Anthropic Revenue Climbs to $16.8B, Anduril Tender Offer Nears $90B, Applied Intuition Fields $30B Offers

Private tech put up large numbers again this week. Anthropic reportedly told investors it generated $16.8B in revenue in the third quarter, Anduril is letting employees sell shares at a roughly $90B valuation, and Applied Intuition has reportedly received investment offers valuing it at $30B or more. Let’s dive in…

THIS WEEK’S BREAKING NEWS

Anthropic tells investors Q3 revenue rose to $16.8B

Anthropic told investors its third-quarter revenue rose about 45% to $16.8B and that it was profitable on an adjusted basis for a second straight quarter and cash-flow positive, according to the Financial Times. Adjusted operating margin was 11%. Growth is slower than earlier this year and below some backers’ expectations, ahead of a planned November IPO. (1)

STABLETON NEWS

Our Q3 market update is here

In Q3 2026, liquidity in private tech arrived before the IPO.

We saw the largest companies keep raising at higher valuations, with Databricks closing a $5 billion round at $190 billion. (2) Behind the big rounds, liquidity came well ahead of any listing, from OpenAI’s $7 billion employee tender to Anthropic shares trading as high as $1.5 trillion on secondary markets. (3, 4) The secondary market also set a new H1 record of $118 billion, showing how much allocators now rely on secondaries for liquidity while the most valuable companies stay private longer. (5)

Our latest Private Blue-Chip Tech Navigator looks at what this shift means and where the market is moving next, from the largest funding rounds and tender offers to the IPO pipeline.

Download the full Q3 2026 report below.

PORTFOLIO NEWS

Anduril employee tender offer values company near $90B

Anduril is letting employees sell shares in a tender offer at $94.80 each that values the company at roughly $90B, capped at $1.3B, and confirmed the report to CNBC. The offer opened Oct. 13 and closes Nov. 9, with employees in 16 countries eligible, per Bloomberg. The valuation compares with $61B in a $5B funding round closed in May. (6)

HD Hyundai and Anduril demonstrate unmanned vessel

HD Hyundai demonstrated an unmanned surface vessel with Anduril off Long Beach, California, using a 368-ton former U.S. Navy test craft fitted with HD Hyundai’s VAone autonomy package and Anduril’s Lattice software. The vessel ran autonomous navigation, formation sailing, and engine-failure response scenarios while controlled from shore. The companies plan to pursue the U.S. unmanned surface vessel program and expand globally. (7)

Anthropic commits 5% of shares to public good

Anthropic committed 5% of its shares to a new Public Benefit Fund, subject to stockholder approval, with 2% more at the board’s discretion for each 50% rise in value above an unpublished baseline. The fund will be a wholly owned LLC that bars lobbying and political giving. Anthropic says founder pledges and an employee match bring public-benefit commitments to roughly 20% of its shares. (8)

Applied Intuition reportedly fields offers at $30B valuation

Applied Intuition has received investment offers valuing it at $30B or more, according to The Information, citing people who have spoken to company leaders, and is likely to raise at least $1B in the next few months. That would double the $15B valuation from its June 2025 Series F. The offers are not a closed round, and the company has not announced a raise. (9)

Databricks simplifies serverless networking with new gateway

Databricks announced Private Network Gateway, a managed gateway that gives serverless workloads one connection into a customer’s private network instead of separate private endpoints for each resource. It’s in public preview on Azure and private preview on AWS, with Google Cloud in development. Databricks says over 75% of customers it interviewed cited network complexity as the main reason specific workloads stayed on classic compute. (10)

Tempo launches Zones privacy with Deel in production

Tempo, a blockchain for stablecoin payments, said on Oct. 14 that Deel is the first customer using its Zones privacy system in production, keeping contractor balances and payout history out of public view while Deel retains records for reconciliation and audit. Deel’s treasury deposit remains publicly visible. Zones is still in limited access, and the operator can read the ledger. (11)

DualEntry and Deel partner on payroll-to-ERP integration

DualEntry, an AI-native ERP, partnered with Deel through a native integration that maps Deel legal entities to DualEntry companies and payroll items to general ledger accounts. Payments made through Deel post into DualEntry as journal entries, covering contractors, employer-of-record and PEO employees, and Deel Payroll workers. The companies say it reduces manual re-entry of payroll data as workforces grow. (12)

Epic Games previews rebuilt launcher with Linux support

Epic Games released a preview of a rebuilt Epic Games Launcher, which it describes as vibe coded, running natively on Windows, macOS, and, for the first time, Linux. Epic says cold startup takes 5.47 seconds versus 10.07 for Steam, based on tests it commissioned from Keywords Studios. Fortnite will come to Linux once Epic’s rebuilt anti-cheat is ready, with no timeline given. (13)

Kraken parent to buy Lithuanian bank, expand lending

Kraken parent Payward signed a definitive agreement to buy Saldo Finance, the Finnish holding company of Lithuania-licensed Saldo Bank, which offers term deposits and consumer and business loans. Terms were not disclosed, and the deal is expected to close in 2027, subject to regulatory approvals. The FT calls Payward the first digital asset company to buy a bank in Europe. (14)

OpenAI offers academic labs free GPT-Rosalind access

OpenAI introduced the Rosalind Academic Plan, giving eligible U.S. university labs up to 30 Business Standard seats at no cost for up to 12 months, with access to its life sciences model GPT-Rosalind subject to trusted-access approval. The plan includes OpenAI’s frontier models but not API access. OpenAI says shared research data is not used for model training by default. (15)

Ramp raises $1.85B at $60B valuation

Ramp announced it raised $1.85B in a primary round at a $60B valuation, up from $44B in June, led by Dragoneer and co-led by Thrive Capital, Founders Fund, Sands Capital, and Avenir Growth. The company says annualized revenue exceeds $2B, it is cash-flow positive, and it serves 85,000 businesses with $275B in annualized purchase volume. Ramp has raised about $5B in total equity. (16)

Revolut pushes beyond banking with German mobile plan

Revolut launched Revolut Mobile in Germany at €14.99 a month, an eSIM-only plan with 120GB of full-speed data, unlimited calls and texts within Germany, and monthly cancellation. It runs on Telefónica Germany’s network and is operated by telecom firm 1GLOBAL, with rollout to Revolut’s 3 million-plus German customers over the coming weeks. The UK launch began in December 2025. (17)

Ripple Prime launches real-world asset perpetual swaps

Ripple Prime launched perpetual swaps linked to real-world assets for institutional clients, covering more than 100 reference markets including stocks, ETFs, metals, and energy. The swaps reference Trade.xyz contracts on Hyperliquid, with cross-margining, RLUSD collateral, and Virtu already trading. Bloomberg says open interest in real-world-asset perps across major venues has reached $9B in a year. (18)

Musk pledges SpaceX share for every U.S. child

Elon Musk said on X that next year he will give one of his SpaceX shares to every child in the U.S., calling it the “first of many.” CNBC calculates the gift at about $10.5B, based on roughly 72 million children and the Oct. 16 close of $146.03. Musk gave no details on eligibility or delivery, and Bloomberg reports he could use Trump Accounts. (19)

OTHER NEWS

Blue Origin plans $330M Florida expansion for launches

Blue Origin plans a $330M expansion of its Rocket Park campus at Cape Canaveral, due in summer 2027, to produce up to 150 New Glenn upper stages a year, plus two more launch and landing pads. It targets multiple flights per week by the end of the decade, though New Glenn has yet to return to flight after May’s launchpad explosion. (20)

ByteDance reportedly nears AI chip deal with MediaTek

ByteDance is in advanced talks to buy custom AI chips from MediaTek for its data centers, according to Bloomberg, which would make it MediaTek’s second major ASIC customer after Google. The volume has not been disclosed, neither company has commented, and Reuters could not verify the report. The talks follow ByteDance’s May agreement for millions of ASICs from Qualcomm. (21)

Celonis wins German patent ruling against SAP

A Munich court ruled that SAP’s Signavio Process Intelligence infringes a Celonis patent, issuing an injunction in Germany and establishing SAP’s liability for damages. SAP says the ruling covers one function and the product remains available, and it has appealed and challenged the patent’s validity. It is the first decision in a wider Celonis-SAP dispute spanning Germany, the UPC, and the U.S. (22)

Lovable operators back Vessla’s $3.3M pre-seed round

Stockholm-based Vessla raised a $3.3M oversubscribed pre-seed round led by Seedcamp, with backing from operators at Lovable and OpenAI, plus the Inception Fund and Tiny VC. The startup builds AI agents that run on property companies’ existing software to coordinate leasing, building operations, and investment planning. Vessla has not named customers. (23)

CERN and Mistral plan Large Physics Model for LHC

CERN and Mistral signed a statement of intent on Oct. 15 to form a long-term partnership on foundation models for scientific discovery, starting with a “Large Physics Model” for collider physics. It would train on billions of simulated Large Hadron Collider proton collisions and support tasks such as reconstructing collisions and identifying particles. No funding or timeline has been disclosed, and the model does not exist yet. (24)

Honeywell and Shield AI complete two-aircraft ISR mission

Honeywell Aerospace and Shield AI completed two autonomous flight demonstrations, including a coordinated two-aircraft ISR mission near Phoenix, in which one aircraft detected a target and passed its location to a second that delivered a payload. Shield AI says Honeywell’s first autonomous flight came six weeks after training began on Hivemind Enterprise, work estimated to normally take 54 weeks. (25)

CHART OF THE WEEK

AI now makes up more than 60% of unicorn value

The unicorn market has a new center of gravity, and it's AI.

AI unicorn value grew sharply in the first half of 2026 alone, outpacing everything the prior year managed in full. AI companies took nearly every one of the largest financings and drove most of new unicorn formation. Two names, OpenAI and Anthropic, accounted for more than half of all AI venture capital raised in H1, more than the rest of the field combined.

Even inside AI, capital is concentrating further. Vertical application startups make up most of the deal count, but the dollars keep flowing to the horizontal, foundational platforms underneath, the infrastructure layer allocators are betting will matter most. AI now represents the majority of value across the entire global unicorn market.

The Stableton Morningstar PitchBook Unicorn 20 strategy is built around exactly these private blue-chip technology leaders, the companies now driving the majority of value creation across the unicorn market.

THE UNTOLD UNICORN STORY

Applied Intuition: Powering autonomous intelligence

Applied Intuition CEO, Qasar Younis. (26)

Applied Intuition is advancing the global shift toward autonomy through sophisticated simulation and development software. Founded in 2017 by Qasar Younis and Peter Ludwig, the company enables developers to design, test, and validate complex autonomous systems safely and efficiently across automotive, defense, and robotics sectors.

The company’s software platform enables large-scale virtual testing, accelerating deployment while reducing risk and cost. Backed by institutional investors including BlackRock and Kleiner Perkins, Applied Intuition is positioning itself as a foundational architecture in vehicle intelligence. (27)

Fun Fact: Applied Intuition actively recruits former founders, and its careers page cites about 30 on the team. As co-founder Peter Ludwig explained: “Seeing on the resume that somebody started something, we consider that a very positive signal.” (28)

Did you know? Applied Intuition is one of the 20 companies in our Stableton Morningstar PitchBook Unicorn 20 strategy, a systematic, index approach that aims to outperform public benchmarks with low-cost fees, and without a performance fee. Click below for more information.

SOURCES

1 - Financial Times, 2 - CNBC, 3 - TechCrunch, 4 - Business Insider, 5 - Jeffries, 6 - CNBC, 7 - KED Global, 8 - Aljazeera, 9 - The Information, 10 - Databricks, 11 - The Defiant, 12 - Business Wire, 13 - BigGo Finance, 14 - Financial Times, 15 - Financial Times, 16 - Reuters, 17 - The Next Web, 18 - Bloomberg, 19 - CNBC, 20 - CNBC, 21 - Bloomberg, 22 - JUVE, 23 - Tech Funding News, 24 - CERN, 25 - Shield AI, 26 - The Information, 27 - TechCrunch, 28 - Applied Intuition