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# Bigger Than SpaceX, Still Losing Money
- URL: https://www.theinvestorsociety.com/bigger-than-spacex-still-losing-money/
- Published: 2026-11-11T17:21:54.000Z
- Updated: 2026-11-11T17:21:54.000Z
- Author: Jose Kont
- Tags: The Daily Dealflow

Hi, and welcome to a new edition of [The Daily Dealflow](https://www.theinvestorsociety.com/tag/the-daily-dealflow/) — the 5-minute briefing that gives you clear context on capital flows and market-moving trends across the Americas, from Silicon Valley to Buenos Aires. Let's dive in.

## 🏆 Deal of the Day

Anthropic set a price range of $70 to $78 per share for 825M Class A shares, which would raise $57.75B to $64.35B and value the company at up to $1.404T on a fully diluted basis. AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC also agreed to buy $26B of non-voting stock at the IPO price, with Google and Nvidia putting in $10B each. Trading on the Nasdaq under "ANT" is expected around November 19 – [TechCrunch](https://techcrunch.com/2026/11/10/anthropic-sets-ipo-price-range-of-70-to-78-per-share-to-reach-an-implied-valuation-of-1-404-trillion/?ref=theinvestorsociety.com).

**Why This?:** Counting the private placement, Anthropic is seeking up to $90.4B, more than SpaceX's $75B base offering in June. Every AI startup from Palo Alto to São Paulo will be priced against whatever number this deal prints.

**Positive Context:**

- Run-rate revenue reached $81B at the end of October, about $10B more than a month earlier, and third-quarter revenue was $17B.
- Up to 20% of the offering may go to retail investors, roughly $12.9B at the top of the range, against a typical 5% to 10%.

**Yes, but:**

- Compute and infrastructure commitments total $900.9B, and the valuation sits well below the roughly $2T the company was reportedly targeting a couple of months ago.
- Class A buyers get limited say: the founders hold supervoting Class F shares, and the Long-Term Benefit Trust elects a board majority.

**Zoom in:** Each of the seven co-founders is selling 3,378,378 shares, about $250M apiece at the $74 midpoint, while board member Reed Hastings wants to buy $300M of stock through his donor-advised fund.

> **The comment:** "The first time a U.S. frontier lab carries a standalone public market price," said Dan Ives of Yorkville Ives & Co., as quoted by the AP.

![](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/11/Screenshot-2026-11-11-at-11.11.59---AM.png)

Dario Amodei, CEO & Founder Anthopic. Courtesy: Financial Times. 

## 💰 Venture Capital

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**Nominal (US) – $240M, Series C at a $3B valuation**, software that helps engineers test and analyze complex hardware. Lightspeed led and Insight Partners co-led, with Sequoia, General Catalyst, Founders Fund, Lux Capital and Lockheed Martin Ventures also in. The valuation is triple where it stood after a Series B extension in March 2026 – [Tech Startups](https://techstartups.com/2026/11/10/startup-funding-news-today-november-10-2026-blackletter-nominal-project-omega-sumary-vessel-more/?ref=theinvestorsociety.com).

**Clara (Mexico/Brazil) – $105M total:** a $65M Series C plus a renewed $40M growth facility from General Catalyst's Customer Value Fund, for a corporate cards and spend management platform. Citius, Kaszek and DEG (part of Germany's KfW group) anchored the equity. Co-founders Gerry Giacomán Colyer and Diego Iván García Escobedo moved the company to São Paulo in 2023 after getting a Brazilian payment-institution license, and Clara says it has passed $100M in annualized net revenue with more than a year of positive EBITDA – [Bloomberg Línea](https://www.bloomberglinea.com/latinoamerica/mexico/startup-clara-recauda-us105-millones-para-llegar-a-mas-mercados/?ref=theinvestorsociety.com).

**Project Omega (US) – $80M, Series A**, recycling of used nuclear fuel through a non-aqueous pyroprocessing method, led by B Capital with noa VC and 645 Ventures joining. Founder and CEO Stafford Sheehan plans to build a recycling facility and turn recovered isotopes into "radiovoltaic" power for sensors and spacecraft. The feedstock is not scarce: the company counts nearly 100,000 metric tons of used fuel sitting in the U.S. – [Yahoo Finance](https://finance.yahoo.com/energy/articles/project-omega-raises-80-million-143000431.html?ref=theinvestorsociety.com).

**Klubi (Brazil) – more than R$20M (about $3.6M)**, second extension of a Series A led by Patria Investments, a digital consortium platform for phones, motorcycles, cars and real estate. CEO Eduardo Rocha, a former Rodobens executive, runs about 130 employees alongside 250 AI agents that handle sales, credit analysis and collections. Patria has now put more than R$60M into the company since 2021 – [LatAm Republic](https://www.latamrepublic.com/brazilian-fintech-klubi-secures-over-r-20-million-in-series-a-extension-led-by-patria-investments/?ref=theinvestorsociety.com).

**Alta (US) – $47.5M, Series A**, a Layer 1 blockchain with a built-in compliance layer for banks and large financial firms, led by Index Ventures with GV and Capital49, the fund set up by Airwallex's co-founders. CEO Loong Wang and Catherine Porter, a former Meta executive who worked on its abandoned crypto venture, lead the 25-person company. Unlike most chains, Alta blocks strangers from sending funds to your address, so there are no surprise airdrops – [Fortune](https://fortune.com/2026/11/10/alta-series-a-airwallex?ref=theinvestorsociety.com).

**A5X (Brazil)** – a VC-backed São Paulo startup building a derivatives exchange to compete with B3, valued at R$2.7B (about $489M) in a September round led by Morgan Stanley, Goldman Sachs and Kaszek. On Nov. 10 it announced a partnership with MSCI to launch derivatives on MSCI's Brazil indices, an alternative to the Ibovespa. Co-founder Karel Luketic says it is in final regulatory testing and aims to launch in the first half of 2027 – [Bloomberg Línea](https://bloomberglinea.com/latinoamerica/brasil/startup-bursatil-de-brasil-se-asocia-con-msci-para-ofrecer-derivados-de-indices?ref=theinvestorsociety.com).

**Proximal Ventures (US) – $27.5M, debut fund**, pre-seed and seed checks of $500K to $1.5M in startups using AI for drug development. Solo GP Sahir Raoof, a former SignalFire principal, counts SignalFire, Kleiner Perkins and Bertelsmann Healthcare Investments as backers, and the six-company portfolio already includes ChronicleBio, co-founded by former OpenAI executive Fidji Simo – [TechCrunch](https://techcrunch.com/2026/11/10/proximal-ventures-raises-debut-fund-to-back-startups-bringing-ai-to-drug-development/?ref=theinvestorsociety.com).

![](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/11/Screenshot-2026-11-11-at-11.15.48---AM.png)

The United States leads global AI model development, accounting for 50% of models, followed by China at 24%, according to the World Bank’s World Development Report 2026\. Together, the two countries account for 74% of AI models developed worldwide, while the United Kingdom ranks third at 5.2%, followed by Canada at 3.1% and South Korea at 2.3%. Source: World Bank.

## 🏛️ Private Equity

**GFL Environmental (Canada) – about $22B (roughly $52 per share)**, take-private proposal rejected. A special committee unanimously turned down a bid from Blackstone, KKR and Energy Capital Partners, and a rival consortium of Brookfield and IFM Investors also came up short. The board wanted at least $58 per share, the buyers would not budge, and the NYSE-listed shares fell about 14% as the four-month strategic review ended – [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/gfl-environmental-shares-slide-14-125228023.html?ref=theinvestorsociety.com).

**JBS and Flora (Brazil) – $542M**, related-party acquisition of the hygiene and cleaning company behind Minuano, Francis and Neutrox, with $367M of the equity paid in shares or BDRs. Flora belongs to J&F, JBS's controlling shareholder, and JBS already supplies 93% of the beef tallow Flora uses. The same family group is also moving the agribusiness TV channel Canal Rural into JBS for R$88.1M (about $16M) in stock, so this week the meatpacker picks up soap and a TV station – [Economic News Brasil](https://economicnewsbrasil.com.br/2026/11/10/jbs-compra-flora-ganhos-422-milhoes/?ref=theinvestorsociety.com) / [NC News](https://ncnews.com.br/2026/11/10/jbs-compra-canal-tv-88-milhoes/?ref=theinvestorsociety.com).

**Diamondback Energy, KKR and Deep Blue (US)** – undisclosed amount, joint acquisition of Five Point Infrastructure's 70% stake in Deep Blue, a Midland Basin water infrastructure platform for sourcing, recycling and disposal. KKR is investing mainly through KKR Global Infrastructure Investors V, and Diamondback already owned the other 30%. In the Permian, water is the bigger logistics job: Diamondback says its operations move nearly 2M barrels of it a day – [GlobeNewswire](https://www.globenewswire.com/news-release/2026/11/10/3399290/22886/en/diamondback-energy-and-kkr-to-acquire-deep-blue-midland-basin-from-five-point-infrastructure.html?ref=theinvestorsociety.com).

**Grupo JAV and Britvic Brasil (Brazil)** – €80M (about $89.8M), carve-out purchase from Carlsberg of the maker of Maguary juices and Flying Horse energy drinks. JAV is a Brazilian multisector holding company with businesses in food, agribusiness, packaging and construction. Carlsberg picked up the Brazilian unit only in January 2025 as part of its Britvic takeover, and closing is expected by December 2026 – [Forbes Brasil](https://forbes.com.br/forbes-agro/2026/11/carlsberg-acerta-venda-da-britvic-brasil-ao-grupo-jav-por-80-milhoes-de-euros/?ref=theinvestorsociety.com).

**Oura and Counsel Health (US) – $625M,** strategic acquisition of an AI-powered primary care platform that pairs chat with licensed physicians. Counsel raised a $25M Series A led by a16z and GV a year ago and has about 70 employees, and CEO Muthu Alagappan becomes Oura's chief clinical AI officer. The smart-ring maker went shopping after postponing its own IPO of up to $2.2B indefinitely – [TechCrunch](https://techcrunch.com/2026/11/10/oura-to-acquire-ai-native-primary-care-startup-counsel-health-for-625m/?ref=theinvestorsociety.com).

**argenx and Unnatural Products (US)** – up to about $1.15B ($550M upfront plus milestone-based contingent value rights), acquisition of a Santa Cruz developer of oral macrocyclic peptides. Co-founders Cameron Pye and Joshua Schwochert started the company in 2016 during their doctoral research in Scott Lokey's lab at UC Santa Cruz, and the company will keep operating from Santa Cruz – [GlobeNewswire](https://www.globenewswire.com/news-release/2026/11/09/3398043/0/en/unnatural-products-to-be-acquired-by-argenx-for-up-to-1-15-billion-to-advance-next-generation-medicines.html?ref=theinvestorsociety.com).

## 📈 Public & Capital Markets

**AAON (Nasdaq)** – Q3 earnings, HVAC equipment maker. Sales rose 84.1% to a record $707.4M and adjusted EPS hit $0.83 against a $0.56 estimate, thanks to BASX data-center cooling sales that jumped 218.3% to $397.2M. Shares rose 21.5% premarket even though the company also restated its first- and second-quarter results and disclosed a material weakness in internal controls – [Tradingpedia](https://www.tradingpedia.com/2026/11/10/aaon-surges-21-5-following-record-q3-earnings-beat/?ref=theinvestorsociety.com).

**Fox Corp (Nasdaq) – debt issuance**, about $8B of high-grade bonds in up to seven tranches running three to 40 years, led by Morgan Stanley. The money repays an $8.4B bridge loan used for the cash portion of Fox's $22B Roku purchase, which closed the Friday before. S&P kept Fox at BBB with a stable outlook – [TipRanks](https://www.tipranks.com/news/fox-stock-drops-as-murdoch-media-giant-sells-8-billion-in-bonds-to-pay-down-22-billion-roku-purchase?ref=theinvestorsociety.com).

**Take-Two Interactive (Nasdaq) – fiscal Q2 earnings, video games.** The company posted a $0.29 loss per share against an expected $0.97 profit and guided fiscal 2027 revenue to $7.98B to $8.18B, below forecasts. Shares still rose about 3% after hours because CEO Strauss Zelnick said Grand Theft Auto VI pre-orders keep "reaching unprecedented levels," with launch set for November 19 – [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/two-shares-gain-results-guidance-215155402.html?ref=theinvestorsociety.com).

**Rocket Lab (Nasdaq) – Q3 earnings, launch and space systems.** Revenue hit a record $268M (up 73%) and backlog reached about $3.6B, but the net loss widened to $79.7M from $18M a year earlier. Rocket Lab booked eight Neutron launches worth more than $515M even though the rocket has not flown yet; its debut slipped to 2027, and the base price rose to $70M per launch – [Via Satellite](https://www.satellitetoday.com/launch/2026/11/10/rocket-lab-secures-half-a-billion-in-neutron-launch-orders-in-q3/?ref=theinvestorsociety.com).

## 📅 ICYMI

![](https://storage.ghost.io/c/40/72/4072b0a5-dd13-4755-b3a4-f7b56403df30/content/images/2026/11/Sheepdogs.jpeg)

**Border collies are the new luxury asset.** Buyers pay upwards of $30K for a hard-working sheepdog, and a one-year-old named Kim sold for about $39K in 2021, a Guinness World Record. Startups have tried drones and robot dogs as cheaper herders, but the sheep mostly ignore the drones – [The Hustle](https://thehustle.co/news/the-luxury-sheepdog-market-is-booming?ref=theinvestorsociety.com).

**After getting roasted by gamers on X**, Sam Altman changed his tune—and his username—[to this self-own](https://gizmodo.com/sam-altman-youre-completely-right-about-ram-im-sorry-for-the-confusion-heres-what-happened-2000835208?utm%5Fcampaign=bm&utm%5Fsource=morning%5Fbrew&utm%5Fmedium=newsletter).

**Ikea retrained about 8,500 customer service employees instead of letting its chatbot Billie replace them.** Billie now helps 74% of customers, the people handle complex requests and interior-design sales, and customer happiness rose to 89% from 60% – [The Hustle](https://thehustle.co/news/how-ikea-is-reskilling-employees-instead-of-replacing-them?ref=theinvestorsociety.com).  
  
*See you tomorrow,*

[***Katherine Castelán***](https://www.theinvestorsociety.com/author/katherine/) ***&*** [***Jose Kont***](https://www.linkedin.com/in/jose-kont/?isSelfProfile=true&ref=theinvestorsociety.com)  
*The humans behind The Investor Society*