SKN | Bitcoin Remains Below $74,000 as CoreWeave Earnings Revive AI Infrastructure Stocks and Anthropic Eyes a Higher IPO Valuation

Key Points:

• Bitcoin remained relatively stable near $73,918, trading below $74,000 despite renewed optimism across technology and AI infrastructure stocks.
• CoreWeave reported 168% year-over-year revenue growth to $3.66 billion and raised its 2026 revenue forecast to between $13 billion and $13.3 billion.
• Anthropic’s bankers are reportedly considering an IPO valuation of $1.5 trillion or more, above the previously discussed $1.4 trillion target, amid strong investor demand.

Bitcoin remained below $74,000 on November 11 as stronger-than-expected results from artificial intelligence infrastructure provider CoreWeave lifted technology stocks and Nasdaq futures. The contrasting market movements highlight how capital is responding differently to AI growth prospects and cryptocurrency exposure, while persistent inflation and expectations of further Federal Reserve tightening continue to influence risk appetite. Meanwhile, reports of a potentially higher Anthropic IPO valuation have added another indication of the substantial capital still flowing toward the AI sector.

Bitcoin Holds Steady as AI Stocks Recover

Bitcoin traded around $73,918, showing little change over the preceding 24 hours. Gold also remained relatively stable near $4,000 an ounce, while Nasdaq 100 futures advanced more than 1.5% following CoreWeave’s earnings announcement.

The recovery extended to companies connected to digital assets and AI computing. CoreWeave shares gained approximately 10% in premarket trading, while IREN advanced 6%, Galaxy Digital rose 5% and Cipher Digital gained 7%. These movements illustrate the growing overlap between cryptocurrency-related infrastructure businesses and the expanding AI computing market.

Bitcoin’s muted response suggests that optimism surrounding AI infrastructure was not sufficient to generate an immediate broad-based recovery in digital assets. Instead, cryptocurrency prices remained sensitive to the macroeconomic environment, particularly expectations for U.S. interest rates.

CoreWeave’s Revenue Growth Supports the AI Infrastructure Trade

CoreWeave reported third-quarter revenue of $3.66 billion, representing a 168% increase from $1.37 billion a year earlier. Adjusted EBITDA reached $2.26 billion, compared with $838 million in the corresponding period of 2025, while the adjusted EBITDA margin stood at 62%.

The company also raised its full-year 2026 revenue guidance to between $13 billion and $13.3 billion. Its revenue backlog reached approximately $132.5 billion at the end of September, indicating substantial contracted demand for its AI cloud infrastructure. Management expects capital expenditure of $37 billion to $39 billion this year as it accelerates infrastructure deployment.

However, the results also exposed the financing demands associated with rapid expansion. CoreWeave recorded a net loss of $709 million, compared with $110 million a year earlier, while net interest expense increased to $846 million from $310 million. The figures demonstrate that strong revenue growth does not automatically translate into positive net earnings, particularly when infrastructure investment and financing costs remain substantial.

Anthropic’s Potential $1.5 Trillion IPO Valuation

AI-sector sentiment received additional support from reports that Anthropic’s investment bankers are considering an IPO valuation of $1.5 trillion or more. The Financial Times reported that the potential valuation could exceed the approximately $1.4 trillion target previously discussed, reflecting strong investor interest in the company’s planned public offering.

Strategic partners including Google, Nvidia and Microsoft are also expected to invest a combined $26 billion through a separate private placement at the IPO price, according to the report. These commitments underline the strategic importance of Anthropic within the AI ecosystem, although the higher valuation remains under consideration rather than a formally confirmed revision by the company.

For institutional investors, the proposed valuation raises questions about how much future AI growth is already reflected in private-market pricing. The scale of the potential offering also makes Anthropic’s listing an important test of demand for large technology companies amid concerns about infrastructure costs and long-term profitability.

Interest-Rate Expectations Continue to Weigh on Crypto

Bitcoin’s limited participation in the technology rebound reflects a separate macroeconomic pressure. Following stronger-than-expected October U.S. inflation data, the U.S. Dollar Index remained above 102, while futures markets indicated approximately an 86% probability of a 25-basis-point Federal Reserve rate increase on December 9.

Higher borrowing costs can reduce liquidity and make leveraged exposure to volatile assets less attractive. Consequently, strong earnings from AI infrastructure companies may support technology equities without necessarily improving demand for cryptocurrencies. Investors will now monitor CoreWeave’s ability to convert its backlog into revenue, Anthropic’s final IPO terms and the Federal Reserve’s next policy decision. For Bitcoin, a sustained recovery will depend on whether macroeconomic conditions and institutional demand improve alongside broader technology-market sentiment.