Morning Scan

Anthropic's crisis is deepening, OpenAI's finances are eye-watering, and SpaceX is riding an IPO high. AI is simultaneously the best and most complicated business on earth right now.

$34B — What OpenAI spent in 2025, more than 2.5x its revenue, as it prepares to file for one of the largest public listings in history. (Financial Times / The Next Web)

Machines & Minds

Inside the Fight Over Claude Mythos 5

The full account of how a dispute over model access for a China-linked firm spiraled into a White House standoff that took Anthropic's flagship offline. (The Verge)

OpenAI's Lead Is Dwindling Fast

Gary Marcus argues the competitive moat is eroding just as OpenAI is trying to sell itself to public markets. The timing is not ideal. (Marcus on AI)

A Profile of Cursor, Including Its Testy Relationship With Anthropic

Anthropic reportedly told Cursor that Claude Code was "a research effort" — right before it became a direct competitor, which explains a lot. (Business Insider)

Connected World

SpaceX Stock Up 19.6% on First Full Trading Day

Musk floated the idea of $1T in revenue by 2030, up from $18.7B last year — either visionary or a very confident number to say out loud on day one. (CNBC)

SpaceX Is Acquiring Cursor

Noted almost in passing by a16z, which makes it feel more credible: the coding tool that outgrew its AI supplier lands inside the rocket company. (a16z)

Fox Buys Roku — The Market Hates It

Ben Thompson's read: Fox is trading content extraction leverage for hardware distribution leverage, and the market has not decided whether that's smart or desperate. (Stratechery)

Taxi App Go Surges 21% in Tokyo IPO Debut (paywall)

Japan's largest IPO of 2026 raised ~$553M and immediately rewarded believers — a rare clean win in a choppy public markets year. (Bloomberg)

Connected World

DOJ Argues xAI Is Integral to US Military Operations, Asks Court to Dismiss Pollution Suit

The government's argument to kill the NAACP's gas turbine lawsuit is essentially "national security" — a legal posture that tends to work and sets a notable precedent. (Wired)

France's Intelligence Service Is Dropping Palantir for a Homegrown Rival

The DGSI walking away from Palantir is one of the more concrete expressions of European digital sovereignty on record. (The Next Web)

India Blocks Telegram Until June 22 Over Medical Exam Cheating Rings

A one-week block tied to a specific exam fraud operation — narrower than a typical speech crackdown, but blocking a major platform over cheating networks is a precedent worth watching. (Reuters)

Warsh Faces Elevated Inflation in His Fed Debut (paywall)

Kevin Warsh takes the chair in a meeting shadowed by inflation and rate-hike speculation — not the soft landing anyone ordered. (NYT)