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Happy Monday.

We’re live on YouTube and 𝕏.

The current thing in tech and business is Anthropic’s Q3 results.

Today’s Lineup

Feed Me Editor Emily Sundberg at 11:15 AM
Odd Lots Host Joe Weisenthal at 11:30 AM
SERHANT Founder & CEO Ryan Serhant at 12:00 PM
NYSE President Lynn Martin at 12:30 PM

Run of Show

Anthropic’s Q3 Results, Fridges Are Getting Hacked, & Norwood’s $375M Series C

Anthropic Releases its Q3 Numbers

Here are the details:

Q3 revenue: ~$17B (+47% QoQ, +1,127% YoY)

Annualized Q3 revenue: ~$68B

Revenue through Q3: $33.24B (+1,200% YoY)

Q3 net loss: $23.3B ($12.1B in 2025)

YTD net loss: $104B (largely driven by noncash fair-value adjustments)

Compute and infrastructure expenses: +$14.4B (+329% YoY, YTD through Q3)

Purchase commitments and leases: $895.4B (substantially all related to compute and infrastructure)

Quarterly revenue growth: 132% Q1 → 144% Q2 → 47% Q3

Fridges Are Getting Hacked

Hackers are remotely taking control of supermarket refrigerators and freezers across Europe, turning up their temperatures and forcing stores to throw away thousands of dollars worth of food.

The attacks have affected countries like Sweden, Belgium, Luxembourg, Estonia, Ireland the Netherlands, and Finland across chains including IKEA, Carrefour, ICA, Coop, and Ahold Delhaize.

- Sweden: One ICA supermarket reported that its freezers reached 122°F, destroying its frozen inventory.

- Belgium: A butcher reported that hackers raised his refrigerators to 64°F, ruining roughly €15,000 worth of meat.

- Ireland: 13 SuperValu stores were affected, but the issue is now resolved for those stores

- Carrefour: 15 of its 700 Belgian stores were affected.

Katrien Eggers, spokesperson for Belgium’s Centre for Cybersecurity, says no one knows who is behind these attacks and that we may never know. And since no one has demanded a ransom, there’s growing suspicion that the goal is simply to cause damage rather than make money.

Strategy Risk’s Melissa Chen thinks the rise of these kinds of hacks is a good reason to hold on to older appliances that aren’t connected to the internet.

Northwood Raises $375M at a $2B Valuation

Northwood Space raised $375M for its Series C at a $2B valuation co-led by a16z and DFJ Growth just less than nine months after its Series B. Northwood says this round of funding will be used for “accelerating delivery on existing contracts, talent acquisition, and the buildout of Northwood’s global ground network for commercial, U.S. government, and allied space missions.” The company says that we’ll see several site and network expansion announcements in 1H 2027.

I like looking back on old TBPN clips from guests on their fundraising journey to see the progress they’ve made. Here’s Northwood co-founder & CEO Bridgit Mendler talking about the vision of Northwood in April 2025, just after their $30M Series A.

Clip Spotlight: Will Manidis explains Thrive's ADT acquisition:

"ADT probably has the greatest sensor network on Earth. More cameras, more infrastructure on the edge being able to capture more novel data than almost anyone else has."

"Even if they're not able to get any lift out of the core business, that has to be the most valuable data set in the world."