Evening Digest: Anthropic eyes October IPO, Trump escalates Iran strikes

President Donald Trump on Wednesday pledged to intensify US strikes on Iran as tensions over the Strait of Hormuz continued to escalate.

Anthropic is reportedly preparing for investor meetings ahead of a potential IPO that could come as soon as October.

Meanwhile, gold prices steadied after softer-than-expected US producer inflation data, and oil prices remained volatile as investors balanced geopolitical risks with US inventory data.

Anthropic prepares for potential October IPO

Anthropic is moving closer to a potential stock market debut as banks organizing the offering prepare meetings between the artificial intelligence company and investors in the coming weeks, Bloomberg reported, citing people familiar with the matter.

The Claude chatbot developer is considering an initial public offering as soon as October, after confidentially filing for a listing.

If the timeline holds, Anthropic would reach public markets ahead of rival OpenAI, which is now targeting a 2027 IPO after previously considering a late-2026 debut.

The listing would also precede a potential offering from Chinese AI company DeepSeek, which is reportedly preparing its own IPO filing.

Morgan Stanley, Goldman Sachs and JPMorgan Chase are working on Anthropic's planned listing.

The company was valued at $965 billion following a May funding round, surpassing OpenAI's valuation for the first time.

Anthropic's IPO plans come amid strong revenue growth driven by demand for its AI models, including coding-focused tools.

However, the company has also faced regulatory uncertainty after the Trump administration briefly imposed foreign access restrictions on two of its leading AI models and following its legal dispute with the US Defense Department.

Trump pledges more Iran strikes as Hormuz tensions deepen

The United States launched another round of airstrikes against Iran on Wednesday as President Donald Trump pledged to intensify military action until Tehran stops attacking vessels in the Strait of Hormuz and agrees to reopen the strategic waterway.

US forces targeted launch sites on Greater Tunb Island and other military installations near the Strait of Hormuz.

According to the US military, the operation was designed to reduce Iran's ability to attack commercial shipping.

The latest operation marked the fifth consecutive day of US strikes. Iran responded with attacks on US military bases in Bahrain, Kuwait and other Gulf states.

Trump also signaled additional military action.

"We’re going to hit them very hard tomorrow night. We’re going to hit them very hard the night after. And then next week it gets really bad for them because next week comes the power plants. We’re going to knock out all of their bridges unless they get to the table and negotiate."

Iran's Islamic Revolutionary Guard Corps said the Strait of Hormuz would remain closed until the US ended its strikes and lifted the naval blockade of Iranian ports.

The conflict has effectively derailed an interim peace agreement reached roughly a month ago.

While Trump abandoned a proposed 20% fee on cargo shipments through the strait after pressure from Gulf allies, the US has maintained its renewed naval blockade of Iranian ports.

Gold steadies after softer US inflation data

Gold prices recovered from earlier losses on Wednesday after US producer prices unexpectedly declined in June, reinforcing expectations that inflation pressures may be easing.

Spot gold traded little changed at $4,052.97 per ounce after falling nearly 1% earlier in the session, while US gold futures settled 0.28% lower at $4,059.30.

The Producer Price Index fell 0.3% in June, compared with expectations for no monthly change.

The softer inflation reading followed Tuesday's weaker-than-expected consumer inflation report.

The latest data reduced expectations of an immediate Federal Reserve rate increase, with CME FedWatch data showing traders assigning only about a 10% probability of a July rate hike.

Oil prices fluctuate as markets assess supply risks

Oil prices gained on Wednesday after investors assessed the latest US military strikes against Iran and overlooked the smaller-than-expected decline in US crude inventories.

Brent crude rose 1.19% to $85.75 per barrel, while West Texas Intermediate gained 1.25% to $80.34.

The Energy Information Administration reported a 1.7 million-barrel decline in US crude inventories last week, smaller than the expected 2.6 million-barrel draw.

Markets remained focused on supply risks after Iran threatened to restrict additional regional export routes following the renewed US naval blockade and continued military operations.

Goldman Sachs estimated Gulf oil exports had fallen below 50% of pre-war levels during the past week and warned Brent crude could climb above $110 per barrel in the fourth quarter if export disruptions persist.