Good morning,

I doubt you have time to read Anthropic's 240,000-word IPO filing over your coffee. So luckily, as the AI behemoth gears up to go public, Trishla Ostwal has already crunched some of the numbers and what they mean.

Elsewhere, Stagwell is doubling down on owned media with its acquisition of Freestar. And in news that will surprise no one after last week's leak, Jay-Z is set to headline the Super Bowl 61 halftime show after years of working on the spectacle behind the scenes.

Meanwhile, in less expected headliner news, Seth Rogen is fronting Sephora's holiday campaign.

Before you dive into the news, here’s a reminder to register for ADWEEK’s webinar on Nov. 5 at 1pm ET, The End of Audience Guesswork, to learn how to confirm who your best audiences are before committing media dollars. Experts from Adobe and Acxiom will show you how to pinpoint who actually drove your campaign results.

Let's go.

Rebecca Stewart, brand editor

Must Reads

1. Anthropic Goes for the Public Markets as Revenue Jumps Nearly 15-Fold

Anthropic has spent the past year in court with publishers, at odds with the Pentagon, and in contracts for hundreds of billions of dollars in computing power. Yesterday, it asked public investors to buy in anyway.

Trishla Ostwal unpicks some of the numbers revealed in the AI firm's 335-page IPO filing, which could mark one of the largest on record.

2. Stagwell Snaps Up Freestar to Bolster Owned Media Ambitions

Back in agency land, Mark Penn's Stagwell has acquired Freestar, a company that helps digital publishers monetize with ads.

Kendra Barnett has all the details.

Jay-Z Will Finally Headline Super Bowl 61 Halftime Show After Years Behind the Scenes

Jay-Z might have 99 problems, but getting Jay-Z to perform at the Super Bowl halftime show isn't one.

Apple Music, the NFL, and Roc Nation confirmed the rapper will headline the Feb. 14 show he has helped produce since 2019. I know I'm not the only one hoping for a Beyoncé "Crazy in Love" (or "Upgrade U") special guest appearance.

Seth Rogen Checks Off His Gift List in Sephora’s Holiday Campaign

Move over Sephora, Sethphora is here.

Seth Rogen may not be the most likely person you’d bump into in a beauty store aisle, but the actor, director, and comedian is on a mission to find the perfect gifts in Sephora's new U.S. and Canada holiday campaign—with a little help from its resident advisors.

Google Sells Itself As A Commerce 'Matchmaker,' Not A Retailer

As AI agents become synonymous with product discovery, Google is positioning itself as a critical partner for brands looking to appear in recommendations.

Mitchell Parton delves into why the search giant wants to control how people discover new brands.

The Round Up

Motherly's new CEO Sharon Yi expects events, video, and podcasts to bring in seven figures in 2026, (ADWEEK).
MS NOW and CNN tussled for demo in yesterday's Daily Cable News Ratings, (ADWEEK).
Instagram is testing videos up to 90 minutes long, (Variety).
U.S. judge refuses to block Eli Lilly weight-loss drug ads, rules against Novo Nordisk, (Reuters).
Brandweek 2026: Doug Zarkin discusses whether retention is the real problem in marketing, (ADWEEK).
Visibility isn’t enough for today’s sports partnerships, (Brandshare from IMG).

Revolving Door

Following the Paramount and WBD merger, Skydance's Jay Askinasi sets ad leadership, (ADWEEK).
Palm Beach Tan names Arm Candy its media AOR, (Arm Candy).
Advisory firm Equalls launched by former leaders of orgs including Wired, Nike, and IBM, (Business Wire).
RPA names Kevin Mayer president and COO, (RoastBrief).

That's all from me. Lauren Johnson will be back with you tomorrow.

1. Anthropic Goes for the Public Markets as Revenue Jumps Nearly 15-Fold

2. Stagwell Snaps Up Freestar to Bolster Owned Media Ambitions

3. Jay-Z Will Finally Headline Super Bowl 61 Halftime Show After Years Behind the Scenes

4. Seth Rogen Checks Off His Gift List in Sephora’s Holiday Campaign

5. Google Sells Itself As A Commerce 'Matchmaker,' Not A Retailer