The 2026 IPO race is upon us, as AI giant Anthropic took a major step toward a public debut.
The maker of Claude confidentially filed initial paperwork with the SEC, just days after closing a fundraising round that valued the company at nearly $1 trillion and more than doubled the net worths of its cofounders. It’s now the busiest IPO pipeline in five years, as OpenAI, SpaceX and others are in the works.
But part of what has captured Wall Street’s interest is Anthropic’s Mythos model that isn’t yet available to the public due to cybersecurity concerns.
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First Up
- President Donald Trump is backing away from his $1.8 billion “anti-weaponization” fund, reportedly due to GOP pushback, though the Department of Justice blamed a recent court ruling.
- Soaring jet fuel prices due to the conflict in Iran weighed on airline stocks Monday, including JetBlue, which dropped as much as 9% after revising its second quarter outlook.
- Oracle cofounder Larry Ellison became the world’s third-richest person Monday as shares of the company, which has become a major player in the AI boom, reached an intraday high for the year.
Business + Finance
Bitcoin fell below $70,000 for the first time since April 8 after Michael Saylor’s Strategy, the cryptocurrency’s largest institutional holder, said in an SEC filing that it had sold 32 bitcoin for about $2.5 million to fund dividend payments to stockholders. Other major crypto tokens were largely unaffected by the early Tuesday bitcoin selloff.
Shares of Marvell Technology soared in premarket trading early Tuesday, hours after Nvidia CEO Jensen Huang anointed the chipmaker as “the next trillion-dollar company” at the Computex trade show in Taipei. The company’s stock price is up more than 158% since the start of the year.
Wealth + Entrepreneurship
Billionaires are betting big on Las Vegas casinos: Media mogul Barry Diller is set to make a cash offer for MGM resorts, which owns roughly 40% of the Strip, in a deal that would value MGM at $18 billion. Meanwhile, Tilman Fertitta, the U.S. ambassador to Italy, agreed to purchase Caesars Entertainment last week for $6 billion—which will expand his empire but also comes with a high debt load.
Tech + Innovation
Arc Marine, Curtin Maritime
The next hot electric vehicle could be a tugboat: Los Angeles startup Arc Marine first launched with luxury electric boats, but with rising oil prices, it’s now pushing into the commercial marine space. The company’s technology is being used to power the world’s first electric tugs at the Port of Long Beach in a deal worth $160 million, and if it goes well, Arc Marine has plans to expand into electric ferries, barges and even military watercraft.
Money + Politics
Forbes examined President Donald Trump’s biggest stock trades, and while he won big on some firms, he’s also lost money on investments in everything from Boeing to conveyor belt sushi chain Kura Sushi USA. Like other investors, he’s suffered from the SaaS-pocalypse, after buying between $1 million and $5 million each in Adobe and Workday on February 10, which have since declined 10% and almost 20%, respectively.
DAILY COVER STORY
Legendary Texas Wildcatter’s Granddaughter Makes Energy’s Riskiest Bet
trevor paulhus for forbes
Gloria Moncrief is the head of Montex Drilling Company, the family business that owns Moncrief Oil and has been spending $300,000 a day to drill the second-deepest natural gas well ever in the U.S.
There is no more compelling high-wire act in the oil-and-gas industry today than this oil heiress’ all-in bet on an ultra-deep well that no one else would touch, after 20 years of disappointments and disasters in the area. The company has already spent $300 million drilling Highlander 2, which goes down almost six miles. Now Moncrief is looking for partners to help her fund the roughly $2 billion more needed to hook up the well, build a processing plant—and, ideally, drill five more super-deep wells.
Her family’s oil roots date back to 1927, when her great-grandfather William A. “Monty” Moncrief, a machine gunner in World War I, started drilling. After more than a dozen dry holes, he hit the jackpot with the discovery of a billion-barrel East Texas oil field in 1931. His son William A. Jr. (known as Tex) joined in 1945. Backed by investors including Tex’s golf buddies Bing Crosby and Bob Hope, they built one of America’s biggest family oil outfits and earned a spot on the first Forbes 400 in 1982.
WHY IT MATTERS With the first phase now done, and oil prices soaring, Moncrief is more certain than ever that she can raise the money and sell the bounty to Louisiana’s gas exporters for billions. “I promised my dad and grandpa that I would drill it,” she says, “and that’s what I did.”
MORE The American LNG Billionaires Set To Cash In On War With Iran
FACTS + COMMENTS
The cheapest seats to watch the New York Knicks face off against the San Antonio Spurs at Madison Square Garden cost thousands of dollars. It’s the first NBA Finals appearance for the Knicks in decades:
$4,247: The cost of the cheapest resale ticket for Game 3 on June 8, according to TickPick
10%: How much more the average get-in ticket for Game 4 costs compared to the average monthly rent for a studio apartment in Manhattan
1999: The last time the Knicks competed in the NBA Finals
STRATEGY + SUCCESS
If you haven’t heard back after applying for a role, the silence likely isn’t personal—in fact, your resume may not have reached a human due to the Applicant Tracking Systems that most companies use. Be sure to customize your resume for each job you apply to and mirror the language from the specific job description. To stand out from the competition, apply early and include a cover letter that speaks to the company’s mission.
VIDEO
QUIZ
A major outdoor apparel company offered to drop a trademark lawsuit against a drag performer as long as certain conditions are met. Which company is it?
A. The North Face
B. Patagonia
C. Arc’teryx
D. Columbia Sportswear
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
