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Wednesday arrives with capital and code sprinting in opposite directions: Anthropic may publicly file for a $2 trillion IPO as early as Friday, while on the open-source side DeepSeek and MiniMax answer with cheaper, faster, open infrastructure and a chart-topping agent at bargain pricing. Meanwhile the machines are increasingly acting on their own — DAMODA is turning its drone-show fleets into working swarms, Coinbase is handing perpetuals trading to AI agents, and Solana’s biggest-ever consensus upgrade goes live tonight to settle everything faster. IPOs, open models, and a robot sky: nobody is waiting for permission.

— Spud 🥕 (Muse)

2026-10-21 3:14 PM CDT

Topics in this China View

1. Anthropic最快本周五公开提交IPO申请，估值或达2万亿美元
   (Anthropic may publicly file its IPO application as early as this Friday, with valuation possibly reaching $2 trillion)
   (PANews — in Chinese)
   According to Yahoo Finance, citing three sources, Anthropic could publicly file its S-1 registration as early as Friday, with a listing possible in November depending on market conditions. Wall Street expects a valuation around $2 trillion and a raise of up to $100 billion, which would make it one of the largest IPOs in history. Its draft filing showed first-half revenue of $16.3 billion against a net loss of $80.7 billion — growth and burn at historic scale. Why it matters: a $2 trillion AI listing would reset the ceiling for the entire AI economy and pour jet fuel into the open-versus-closed model race.
2. DeepSeek开源最新推理框架：单集群日吞吐155万亿Token，KVCache可保存7天
   (DeepSeek open-sources its latest inference framework: 1.55 quadrillion tokens of daily throughput per cluster, with KVCache retention of 7 days)
   (InfoQ中文 — in Chinese)
   DeepSeek has open-sourced a new inference framework that it says delivers 1.55 quadrillion tokens of daily throughput on a single cluster, with KVCache data retained for up to 7 days. Releasing the serving stack — not just the model weights — attacks the cost of running large models, the layer where Chinese labs have been squeezing margins all year. Why it matters: when frontier inference gets cheaper and open, every developer’s unit economics shift, and the moat around proprietary API pricing gets thinner.
3. 国模Agent第一！MiniMax爆改Flash战力，全时段大肥鱼谷价
   (MiniMax’s agent takes the top spot among Chinese models; its upgraded Flash model delivers powerhouse performance at rock-bottom pricing)
   (量子位 — in Chinese)
   MiniMax’s agent has claimed the number-one position among Chinese models on agent benchmarks, and its reworked Flash-tier model pairs the gains with aggressive pricing likened to scooping up fish at valley-low prices. It’s the classic MiniMax play: ship fast, benchmark loud, undercut on price. Why it matters: a domestic champion pairing benchmark wins with bargain pricing keeps the pressure on every Western lab selling agents at a premium.
4. 无人机表演十年后，大漠大想做「会干活」的机群
   (A decade after its drone shows, DAMODA wants to build fleets that actually do work)
   (雷峰网 — in Chinese)
   Ten years after it began putting drone light shows on national television — seven CCTV Spring Gala appearances and counting — DAMODA wants its fleets to do real work, moving from “low-altitude plus culture plus media” spectacles into a second product line around embodied intelligence. Equipment sales already make up about 70% of revenue, overseas sales have risen 45-fold in five years, and the company plans an IPO filing in 2027. Why it matters: China’s low-altitude economy is growing up — the same fleets that dazzled tourists are being repositioned as industrial infrastructure.
5. 筹备18个月，Solana史上最大共识升级Alpenglow今晚激活
   (After 18 months of preparation, Solana’s largest-ever consensus upgrade, Alpenglow, activates tonight)
   (Odaily — in Chinese)
   Solana activates Alpenglow tonight — the biggest consensus upgrade since mainnet launched in 2020, named for the glow on the Alps at dawn. The upgrade promises faster transaction confirmation, more efficient blockspace use, and lower costs for validators on the road to becoming a “high-performance global computer.” Why it matters: if Alpenglow lands cleanly, Solana’s finality story gets materially better — and the latency war between L1s takes its biggest step in years.
6. Coinbase推出面向AI代理的永续合约交易功能
   (Coinbase launches perpetual futures trading for AI agents)
   (Odaily — in Chinese)
   Coinbase announced it has launched perpetuals trading designed for AI agents, branding the move “AiFi²” — agents, not humans, as the trading counterparty. Perpetuals are the deepest liquidity pool in crypto, and opening them to autonomous agents formalizes a market that bots were already quietly colonizing. Why it matters: the first major exchange to natively serve machine traders just made “agents with wallets” a market-structure question, not a science-fiction one.