What a time to be live. The main thing happening today is Elon Musk becoming a trillionaire again. Here's your Order of Play, plus an Op-Ed from Luke on why Anthropic's maths still works.
12:00 - Chris Corbishley, Managing Partner at BNVT Capital
13:00 - Pim de Witte, Co-Founder & CEO at General Intuition
13:30 - Paul-Adrien Hyppolite, Co-Founder & CEO at Spiko
14:00 - Alex Kayyal, Chief Financial Officer at Model ML
What’s Happening Today
Elon Musk is a trillionaire again.
His net worth passed $1 trillion on Monday morning, up $30.6 billion since Friday as SpaceX and Tesla shares climbed. It's quite a comeback. In late July he was more than $600 billion off his peak, a bigger drop than anyone else on Bloomberg's rich list has ever been worth. Since then SpaceX shares have bounced back 58% from their August low.
Last week Tesla beat delivery expectations, and on Monday SpaceX closed nearly 8% up after Starship reached orbit for the first time. Morgan Stanley's Adam Jonas called the shares "unusually cheap", while Founders Fund's Shaun Maguire tweeted, "We are seeing the very beginning of investors starting to understand SpaceX."
There's been plenty of other Musk news this week too. SpaceXAI, the company behind Grok, is set to rename itself "SpaceXSI", short for "super intelligence". That follows Musk backing Trump's push to drop the term AI, which he summed up on X as "No more AI." SpaceX is also asking for approval to build a 32.4-mile gas pipeline in Florida so Starship launches from Cape Canaveral no longer depend on trucked-in LNG.
We're getting into all of it on today's show at 12 BST.
Daily Op-Ed — Anthropic's Maths Still Works
The Information posted an article yesterday about Meta and Microsoft cutting how much their own employees use Claude. It led to a bunch of people on the timeline speculating about what Anthropic has been reporting to their investors ahead of the IPO - was the $65 billion run rate overstated?
Microsoft for example had been projecting at least $1 billion in Anthropic spending this year however that internal projection has been cut by more than a third. Meta cut the number of employees using Claude Code roughly in half, from about 60,000 earlier in the year to about 30,000. Although part of that was layoffs, the rest was them pushing their own coding tools (MetaCode and Muse Code).
The point that got highlighted on X was that two of Anthropic’s biggest customers are trying to reduce internal dependence on a rival’s product while building their own. The skepticism that came as a result was about whether the customer-count floors could support the $65 billion figure being reported. People saw “6,000 customers at $100k+” and “100+ at $10M+” and were asking whether those tiers could add up to a $65 billion run rate.
The post from NIK that set off that argument was answering the article with figures Anthropic has shared with investors. Annualised revenue rose about sevenfold since January, from roughly $9 billion to $65 billion. About 6,000 companies are now spending $100,000 or more a year, and more than 100 are spending $10 million or more. The counter was that those tiers are floors, not the cap. Microsoft still pays about $670 million a year after the cut, and external Copilot customers are using Claude more. And Meta still pays about $105 million a month after halving internal Claude Code users. An older “two customers were 25% of revenue” figure that was also highlighted came from 2025, when total revenue was about $4.6 billion, so those accounts were worth roughly $1.1 billion combined (less than 2% of today’s run rate).
The article flags a real pullback in internal usage at two large buyers, but on the numbers Anthropic has reported, the remaining bills are still large, the customer base is broader and the same absolute concentration is much smaller against the current revenue base.
— Luke
The results are in, and most of you are somewhere between mildly worried and not bothered. Hit reply and tell us how you voted and why!
etn. Insight
Brainfood founder Sam Taylor built his name as "the fintech guy" over the last 15 to 20 years, but told us on yesterday's show that fintech is dead.
“Am I trying to kill my own career here? What's going on?” he joked. Monzo, Revolut and Nubank are all huge businesses, but Taylor argues that cloud and mobile were “the last war.” The next one, he thinks, will be about “stablecoins, tokenization, and personal agents.”
Watch the full clip below.
Continental Breakfast
