Finance News · Tuesday, 27 October 2026

01 Briefing what happened

Anthropic makes its share-sale papers public, showing $974 million of operating profit in one quarter, and chip shares rise from New York to Seoul

Anthropic's papers show $16.3 billion of sales in six months, a $974 million quarterly operating profit and years of computer rent owed; chip shares rose, Brazil's shares fell about 17%, Meta plans $95 billion of new shares, and Pakistan raised its rate to 12%.

$974m

of profit from running its business, in April to June

about 8 cents on each dollar of its $11.6 billion of sales that quarter [5]

$2.08

of sales for every $1 spent on computing, April to June

up from 40 cents in the first three months of 2025 [5]

11,900

customers paying it at least $100,000 a year

against about 950 a year earlier, and none brings in more than 10% of sales [5]

$112.4bn

of cash held at the end of June

it had raised $141.1 billion in all by then [13]

The lead story — what happened

Anthropic, the US company that makes the Claude AI models, made its share-sale papers public on Monday. [1][6] A company must publish these papers before it sells shares to the public for the first time. [6] Its shares will trade on the Nasdaq, a New York stock exchange, under the name ANT. [1][13]
The papers confirm figures reported before they were published: $16.3 billion of sales and an $80.7 billion loss from January to June. [1][13] About $72 billion of that loss was an accounting charge on loans that can turn into shares, not money spent. [13] Its sales were $386 million in all of 2024 and $4.585 billion in 2025. [6]
What the public papers add: from April to June it made $974 million of operating profit, the profit from running the business, on $11.6 billion of sales. [5] That is about 8 cents on each dollar of sales. [5]
In the same three months it took in $2.08 of sales for each dollar it spent on computing, up from 40 cents in early 2025. [5]
More than 11,900 customers paid it at least $100,000 in the year to September, against about 950 a year earlier. [5][13] No single customer brought in more than 10% of its sales. [5]
Most of its sales come from customers who pay for what they use and can cut back at little notice. [4] Much of the rent it pays for computers is owed whatever happens. [4] Customer spending fell about 20% in the two weeks to 2 January, then recovered. [4]
It had $112.4 billion in cash at the end of June. [4][13] Banks and Blackstone, an investment firm, are lining up $63 billion to buy computing gear from Broadcom, a chip designer, and rent it to Anthropic. [2]
The papers do not say how many shares it will sell, or how much it will ask for each one. [1] The Wall Street Journal reported it may set out those terms in about two weeks and start trading in the week of 16 November. [13]
Goldman Sachs and Morgan Stanley lead the 22 banks selling the shares. [1] Morgan Stanley will also oversee the shares' first days of trading, to keep the price steady. [1]
On Wall Street the S&P 500, an index of 500 big US companies, rose 0.7% on Monday, and the Nasdaq index rose 0.8%. [10] Broadcom, AMD and Nvidia, which make the chips AI runs on, each rose more than 2% in morning trading. [9]
In Asia on Tuesday, South Korea's Kospi index jumped more than 4% and SK Hynix, a memory-chip maker, rose 7%. [11] Japan's Nikkei index rose 2.2%, and Advantest, which makes chip-testing machines, jumped more than 10%. [11]
SpaceX, the last share sale this size, sold its shares at $135 in June. [8] They closed their first day at $160.95 and stood at $147.49 last Friday. [12]

2024, full year$0.39bn

2025, full year$4.59bn

2026, Jan to Jun only$16.29bn

Anthropic's sales by its own papers. The last bar is only half a year.

Who is involved

Anthropic

a US company, founded in 2021, that makes the Claude AI models; it published its share-sale papers [1]
Dario and Daniela Amodei

brother and sister, Anthropic's chief executive and president; with five other founders they control 50.1% of the votes through one special share [8][7]
Goldman Sachs and Morgan Stanley

two big US investment banks; they lead the sale, as they did SpaceX's [1]
Broadcom

a US chip designer and one of Anthropic's biggest suppliers; banks are raising $63 billion to buy its gear for Anthropic [2]

How it unfolded

2021 Anthropic is founded by researchers who left OpenAI [1][6]
May 2026 a funding round values it at $965 billion [1]
June it files its papers in private with the US markets regulator [6]
26 Oct the papers are made public, and chip shares rise [1][9]
Week of 16 Nov trading is planned to start, the Wall Street Journal reported [13]

Where this points

The banks' price range for the shares is due next, in about two weeks, the Wall Street Journal reported. It will show whether buyers still talk of a value near $1.5 trillion, the figure some investors discussed this month, or nearer $2 trillion. [13][1]

Signals on this beat

The bar and the word are our reading of how hard each one is pushing, and the arrow is where it is heading.

AI companies raising money High↑

Meta, which owns Facebook and Instagram, plans to sell up to $95 billion of new shares to pay for AI. [18] SpaceX's newest chip loan costs it up to 8.75% a year, against 6.65% on its first bonds four months ago. [20] Banks and Blackstone are raising $63 billion to buy chips for Anthropic. [2]

Elections moving prices High↑

Brazil's main share index fell about 17% on Monday after the president, Lula, won a vote markets expected him to lose. [14][16] Dealmakers expect a US antitrust review to get tougher if Democrats win the midterms next month, which hangs over DoorDash's talks to buy Instacart. [25] Canada's prime minister said the US had moved closer to Canada's position in trade talks eight days before the vote. [49]

Borrowing costs rising Building↑

Pakistan's central bank raised its rate by half a point to 12% on Monday. [33] Brazil's Treasury cancelled two government bond sales after its markets fell. [15] Analysts say higher long-term rates are eating into the capital of banks that lend in Asia. [24]

The Iran war's fuel bill High↓

Oil fell about 1% on Tuesday as Saudi Arabia, Turkey and Pakistan held talks with Iran's officials in Tehran. [37] JetBlue, a US airline, paid 61% more for fuel in July to September than a year before. [40] Senegal's revised budget adds energy subsidies and cuts building plans. [47]

Big firms buying and selling parts Building↑

EQT agreed to buy Range Resources and create the biggest US gas producer. [27] Applied Materials will more than double its stake in BESI, a Dutch chip-equipment maker. [31] Galp, a Portuguese oil company, ended merger talks with Moeve of Spain. [30]

The rest of the day

28 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

02
Brazil's shares have their worst day

Brazil's main share index, the Ibovespa, fell about 17% on Monday, its first trading day since Lula won Sunday's presidential run-off. [14][16] Trading stopped for 30 minutes after a 10% fall, under a rule that pauses the market when prices drop too fast. [15] The US dollar rose more than 12% against Brazil's real, to 5.6055. [14] Markets had expected Flavio Bolsonaro to win and cut government spending, and prediction markets gave him a more than 75% chance on Friday. [15] Brazil's Treasury cancelled its bond sales for 27 and 29 October. [15]

-17%Ibovespa share index
+12%US dollar in reais
Brazil on Monday: shares fell about 17%, and a dollar cost about 12% more reais.

Why it matters — Brazil's government debt is above 82% of its economy, so lenders asking higher rates add to that debt. [17][15] Investors now wait for Lula's choice of finance minister. [15]
03
Brazil's fall reaches New York and new share sales

In New York, shares of Nu Holdings, a Brazilian online bank, fell 21%, and MercadoLibre, an online shopping company, fell 10%. [14] About $6 billion of company share sales planned for after the election were derailed. [17] Before the run-off, Brazilian shares had closed Friday almost 7% above where they stood before the first round. [15]

Why it matters — Much of the fall was investors undoing bets they had made on a Bolsonaro win, an analyst at eToro, a trading app, said. [14]
04
Meta plans to sell $95 billion of shares

Meta, which owns Facebook, Instagram and WhatsApp, said on Monday it plans to raise up to $95 billion by selling new shares, to pay for AI data centres. [18][19] About $35 billion will be sold now, and Nvidia, AMD and Broadcom may buy up to $5 billion of that. [18][11] The other $60 billion will be sold over time as new shares with no votes, so Mark Zuckerberg keeps control. [18] It is Meta's first new stock since 2013, and bigger than Google's $85 billion sale this year. [19]
- Sold now$35bn · 37%
- Sold over time, no votes$60bn · 63%
Meta's planned $95 billion share sale, in two parts.
Why it matters — The no-vote shares let Meta raise money without weakening Zuckerberg's control. [18] Its own chip suppliers could become its shareholders. [18]
05
SpaceX's chip loan costs more

SpaceX, Elon Musk's rocket and satellite company, will pay up to 8.75% a year on the most expensive part of its new $40 billion loan, Semafor reported. [20] It paid 6.65% on its first company bonds four months ago. [20] The loan is with a group run by Apollo, an investment firm, and pays to rent chips for its data centres. [21][11] Semafor puts at least 0.25 points of the gap down to the US central bank's rate rises, and the rest to doubts about AI. [20]

Why it matters — Semafor says the gap adds hundreds of millions of dollars to SpaceX's interest bill. [20] Musk says lenders have almost stopped lending to AI firms with no other income. [20]
06
Korea's chip shares jump

South Korea's Kospi index jumped more than 4% on Tuesday morning. [11] SK Hynix rose 7% and Samsung Electronics 4.8%, after Anthropic's papers lifted chip shares in New York. [11] The day before, Goldman Sachs, a US bank, cut its 12-month target for the Kospi from 12,000 to 9,000. [36] The index has fallen more than 35% from its June peak, after rising about 120% earlier in the year. [36]

Why it matters — SK Hynix and Samsung led Korea's rise this year, so the index swings with news about AI. [36] Goldman's new target still sits more than 60% above where the index was. [36]
07
HSBC's profit rises but its shares fall

HSBC, Europe's biggest bank, made $9.63 billion before tax in July to September, up 32% from a year earlier. [22][23] Analysts had expected $9.69 billion. [22] A year ago it set aside $1.4 billion for legal costs, which it did not need to repeat. [22] It will buy back up to $1 billion of its own shares. [22] Its shares fell 4.3% in Hong Kong to HK$136.10, the lowest since 11 June. [23]

$9.69bnExpected profit
$9.63bnActual profit
HSBC's profit before tax for July to September. It was up 32% on a year ago, and still just short of forecasts.

Why it matters — Standard Chartered and DBS of Singapore, two other banks that lend across Asia, report on Wednesday and next week. [24] Analysts say rising long-term rates cut the value of the bonds these banks hold. [24]
08
DoorDash nears a deal for Instacart

DoorDash, a US food-delivery app, is in exclusive talks to buy Instacart, a grocery-delivery app, Semafor reported. [25] Dow Jones, a US news agency, reported the deal could come this week and value Instacart at about $17 billion. [2] Instacart's shares were worth about $12 billion, and DoorDash's about $75 billion. [25] DoorDash's last attempt, in 2021, failed over price and fears of a competition review. [25] Instacart also said it will close its smart shopping-cart business, at a cost of $55 million to $80 million. [26]

Why it matters — One company would then deliver both restaurant meals and groceries, against Amazon and Walmart. [25] Dealmakers expect US competition checks to get tougher if Democrats win next month's midterm elections. [25]
09
EQT buys Range Resources

EQT, a US natural gas producer, agreed on Monday to buy Range Resources, another gas producer, in a deal worth more than $50 billion including debt. [27] Range's owners will get 0.987 EQT shares for each share, about 20.6% more than Range's shares were worth on Friday. [27] The joined company will produce more than 9 billion cubic feet of gas a day from the Appalachian Basin. [27] EQT expects $325 million of yearly savings within two years. [27]

Why it matters — US gas producers are growing to sell to power-hungry data centres. [27] Range's shares rose about 10% before trading opened, while EQT's fell 4.6%. [27]
10
Apollo buys into Abu Dhabi's Mubadala Capital

Apollo, a big US investment firm, is buying nearly 10% of Mubadala Capital, CNBC reported. [28] Mubadala Capital is the fund-management arm of Mubadala, a state investment fund of Abu Dhabi. [28] Apollo will also put $5 billion into its funds. [29] Its core business manages about $60 billion. [29]

Why it matters — Wall Street firms want closer ties to Abu Dhabi's funds, which control about $1.8 trillion, even during the Iran war. [29] Mubadala Capital gets a wider pool of outside money. [29]
11
Galp and Moeve call off a merger

Galp, a Portuguese oil company, said on Monday it could not agree to join its refineries and fuel stations with those of Moeve. [30] Moeve is a Spanish company owned by Mubadala of Abu Dhabi and Carlyle, a US investment firm. [30] The talks had run for several months. [30] ECO, a Portuguese news site, reported that Galp's chair, Paula Amorim, did not accept Moeve's demands. [30]

Why it matters — Both companies say they will carry on alone. [30] Galp's fuel business rests on its network of stations in Portugal. [30]
12
Applied Materials doubles its BESI stake

Applied Materials, a US maker of chip-making machines, will raise its stake in BESI, a Dutch chip-equipment company, to about 20% from 9%. [31] The two have worked together since 2020 on hybrid bonding, a way of joining chips closely together that is used in the fastest chips. [31] The purchase still needs a US competition review. [31] Applied says it will not go above 20% or seek a board seat. [31]

Why it matters — Hybrid bonding is used in the fastest chips, so the stake ties Applied more closely to a key AI technology. [31]
13
IDG leads bids for an ASMPT unit

IDG Capital, an investment firm, is the leading bidder for a unit of ASMPT, a Hong Kong-listed maker of chip equipment, three people told Reuters. [32] The unit makes machines that place parts on circuit boards, sold for AI servers and electric cars. [32] It could be valued at more than $1 billion, while ASMPT wants $1.5 billion. [32] FountainVest and Triton, two other investment firms, also looked at it. [32]

Why it matters — ASMPT wants to focus on equipment for making chips themselves. [32] A deal could come in the coming weeks, but its terms are not settled. [32]
14
Pakistan raises its rate to 12%

The State Bank of Pakistan, the country's central bank, raised its main interest rate by half a percentage point to 12% on Monday. [33] A group for foreign investors said the rise was needed to hold down prices while energy costs are high. [33] The FPCCI, Pakistan's biggest business lobby, called 12% uncompetitive for factories already paying high power bills. [33] Large factories grew 1.9% in July and August. [33]

Why it matters — Higher rates make loans dearer for Pakistan's factories and exporters, the FPCCI says. [33] Its members want the rate cut below 10%. [33]
15
China's factory profits rise while tech shares sink

Profits at China's big industrial firms rose 14.4% in September from a year earlier, the fastest since June, official data showed on Tuesday. [34] For January to September they rose 15.5%. [34] AI and chip firms did best, while makers of clothes, cars and furniture did worse. [34] Yet the STAR 50 index of Shanghai tech shares has fallen 40% since June. [35] About $2.4 trillion has been wiped off China's stock markets since May, Bloomberg counts. [35]

Why it matters — Shoppers in China still spend little, so profits are rising mainly in a few industries. [34] AI firms make up over 40% of the value of shares in China and Hong Kong, Goldman Sachs says. [35]
16
Oil eases on talks in Tehran

Brent oil, the main world price, fell $1 to $114.81 a barrel early on Tuesday, Reuters reported. [37] Saudi Arabia, Turkey and Pakistan held talks with Iran's officials in Tehran on Monday, and agreed to keep talking. [37] US President Donald Trump said he was close to deciding whether to make a deal with Iran or strike again. [38] Houthi attacks on Saudi Arabia went on. [37]

Why it matters — Brent was above $117 last week, its highest since April. [37] Hopes of a deal pulled the price down, while the Houthi attacks kept it from falling far. [37][38]
17
Visa and Mastercard face a 5 billion pound claim

Two law firms, Harcus Parker and Hausfeld, asked the UK's Competition Appeal Tribunal, a court for competition cases, to let them sue Visa and Mastercard for UK businesses. [39] They say the card companies' fees have been too high since October 2020. [39] People close to the claim put it at about 5 billion pounds. [39] Mastercard called it speculative. [39]

Why it matters — If the court agrees, about a million UK firms with sales under 100 million pounds would be included unless they opt out. [39] Shops pay these fees every time a customer pays by card. [39]
18
JetBlue's loss grows on fuel

JetBlue, a US airline, lost $257 million in July to September, against $143 million a year earlier. [40] Its fuel bill rose 61% to $868 million. [40] Its average fare rose 19% to $245.11. [40] Its shares had fallen more than 40% this month, and rose about 11% after hours on Monday. [40] It has $8.4 billion of debt and $2.2 billion of cash and credit to hand. [40]

Why it matters — Higher fares are passing part of the fuel cost on to passengers. [40] A group of its biggest lenders is working with a debt adviser, the Wall Street Journal reported. [40]
19
Foreign funds keep leaving India

Foreign investors sold Indian shares worth 1,462 crore rupees, about $154 million, on Monday. [41] They have sold $4.75 billion in October and a record $32.56 billion this year. [41] On Tuesday India's index of IT company shares fell 2.3%, with TCS and Infosys, two of India's biggest IT firms, down as much as 3%. [42] Investors fear AI tools will take work from India's IT outsourcing firms. [42]

Why it matters — India has few large AI companies, which is one reason funds are moving to other markets. [41] The IT index is still down 12% over the past year. [42]
20
Indian brokers sell out borrowed bets

Indian brokers' loans to clients for buying shares fell by almost 3,000 crore rupees on Friday, data published late Monday show. [43] That is the biggest one-day drop since the figures began in January 2017. [43] Brokers sold clients' shares when oil prices rose and share prices fell. [43] The Nifty 50 index swung 415 points that day. [43]

Why it matters — When shares are bought with borrowed money, a fall can force sales, which push prices down further. [43] Big Indian funds bought shares that day and took up the selling. [43]
21
A Singapore fund to cut India's tax

UTI, one of India's largest fund firms, will list a fund in Singapore on 12 November that holds India's 50 biggest shares. [44] It invests through a fund in India rather than buying shares directly. [44] Its papers say this lets buyers avoid India's taxes on gains, of 12.5% on long holdings and 20% on short ones, under a tax treaty between India and Singapore. [44]

Why it matters — High taxes on gains are one reason foreign money has left India this year. [44] India's main share index is heading for its first yearly fall in 11 years. [44]
22
Dangote refinery share sale closes

The share sale in Nigeria's Dangote oil refinery closes on Tuesday, after 44 days, Semafor reported. [45] It is Africa's largest first share sale and is expected to raise more than $2 billion. [45] It was extended once by two weeks, and the company says it will not extend it again. [45] Investors in Botswana, Ethiopia and Kenya can buy in through certificates traded abroad. [45]

Why it matters — The head of the Lagos stock exchange says it could make Nigeria's number of share owners five times bigger. [45] African governments want more of their own savings to fund their companies. [45]
23
Sembcorp plans an India listing

Sembcorp Industries, a Singapore power company, is meeting investors about a share sale in India of its renewable energy unit, Bloomberg reported. [46] It could raise up to 3,750 crore rupees as early as December. [46] All the money would be new shares, used to repay loans. [46] The unit runs 3.6 gigawatts of renewable power plants in India. [46]

Why it matters — The timing and size of the sale can still change, the report said. [46] Temasek, Singapore's state investor, backs the company. [46]
24
Senegal's budget goes to a vote

Senegal's revised 2026 budget, about $13 billion, goes before parliament on Tuesday after its finance committee rejected it. [47] It cuts public building plans and spends more on energy subsidies as oil stays high. [47] Ousmane Sonko, the parliament speaker and former prime minister, says it cuts too much investment. [47] Senegal owed about $44 billion at the end of 2025, roughly its whole yearly economy. [47]

Why it matters — A new $2.2 billion loan from the IMF, the lender to governments in trouble, still needs final approval. [47] The IMF stopped its last loan after hidden debts came to light in 2024. [47]
25
A US warning over an Airbus loan

Jamieson Greer, the US trade chief, warned on Monday that a 3 billion euro loan to Airbus could put the US-EU tariff truce at risk. [48] The European Investment Bank, the EU's lending bank, agreed the loan in June for research. [48] Greer said his office had been given no details. [48] The two sides fought for 17 years over government help to Airbus and Boeing. [48]

Why it matters — Greer said the loan brings great uncertainty to trade in planes between the US and Europe. [48] Airbus, a European plane maker, competes with Boeing of the US. [48]
26
Canada says the US moved in trade talks

Canada's prime minister, Mark Carney, said on Monday that trade talks with the US had sped up slightly, because the US was moving closer to Canada's position. [49] Kevin Hassett, a White House economic adviser, had said a deal was very close. [49][50] A person close to the talks told Semafor that was overstated. [50] The US has put 50% tariffs on about $20 billion of Canadian goods. [49]

Why it matters — Trump told a rally a deal would be settled pretty soon. [49] Carney said he did not know whether Trump would keep to a deal this time. [49]
27
Two Abu Dhabi firms report higher profits

Adnoc Drilling, the Middle East's biggest drilling company, made $1.07 billion in January to September, up 0.7%, on record sales of $3.7 billion. [51] It will pay $350 million in dividends for the quarter. [51] Aldar, Abu Dhabi's biggest listed property developer, said its July to September profit rose 25% to 1.9 billion dirhams, about $517 million. [52] Its sales and rents rose 16.4%. [52]

Why it matters — Adnoc Drilling still expects about $5 billion of sales this year. [51] Mubadala, the state fund also in Apollo's deal, owns 28% of Aldar. [52]
28
Three US firms report

Whirlpool, a US maker of washing machines and fridges, said it is heading for a loss this year as raw material and fuel costs rise and sales fall. [2] Nucor, a steel maker, said profits at its steel mills more than doubled to $1.79 billion. [2] Verizon, a phone company, raised its outlook for the year and signed an AI deal with Amazon worth more than $2 billion. [2]

Why it matters — About one in three companies in the S&P 500 report their results this week. [11] Alphabet and Microsoft report on Wednesday and Amazon on Thursday. [11]
29
ConocoPhillips cuts jobs in Canada

ConocoPhillips, a US oil and gas producer, told staff on Monday it will cut jobs in Canada on Tuesday, Reuters reported. [53] It did not say how many. [53] The company has about 9,900 employees worldwide. [53] Last year it said it would cut 20% to 25% of its staff after buying Marathon Oil. [53]

Why it matters — It is cutting jobs while US oil sells for about $100 a barrel. [37][53]

02 Lesson why it matters

Why a company sells its first shares for less than buyers will pay

Banks set the first share price a little below what buyers would pay, so every share sells and the shares go up on day one.

The twist

A company gives up some money on its first day so that the sale cannot fail, because a share sale that fails in public makes every later one harder.

The picture

$135SpaceX sale price, June

$160.95End of its first day

SpaceX's shares in June: what buyers in the sale paid, and what the shares were worth when the first day of trading ended.

How it works

The company and its banks ask big funds how many shares they would buy, and how much they would pay
They set the price a little below what those orders say buyers would pay
Every share sells, and the price usually rises on the first day
The funds that bought are paid for the risk, and come back for the next sale
If buyers will not pay enough, the sale is put off rather than sold cheap

The same force, elsewhere today

Where this chain is also running, in today's other stories.

Brazil's fall reaches New York and new share sales

About $6 billion of share sales planned for after the vote were derailed once prices fell, the last step of the chain: put off rather than sold cheap.
Meta plans to sell $95 billion of shares

Meta lined up Nvidia, AMD and Broadcom to take up to $5 billion before its sale, the first step: find the buyers before the price is fixed.
Dangote refinery share sale closes

The refinery kept its sale open two weeks longer to gather more orders, so it would not have to close with shares unsold.
Sembcorp plans an India listing

Sembcorp is meeting investors before it fixes the size of its sale, which is the first step of the chain.

Where you've seen this

Concert tickets

a band sells tickets below what fans would pay, so the show sells out and the fans come back next tour

House auctions

the seller sets a low starting price to bring more bidders into the room

A new shop's opening day

early prices are cut so the queue forms and people talk about it

The catch

A first-day rise does not last on its own: SpaceX's shares closed their first day at $160.95 and were down to $147.49 last Friday.

And the whole of it

The founders, the banks, the funds that get the first shares and the savers whose pension funds buy later all stand in one sale at different places. Each sees its own price, and only the banks see the whole list of orders.

03 Truth what's really going on

What is really going on

Anthropic's papers show it now takes in $2.08 of sales for each $1 it spends on computers. [5] They also show it owes years of rent for those computers, while most of its customers can cut their spending at little notice. [4] Meta and SpaceX raised money for AI the same Monday, and lenders charged SpaceX more than they did four months ago. [18][20]

Why it works on us — A value of $1.5 trillion or $2 trillion is so large that it stops meaning much. The number a reader can check is smaller: $2.08 of sales for each $1 of computing. [5]

Who gains

Goldman Sachs and Morgan Stanley — They lead the sale of Anthropic's shares, after leading SpaceX's in June. [1]
Chip makers Nvidia, AMD and Broadcom — Their shares rose more than 2% on Monday. [9] Banks are raising $63 billion to buy Broadcom's gear and rent it to Anthropic. [2]
Range Resources' shareholders — EQT is paying them about 20.6% more than Friday's share price, in its own shares. [27]
SpaceX's new lenders — They will earn up to 8.75% a year on part of the $40 billion loan, against 6.65% on SpaceX's first bonds. [20]
Foreign buyers of Indian shares — UTI's Singapore fund lets them avoid India's 12.5% and 20% taxes on gains, through a tax treaty. [44]

Who pays

Brazil's government — Its Treasury cancelled two bond sales after Monday's fall, and lenders asking higher rates would add to its debt. [15]
Owners of Brazilian shares — Nu Holdings fell 21% and MercadoLibre 10% in New York on Monday. [14]
Pakistan's factories — They borrow at a 12% central bank rate after Monday's rise, which their lobby calls uncompetitive. [33]
JetBlue — Its fuel bill rose 61% to $868 million, and its loss grew to $257 million. [40]
UK businesses that take cards — If the claim is right, they have paid too much in fees on every card payment since October 2020. [39]

What nobody knows yet

Open questions from across today’s stories — ours included.

01

What Anthropic's shares will sell for.

The papers do not say how many shares will be sold, or what buyers will pay for each one. [1] Some investors have talked of a value near $1.5 trillion, down from about $2 trillion a week before. [1]
02

How much Anthropic really owes for computing.

The reports count different things. The filing lists $245 billion of minimum payments plus about $21 billion of short-term ones, and says its figures should not be added up. [13] Fortune counts $542 billion to $567 billion of commitments, and one analyst puts all its arrangements near $800 billion. [3][5]
03

Where Brazil's shares closed on Monday.

Dow Jones put the Ibovespa at 169,516 after a 17% fall, and Mint, an Indian paper, said it fell 17.3% to below 172,000. [14][16] The reports were written at different times of the day.
04

Who Lula picks to run Brazil's finance ministry.

Investors call it the first sign of how he will handle a government debt above 82% of output. [15][17] He is expected to choose in the coming weeks. [15]
05

What DoorDash would pay for Instacart.

Semafor said the price under discussion was not known, while Dow Jones reported about $17 billion. [25][2]
06

Where the oil price stood on Tuesday.

Reuters and CNBC put Brent at about $114.80, while AP gave $109.82. [37][38][11] They may be quoting oil for different delivery months; none of the reports says.
07

Whether Senegal's parliament passes its budget.

Its finance committee rejected the bill, and the vote is due on Tuesday. [47]
08

Whether the US and Canada are close to a trade deal.

A White House adviser said very close, and a person close to the talks told Semafor that was overstated. [49][50]

04 Hope carry this

Profits at China's big industrial firms rose 14.4% in September from a year earlier, after three years of falls that ended with a small gain in 2025.

Also true today

Investors in Botswana, Ethiopia and Kenya can buy a stake in the Dangote oil refinery in Nigeria, in Africa's largest first share sale, which closes on Tuesday.