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- Gulf-backed Anthropic’s $2T IPO; Abu Dhabi’s AI Drug Discovery; Aramco Stadium Nears Opening
Gulf-backed Anthropic’s $2T IPO; Abu Dhabi’s AI Drug Discovery; Aramco Stadium Nears Opening
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Monday, August 17, 2026
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The Gulf’s ambitions in AI, biotech and sports infrastructure are moving into a new phase. Anthropic could be heading toward a $2 trillion IPO, potentially surpassing SpaceX as the largest public listing ever, with Abu Dhabi’s MGX and Qatar’s QIA among its major backers. In Abu Dhabi, AI is also helping produce something very different: a potential non-addictive painkiller discovered by biotech firm Insilico Medicine at its local research facility. And in Saudi Arabia, Aramco Stadium is entering final testing ahead of its planned November opening, positioning the 47,000-seat venue as a year-round sports, entertainment and commercial destination.
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Anthropic Eyes Record $2 Trillion IPO With Gulf Investors Poised For Windfall
What Is It About
Anthropic could target a valuation of around $2 trillion in a potential October IPO, according to investor estimates reported by the Financial Times. That would more than double its $965 billion valuation from May and surpass SpaceX’s roughly $1.77 trillion listing. Abu Dhabi’s MGX and Qatar’s QIA are among the Gulf-backed investors in the AI company, which has attracted nearly $100 billion in funding this year.
Why It Matters
The potential valuation reflects soaring investor expectations for Anthropic’s growth. Its revenue reportedly more than doubled in the second quarter to $10.9 billion, while investors expect annualized revenue to reach $100 billion-$120 billion by year-end. For Abu Dhabi, MGX’s involvement highlights the emirate’s growing exposure to leading global AI companies and its broader strategy of deploying sovereign capital into artificial intelligence.
What’s Next
Anthropic has not confirmed an IPO valuation target, meaning the $2 trillion figure remains an investor estimate. The company will need to convince public-market investors that its rapid revenue growth can offset huge computing costs and increasing competition. If the IPO proceeds at the projected valuation, Anthropic could overtake SpaceX as the largest IPO in history.
Blu Dot surpasses 2,000% ROAS with self-serve CTV ads
Home furniture brand Blu Dot blew up on CTV with help from Roku Ads Manager. Here’s how:
After a test campaign reached 211,000 households and achieved 1,010% ROAS, the brand went all in to promote its annual sales event. It removed age and income constraints to expand reach and shifted budget to custom audiences and retargeting, where intent was strongest.
The results speak for themselves. As Blu Dot increased their investment by 10x, ROAS jumped to 2,308% and more page-view conversions surpassed 50,000.
“For CTV campaigns, Roku has been a top performer,” said Claire Folkestad, Paid Media Strategist, Blu Dot. “Comping to our other platforms, we have seen really strong ROAS… and highly efficient CPMs, lower than any other CTV partner we've worked with.”
Using Roku Ads Manager, the campaign moved from a pilot to a permanent performance engine for the brand.
Aramco Stadium Nears Opening As Saudi Arabia Builds Year-Round Sports Destination
What Is It About
Saudi Arabia’s 47,000-seat Aramco Stadium in Al Khobar is entering its final testing phase ahead of a targeted November opening. Testing will cover security and safety systems, stadium operations, technology, hospitality and spectator facilities. The venue is expected to become the home of Al-Qadsiah and is designed as more than a football stadium, with retail, entertainment, hospitality and community facilities forming part of its wider 800,000-square-metre development.
Why It Matters
The stadium is a major part of Saudi Arabia’s strategy to build world-class sports infrastructure ahead of the 2027 AFC Asian Cup and 2034 FIFA World Cup. But its commercial ambition extends beyond major tournaments. The venue is being developed as a year-round destination, creating revenue opportunities through hospitality, dining, retail, entertainment and events. That model could help Saudi Arabia turn large sports investments into broader commercial and tourism assets.
What’s Next
The final testing program will determine whether the stadium is ready for its planned November opening. Once operational, it will prepare for the 2027 AFC Asian Cup and eventually the 2034 FIFA World Cup. Beyond football, Aramco Stadium is expected to host concerts, cultural events, festivals and community activities. Its operators are also pursuing commercial partnerships across hospitality, retail and entertainment, supporting the goal of making it a year-round destination in Saudi Arabia’s Eastern Province.
Abu Dhabi Emerges As A Hub For AI-Driven Drug Discovery
What Is It About
Abu Dhabi is playing a key role in Insilico Medicine’s development of a potential non-opioid painkiller. The biotech company says its AI-driven candidate, ISM9528, is its 31st preclinical candidate and was identified using its generative AI platform. The company says the candidate could offer a new approach to pain management without the addiction risks associated with opioids. Insilico has built its AI and drug-discovery capabilities in Abu Dhabi, with support from the emirate’s investment and healthcare ecosystem.
Why It Matters
The development highlights Abu Dhabi’s growing ambition to become a global hub for biotechnology, AI and advanced research. Insilico’s Abu Dhabi operations combine scientific talent with AI infrastructure to accelerate drug discovery. The emirate has also supported the company’s R&D expansion and partnerships with local universities and institutions. Earlier this year, Insilico nominated the UAE’s first locally discovered AI-powered preclinical drug candidate, marking another milestone for Abu Dhabi’s emerging life-sciences ecosystem.
What’s Next
Insilico’s pain candidate remains at the preclinical stage, meaning further testing will be required before potential human trials. The company says its AI-driven approach can significantly shorten the early stages of drug discovery. For Abu Dhabi, the focus will be on turning these discoveries into a broader biotechnology ecosystem, attracting more researchers and companies while developing capabilities across drug discovery, clinical development and pharmaceutical manufacturing.
Smashi Business Exclusive: How CFI Delivered Its Tenth Consecutive Record Quarter
CFI Financial Group's record first half of 2026 was years in the making, according to Group CEO Ziad Melhem, who said the company's latest performance reflects long-term investments in governance, technology, talent and international expansion, rather than a single period of elevated market activity.
Speaking to Smashi Business, Melhem said CFI's record first half, including $5.34 trillion in trading volume and its tenth consecutive record quarter, were built on consistency rather than short-term gains. "The companies that grow, that scale, that last, are the ones that perform through different market environments," he said, adding that today's results are "the outcome of decisions we've made years ago."
Melhem also credited the UAE's operating environment as a competitive advantage for the business, arguing that the country's close alignment between the public and private sectors has enabled companies to scale with confidence. "When there is this mutual trust, when there is this big support and the goals are aligned, the partnership with the regulator creates the necessary platform or infrastructure that would allow us to grow and do much more," he said.
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👨💻From Smashi Business’ Desk
LVMH-owned Sephora has denied reports it will open stores in Israel, while confirming Sephora Collection, its own beauty brand, signed a temporary resale agreement with Israeli retailer Glam42.
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited Binghatti’s London office, according to photos shared by the developer on Instagram.
President Donald Trump and Saudi PIF Governor Yasir Al-Rumayyan were spotted together at LIV Golf’s New York event at Trump National Bedminster, ahead of the final round.
Saudi boxing power broker Turki Al-Sheikh has pulled out of a proposed takeover of English Championship club Derby County after delays in securing approval left limited time to prepare for the new season.
🔍In other news…
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🦄 World of Startups
ChatFeatured, Canada-based AI startup, raised $2M in a pre-seed funding round from BY Venture Partners (UAE/Lebanon) and other global investors
Doctorbook, Syria-based healthtech platform, raised $16K in a pre-seed funding round from a group of angel investors, valuing the startup at $200K
Carbar, Australia-based car subscription platform, is merging with Carasti, UAE-based car subscription business operating across the UAE, Saudi Arabia, Thailand, and Singapore, at a combined pre-raise valuation of $74M
Fincart, Egypt-based eCommerce enablement platform, raised $2.8M in a seed funding round
