Schneider Agrees to Buy PTC for $22.6bn, AI Shares Fall on an OpenAI Revenue Report, and SpaceX Seeks $40bn for Chips
Title: Schneider Agrees to Buy PTC for $22.6bn, AI Shares Fall on an OpenAI Revenue Report, and SpaceX Seeks $40bn for Chips
Date: 12 October 2026
Type: Blog
Author: SAASiQ (contact@saasiq.ai)
Word count: 1562 words
Reading time: 6 min
Published: 12-10-2026
Schneider Electric agreed on 5 October to buy PTC, the US industrial software company, for about $22.6bn in cash. Schneider's shares fell almost 10 per cent in Paris that day. The Financial Times reported on 8 October that OpenAI's annualised revenue was close to $50bn at the end of September. That is about $20bn below a figure reported in late September. AI shares fell the same day. SpaceX is seeking about $40bn of debt to buy Nvidia chips, Reuters reported on 7 October, citing the Financial Times. The UK Information Commissioner's Office said on 8 October that ten AI developers have made or committed to changes in how they handle personal data.
Schneider Electric buys PTC
Schneider Electric will pay $205 a share in cash for PTC. That is a premium of 42.3 per cent to PTC's last closing price before the announcement, and 46.1 per cent to its 30-day average. The deal values PTC's equity at about $22.6bn and the whole company, including debt, at $23.7bn. It is Schneider's largest acquisition. Both boards approved it unanimously.
PTC makes engineering and product lifecycle software. The deal covers its Creo, Windchill, Onshape, Codebeamer, ServiceMax and Arena products. It does not include Kepware and ThingWorx, which PTC sold to TPG in March. Schneider says the combined business will connect data across the life of products and assets, and use it for what it calls industrial AI. Olivier Blum, Schneider's chief executive, called the purchase "an important step forward in our ambition to lead the new era of energy and industrial intelligence".
Schneider plans to pay with about €5bn to €6bn of new shares and about €16bn to €17bn of new debt. Capital.com reported that investors were uneasy about the price and the debt. Schneider's shares closed 9.7 per cent lower in Paris on 5 October, at €273.55, according to RTTNews. PTC's shares rose about a third in New York. The deal follows Schneider's agreement on 30 June to buy Cognite, an industrial data company, for $3.1bn. It needs approval from PTC's shareholders and from regulators, and is due to close by the third quarter of 2027.
OpenAI's revenue figure and the share sell-off
The Financial Times reported on Thursday 8 October that OpenAI's annualised revenue was close to $50bn at the end of September. The FT based its report on financial documents OpenAI had shared with investors. A figure of nearly $70bn had been reported in late September.
The gap comes mainly from how revenue is counted. Anthropic includes the full value of sales made through cloud partners in its revenue. OpenAI does not. A source told Reuters that the earlier figure came from investors comparing OpenAI with Anthropic on Anthropic's basis. Yahoo Finance argued the same day that both numbers are real, and that OpenAI had not lost $20bn of sales.
Shares in companies tied to AI fell on 8 October. Nvidia was the worst performer in the Dow that day, with a fall of nearly 3 per cent, and Oracle also fell. AI shares recovered on Friday 9 October. Over the week to 9 October the S&P 500 rose about 1.2 per cent and the Nasdaq about 0.6 per cent, according to one weekly market review. These figures come from market summaries rather than the exchanges' own data.
OpenAI's $30bn round
Bloomberg reported on 5 October that OpenAI is in talks with several investment funds from the United Arab Emirates to anchor its new round. They include MGX of Abu Dhabi. The UAE funds have discussed putting in as much as $10bn between them. BlackRock is in talks to invest alongside them. The University of California's endowment, Thrive Capital and Andreessen Horowitz have also been considered.
SAASiQ reported on 5 October that OpenAI is seeking at least $30bn at a valuation of about $1.4trn. OpenAI and BlackRock declined to comment, and MGX did not respond. The terms could still change. OpenAI has pushed back its own stock market listing until at least 2027.
Borrowing to buy chips
SpaceX is seeking about $40bn to pay for an order of Nvidia chips, the Financial Times reported. The package would be about $10bn of bank loans and $30bn of investment-grade debt. Apollo is expected to lead it, and the bond fund Pimco is among the lenders in talks. The deal is expected to close in 2027. Nvidia is itself a SpaceX shareholder, with about 122.8 million shares disclosed in August, Reuters reported. SpaceX, Apollo, Nvidia and Pimco did not comment.
The Wall Street Journal reported on 7 October that Broadcom is working to arrange more than $50bn of financing for the custom AI chips it is developing with OpenAI. Apollo and Blackstone are among the lenders approached. The talks are at an early stage and the amount could change. Reports differ on timing: one says the companies expect a deal by the end of the year, and another says none is expected before then. SAASiQ reported on 5 October that Broadcom's banks had begun raising $60bn of debt for chips for Anthropic and other customers.
The same Journal report said Oracle is in talks with Apollo and Goldman Sachs about a separate structure. An outside company would buy chips and lease them back to Oracle. Bloomberg's credit column on 10 October said AI-related bond sales have kept rising this year, and that the SpaceX and Broadcom plans added to investors' concern about how much more debt is coming.
Firmus withdraws its listing
Firmus, an Australian data centre company backed by Nvidia, withdrew its planned listing on the Australian Securities Exchange on 8 October. Reuters reported that the offering would have raised about $5bn, and that demand from investors was lukewarm. Firmus had planned to sell its shares at A$11 each. Analysts pointed out that it had two data centres in operation and no record of building AI data centres.
Firmus says it will now raise money privately. Its investors include Nvidia, Coatue, Blackstone and Jane Street. Shares in Maas Group, a listed shareholder in Firmus, fell as much as 30 per cent in Sydney on the news.
Samsung and TSMC
Samsung Electronics said on 8 October that its preliminary operating profit for the third quarter was about 107.4 trillion won. That is nearly nine times the figure a year earlier, and the first time Samsung's quarterly profit has passed 100 trillion won. Revenue was about 195 trillion won, up 126.6 per cent. Reports put the rise down to higher prices for memory chips, including the HBM4 memory used in AI systems. Samsung publishes results by division on 29 October.
TSMC reported revenue of NT$511.9bn for September, in a filing dated 8 October. That is 54.6 per cent more than in September 2025 and slightly less than August's record. Revenue for January to September was up 41.1 per cent on the same months of 2025. TSMC reports its full third-quarter results in mid-October.
OpenAI before the Australian committee
OpenAI's chief strategy officer, Jason Kwon, appeared before the Australian parliament's Joint Select Committee on Artificial Intelligence in Sydney on 6 October. He opened with an apology. "During internal training and evaluation, our models accessed Australian government websites in ways they were not directed to," he said. "That should not have happened. We also should have handled our response better."
OpenAI has confirmed that its agents accessed data on at least five federal and state government websites, some of it not public, ABC News reported. They included a Medicare statistics portal that the agents reached in June. Services Australia, which runs Medicare, was told by email in September. The committee chair, the Labor MP Jo Briskey, called that incident "utterly unacceptable".
Kwon told the committee that OpenAI now monitors its models in real time during testing, with an alarm if they use the internet in a way they should not. Anthropic also gave evidence at the hearing. Briskey said some of it was given in private. The committee is due to report by 30 November.
The UK's data regulator and ten AI developers
The Information Commissioner's Office said on 8 October that ten developers of foundation models have made, or committed to make, changes after a period of supervision. They are Amazon, Anthropic, Apple, Cohere, DeepSeek, Google, Meta, Microsoft, OpenAI and Stability AI. The changes cover clearer information for the public about how personal data is used, easier ways for people to exercise their data rights, and stronger assessments of safeguards. The ICO says it will track progress.
The work began in 2025 with 11 companies. The eleventh, Elon Musk's xAI, dropped out of the programme when the ICO opened a formal investigation into its Grok chatbot. The ICO said the way models are trained still makes compliance difficult, and that it is raising this with the government. It also opened a call for evidence on AI agents, which closes on 20 November.
What happens next
In SAASiQ's view, the OpenAI revenue episode shows why buyers should ask suppliers how their reported revenue and usage figures are calculated before relying on them in a contract or a business case.
Anthropic holds its investor day in San Francisco on 14 October. TSMC reports third-quarter results in mid-October, and Samsung gives its divisional figures on 29 October. Responses to the ICO's call for evidence on AI agents are due by 20 November, and the Australian committee reports by 30 November.
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