Anthropic’s IPO prospectus is out. Even the bulls want a discount
A $700 billion discount can still buy a very expensive future
The credit squeeze
Musk declares an AI cloud crisis. He’s already borrowed $40 billion
Paid-for GPUs. Unfinished buildings. No next loan
Household finance
A record bet on stocks. AI is carrying the rally
Record stock exposure meets a rally riding on AI
Stories
AI infrastructure
Bring your own power. Pay the neighbors a dividend
The AI boom gets a bill from the neighbors
Earnings season
SpaceX beats Wall Street. AI now generates more than half its revenue
AI takes the lead—and a $16.4 billion investment bill
The economics of open data
Trillions of tokens on someone else’s tab
Ready-made training corpora carry a compute bill someone else paid
Imagerly.Ai · No. 29 · October 2026