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Happy Thursday. An AI infrastructure IPO was a bust, JPMorgan is bullish on Bitcoin, investors are buyer fewer houses, and SpaceX and Tesla are talking merger. Let's dive in!
🎫 Register: For our upcoming investor briefing on the highly anticipated Anthropic IPO, which could be the biggest public offering in history.
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📈 DAILY MARKETS
📉 AI INFRASTRUCTURE IPOS
The South Korean AI infrastructure and cloud company Elice went public yesterday and fell 30% in its first day of trading, prompting concerns over similar AI companies such as CoreWeave. While Elice only carries a valuation of $1.3 billion, its lackluster debut combined with the delayed IPOs of data center companies Firmus and AirTrunk are bad signs for the public market appetite for the AI infrastructure sector. Fellow data center company Nscale is still on track for its IPO, but is facing scrutiny over its target valuation. Meanwhile, CoreWeave stock has dropped by 27% in the past month and 46% in the past six months.
➨ TAKEAWAY: The market is clearly souring on data center and AI infrastructure plays, and the effects are starting to bleed into the whole AI sector, with chip and semiconductor stocks falling as well. Don’t be surprised if Nscale delays its IPO, and if the downward trend continues, it could put Anthropic’s November IPO in jeopardy.
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📺 UPCOMING EVENT
Join Vincent’s Slava Rubin and Sacra’s Jan-Erik Asplund for a closer look at AI giant Anthropic before its anticipated IPO. The discussion will cover the company’s business, valuation, growth, and competitive positioning, while exploring the capital flows and market dynamics surrounding its public debut. The session also evaluates available financial data and the long-term market opportunity ahead.
Coming in November
📰 NOTABLE NEWS
🪙 JPMorgan bullish on Bitcoin: The Wall Street bank’s asset management arm is projecting that Bitcoin will average a 10% annual return over the next decade, positioning it ahead of stocks, bonds, and gold. It notes that the cryptocurrency is volatile, and projects a bear case of -9.7% annual returns and a bull case of 17%.
🏡 Investor report: Overall real estate investor buying in the U.S. dipped slightly in the first half of 2026, falling to 10.7% of all home purchases from 11% the year before. Institutional buyers have fallen back significantly over the past five years, with the number of purchases coming from buyers with 350+ properties falling by 70% since 2021 and investors with under 10 properties now comprising two-thirds of all investor purchases.
🚀 SpaceX & Tesla discuss merger: On SpaceX’s Q3 earnings call, founder Elon Musk said that committees have been formed at both companies to explore a potential merger between Tesla and SpaceX. Such a merger, a source of speculation since SpaceX went public, would combine two of the biggest companies in the world into a $4 trillion behemoth.
🏢 Manufactured home rents rise: Rents for manufactured housing in large markets have risen 6.2% so for this year, outpacing traditional apartments. Transaction activity in the sector in 2026 has also already eclipsed full-year totals for the past three years, showing rising investor interest in the space.
🎨 London art auctions: Looking back at last week’s major London auctions shows that Christie's, Sotheby's, and Phillips mostly played it safe, relying on established names to drive sales. This strategy did deliver overall solid results, and the major Paris auctions coming in the next two days will look to continue that trend.
🎬 James Bond auction: More than 400 lots spanning the entire 60-year history of the storied spy movie franchise are coming up for auction at Propstore, including items like, Daniel Craig's screen-worn suit and Ana de Armas' dress, both expected to fetch more than $50,000.
🤖 AI CORNER
In advance of its potential public offering, Anthropic pledged 5% of its shares to a public benefit fund, which combined with existing pledges means that around 20% of its shares will potentially go to public-benefit causes. Details on where the money would eventually go are scarce, and there are some who believe this is a first step towards universal basic income, but that is far down the road. In response, Elon Musk pledged to give one share of SpaceX to every child in America, which would represent around $10 billion - less than 2% of his net worth - at current prices. Musk has a history of making bold proclamations and not following through, so America’s children shouldn’t be setting up brokerage accounts just yet. These pledges come as AI faces a skeptical public and growing calls to regulate an industry that itself thinks could cause massive unemployment and possible human extinction. Giving away some stock might not fix the industry’s image issues, but it probably won’t hurt.
