AI company is preparing for IPO

A casual observer might think its valuation screams AI bubble, but Nvidia is not an obviously expensive stock

AI company Anthropic is expected to debut on public markets next month, aiming to raise up to $100 billion at a valuation of about $2 trillion. Revenue rose twelvefold last year to almost $4.6 billion, but the company still posted operating losses of more than $8 billion. It also anticipates spending $518 billion on cloud computing and infrastructure in coming years, underscoring the scale of capital required.

SAP completed a consolidation of its Irish entities during the year, and its main Dublin subsidiary paid a €157 million dividend to its European parent in 2025. Revenue rose 2.8% to €881 million, while operating profit climbed by almost 6% to €499 million. Finance income exceeded €771 million, including more than €509 million in dividends from other group companies.

Ryanair shareholders have mounted a major protest against an incentive plan that could pay chief executive Michael O’Leary €150 million. Under a deal agreed over the summer, O’Leary would receive options over 10 million shares, exercisable if the share price reaches €42 or post-tax profit rises to €4 billion. The plan is designed to replace his existing pay arrangement.

ECB Governing Council member and Central Bank of Ireland Governor Gabriel Makhlouf said he is uneasy that euro zone inflation is staying above 3% while growth has been slightly stronger than expected. He argued that even if the deposit rate rises to 2.5%, it would not restrain economic activity. His remarks suggest the ECB may need to keep raising interest rates.

Microsoft signed more than $130 billion of new data centre leases in the second quarter as it moves to expand computing infrastructure to serve AI-driven cloud demand. Capital expenditures jumped to $41 billion in the quarter, up 70 per cent year on year, while free cash flow fell 23 per cent to $19.6 billion. The results lifted the shares, which rose 9 per cent in after-hours trading.

SpaceX shares face pressure from a wave of insider selling as the company uses a staged lockup schedule rather than a standard uniform 180-day restriction. Some insiders will be able to sell after the first earnings report in August, with additional tranches unlocking over time. The tradable float is expected to reach 58% of total shares within 180 days, far above the less than 5% initially available after the IPO. The analysis argues that early gains were driven by scarcity, while a sustained increase in supply could create meaningful selling pressure.

SpaceX briefly climbed to a $2.97 trillion valuation, overtaking Microsoft and Amazon to rank as the world’s fourth-most valuable company. Yet the company posted a $9 billion net loss on $19 billion in annual sales, leaving it trading at more than 150 times revenue. The surge has fueled fresh scrutiny of “story-driven” valuations that lean on future promises rather than current profitability. The dynamic is being compared with Tesla, whose long-running premium has also been sustained by faith in growth narratives.