The Kobeissi Letter
@KobeissiLetter
Official X account for The Kobeissi Letter, an industry leading commentary on the global capital markets. Email us: support@thekobeissiletter.com
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BREAKING: Anthropic's pre-IPO valuation surges to a record $1.2 trillion, rising another +20% in 7 days.
This officially puts Anthropic's implied valuation up +900% since October 2025, per onchain pre-IPO trading data.
Pre-IPO instruments trading onchain on Jupiter, backed 1:1 by SPV exposure, are providing a real-time proxy for the company’s implied IPO valuation.
This now makes Anthropic ~20% larger than OpenAI's pre-IPO implied valuation.
If Anthropic were to IPO at a $1.2 trillion valuation, it would be the 11th most valuable public company in the world.
The AI Revolution is accelerating.
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BREAKING: SpaceX is proposing to spend $55 billion to begin construction of Terafab, Elon Musk's new semiconductor production facility in Texas.
The estimated total capital investment could rise to $119 billion if additional phases of the project are completed.
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BREAKING: In a "game changing" deal for AI, Nvidia is partnering with glassmaker Corning to develop 3 new advanced manufacturing facilities entirely for optical technologies.
Details include:
1. The factories will lead to the creation of at least 3,000 jobs and increase Corning’s US optical manufacturing capacity by +1,000%
2. Nvidia is likely set to replace copper with Corning’s optical glass fibers in its AI rack-scale systems
3. Optical fiber allows for less signal loss than copper, making AI data centers more efficient
4. Corning, $GLW, is surging +16% on the news and Nvidia, $NVDA, is up +3%
The AI Revolution is accelerating.
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BREAKING: US oil prices are experiencing a sharp reversal, now up +8% in 60 minutes, as doubts grow over an Axios-reported potential deal to end the Iran War.
This comes as Iran has launched a new website called the "Persian Gulf Strait Authority."
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BREAKING: The US and Iran are nearing a 14-point "memorandum of understanding" to end the Iran War and set a framework for more detailed nuclear deal.
The deal would include:
1. Iran committing to a moratorium on uranium enrichment
2. The US lifting its sanctions and releasing billions in frozen Iranian funds
3. Both sides lifting restrictions around transit through the Strait of Hormuz.
4. A 12-15 year duration on Iran's moratorium on uranium enrichment
5. An end to the war and the beginning of a 30-day negotiation period
We expect more details on the deal shortly.
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Crypto card spending is the next big trend:
Crypto card spending volume has surged +500% since September 2024, now running at $600 million per month.
As a result, stablecoin-linked payment cards are now one of the fastest growing businesses on the blockchain, with 90% of transactions captured by Visa, $V.
Visa's strategy has centered around partnering with emerging infrastructure providers which reduces reliance on traditional sponsor banks.
The growth comes amid the launch of Jupiter Global which returns 4-10% cash back to crypto cards and has seen +660% MoM volume growth in April.
Crypto card adoption is growing.
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BREAKING: President Trump says he will meet with China’s President Xi in Beijing on May 14th and 15th.
BREAKING: Iran tells the US it does not want to hold peace talks with US envoys Witkoff and Kushner and prefers negotiating with JD Vance instead, per CNN.
BREAKING: US federal debt has officially risen above $39 trillion for the first time in history, now up +$2 trillion over the last 8 months.
Since the debt ceiling was lifted in early July, US debt has risen +$2.8 trillion.
Total US debt has nearly DOUBLED since 2018, with the US Debt-to-GDP ratio now up to 124%.
Meanwhile, US debt is projected to surge +$2.4 trillion per year over the next 10 years, reaching a record $64 trillion by 2036, according to CBO estimates.
The US debt crisis is out of control.
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BREAKING: The US Pentagon is sending thousands of additional Marines and three warships to the Middle East.
Up to 2,500 Marines from the USS Boxer group are being deployed.
