In today’s ExchangeWire news digest: The Trade Desk’s Q3 revenue slips as buying power shifts, Anthropic sets IPO terms targeting a valuation of up to $1.4tn, and Sea’s Q3 revenue jumps 43% as Shopee and Monee drive growth

The Trade Desk revenue falls as buying power shifts

The Trade Desk beat the cautious revenue forecast it set earlier this year, but growth has stalled. Third-quarter revenue came in at USD$736m (£559m), slightly below the USD$739m (£562m) reported a year earlier, while profit fell from USD$116m (£88m) to USD$38m (£29m). CEO Jeff Green told investors that decisions about what to buy are moving away from hands-on-keyboard traders and towards senior agency leaders, procurement groups at large brands and top executives.

Video, including CTV, online video and mobile video, now makes up a little over half of spend, with mobile in the high 20% range and display at just over 10%. Audio was the fastest-growing channel and reached 7% of the business. Political advertising was a bright spot, with Green saying this year’s spend topped the 2024 presidential cycle.

Anthropic targets $1.4tn valuation in IPO

Anthropic is aiming for a valuation of up to USD$1.4tn (£1.06tn) in its initial public offering, with the company and some existing investors planning to raise as much as USD$64bn (£48.6bn), according to the Financial Times. An updated regulatory filing shows 825 million shares being offered at USD$70 (£52.85) to USD$78 (£58.89) each. On a fully diluted basis, the filing implies a valuation of USD$1.26tn to USD$1.41tn (£958bn to £1.07tn), up from the USD$965bn (£733bn) of its last private funding round in May.

Anthropic also plans a USD$26bn (£19.8bn) private placement at the same price, drawing on chip suppliers Nvidia, AMD, Micron, Broadcom and TSMC, along with cloud providers Google and Microsoft. An over-allotment option could bring in another USD$9.7bn (£7.4bn), which together with the placement would lift the total raised to around USD$100bn (£76bn) at the top of the price range.

Sea’s Q3 revenue jumps 43% as Shopee and Monee drive growth

Singapore-based Sea reported third-quarter 2026 revenue of USD$8.6bn (£6.5bn) on 10th November, up 43.4% from a year earlier, with net income of USD$502.5m (£382m) and gross profit of USD$3.9bn (£3bn). Growth came mainly from its ecommerce and digital financial services businesses.

Shopee remained the largest unit with USD$6.1bn (£4.6bn) in revenue, as gross merchandise value rose to USD$39.7bn (£30.2bn). Monee, the financial services arm, posted USD$1.6bn (£1.2bn) in revenue, making it Sea’s second-largest business, while gaming unit Garena reported bookings of USD$890m (£676m).