On April 14, 2026, Anthropic disclosed that its annualized revenue had jumped from $9 billion at the end of 2025 to $30 billion by the end of March — driven largely by demand for its coding tools. This is a tripling in one quarter that has left some OpenAI investors wondering if they overpaid. OpenAI (the San Francisco-based AI company valued at $852 billion in its latest private round) now faces skepticism from its own backers, according to the Financial Times. One investor who has backed both companies told the FT that justifying OpenAI’s round required assuming an IPO valuation of $1.2 trillion or more — making Anthropic’s current $380 billion valuation look the relative bargain.
The secondary market tells a similar story. Demand for Anthropic shares has grown nearly insatiable while OpenAI shares are trading at a discount. OpenAI CFO Sarah Friar pushed back, telling the FT that the company’s $122 billion raise — the largest private fundraising in history — was evidence of continued investor confidence. Not everyone is persuaded. Jai Das, president of investment firm Sapphire Ventures (who has no stake in either company), told the FT he saw OpenAI as the Netscape of AI, a reference to the once-dominant browser that was overtaken by Microsoft and eventually absorbed by AOL. Altman has been here before. During his tenure leading Y Combinator (a Silicon Valley accelerator known for early bets on Airbnb and Stripe), aggressive valuation inflation left some portfolio companies financially stranded while others proved worth every penny and then some.
Fluidstack Doubles Its Valuation — And Draws Jane Street
Fluidstack (a UK-founded startup that builds specialized data centers for AI companies) is in talks to raise $1 billion at an $18 billion valuation, potentially led by Jane Street (a quantitative trading firm), Bloomberg reports. Should this deal come to fruition, it would more than double Fluidstack’s valuation in a matter of months. In December, the company was reportedly raising around $700 million at a $7.5 billion valuation, sources told Bloomberg at the time, although it didn’t formally announce the close of that round. That round was said to be led by Situational Awareness (an AGI-focused fund founded by former OpenAI researcher Leopold Aschenbrenner), and backed by Stripe’s Collison brothers, former GitHub CEO Nat Friedman, and the AI investor and entrepreneur Daniel Gross. Talks were apparently still ongoing for this round in February, at least with Google, which was considering kicking in $100 million to the round, The Wall Street Journal reported.
There’s good reason for the hype. In November, Anthropic announced that it had signed a $50 billion deal with the startup to build data centers custom-designed for its needs in Texas and New York. Unlike hyperscalers like AWS, which serve all kinds of computing needs, Fluidstack’s infrastructure is built specifically for AI. The deal was a huge vote of confidence for Fluidstack, a company that was relatively unknown in the U.S. This partnership is so significant that Fluidstack — which was spun out of Oxford and had been a rising star in Europe’s AI scene — relocated its headquarters from the U.K. to New York. Last month, it also pulled out of a key €10 billion AI project in France, Bloomberg reported, to focus on U.S. opportunities. In addition to Anthropic, it counts Meta, Poolside, Black Forest Labs, and others as customers.
Amazon Buys Globalstar — And Takes Apple’s Satellite Business
Amazon announced on April 14, 2026, that it signed a merger agreement to buy satellite operator Globalstar for an estimated $11.6 billion and entered into an agreement with Apple to provide satellite service for iPhones and Apple Watches. Amazon said that buying Globalstar will help it enter the Direct-to-Device market in which satellites provide connectivity to mobile phones. Panos Panay (Amazon’s senior VP of devices and services) said the Apple deal will make Amazon the “primary satellite service provider for iPhone and Apple Watch.” The current Globalstar service works with the iPhone 14 and later models, and the Apple Watch Ultra 3, allowing users to text emergency services, message friends and family, request roadside assistance, and share their location. Amazon said it will continue to support those Apple device models and collaborate with Apple on future satellite services using Amazon Leo’s expanded satellite network — the company’s satellite network formerly known as Kuiper Systems.
Globalstar stockholders will be given a choice between $90 in cash per share or 0.3210 shares of Amazon common stock with a value capped at $90.00 per share. The final deal value may fluctuate based on Amazon’s stock price. Amazon’s press release includes a quote from Greg Joswiak (Apple’s senior VP of worldwide product marketing). “Apple and Amazon have a long and proven track record of working together through Amazon’s core infrastructure services, and we look forward to building on that collaboration with Amazon Leo,” he said. The merger is expected to close in 2027, subject to regulatory approval. Beginning in 2028, Amazon Leo will deploy its own next-generation D2D satellite system, allowing Amazon to deliver more advanced voice, data, and messaging services to mobile phones and other cellular devices. Globalstar reportedly held talks with SpaceX about selling to Musk’s company last year.
Anthropic’s Mythos Passes the First Full-Range Cyberattack Test
Last week, Anthropic announced it was restricting the initial release of its Mythos Preview model to “a limited group of critical industry partners,” giving them time to prepare for a model that it said is “strikingly capable at computer security tasks.” Now, the UK government’s AI Security Institute (AISI) has published an initial evaluation of the model’s cyberattack capabilities that adds some independent public verification to those Anthropic reports. AISI’s findings show that Mythos isn’t significantly different from other recent frontier models in tests of individual cybersecurity-related tasks. But Mythos could set itself apart from previous models through its ability to effectively chain these tasks into the multistep series of attacks necessary to fully infiltrate some systems.
Where Mythos showed more relative cyberattack potential is in “The Last Ones” (TLO), a test range that AISI set up to simulate a 32-step data extraction attack on a corporate network. The test, which requires chaining dozens of steps together across multiple hosts and network segments, was intended to simulate the kind of sustained operations that would take a trained human roughly 20 hours to complete. Here, Mythos outshone all previous models, becoming the first model to solve TLO from start to finish, AISI said. While Anthropic’s new model only succeeded in 3 out of 10 attempts, even the average Mythos Preview run completed 22 of the 32 required infiltration steps, significantly higher than the 16-step average achieved by Claude 4.6. Overall, Mythos’ performance on TLO suggests that the model is at least capable of autonomously attacking small, weakly defended and vulnerable enterprise systems where access to a network has been gained, AISI writes. But as future models match or outperform Mythos’ capabilities, AISI warns that those designing system protections should similarly utilize AI models to help harden their defenses.
The lesson in Anthropic’s March revenue surge is that the market rewards execution over valuation theater. OpenAI’s backers assumed a $1.2 trillion IPO was plausible — Anthropic simply shipped a product that tripled revenue in 90 days. The same dynamic is playing out in infrastructure: Fluidstack doubled its valuation not by raising more capital, but by signing a $50 billion contract with Anthropic and relocating from the U.K. to New York to execute on it. Amazon’s $11.6 billion Globalstar acquisition shows how quickly the satellite connectivity market is consolidating — and how much vertical integration matters when you’re competing with SpaceX. Mythos Preview’s ability to autonomously complete a 32-step cyberattack suggests that AI offense is now outpacing AI defense, which means every enterprise security budget is about to get a lot bigger. If this was useful, drop a like or comment below. More signal, less noise — every time.
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