Bitcoin (BTC) in Focus as Anthropic Nears $2 Trillion IPO on Nasdaq

Anthropic Targets Positive Q3 Before Nasdaq Debut

Anthropic has told investors that its adjusted operating income will stay positive for another quarter, a milestone the AI lab is banking on ahead of one of the largest public offerings ever attempted. People familiar with the matter say gross margins are running above 80% before the costs of training new models and before revenue-sharing payments to partners such as Amazon. The company has settled on Nasdaq for the listing, in a float that could value it at more than $2 trillion — a figure that would eclipse the $1.77 trillion at which SpaceX went public in June. The prospectus, originally expected last week, has not yet been published; instead a select group of investors is reviewing the documents and supplying feedback ahead of the public release. The profitability picture looks strong on the numbers we are looking at: the second quarter delivered adjusted operating profit on revenue of $11.5 billion, a 14-fold year-on-year increase, and the annualized run-rate had climbed to $65 billion by late July, up from $9 billion at the end of last year. An FT post on X indicates a third profitable quarter is expected for Q3 — a signal skeptics who questioned whether heavy AI spending could coexist with a listing will scrutinize closely.

An FT post on Xhttps://x.com/FT/status/2099266801523736883?s=20

Nvidia Weighs $10 Billion IPO Stake

Nvidia is negotiating an investment of up to $10 billion in Anthropic's offering, according to people with direct knowledge of the talks, which would make the chipmaker a cornerstone early backer of the listing. The IPO itself could raise as much as $100 billion at an approximate $2 trillion valuation, ranking among the biggest offerings in history. Terms remain fluid, the discussions are confidential, and neither company has formally commented. For Nvidia, a pre-listing stake would deepen ties with one of its most important AI compute customers. The chipmaker is meanwhile expanding from silicon into full-stack infrastructure: it recently agreed to buy Hugging Face, the model hub with more than 18 million developers and over 3 million models, for $12.9 billion — a deal CEO Jensen Huang framed as securing a core development platform. Anthropic, for its part, has been locking up energy. Under a 20-year agreement with Bitcoin (BTC) miner Riot Platforms, it has secured roughly 191MW of capacity at the Rockdale, Texas data center in a deal reported at about $9 billion — a wager that abundant natural gas and grid power have become core strategic assets for AI.

SEMICON Taiwan: Packaging Capex Doubles

The demand underpinning Anthropic's projections was on display at SEMICON Taiwan, where the equipment and materials supply chain mapped an upgrade cycle driven by AI's power and performance ceilings. Outsourced assembly and test providers — ASE, SPIL and Powertech among them — are pouring capital into 2.5D/3D advanced packaging once monopolized by foundries, with most reporting capex increases exceeding 100%. TSMC plans to bring in ASML's High-NA EUV tools around 2030, a deliberately delayed adoption aimed at best cost-efficiency. Thermal management is fragmenting into rival routes: synthetic diamond heat spreaders remain in R&D, constrained by small substrates and cost, while insulating silicon carbide is heading toward scale — Coherent showed a 12-inch SiC wafer at the show. Panel-level packaging (FOPLP) is advancing from concept toward volume production as wafer-level capacity tightens and prices rise, and glass substrates are emerging as the path to larger packages carrying more HBM and optical engines. The capex wave is lifting the wider semiconductor complex, from equipment vendors to designers such as Marvell Technology (MRVL). Readers tracking the market in real time can follow live spot and futures prices on Gate.

Power, Compute and the Bitcoin Miner Pivot

The thread linking these items is a capital cycle that has re-priced power and compute as tech's scarcest assets. Money that once chased every layer-1 blockchain narrative is now underwriting gigawatt-scale data centers — and Bitcoin miners, holding exactly that power, are the unexpected beneficiaries. Riot's reported $9 billion hosting arrangement with Anthropic shows the pivot from coin issuance to AI rent. Our read at COINOTAG: watch whether Anthropic's eventual Nasdaq filing confirms the $2 trillion range; miner share reactions will follow the prospectus, not the headlines.