onion-esque headline is real. The NBA announced yesterday that it is partnering with Polymarket and Kalshi as part of a push to protect “the integrity of the game.” The move comes as the league grapples with recent sports betting scandals and prediction markets face legal challenges from state regulators.

Since 2024, the league has been plagued by wagering wrongdoings that have included a player receiving a lifetime ban and federal probes involving the Mafia. By joining forces with Polymarket and Kalshi, the league said it can better control what fans can bet:

The NBA will get final say on what markets are offered, and users won’t be allowed to wager on single plays (e.g., first basket, opening tip) or under bets on players expected to play fewer than 12 minutes, as they are easily manipulated.
The league will have access to Polymarket and Kalshi trading data, which can help locate suspicious action.

The NBA is further expanding its agreement with DraftKings and other sports betting partners to include prediction markets. The league also reached a cooperation agreement with the CFTC, the federal regulator that oversees prediction markets.

But…the Supreme Court has agreed to consider whether states can ban prediction markets, as state regulators believe they are just sports betting in federally-regulated commodities trading’s clothing to avoid gambling rules.—DL

Reader Poll

Have you ever wagered on a sporting event through a prediction market?

Yes, and I’d do it again.
Yeah, but I don’t plan to again.
No, but I make bets through a traditional sportsbook.
Not yet, but I would.
Nope, I don’t make bets.

Fear-mongering trivia

Below is a list of phobias. Do you know what fears they represent?

Aerophobia
Ornithophobia
Chronophobia
Hemophobia
Triskaidekaphobia

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Answer

Fear of flying
Fear of birds
Fear of the passage of time
Fear of blood
Fear of the number 13

Word of the Day

Today’s Word of the Day is: bogarted, meaning “selfishly hogged.” Thanks to Mark from Winter Haven, FL, for generously sharing the suggestion. Submit another Word of the Day here.

✳︎ A Note From Autocamp

This is a paid advertisement for AutoCamp’s Regulation Crowdfunding offering. Please read the offering circular at invest.autocamp.com. Forward-looking statements were included here that the Company believes to be accurate given the current information. Past performance is not indicative of future results.

Written by Abigail Rubenstein, Sam Klebanov, Dave Lozo, Molly Liebergall, Matty Merritt, and Neal Freyman

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☕️ ANT on the march