Afternoon Brief, September 25th 2026
Anthropic lost a round in its Pentagon dispute. Nscale announced financing with part of the money still due in November. Solidigm is reportedly interviewing banks for a public offering.
Appeals court declines to block the Pentagon’s Anthropic designation
The DC Circuit declined to block the Pentagon’s designation of Anthropic as a national security supply-chain risk, Reuters reported Friday. Anthropic had challenged the designation, saying it damaged its business and reputation.
The ruling does not erase the separate California litigation. Reuters reports that a judge in that case has blocked the designation. The parallel proceedings matter for customers trying to establish which restrictions apply: this decision alone does not establish a government-wide ban that overrides every other court order. The underlying opinions were not independently reviewed. SourcesB
Nscale announces $3.36 billion in financing, with Nvidia’s portion due in November
Nscale announced convertible loan notes led by Third Point, specifying $2.36 billion at closing and a further $1 billion commitment from Nvidia expected in mid-November. The notes automatically become shares when its IPO completes; Nvidia receives non-voting shares.
The timing distinguishes the announced total from cash available for construction now. The release also identifies expected closings as forward-looking statements. This is financing ahead of a listing, not proceeds from a completed public offering.
SourcesA
Solidigm reportedly interviews banks for a potential $15 billion IPO
SK Hynix’s storage subsidiary Solidigm held meetings with banks seeking roles in a possible IPO, Reuters reported. Its sources described an offering as early as next year, raising about $15 billion at a of up to $150 billion.
The company supplies solid-state drives for servers and data centers. A separate listing would give investors a direct valuation for that storage business. But these are early plans: Solidigm declined to comment, and SK Hynix did not immediately respond. Bank interviews establish preparation, not a filed application or an agreed price. SourcesB