AI

Nicolas Cage is making it clear — he’s not an “AI-friendly actor.”

The 62-year-old actor spoke out against a tech giant during an appearance at New York Comic Con on Saturday. He alleged that he was asked to sign an artificial intelligence waiver for the television series “Spider Noir.”

“Amazon is a very AI-friendly company, to the tune of $50 billion invested in OpenAI,” Cage said on stage.

“I am not an AI-friendly actor, so it’s like, connect those dots! I’m not a member of their club. I didn’t sign the waiver to let him use AI on ‘Spider-Noir.’ I’m probably not going to be working with that studio again, but that’s OK.”

Amazon did not immediately respond to a request for comment.

The use of AI continues to be a major sticking point across Hollywood. Industry unions including SAG-AFTRA and the Writers Guild recently secured protections against technology in new contracts. But as AI evolves and AI actors like Tilly Norwood continue to make headlines, it’s still unclear exactly how the industry will be affected.

“Spider-Noir,” which premiered in May, is a “Spider-Man” project that put a 1930s crime-thriller spin on the web-slinging superhero. The show was produced by both Sony Pictures Television and Amazon MGM Studios.

Cage’s part as “The Spider” marked his first leading role in a series. The Oscar-winning actor, whose home in Malibu was recently affected by a sinkhole, is known best for his roles in movies like “National Treasure,” “Moonstruck” and “The Rock.”

Upon its release, “Spider-Noir” received much praise from fans and critics alike. In its first six weeks of streaming, the series earned 2.6 billion minutes watched, according to Nielsen. It was also Amazon’s most-nominated show at this year’s Emmys, with 11 nominations and five wins.

Last month, Amazon announced that the show was canceled after only one season, leaving much of the industry in shock.

During his Comic Con panel, Cage also said he plans to keep working in TV. He announced that he will be joining the HBO series “True Detective.”

“My agent’s out there somewhere listening,” Cage said. “That’s OK that I’m the first to announce that, right?”

WASHINGTON — China’s president issued a call from the White House on Thursday for artificial intelligence to remain “under human control” as the world’s two superpowers race for technological supremacy.

Xi Jinping’s remarks reflect growing concern within China over whether governments in Washington or Beijing will be able to contain a technology with potentially transformative capabilities, according to a U.S. official.

Lawmakers and AI industry leaders urged President Trump to use his summit with Xi this week to pursue a safety framework for AI, which researchers warn could soon surpass human understanding.

But Trump preempted the meeting with a post on social media stating he had no intention of negotiating limits on AI development.

“A big day with President Xi of China,” Trump wrote. “Super Intelligence (SI) will be a big topic of discussion, but I want to leave it exactly where it is. That is China’s position also. Our guardrail is the DOJ!”

After offering Xi a lavish welcome on the White House grounds, Trump made a passing reference to AI. “The decisions we make in these areas today can promote peace and prosperity for decades and decades to come,” he said.

But Xi gestured to substantial concerns, noting AI first among priorities to discuss between the two nations.

“Both China and the United States are leading nations in artificial intelligence,” Xi said. “We have both the capability and responsibility to develop and manage AI for good — and ensure that the development of AI is always under human control, and serves the well-being of the people.”

The two held a private meeting with aides in the Oval Office after participating in a military review in the Rose Garden and exchanging gifts in the Blue Room.

In the evening, a guest list of top banking and technology leaders — including AI industry executives — were scheduled to attend a state dinner in the East Room of the White House.

“Given Trump’s statements going into the summit about not wanting guardrails, I have tepid expectations about tangible outcomes” on AI, said Aalok Mehta, director of the Wadhwani AI Center at the Center for Strategic and International Studies.

“The most likely scenario seems to be the establishment of a hotline — though how useful that will be depends on who will be staffing it, and how much each government prioritizes it,” Mehta added, “and likely some discussions about issues blocking cooperation, like distillation, with a promise to engage in ongoing dialogue.”

Earlier in the week, on the sidelines of the United Nations General Assembly in New York, Treasury Secretary Scott Bessent met with his Chinese counterpart primarily to discuss AI development, according to U.S. officials.

“What we discussed was setting up a mechanism — so it’s going to be called the U.S.-China AI Dialogue. We’ve agreed to meet again,” Bessent said Monday. “The U.S. has proposed that we have a notification mechanism between the two countries, and we want a shared vision of common goals, and common threats.”

While Trump’s team has remained divided over whether — and how extensively — to regulate AI, Bessent has favored a cautious approach, advocating modest, voluntary guardrails that have shaped administration policy in recent months.

China, too, has shown increasing willingness to open channels of communication on AI, despite deep distrust between the two sides.

President Trump and China’s President Xi Jinping meet in the Oval Office on Thursday.

(Jacquelyn Martin / Associated Press)

Two American AI companies, OpenAI and Anthropic, are widely viewed to be developing the most advanced AI models in the world, leading at the frontier of technological breakthroughs.

Both have begun to use their most sophisticated models to train the next generation, in a process known as recursive self-improvement. Researchers and industry experts believe the first company to master that process could set off an exponential cycle of progress, pulling so far ahead that competitors can no longer catch up.

But those same companies also fear what they’re creating: machines capable of continuously improving their own intelligence, pushing AI development beyond human control.

Leaders from the two companies have called on Beijing and Washington to cooperate, warning that geopolitical competition could thwart the two sides from preventing a human catastrophe.

In his remarks, Xi said that China and the United States “stand to gain from cooperation, and will both lose in confrontation.”

“We do not need to avoid mentioning competition, but our competition should be a healthy one, and should be kept within bounds,” the Chinese president said. “It should be a race of catching up with one another, not a wrestle in which one either wins or loses. China and the United States must hold the line of no conflict, and no confrontation between us.”

“Our two militaries should maintain regular dialogue, and improve mechanisms for crisis communication and prevention,” he continued, adding a historical reference to rising powers challenging established ones: “The Thucydides trap can be overcome.”

Xi’s trip to Washington follows just months after Trump traveled to Beijing for a state visit in May, where the U.S. president was greeted with a similarly imperial welcome.

The leaders emerged from that summit with few deliverables. But Trump left Beijing declaring the trip a success, emphasizing the importance of his personal relationship with Xi, China’s most powerful leader in generations.

This time, Trump himself greeted Xi on the tarmac upon his arrival at Joint Base Andrews — a rare honor reserved in recent decades only for Catholic popes — before pulling out several red carpets and draped ceremonies for the Chinese leader.

The pageantry seen during the state visit has served China’s long-standing desire for respect and dignity on the international stage, said Jessica Chen Weiss, the director of the John Hopkins SAIS Institute for America, China and the Future of Global Affairs.

“Trump is someone who loves spectacle, and right now the spectacle is working in both leaders’ favor,” Weiss said.

For Xi, the ceremonies have offered a chance to demonstrate that relations with the United States remain under control and that China is being treated as a significant global power, she argued.

The state visit comes at a time when Americans are appearing to warm up to China, according to recent polls. A survey by the Chicago Council on Global Affairs recently found that a majority of Americans say the United States should have friendly engagement and cooperation with China.

“I tend to think we focus too much on the optics,” Weiss said. “But I also think treating China as a significant player on the world stage is not a concession. It’s appropriate if we want a stable relationship and is hardly something to worry about.”

Love is the name. Fraud allegedly was his game. And the list of his victims — several of whom said they became romantically involved with him — continues to grow.

Daejon Labrayae Love, 35, and his accomplice Taylor Jamie Chan, 18, remain in federal custody after their arrest Aug. 24 in Boise, Idaho, on wire fraud and conspiracy to commit wire fraud charges. The FBI charged the two men with scamming at least 26 women in four states out of at least $1.3 million.

Since then many more women have come forward to say they were victims of Love’s schemes, which often involved him impersonating a San Francisco 49ers player. The FBI said it has identified 35 additional women who say they were defrauded, ratcheting up the number of alleged victims to more than 60.

The latest development is especially troubling. A woman told ESPN on Tuesday that she submitted a complaint about Love on the 49ers website eight months ago on Dec. 20, 2025, yet the team apparently did little with the information.

Gwen Herndon submitted a complaint/concern form, writing “there is a federal investigation surrounding a man pretending to be a 49ers player.” She named Love, saying he stole money from women.

“I wanted you to be aware of the situation and are hopefully proactive in denouncing his involvement on your team,” she wrote in the message, which was reviewed by ESPN.

Herndon said the only response she received from the 49ers came from a Levi’s Stadium guest services account a week after her report, encouraging her to contact law enforcement agencies with the information.

“We take reports of individuals misrepresenting themselves as members of the San Francisco 49ers very seriously,” the 49ers response said. “For safety and legal reasons, the team cannot comment on ongoing investigations or specific individuals…. Our internal team will also monitor any instances of impersonation and take action as appropriate to protect fans and the team’s reputation.”

A 49ers spokesperson declined to confirm that Herndon’s email was viewed by team officials, citing the ongoing FBI investigation.

Federal investigators, meanwhile, are working to verify that the 35 women who have come forward in recent days are in fact victims of Love and Chan, Portland FBI Special Agent in Charge Doug Olson said in a news conference.

“We were surprised how many people were victimized in such a short period of time and then to have that many more come forward,” Olson said. “It’s a large volume for just a couple of subjects. Our concern is that this fraud could be replicated by other individuals that are out there victimizing other people in similar schemes.”

The FBI alleges that from February 2022 until they were arrested, Love and Chan fraudulently solicited money from women in California, Oregon, Washington and Idaho.

Love portrayed himself on Instagram as a 49ers wide receiver who went undrafted but worked his way onto the roster. He met many of the women through dating apps and developed romantic relationships with several, according to the FBI. Chan falsely posed as Love’s financial adviser.

In an Instagram Story titled “NFL Journey,” Love held a 49ers helmet while driving and said, “I’m on my way to get my mom. I know I get a lot of fans who want to know how football works or how I got involved in the league…. If you know me and see me in person I’ll explain.”

Experts on interpersonal relationships say that a person can instantly assume someone is trustworthy who exudes warmth and confidence as a first impression — especially if they find the person attractive.

“When we meet someone for the first time, our brains are quietly trying to answer two big questions: Can I trust this person, and do they seem capable and confident?,” said Tammi Pickle, an executive at the personalized matchmaking agency Elite Connections. “Someone who comes across as confident might suddenly seem smarter, kinder, more successful and even more trustworthy simply because of the way they carry themselves.

“When we are attracted to someone, our brains have a tendency to fill in the blanks with positive assumptions. The catch? Those assumptions aren’t always accurate.”

Love quickly gained the trust of dozens of women, allegedly convincing them to give him large sums of money. The FBI said Love instructed several women who did not have cash to invest to take out personal loans, assuring them they would quickly be repaid.

“The scheme relied on Love’s creation of fictitious personas and display of a lavish lifestyle which Love presented to victims both in person and on social media websites,” federal authorities said in a press release.

“Chan and Love also hosted three-way FaceTime calls in which they showed victims falsified investment gains and encouraged victims to part with their money. Victims sent Love and Chan money due to their belief that their money would be invested in legitimate investment vehicles on the victims’ behalf.”

One women who didn’t fall for Love’s scheme told KPTV in Oregon that she went on a 2024 date with him in 2024 after meeting on a dating app. He told her his name was John Prince and claimed he was a Swiss real estate developer.

Anderson said his behavior during their first date raised suspicion.

“He said, ‘I’m very intentional and efficient when it comes to dating, and if I pursue you, you will be the only one I pursue. I need someone who has been around money, who understands that, you know, these things aren’t luxuries to me. This is just my normal life.’

“Within five minutes, I decided I wasn’t gonna see him again.”

Love also manipulated AI. Search engines and AI rely on web scraping and frequency of mentions, and the sheer volume of his fake posts caused AI to mistakenly identify him as an NFL wide receiver. He showed screenshots of erroneous AI search summaries to alleged victims, convincing them he was worthy of their trust.

On an Instagram story, he posted a one screenshot of a webpage AI Overview that says “Daejon Love is a wide receiver for the San Francisco 49ers and information about his position, contract and teammate texting habits is available online. He is also associated with the team in various social media content and articles.”

Love then turns the camera on himself and says, “That’s Google. That’s not me, that’s Google.”

He goes on to explain why he isn’t currently playing, lifting a crooked finger to the camera and saying he is injured. He concludes the story by again saying he wants “full transparency” because “people ask, what do I do? How can I afford a $500,000 car? How can I afford a $300,000 [Lamborghini] Urus? “

He says that he is driving to pick up his mother, then concludes by inviting those watching to reach out to him in person.

In the month before his arrest, Love traveled to New Mexico, California, Oregon, Nevada, Utah and Idaho to meet with women, according to investigators. He allegedly used several fictitious names, including Jon Love, Avril Lyto Love and Jordan Love.

The romp abruptly ended at the Boise airport when Love and Chan were removed from a white sports car by federal agents, according to a video obtained by TMZ. Love appears to be wearing red Niners gear as he is handcuffed.

“Victims were encouraged to take out personal loans and make life-altering financial decisions based on the belief they were building a future with someone they cared about,” said Olson, the FBI special agent. “Once the money was taken, the victims were cut off, left without answers, without funds, and often without closure. Many lost not only their savings, but their sense of security and confidence.”

Washington — Two leading progressive lawmakers, Sen. Bernie Sanders and Rep. Greg Casar, are unveiling legislation Wednesday that would ban artificial superintelligence and create a federal agency to oversee advanced AI as some of the industry’s own leaders urge Congress to impose guardrails on the advancing technology.

The bill, provided first to the Associated Press, would also pause advanced AI development until guidelines are implemented while creating the Department of Artificial Intelligence. Multiple employees at leading AI companies are endorsing the bill.

“It doesn’t take a genius to say, ‘slow it down,’” Sanders, I-Vt., said in an interview with AP. “Do we really want to develop a super intelligence that when it becomes smarter than human beings could act independently of human control? I don’t think we do.”

Congress has so far done little to rein in the AI industry even as some of its most prominent leaders warn about potentially catastrophic risks. President Trump has resisted recent calls for greater government oversight, putting him at odds with tech leaders including Anthropic’s Dario Amodei, OpenAI’s Sam Altman and xAI’s Elon Musk.

The bill aims to dramatically slow down AI development

The legislation would permanently prohibit artificial superintelligence, which it defines as a system that exceeds human cognitive ability or has sufficient capabilities to plan and execute the destruction or disempowerment of humanity.

It would temporarily pause development of the most advanced AI systems until new federal safety rules are established by a new Department of Artificial Intelligence. Advanced AI systems would then need federal approval before they could be deployed. Violations could carry significant penalties, including up to 20 years in prison in some cases.

A number of current employees at AI companies and experts signed on in support of the bill, according to a statement shared with AP.

Juan Felipe Cerón Uribe, a researcher in OpenAI’s Safety Systems, said in a statement supporting the bill that “superintelligence could either go extremely right or extremely wrong” and that “we shouldn’t be playing such games.”

Swante Scholz, a software engineer at Google DeepMind who said he was not speaking on behalf of his employer, said on the current path of development, the “most likely outcome is an existential catastrophe for humanity.”

“A ban on superintelligence development would be a positive change for the foreseeable future,” Scholz said in a statement.

The bill faces long odds but draws a line in a growing fight

The bill from Sanders and Casar faces long odds in the Republican-controlled Congress, where lawmakers have struggled to coalesce around even less sweeping AI regulations.

But it offers a window into how the progressive wing of the Democratic Party is approaching AI regulation ahead of November’s midterms and a 2028 presidential campaign in which the technology is expected to be an increasingly prominent issue. Casar, a Democrat from Texas, is the chair of the Congressional Progressive Caucus.

Potential 2028 presidential candidates have rushed in recent weeks to release proposals showing they’re taking the issue seriously. Maryland Democratic Gov. Wes Moore announced a plan to regulate AI on Tuesday, while California Democratic Gov. Gavin Newsom signed an executive order to accelerate implementation of a California law that calls for independent oversight of AI companies last week.

Sanders, a two-time presidential candidate who is now 85, has especially focused on the issue in recent months. In June, he introduced legislation to create a sovereign wealth fund financed through a one-time tax on the stock of the largest AI companies. Last week, he hosted colleagues for a briefing with experts and also attended a conference focused on the issue alongside Republicans, including former White House adviser Steve Bannon.

The debate over AI regulations has scrambled political alliances both in Washington and for voters across the country.

Americans have grown more concerned about the environmental impacts of artificial intelligence over the last year, according to a recent poll from The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago.

The survey data say about half, 53%, of Americans are “extremely” or “very” concerned about artificial intelligence’s environmental impacts. That is up from 41% last year. Democrats are driving much of the increase in environmental concern, but the poll also reveals broader worries about the local impact of data centers, which power AI and cloud computing.

Trump has shown little interest in curbing AI risks

While some industry leaders have called for new safeguards, Trump has pushed in the opposite direction. On Tuesday, Trump told the United Nations General Assembly that artificial intelligence will be renamed “super intelligence.”

“I think Trump has very little understanding of what this issue is about,” Sanders said. “I think he’s mainly concerned about the economic implications of a slowdown.”

AI safety is expected to be a central part of talks between Trump and China’s Xi Jinping at the White House this week as the countries compete for dominance in the sector. The prospect of slowing development in the United States while China continues on has also been one of the central arguments against sweeping restrictions.

Sanders argued that avoiding the most dangerous forms of AI would ultimately require cooperation between the two countries, comparing the challenge to nuclear arms control during the Cold War.

“Ronald Reagan, arch-conservative, was smart enough to understand that he had to sit down with Gorbachev, a communist, and work out a nuclear treaty that protected humanity,” Sanders said. “I think we can do that again now.”

Cappelletti writes for the Associated Press.

You need a boost, right?

We’re living under a dark cloud, with a steady downpour of graft, thuggery and baloney.

There’s the raffling of presidential pardons and the attacks on reporters for doing their jobs, the clownish trade war with Canada, the bungled disaster in Iran, the petty obsessions with the ballroom and the Kennedy Center, the hogwash about a stolen election, the attacks on immigrants and the shameless presidential profiteering while working people suffer the cost of Trump’s countless broken promises.

I could go on, and I will. But rest assured, I have not forgotten about the boost I promised.

For all the affronts, nothing strikes me as more sinister than the Trump administration’s ambitious assault on the planet. Despite nearly daily headlines about the global calamity of overheated oceans, melting glaciers, stark weather transformations and species extinction, Trump keeps shoveling more coal onto a fire that will rage long after he’s dead and gone.

He’s gutted environmental protections and scientific research and dismantled clean energy initiatives. Now his administration is rolling back limits on power plant emissions, attempting to open the California coast to more oil drilling and sabotaging the state’s ambitious goals on emission controls and electric vehicle conversion.

We don’t need AI to threaten the future of humanity. We’ve got Trump.

It’s tempting to duck under the covers and wait for the nightmare to end, but the good news is that a lot of people are standing up rather than rolling over, rebelling against the ignorance and callous disregard that threatens our most precious and fragile shared inheritance.

In August, hundreds showed up to defend California’s authority to govern its own coast at a Santa Monica hearing of the National Oceanic and Atmospheric Agency, and 18,000 more people filed comments online.

The rollback of environmental safeguards is, for many, a call to arms.

“Yes, I am discouraged. … But I am not despairing,” said Bill McKibben, an author and environmental activist who is organizing a worldwide event called Sun Day for next year to promote clean energy. “We’re reacting to multiple crises, and we’re led by a pack of fools, so why would anybody not stand up?”

McKibben launched a national movement five years ago called Third Act, and tens of thousands of people 60 and older have signed on to advocate for climate action, voting rights and civic participation. Third Act now operates in about 30 states, with a robust chapter in Southern California.

Former Times reporter Zan Dubin has worked as both a volunteer and a paid communications consultant for Third Act, and I asked her what someone could expect to do if they became a member of Third Act/SoCal.

Environmentalist and author Bill McKibben is organizing a worldwide event called Sun Day next year to promote clean energy.

(Amanda Swinhart / Associated Press)

“We do it all,” Dubin said, from promoting climate-friendly candidates to running phone banks and testifying at public meetings. She said Third Act co-sponsors protests at Dodger Stadium, and she and others planned to meet at Vin Scully Avenue and Stadium Way for Sunday’s game against the San Francisco Giants. They want the Dodgers to stop doing business with Big Oil and bench their sponsorship deal with Phillips 66.

She also called out Disneyland for its exhaust-spewing Autopia attraction, along with former Times climate columnist Sammy Roth, and Disneyland responded by announcing in 2024 that it was switching to electric cars beginning in 2027.

Dubin, co-founder of National Drive Electric Week, said 170 volunteer-led events were being held nationwide over the next month to promote EVs, and she was leading one Friday in Irvine.

“Action is absolutely the antidote to despair,” Dubin said. “I find that despite the onslaught of these horrifying headlines … taking action invigorates me.”

Claremont resident Margaret Davis knows that feeling. She emailed me in 2023, prior to participating in a Third Act event, and said many retirees have time on their hands, which puts them in a powerful position.

“The climate crisis is the greatest existential threat humans have ever faced, hence we live in a time when we can make the greatest change for the better,” Davis wrote at the time.

When I called her a few days ago, Davis told me she’s now a member of Senior Stewards Acting for the Environment. She lives at Pilgrim Place — a senior community with a focus on justice, peace and environment — where residents meet regularly to study, discuss and advocate for sustainability, biodiversity and environmental causes.

“When I was in college in 1970, we had the antiwar movement and that was the first year of Earth Day,” Davis said. “At the time, I thought Earth Day was just a distraction from what was going on in the world.”

Later, she said, “I came to realize it was the biggest issue of all time.”

Climate activist Sim Bilal stands next to pumps at an oil field in Los Angeles in 2024.

(Allen J. Schaben/Los Angeles Times)

Like Davis, I went to college in the ‘70s, and there’s no denying that our aggressively consumptive generation played a key role in manufacturing a crisis for our children and grandchildren. We’ve got matches in our hands and smoke on the horizon, and if we’re honest with ourselves, we’d see atonement not as a hobby, but as a duty.

As for the next generation, climate activist Sim Bilal, 24, said he too shares the sense that this is both a wickedly frightening time and a moment of opportunity.

“In the last month, we’ve gotten more young people involved,” said Bilal, executive director of Youth Climate Stewards 4 Local Action. “We usually have to reach out to them, but so many people have been wanting to get involved, and they’re so eager, and that’s been affirming for me. The policies are depressing, but the fact that people are reenergized and want to fight back is really exciting.”

Bilal said faith in politics, government and corporations is not high among his peers, but he’s trying to grow a network of young people to cultivate and support future leaders.

“A mentor told me there are two kinds of power — organized people, and organized money,” said Bilal, whose activism began when his grandmother died and he began wondering if her cancer, and global warming, were connected to the oil drilling in his South L.A. neighborhood. “We don’t have the money, but a lot of the work we do is political and civic education, demystifying power, and making people understand they have agency.”

You needed a boost, right?

There you go.

Whatever your age, do not despair.

Get off the chair.

steve.lopez@latimes.com

Crypto traders are assigning Anthropic an implied valuation more than $1 trillion (€866bn) above its last funding-round price, before public investors have even seen its accounts.

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The company behind Claude has filed its IPO paperwork confidentially and chosen Nasdaq for its initial public offering.

What remains is the public release of its S-1 filing, the official registration package that a US company submits to the Securities and Exchange Commission.

Until it arrives, the only live price on Anthropic comes from a corner of the crypto market where pre-IPO speculation runs rampant, and it currently sits far above anything the company has ever agreed with an investor.

The last agreed valuation was $965 billion (€836bn), set when a $65 billion (€56bn) Series H round closed at the end of May, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia.

That was already an extraordinary figure for a company founded in 2021 by Dario and Daniela Amodei, and it followed a valuation of $61.5 billion (€53.3bn) barely a year earlier, representing a nearly sixteenfold increase in roughly 12 months.

Revenue has moved almost as fast.

Anthropic’s annualised revenue run rate passed $65 billion (€56bn) by the end of July, driven by enterprise adoption of Claude.

The losses are also enormous, reportedly reaching close to $42 billion (€36.4bn) in 2025, reflecting the cost of training frontier models. Amazon has committed to investing as much as $33 billion (€28.6bn) in the company, while Anthropic has committed to spending more than $100 billion (€86.6bn) on AWS technologies over the coming decade.

Given these figures, investors are already aiming considerably higher than the valuation in the last round.

Reports have put the target IPO valuation at $2 trillion (€1.73tn), with Goldman Sachs, JPMorgan and Morgan Stanley leading an offering expected to raise more than $60 billion (€52bn).

The market that is already trading

Perpetual futures contracts tracking Anthropic’s pre-IPO valuation are currently trading on Hyperliquid, the largest decentralised derivatives venue, where the implied market capitalisation reached an all-time high of roughly $2.36 trillion (€2.05tn) and sits near $2.15 trillion (€1.86tn) at the time of writing.

That is about 2.2 times the Series H valuation.

Heng Yu Lee, partner at market maker DWF Labs, which is active in these instruments, rejects the suggestion that leverage rather than conviction is driving the premium.

“Whether it’s leveraged or not, everyone trading the pre-IPO market is genuine demand at the price that’s reflected,” he told Euronews, adding that “the premium is pricing in public information that’s available, such as expected revenue numbers and expected market demand for the stock.”

These contracts will also be the first instruments to react when the filing lands, trading around the clock while equity markets are shut.

“At a moment like the S-1 dropping, you typically see volume spike and prices fluctuate heavily as the market digests the information,” Lee explained.

However, the market remains small relative to what it is valuing.

“Currently, the market isn’t super deep, with just $6M in 24-hour volume and $31M in open interest on Hyperliquid,” Lee said, adding that liquidity should improve as the listing approaches, given that more investors are likely to pile in.

Lee is also candid about how much weight the number deserves.

“As of now, I wouldn’t rely too heavily on the absolute pricing as we have yet to have a public S-1,” he stated while clarifying that “the direction of how the prices move typically still accurately reflects the shifting sentiment towards the company as things develop.”

A crowded year for AI listings

Once Anthropic files publicly, it will cement 2026 as the year of AI IPOs.

It started with chipmaker Cerebras Systems, which designs wafer-scale processors pitched as an alternative to Nvidia’s. The firm listed on Nasdaq in May after two false starts, raising $5.55 billion (€4.76bn) at $185 a share, above its revised price range.

The stock opened 89% higher and closed its first day near $311, valuing the company at roughly $67 billion (€58bn) compared with the $23 billion (€20bn) it had been worth three months earlier.

Investor appetite for a credible Nvidia challenger proved fierce, though the enthusiasm cooled quickly after a disappointing first earnings report. Cerebras is currently trading at a valuation of around $43.7 billion (€37.8bn).

Then came SpaceX, which listed in June, raising more than $85 billion (€73.6bn) at a valuation that briefly touched $2.8 trillion (€2.4tn) before falling back to around $1.95 trillion (€1.69tn).

OpenAI was also slated to hold an IPO this year and had already filed confidentially, but has now stepped back entirely. The company has a private valuation of $852 billion (€738bn), set during a $122 billion (€105bn) round in March.

CEO Sam Altman told Fortune on Saturday that listing this year would be “ill-advised”, ruling out 2026 and declining to commit to 2027. He said the company had “a lot of stuff to do” on safety and alignment and that being private made that easier.

Altman’s comments arrived the same day that Anthropic CEO Dario Amodei published an essay titled “We Must Pace the Frontier”, arguing that AI companies should deliberately slow the rate at which they improve their most capable models.

Amodei proposed three steps: independent evaluators with employee-level access to frontier systems, coordination on safety standards among labs in democratic countries, and international agreements on the most dangerous categories of use.

Anthropic has already committed unilaterally to the first, and the endorsements came quickly, with Sam Altman saying he agreed on the need to pace the frontier and Elon Musk replying simply: “Dario is right”.

However, US President Donald Trump did not.

In his first public response to the three CEOs, Trump, speaking in Ireland on Sunday, dismissed the argument.

“We’re leading China in AI. We’re the most sophisticated country in the world, and frankly, I want to keep it that way, because whoever wins AI wins,” Trump said, describing some warnings as things “that won’t happen”.

Trump has since reiterated that argument in several social media posts.

Likewise, China’s foreign ministry called the warnings “fearmongering”.

Markets registered the exchange, with shares in SoftBank, Kioxia and SK Hynix falling sharply on Monday. Shares in the Japanese and South Korean companies fell more than 6% and 4.3%, respectively.

This leaves Anthropic in an awkward position as it approaches what could be the largest listing ever attempted in public markets.

The company is asking public investors to fund frontier AI development while its founder argues publicly that such development should proceed more slowly.

That is not necessarily a contradiction, since pacing is not stopping, and Anthropic has always argued that safety-focused labs should be at the frontier rather than ceding it.

However, it is a story the S-1 filing will have to tell convincingly, and the risk factors section will be read unusually closely.