Daave “3 and 30” Tepper
Institutional Endowment Investor
Hut 8 has the lowest EV per contracted MW among time-to-power plays despite the highest-quality contracts, lowest leverage and least dilution history. Nonrecourse fixed-rate project debt and take-or-pay deals with Nvidia and Google via Fluidstack support a good 2-3 year hold. Its equity prices in contracted NOI but no lower discount rate or power pipeline. Construction-phase pipeline is not a concern; execution is the risk. A takeout after an Anthropic IPO is possible. x.com x.com
Dow Jones
Real-Time Financial News Wire
Anthropic's adjusted profit margin was 15% in the third quarter, with a long-term goal of 35%, according to the presentation. tradingview.com
AlvaSupportsA reported 15% Q3 adjusted profit margin and 35% long-term target strengthen Anthropic's IPO earnings pitch, supporting the IPO prerequisite for Hut 8's possible takeout.Dow Jones
Real-Time Financial News Wire
Under the bill, data centers would be required to pay for the power-generation and all of the transmission they use. ... But other parts of the bill would speed up permitting for data centers, giving them an expanded ability to build their own on-site power like diesel generators or natural gas turbines. tradingview.com
AlvaMixedIf enacted, BAAJA would require data centers to fund generation and transmission while easing permitting and on-site power development, adding cost obligations and a faster approval path for Hut 8's pipeline.
zerohedge
Financial Blog and News Aggregator
Nvidia, the exclusive chip supplier for the Ohio campus, has wired $1.5 billion to SB Energy under a share issuance agreement and is providing credit support for OpenAI on the first 4.25 gigawatts. x.com
AlvaChallengesNvidia's reported $1.5B investment in SB Energy and credit support for OpenAI's first 4.25 GW add linked AI infrastructure exposure to a counterparty underpinning Hut 8's contract-quality case.
The Transcript
Weekly Earnings-Call Quotes Newsletter
$ANT Goldman Sachs projects Anthropic's revenue to exceed $600B by 2030, over 130x its 2025 revenue, via FT: ... Operating losses to rise from $8.1B in 2025 to a $40.4B peak in 2027, before profitability in 2029. ... FCF outflows to peak at $65.7B in 2027, turning positive in 2030. x.com
AlvaMixedGoldman forecasts rapid revenue growth but $65.7B of cash outflows in 2027, adding a quantified funding hurdle to the possible post-IPO Hut 8 takeout during the 2–3 year hold.
Walter Bloomberg
Financial News Headlines Aggregator, Not Affiliated with Bloomberg
Goldman also predicts that Anthropic will not turn free cash flow positive until 2030, when it projects the company will generate $33.6bn - FT x.com
AlvaChallengesGoldman forecasts Anthropic will remain cash-flow negative until 2030, beyond Hut 8's 2–3 year hold, tempering the financing case for a possible post-IPO takeout.
Brad Gerstner
Founder & CEO of Altimeter Capital, Founder of Invest America
[Anthropic] “Our Run-Rate Revenue was approximately $81 billion as of October 31, 2026, up $10 billion from September 30, 2026.” ... Which included a 40% price cut. x.com
AlvaSupportsGerstner highlights a $10B monthly increase in Anthropic's annualized revenue despite a 40% price cut, strengthening demand evidence behind the IPO prerequisite for Hut 8's possible takeout.
Jukan
Semiconductor & AI Infrastructure Research at Citrini
Operating income of $970 million in Q2 turned into an operating loss of $570 million in Q3. The company attributes this to $5.0 billion of short term compute and $2.0 billion of noncash donation matching charges. ... Use of short term compute will keep increasing in the near term, and operating margin will be compressed as a result. ... Source: Anthropic’s S-1 filing x.com
AlvaChallengesA $570M Q3 operating loss after a $970M Q2 profit, with further near-term compute margin pressure expected, weakens the earnings backdrop for the IPO catalyst behind Hut 8's possible takeout.
Mohamed A. El-Erian
Rene M. Kern Practice Professor at Wharton, Chief Economic Advisor at Allianz
Understandably, there is a lot of interest in the latest news surrounding Anthropic's upcoming IPO, including the disclosure from the company below. ... Not only did revenue for the nine months ending in September rise to $33.2 billion, an increase of 1,200%, but its annualized revenue run rate hit $81 billion at the end of October, an increase of $10 billion from the end of September. x.com
AlvaSupportsNine-month revenue of $33.2B, up 1,200%, and a $10B monthly rise in annualized revenue strengthen the operating case for Anthropic's IPO, the prerequisite for Hut 8's possible post-IPO takeout.
First Squawk
Financial Audio News Service
Anthropic run-rate revenue reaches about $81B as of October 31 x.com
AlvaSupportsThe reported $81B revenue run rate as of October 31 supports the operating scale behind Anthropic's IPO, the prerequisite for Hut 8's possible post-IPO takeout.
Reuters
Global News Agency
Anthropic will also raise $26 billion via a separate private placement deal with cornerstone investors including Alphabet's Google, Nvidia , Advanced Micro Devices , Reuters reported. ... The company has nearly $900 billion in computing commitments with partners including Amazon and Alphabet's Google, highlighting how its rapid growth depends on securing vast amounts of future computing capacity, some of which relies on financing beyond the company's control. tradingview.com
AlvaMixedThe $26B placement supports Anthropic's IPO catalyst, while nearly $900B in compute commitments, some reliant on external financing, complicate the funding backdrop for a possible Hut 8 takeout.Bill Dudley
Former President and CEO of the Federal Reserve Bank of New York
NVIDIA is guaranteeing the value of their chips. So what happens if the value of their chips goes down? Not only do they have to come up with the money to make good those guarantees, but their earnings are going to suffer because they're going to have lower chip prices. podcasts.apple.com
AlvaChallengesDudley warns falling chip values could trigger Nvidia guarantee payouts while hurting earnings, a correlated risk to the Nvidia counterparty strength underpinning Hut 8's contract-quality case.Walter Bloomberg
Financial News Headlines Aggregator, Not Affiliated with Bloomberg
Anthropic plans to offer 825 million shares at $70–$78 each, according to its latest draft prospectus seen by Reuters. x.com
AlvaSupportsRevised draft terms put Anthropic's IPO at $57.75–$64.35 billion, advancing the prerequisite for a possible post-IPO Hut 8 takeout after the earlier pricing retraction.Reuters
Global News Agency
Anthropic is expected to formally launch the roadshow later on Tuesday, with pricing expected in the following week. tradingview.com
AlvaSupportsThe expected Tuesday roadshow and pricing the following week give Anthropic's IPO a near-term timetable, advancing the prerequisite for Hut 8's possible post-IPO takeout.Reuters
Global News Agency
Separately, the original filing showed that Anthropic had lined up $26 billion in investments from some of the world’s biggest technology companies alongside its IPO, underscoring the increasingly intertwined financial ties underpinning the AI boom. tradingview.com
AlvaSupportsThe reported $26 billion in investments alongside Anthropic's IPO supports the IPO catalyst for a possible Hut 8 takeout; the commitments appear in the original filing whose pricing was later retracted.zerohedge
Financial Blog and News Aggregator
According to Reuters, the AI company first sent a copy of a filing that showed Anthropic aimed to sell about 867 million shares in a price range of $70 to $80 per share, then followed up with an email saying details about the pricing were inaccurate. ... Anthropic in the second email said it would update the filing later. x.com
AlvaChallengesThe pricing correction weakens the reported $69.3 billion IPO target behind Hut 8's potential post-IPO takeout catalyst; Anthropic says it will update the filing.
Bloomberg
Business and Financial Information and News Platform
Anthropic is aiming to raise as much as $69.3 billion through its IPO, according to a report, citing a copy of a filing. x.com
AlvaSupportsThe reported IPO plan advances the prerequisite for a potential post-IPO Hut 8 takeout; Bloomberg relays an unconfirmed fundraising target of up to $69.3 billion.