In today’s Digest, we cover Anthropic hiring IPO counsel in its race against OpenAI, Mistral unveiling new AI models, as well as Sam Altaman declaring ‘code red’. We also discuss Google testing AI overviews blended with AI mode, and Eventbrite being acquired by Bending Spoons for USD$500m.

AI Race Intensifies: Anthropic Eyes IPO, Mistral Unveils New Models, Altman Declares ‘Code Red’ 

The battle for AI dominance is heating up. Anthropic is laying the groundwork for what could become one of the largest tech listings in history, as the AI start-up accelerates plans to go public. The company has engaged US law firm Wilson Sonsini to advise on the process, with a potential initial public offering targeted as early as 2026.

While discussions with major investment banks have taken place, yet sources suggest these remain informal, indicating that the company has yet to select underwriters for the offering. Anthropic is positioning itself alongside OpenAI in a race to the public market, underscoring the intense competition driving the current AI boom.

This comes as Mistral has unveiled a new suite of open-weight AI models, including its flagship Mistral Large 3, as it seeks to strengthen Europe’s position in the global AI race. The company claims the system is among the most advanced multimodal and multilingual open models available, supporting most European languages and several Asian ones.

 As OpenAI faces mounting pressure from rivals in the AI race, chief executive Sam Altman has declared a ‘code red’. Plans for advertising tools, AI shopping and health agents, and Pulse, are now on hold as the company concentrates resources on advancing its flagship product.

Google tests blending AI overviews with AI mode

Google is trialling a new feature that blends its AI Overviews with AI Mode in Search, aiming to make information discovery more seamless. The update allows users who receive an AI-generated summary at the top of their search results to dive deeper by asking follow-up questions in a conversational interface powered by Gemini AI. This marks a shift towards integrating traditional search with interactive AI experiences.

AI Mode, which launched to  US users in May and globally in August, has so far required users to anticipate whether they wanted a simple query or a more exploratory session, often necessitating a switch to a dedicated tab. Google’s latest test seeks to remove that friction, recognising that even straightforward searches can lead to curiosity and further questions. By merging these experiences, the company hopes to make the transition from static answers to dynamic dialogue more intuitive.

Eventbrite acquired by Bending Spoons for $500m

Bending Spoons has agreed to acquire Eventbrite for approximately USD$500m (£378.8m), marking a fall in the ticketing platform’s worth  since its USD$1.76bn (£1.33bn) IPO valuation  in 2018. The deal underscores the challenges facing Eventbrite, whose growth has stalled despite its strong brand presence in the events marketplace.

Under the agreement, shareholders will receive USD$4.50 (£3.40) per share, valuing the company at roughly 1.7 times its trailing 12-month revenue of USD$295m (£222.5m).