The Information : Anthropic Revenue Hits $4 Billion Annual Pace as Competition W

Anthropic Revenue Hits $4 Billion Annual Pace as Competition With Cursor Intensifies

Anysphere, the maker of Cursor, an artificial intelligence-powered coding app, has hired two leaders of Anthropic’s competing coding product, Claude Code, according to one of the leaders.

The move is notable because Cursor relies on AI from Anthropic to power its app and is one of Anthropic’s biggest customers.

The hiring underscores the frenetic nature of talent moves in the AI field this year. It also comes as Anthropic’s revenue is accelerating as businesses pay to access its Claude AI models. It reached a pace of $4 billion annually, or $333 million per month, up almost four times from the start of the year, according to people familiar with the finances.

The Takeaway
• Anthropic revenue has risen to $4 billion annualized• Anysphere, startup behind Cursor, hires two leaders of Anthropic’s coding assistant• Hiring could complicate relationship between Anthropic, Anysphere
Boris Cherny, who led the development of Claude Code, will join Anysphere as chief architect and head of engineering, starting this week, Cherny said. Cat Wu, the product manager for Claude Code at Anthropic, is joining as the head of product at Anysphere, he said.

Anthropic launched Claude Code in February as a standalone coding product powered by its models. Reflecting the popularity of assistants like Cursor, Amazon’s AWS and OpenAI have also launched their own coding products.

At Cursor, the two hires will work on developing “agent-like” features, which refers to automating complex coding tasks involving multiple steps, and other products, Cherny said.

Anthropic, now valued at $61.5 billion, has developed what many software engineers consider to be the best AI for generating or fixing computer code, and it even beat out OpenAI in this regard, according to OpenAI’s internal evaluations last year. That led Cursor to rely more on Anthropic models to power its app, which is known as an internal development environment that helps engineers debug code or ask questions about their codebase.

Cursor’s growth is also accelerating thanks to advances in Anthropic’s models and what developers say is an easy-to-use interface. The company said last month that it has surpassed $500 million in annual recurring revenue, or $42 million in revenue per month. That’s more than double its pace of $200 million in annual recurring revenue as of March. Anysphere’s valuation is $9.9 billion, up from $2.6 billion in December.

Both companies are grappling with the high costs of running AI software. Anthropic expects to burn $3 billion in cash this year after burning $5.6 billion last year.

Le Figaro : Football : la LFP annonce la création de sa propre plateforme dédiée

Football : la LFP annonce la création de sa propre plateforme dédiée à la diffusion de la Ligue 1

La décision, prise à l’unanimité par les clubs, a été entérinée par un conseil d’administration. Le service sera commercialisé 14,99 euros par mois avec engagement.

Le 15 août prochain, le Stade Rennais recevra l’Olympique de Marseille. Tandis que le PSG, champion en titre, se déplacera au FC Nantes. Si l’on connaît les neuf affiches de la première journée de Ligue 1, qui reprendra dans 6 semaines à peine, le suspens demeurait entier sur la manière dont ces matchs seraient diffusés. Les téléspectateurs peuvent être rassurés: il n’y aura pas d’écran noir. Mardi, dans la foulée d’un collège de Ligue 1, la Ligue de football professionnel (LFP) a organisé en urgence un conseil d’administration qui a avalisé la création d’une plateforme 100% Ligue 1, distribuée de manière non exclusive. «Les clubs ont été unanimes sur cette question», assure une source proche du dossier.

Ce qui était considéré en fin de saison dernière comme un plan B hautement hasardeux est devenu l’unique issue de secours du football français, à présent. Entre-temps, le miracle du milliard d’euros de droits TV a été définitivement enterré. La stratégie du patron de la Ligue, Vincent Labrune, s’est dégonflée comme une baudruche. Et la dernière saison a connu une fin en apothéose, qui s’est traduite par un fracassant divorce avec DAZN, principal diffuseur de la Ligue 1, sorti sous les huées des présidents de clubs.

Un tarif spécial pour les jeunes

Championnat de football français, année zéro... Tout est à reconstruire désormais. Appelé à la rescousse, Nicolas de Tavernost, le nouveau patron de LFP Media, la société commerciale de la Ligue chargée de ce brûlant dossier, a présenté mardi aux présidents de clubs réunis lors d’un collège, les contours de la future chaîne.

Si la Ligue produit déjà les matchs du championnat, le producteur des magazines d’avant et d’après matchs qui sera chargé également de la gestion des multiplex et des personnels éditoriaux, sera choisi d’ici à la fin de semaine. Le groupe Mediawan, dirigé par Pierre-Antoine Capton, est en compétition avec 21 Production, la filiale de l’Équipe. La Ligue est par ailleurs en phase active de recrutement de présentateurs et d’experts et avance sur le choix d’une plateforme technique.

Le nom de la chaîne a été déposé. Quant à son prix, «il est fixé à 14,99 euros par mois, pour huit matchs en exclusivité par journée de championnat», indique une source au fait du dossier. Un prix bas au démarrage, qui doit permettre de reconquérir les fans de foot, nombreux à avoir cédé aux sirènes du piratage. Dans un premier temps, le neuvième match continuera d’être diffusé par beIN Sports. La saison suivante, la chaîne Ligue 1 prévoit de récupérer cette rencontre afin de proposer toute la compétition en exclusivité. Une offre pour les jeunes, à moins de 10 euros par mois, pour un visionnage sur smartphones et tablettes, devrait également voir le jour.

Reste la question, cruciale, de la distribution de cette nouvelle chaîne. Les discussions avec Canal+, visant à rétablir un partenariat solide avec l’ancien diffuseur historique, n’ont pas abouti. Dans L’Équipe, son président du directoire, Maxime Saada, l’a annoncé avec fracas ce week-end. «C’est un rendez-vous manqué. Canal+ jette l’éponge». Le groupe, qui vient d’entrer en Bourse, a investi 480 millions d’euros pour diffuser les coupes d’Europe, dont la prestigieuse Ligue des Champions. Et il a engagé un programme de réduction des coûts assez significatif, afin d’améliorer sa rentabilité. «Canal+ a des contraintes fortes. Il n’a pas de marge de manœuvre pour assumer la distribution exclusive de la Ligue 1», analyse un expert du secteur. Il lui aurait fallu payer un minimum garanti conséquent pour l’obtenir débourser un montant conséquent.

«Maxime Saada a fait une Richard Nixon. Il a choisi en quelque sorte la démission plutôt que l’humiliation, estime un très bon connaisseur du groupe. Canal+ est sous la pression de la Bourse. Annoncer qu’il n’investira pas dans la Ligue 1 est aussi le moyen d’envoyer un message rassurant au marché», décrypte-t-il. La promesse, en clair, que la chaîne cryptée ne «cramera pas la caisse». Pour beaucoup de dirigeants de clubs, qui espéraient le retour de Canal+ sur le terrain, c’est sans doute une déception. Mais l’histoire n’est pas terminée. «Canal+ reviendra peut-être dans les prochaines années», imagine une source proche du dossier.

Nouer un maximum de partenariats

La Ligue, qui s’était préparée à un désistement de Canal+, va désormais tenter de nouer un maximum de partenariats afin d'assurer une distribution la plus large possible à sa chaîne. Selon nos informations, DAZN devrait distribuer la future chaîne. Des discussions sont en cours avec les opérateurs télécoms ainsi que plusieurs plateformes, comme Warner ou Disney. Ce qui laisse augurer de possibles bundles. Des négociations ont aussi débuté avec les fabricants de téléviseurs afin d’intégrer la future application.

Malgré le chaos autour des droits du foot, le produit Ligue 1 est plutôt bon, estime la Ligue. Après Paul Pogba attendu à Monaco, c’est Olivier Giroud qui a été recruté à Lille. Il n’y a jamais eu autant de monde dans les stades. Le PSG vient de remporter la Ligue des Champions... Charge à la nouvelle chaîne de proposer un traitement éditorial attractif. En février dernier, le directeur général de DAZN France, Brice Daumin, avait estimé dans une interview au Figaro qu’il fallait «améliorer et réinventer le produit Ligue 1». Étant donné que les patrons de clubs seront désormais propriétaires de leur chaîne, cela devrait faciliter l’ouverture des vestiaires, les interviews d’après-matchs, la pose de micro sur les arbitres etc... Bref, aider à faire vivre le championnat en dehors des matchs.

La Ligue s’est fixé un objectif ambitieux. Selon nos informations, elle espère recruter la première saison, au moins un million d’abonnés. De quoi renflouer les caisses? «Il y aura certainement deux saisons compliquées, le temps de constituer l’actif», prévient une source au fait du dossier.

Pour cette saison, la ligue ne partira pas de rien. Elle pourra compter sur l’indemnité de sortie de DAZN, d’un montant de 85 millions. La plateforme de streaming s’est aussi engagée à lui transférer sa base d’abonnés, estimée entre 600 000 et 700 000 personnes, valorisée 15 millions d’euros. À cela s’ajoute les droits TV de beIN Sports, soit 78,5 millions d’euros pour la diffusion d’un match, les recettes des droits TV à l’international, qui s’élèvent à 130 millions d’euros, le sponsoring... Un matelas, en somme, de près de 300 millions d’euros, auquel s’ajoutera le produit des abonnements.

Grignotés en partie par les coûts de production, soit une soixantaine de millions d’euros, les remboursements au fonds d’investissement CVC, actionnaire (13 %) de LFP Media, la taxe Buffet, les charges de la LFP etc... «Il y a un peu de cash dans la pompe au démarrage», reconnaît un expert du secteur. N’empêche «les clubs vont devoir apprendre à se sevrer des droits». Sans Canal+, la fête sera beaucoup moins folle.

FT : Citadel outshone by smaller hedge fund rivals in trade war turmoil

Citadel outshone by smaller hedge fund rivals in trade war turmoil
Ken Griffin’s flagship fund was up 2.5% in the first half of 2025, lagging behind Balyasny and ExodusPoint

Ken Griffin’s hedge fund Citadel has been outshone by smaller rivals so far this year, as the firm was stung by the market volatility unleashed by Donald Trump’s trade war.

Citadel’s flagship Wellington fund gained 2.5 per cent in the first half of 2025, according to a person familiar with the matter. Balyasny and ExodusPoint were up 7.3 per cent and 9.3 per cent respectively, according to people who have seen the figures.

Citadel, which manages around $66bn, is one of the dominant players among so-called multi-manager funds, a sector that has sucked in billions of dollars from the world’s largest investors. Balyasny and ExodusPoint manage roughly $25bn and $11bn respectively.

Multi-manager firms have legions of trading teams known as “pods”, which trade a variety of strategies in asset classes including equities, fixed income and commodities. They borrow large sums from banks to juice returns and adhere to strict risk management to control losses, making them attractive to big investors such as pension funds that desire stable returns.

Citadel was wrongfooted by Trump’s tariff policies earlier this year, with Griffin saying in May that the firm had to “tear apart and re-examine the portfolio . . . and ask yourself in what ways we have positioned or mispositioned ourselves against the reality that the odds of a recession have gone higher”.

Last year, Citadel eclipsed most rivals as it delivered 15.1 per cent to investors. It’s annualised net return since the firm was founded 35 years ago is roughly 19.2 per cent.

The Information : Insider-Led Rounds on Track to Beat 2021 Record

Insider-Led Rounds on Track to Beat 2021 Record


The Takeaway
• OpenAI, Anduril investments drive volume
• Value of investments on track to surpass 2021 record
• Thrive, Andreessen among investors that lead repeat investments

Venture capitalists are taking their biggest swings at the startups they’ve previously backed.

The total value of U.S. venture funding rounds led by investors that previously invested in the startups topped $69 billion as of mid-June, according to PitchBook. That’s already higher than the $67 billion volume of insider-led rounds for all of last year. If the pace continues, insider-led rounds will beat the record set in 2021 at the height of the zero-interest-rate investment boom.

Recent OpenAI and Anduril megarounds made up more than 60% of the total volume in deal value this year as existing backers took bigger stakes at higher prices.

Founders are using investment interest from their existing backers to get better terms, such as selling a smaller stake in the company than a new lead investor would require. Startups that choose returning investors can also skip some of the time-consuming aspects of fundraising, such as submitting to intensive reviews of financial operations and customers.

Startups “can just do a more bespoke round with insiders than you could if you were bringing in a new firm,” said Miles Clements, a partner at venture firm Accel.

In April, Clements approached enterprise software maker Linear before the startup had formally kicked off any fundraising efforts. He pitched the company’s founders by noting Accel, which was already on the board after investing in 2023, didn’t need another seat on the board and could limit dilution because it wasn’t a new investor. In June, Accel led the $82 million investment in Linear at a $1.25 billion valuation.

While the deal value of inside rounds has increased, the bets have become concentrated. Some 477 rounds were led by insiders so far this year, a figure that’s flat compared to this point last year. At that pace, the number of inside-led rounds will fall just short of last year’s figure of 1,004.

Firms such as Thrive, SoftBank and others are doubling down on companies they see as leading in AI, finance and defense tech. Peter Thiel’s Founders Fund, for instance, led Anduril’s first two rounds starting in 2017, after one of its partners co-founded the startup. It has also led investments last year and this year, bringing its total investment to $2 billion.

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SoftBank Group, meanwhile, is leading a $40 billion investment at a $300 billion valuation in OpenAI. The telecom conglomerate led by Masayoshi Son last fall invested $500 million in a round led by Thrive Capital that valued the ChatGPT maker at $157 billion; SoftBank also bought $1.7 billion in shares from employees and former OpenAI staff.

Thrive, which has backed OpenAI multiple times, is also concentrating investments into Anysphere, the startup behind coding assistant Cursor. In May, the New York-based venture firm led a $900 million financing into Anysphere after leading a round into the company in December.

Demand to back the fastest-growing companies has erased some of the stigma of inside rounds. In years past, such investments suggested the startups had difficulty raising money from new investors. The limited partners in VC funds have also worried that fund managers may pay too high a price for the investments, which can fatten a fund’s returns on paper.

The strategy pays off when a company does well. But when it falters, or collapses, the high prices the fund paid in later rounds exacerbates the fallout.

Sutter Hill Ventures, for instance, provided the seed investments for cybersecurity firm Lacework in 2015 and led at least three more rounds into the company. But the company eventually sold for around $200 million last summer, a fraction of its peak valuation of $8.3 billion.

IVP, meanwhile, led or co-led three investments in Hopin, a once high-flying virtual events company, whose valuation swelled to nearly $8 billion valuation in 2021. But after the end of the pandemic sapped demand for its software, Hopin sold off parts of its business for a fraction of its former price and liquidated its U.K. business.

Nonetheless, more firms are copying the likes of Founders Fund, which has built a strategy around concentrating its investments in the same set of companies. In addition to repeat investments in Anduril, the firm has also led five of the nine rounds in Ramp, most recently at a $16 billion valuation.

“There are just a finite number of businesses of a certain quality,” said Logan Bartlett, an early investor in Ramp and managing partner at Redpoint Ventures.

“If you are in one of them, it would be a totally logical thing to not let other people reap the benefits of the work you’ve already done.”

WSJ : Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings

Chinese AI Chipmakers Target $1.66 Billion in Onshore Listings
Beijing-based Moore Threads plans to raise $1.12 billion

Two Chinese AI chip companies aim to raise a combined $1.66 billion through initial public offerings, as China steps up efforts to achieve chip independence amid an escalating U.S-China tech competition.

Beijing-based Moore Threads plans to raise 8 billion yuan, equivalent to $1.12 billion, while Shanghai-based MetaX is targeting 3.9 billion yuan, according to prospectuses filed Monday with the Shanghai Stock Exchange.

Founded in 2020 by former Nvidia executive Zhang Jianzhong, Moore Threads specializes in designing graphics processing units for AI training. The company plans to use the IPO proceeds to fund new AI chip research and development and to bolster working capital.

MetaX, also founded in 2020 by former AMD employees including Chairman Chen Weiliang, focuses on full-stack GPU chips and related solutions. It intends to use the funds to support high-performance GPU research and development.

Both companies aim to list on Shanghai’s STAR Market, the tech-focused board of the Shanghai Stock Exchange.

Moore Threads was added to the U.S. entity list in October 2023, which restricts limits its access to American technology and equipment.

Despite rapid revenue growth, both companies continue to post steep losses as they expand and invest heavily in research and development.

Moore Threads’ revenue more than tripled to 438.85 million yuan in 2024, while its net loss narrowed but remained at 1.49 billion yuan.

MetaX’s revenue surged more than tenfold to 743.1 million in 2024, up from 53 million a year earlier. However, it posted a net loss of 232.5 million yuan, attributing it to the low market penetration of domestically produced chips, limited sales scale of its self-developed GPUs and high research and development costs.

WSJ : Iran Suspected of Scouting Jewish Targets in Europe

Iran Suspected of Scouting Jewish Targets in Europe
German authorities say a Danish national arrested last week is suspected of surveilling potential targets in Berlin

  • German authorities arrested a man suspected of spying on Jewish targets in Berlin for Iran.
  • The suspect, a Danish national, allegedly gathered information on Jewish community members and buildings.
  • The arrest raises concerns that Iran may be planning attacks abroad amid tensions with Israel and the U.S.

BERLIN—Iran is suspected of collecting information on Jewish targets in Berlin to prepare for possible attacks, German authorities said Tuesday following the arrest of an alleged spy working for Tehran.

The man, a Danish national identified as Ali S., was detained by Danish agents last week on the request of German authorities and is awaiting extradition to Germany, the general prosecutor’s office said.

In early 2025, Ali S. was ordered by an Iranian intelligence service to gather information about Berlin’s Jewish community and prominent Jewish personalities, the prosecutor’s office said.

Ali S. is then thought to have driven to Berlin and taken photographs of at least three buildings, including the seat of the German-Israeli Society and another where Josef Schuster, the president of the Central Council of Jews in Germany, had occasionally resided, according to a German official.

The official said Ali S., a Danish national of Afghan origin, was believed to have acted under the instructions of the Quds Force, an elite section of Iran’s Islamic Revolutionary Guard Corps that is mainly responsible for foreign operations.

The official said the investigation was still in an early phase and that it was unclear whether the surveillance would have led to an attack.

The Islamic Republic and its proxies in the Middle East have a long history of targeting domestic opponents, Jewish people and Israeli citizens around the world, going back to the years following the 1979 revolution that toppled the pro-Western Iranian monarchy.

Last week’s arrest could rekindle fears that a militarily weakened Tehran, destabilized by Israeli and U.S. strikes at home, could be turning to terrorism overseas to hit back at its enemies. The case bears some similarity to earlier Iranian intelligence operations in Germany.

In 2017, a Pakistani national was jailed for more than four years for gathering information about Reinhold Robbe, a center-left politician and former chairman of the German-Israeli Society, which authorities thought might have in preparation for an attack.

“The judge…established in his verdict that the agents had explored all possibilities to kidnap me—or worse,” Robbe told the Tagesspiegel daily recently. “I didn’t notice a thing.”

In late 2023, a court found a German-Iranian man guilty of planning to firebomb a synagogue in the city of Düsseldorf and said he had been encouraged to do so by contacts within Iran.