Good morning. Dan Guido, chief executive of cybersecurity firm Trail of Bits, assesses that the Anthropic code leak “is embarrassing but not dangerous.” Still, the leak is a blow to Anthropic for a variety of reasons, and customers should pay attention. Highlights from WSJ's coverage:

• The AI model maker is racing to contain the fallout after accidentally exposing the underlying instructions it uses to direct Claude Code, the popular AI agent app that has won the company an edge with developers and businesses.
• By Wednesday morning, Anthropic representatives had used a copyright takedown request to force the removal of more than 8,000 copies and adaptations of the raw Claude Code instructions—known as source code—that developers had shared on programming platform GitHub.
• The leak of “some internal source code” didn’t expose any customer information or data, a spokesman for Anthropic said. Nor did it divulge the valuable inner mathematics—sometimes called weights—of the company’s expensive and powerful AI models.

If you’re an Anthropic customer, there are still some immediate considerations. The leak gave hackers a large amount of new information to probe for bugs they could use to exploit the Claude Code software, or manipulate its Claude AI model into helping with their cyberattacks, creating risks for Anthropic and the developers who use its tools.

And, there’s the potential damage to Anthropic’s reputation. Anthropic has made headway with enterprises in part because it has made safety a hallmark.

There’s also the possibility that Anthropic’s rivals now have a detailed road map to clone Claude Code’s features without needing to reverse engineer them—something that is already common in the cutthroat AI race. That could eventually be a boon to enterprise customers looking to make a vendor switch.

Does Anthropic’s source code leak change your view of the company? Let us know.

Elon Musk’s SpaceX is one step closer to staging what could be the largest initial public offering of all time, WSJ reports.

The satellite builder and rocket operator has confidentially filed IPO paperwork with the Securities and Exchange Commission, according to people familiar with the matter. SpaceX is aiming for an IPO that could raise between $40 billion and $80 billion, The Wall Street Journal has reported. More highlights:

• The filing puts the company on track to potentially list shares by July, as Musk has told people is his goal.
• SpaceX would be the first of three mega-IPOs that could go in 2026: Artificial-intelligence companies OpenAI and Anthropic are both waiting in the wings for potential offerings before year-end. Many smaller IPOs have been pushed off in 2026, as fears about how AI will upend the software industry have sent investors running.
• Because SpaceX filed its paperwork confidentially, as is customary these days, most investors will have to wait until closer to the IPO to see the company’s financial performance.

NASA launches astronauts on historic moon flight. Four astronauts took off on a journey to the moon, a mission intended by NASA to ignite a new era of space exploration following years of delays and setbacks, WSJ reports. The Artemis II mission is part of the National Aeronautics and Space Administration’s renewed push to return American astronauts to the moon’s surface. The Artemis missions seek to lay the groundwork for a permanent NASA base on the moon, and eventually missions deeper into space.

Maine is about to become the first state to ban new data centers. Legislation that could be enacted this spring would pause construction of large new data centers until November 2027, WSJ reports. Maine has some of the country’s highest residential electricity prices, and elected officials are concerned that a surge in power demand might further inflate costs. The AI build-out is driving up electricity costs for consumers in some parts of the country, and at the same time generating large tax revenues for local governments that continue to court developers

Intel to buy Apollo’s stake in joint Ireland chip manufacturing facility for $14.2 billion. Intel said it would fund the purchase through a combination of cash on hand and about $6.5 billion in new debt issuances. Intel expects the transaction to add to ongoing earnings per share and strengthen the company’s credit profile beginning in 2027, WSJ reports.

Apple has archives that even Tim Cook didn’t know about. We went inside. To commemorate Apple’s 50th anniversary, CEO Tim Cook shared previously unseen archival materials with WSJ’s Ben Cohen and told the story of Apple through prototypes of its most successful products, including the iPod and iPhone. Watch the video here.

Kremlin enters the chat with Russia’s new super-app. Max is a messaging and e-commerce platform run by tech giant VK that is expanding to offer everything from taxi-hailing services to electronic passport wallets, modeled on China’s WeChat, WSJ reports.

Franklin Templeton agrees to buy crypto spinoff in digital-asset expansion. The heavyweight in traditional stock- and bond-fund management said it would buy a spinoff from the venture firm CoinFund to expand its cryptocurrency-investing offering, WSJ exclusively reports.

Stock futures fell and oil rose after President Trump’s prime-time address disappointed investors hoping for a quick end to the Iran war. In an address late Wednesday, Trump said he was still seeking a diplomatic agreement to end the conflict and that U.S. military aims would be completed “very shortly.” But he also vowed to hit Iran “extremely hard” in the coming weeks. (WSJ)

The United Arab Emirates has launched a broad crackdown on Iranians in the country, including canceling visas and closing institutions to protest Tehran’s daily drone and missile attacks. The U.A.E. is considering freezing Iranian assets and preparing to help open the Strait of Hormuz by force. (WSJ)

President Trump on Wednesday endorsed Senate Republicans’ two-part plan to quickly reopen most of the Department of Homeland Security and then use a special procedure to fund immigration enforcement with just GOP votes, stepping in to resolve a standoff between party leaders. (WSJ)

President Trump’s bid to redefine American citizenship may still be a legal long shot. But on Wednesday, the Supreme Court seemed to go out of its way to signal to the public—and perhaps to a combative president—that it isn’t dismissing his position out of hand. (WSJ)

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The WSJ CIO Journal Team is Steven Rosenbush, Isabelle Bousquette and Belle Lin.

The editor, Tom Loftus, can be reached at thomas.loftus@wsj.com.