In today’s Digest, we discuss Stagwell acquiring Freestar to expand further into the supply side of ad tech, Anthropic filing for an IPO and revealing rapid revenue growth alongside heavy losses, and Instacart reportedly exploring a sale, with DoorDash and Uber among the potential buyers. 

Stagwell acquires Freestar 

Stagwell has acquired Freestar, the firm that helps publishers such as Fortune and Boston Globe Media sell their ad inventory, announcing the deal on 26th October. Freestar will sit inside Stagwell’s Owned Media unit, which has had a dedicated CEO, Ben Berentson, since February. Properties including travel publisher Ink and airport network ReachTV will now use Freestar to run their programmatic sales, while Freestar’s existing publisher clients gain a shorter route to advertisers and tools across Stagwell’s network.

The purchase continues a supply-side buildout that included July’s launch of Stagwell Curate, an in-house marketplace for packaging publisher inventory ahead of bidding.

Anthropic files for IPO as losses mount

Anthropic has filed papers to sell shares to the public for the first time, setting up a Wall Street debut next month in what could be the largest initial public offering ever. The filing shows revenue grew by 1,300% in the six months to 30th June, 2026, reaching USD$16.3bn (£12.4bn). Existing customers are spending roughly nine times what they did a year earlier, with net revenue retention of around 900%. The company reported a net loss of USD$80.7bn (£61.3bn) for the first half of the year.

The prospectus warns that Anthropic “cannot assure” revenue will keep growing, with 94 of its more than 400 pages devoted to risk factors. Two unnamed customers accounted for 23% of all money owed to the company, and although no single customer made up more than 10% of revenue in the nine months to September, the top five represented about 25%.

DoorDash & Uber reportedly eye Instacart

Instacart is reportedly weighing a sale to a larger rival. The Information reported that the grocery delivery company has hired an investment bank to evaluate its options and has held acquisition talks with DoorDash. Bloomberg added that Instacart also spoke with Uber, though Uber is said to have walked away. Bloomberg stressed the talks are at an early stage and may not lead to a deal, and an Instacart spokesperson declined to comment.

News of the discussions lifted Instacart’s shares by more than 9.2%, while Uber and DoorDash stock fell. The company has a market value above USD$13bn (£9.9bn), and its shares are up 25% so far this year.