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Colorado - Tue. 06/02/26 |
A Free Business Publication from Alpine Bank
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ANTHROPIC FILES TO GO PUBLIC IN BLOCKBUSTER YEAR FOR IPOs
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Anthropic, the artificial intelligence lab recently valued at nearly $1 trillion, said Monday it has filed confidentially for an initial public offering, setting up a blockbuster year for IPOs. The filing could put the company behind the Claude AI model on a path to go public this fall. Elon Musk’s SpaceX is preparing to stage what is likely to be the largest IPO ever next week. The Wall Street Journal reported last month that Anthropic’s chief rival, OpenAI, was preparing to submit its own IPO filing imminently. The year could end up being the biggest ever for money raised through IPOs if Anthropic, OpenAI and SpaceX all make their debuts. SpaceX is aiming to raise as much as $80 billion or more in an offering next week. It had a valuation of $1.25 trillion after its combination with Musk’s AI company xAI and could see its valuation rise further.
Anthropic has recently emerged as a front-runner in the AI wars after a period of staggering growth. Anthropic’s momentum accelerated late last year, around the debut of Claude Opus 4.5, a powerful AI model with strong coding abilities. The release of Claude Cowork, a tool for non-engineers, further accelerated Anthropic’s growth. In May, Anthropic raised $65 billion in new funding from investors including Greenoaks, Dragoneer, Altimeter Capital and Sequoia Capital, in a round that valued the company at $965 billion. At the same time, the company said its revenue run-rate had surpassed $47 billion, up from $9 billion at the end of 2025.
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DENVER ZOO ASKS PUBLIC TO NAME NEWBORN SUMATRAN ORANGUTAN
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The Denver Zoo has welcomed a baby Sumatran orangutan and is asking the public to help choose the perfect name for its newest primate. First-time mother Hesty gave birth to a male infant on May 24 following a seven-hour labor. Hesty herself was born at DZCA in 2010 to parents Nias and Mias. Assistant Curator Molly Kainuma, who helped care for Hesty as an infant, called the birth a full-circle moment. The delivery went smoothly, and the mother and infant are bonding well. Officials say visitors may catch limited glimpses of the pair in the near future, though the Great Apes building may be temporarily closed to the public at times in the coming weeks.
DZCA is also inviting the public to help name the new arrival. Supporters can vote on three options, Rambutan, Oka, or Jamartin, for a $5 donation per vote, with proceeds supporting ongoing conservation efforts. Rambutan, pronounced “ram-BOO-tan,” is named after a tropical fruit native to Southeast Asia and a favorite of orangutans. Oka, pronounced “OH-kuh,” is a traditional Balinese name meaning “child” or “heir.” Jamartin, pronounced “ja-MAR-tahn,” honors Dr. Jamartin Sihite, a noted conservationist of Indonesia’s wild orangutans.
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DENVER OFFICE SUBMARKETS SHOWCASE SOME OF THE COUNTRY'S BEST...& WORST PERFORMANCE
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Denver has one of the best office submarkets in the country and one of the worst. Denver's office market reflects national trends surrounding flight-to-quality: Highly amenitized buildings surrounded by strong mixed-use activation have been much more successful than older buildings or those in districts with just offices or few retail and restaurants in the area. Cherry Creek had just a 10.5 percent office vacancy rate in 2015. Meanwhile, downtown Denver has a 38.9 percent vacancy rate. NAIOP released its Office Space Demand Forecast for the second quarter of 2026 last week. The forecast found the U.S. office market has registered three consecutive quarters of positive net absorption — when more space has been occupied than vacated — through the first quarter of 2026. That marks the longest sustained period of demand growth since mid-2022.
Downtown Denver hasn't seen significant office-to-residential conversions delivered in the last year, but has several in the works, mirroring national trends. Conversions include two projects by The Luzzatto Co., which could transform four downtown towers into housing. The Denver Downtown Development Authority, a taxing district allocating millions to projects in downtown Denver, has awarded $92 million in low-interest loans for The Luzzatto Co. projects and two others. Though there is momentum for downtown Denver, NAIOP found that broader economic trends nationwide could slow the progress of the office market as a whole.
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OIL & GAS COMPANIES DRILLED & POLLUTED LESS IN 2025; EMISSIONS FROM EACH WELL ARE RISING
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Oil and gas drilling activity in Colorado was down in 2025, leading to fewer total air emissions — even as emissions for each new well are projected to rise, according to a report from the state Energy and Carbon Management Commission. The commission approved 48 oil and gas development plans last year — 20 percent fewer than in 2024 — for drilling 801 wells on 81 sites. In 2024, 1,168 new wells were approved. The estimated emissions for widespread air pollutants from these operations were down 30 percent, to 12,676 tons, compared with 2024 activity. The single largest emission was carbon dioxide, a greenhouse gas, at 867,047 tons, a 21 percent drop from 2024. The ECMC attributed the drop in drilling plans and wells to new rules that started at the end of 2025, leading to a two-month pause in new applications.
The bulk of the new drilling in the state was along the Front Range with 32 drilling plans on 44 sites with a total of 695 wells — 88 percent of all the wells drilled in Colorado. The second most active area was the Western Slope, with seven drilling plans for 67 wells, followed by the Eastern Plains with five plans and 14 wells. One trend across all the oil and gas basins is that the emissions per well are rising. This is a particular concern along the Front Range, which is the most heavily populated area and is plagued by ozone pollution. Nine Front Range counties were designated as a “severe” nonattainment area for ozone by the federal EPA for exceeding health standards for the corrosive gas — created by NOx and volatile organic chemicals reacting with the sunlight.
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CMC RIFLE PURCHASES NEW BUILDING TO EXPAND SERVICE OF TRADE EDUCATION
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Colorado Mountain College’s Rifle Campus has purchased a 25,000-square-foot building at 2195 S. 10th St. for about $2.4 million, with plans to turn it into a regional skilled trades center serving western Colorado. CMC expects to begin offering programs at the new facility as soon as this fall and to move quickly to implement interior improvements needed before classes begin. The new facility is expected to support programs such as construction trades, HVAC, diesel technology, automotive technology, and other high-demand skilled trades that regional employers struggle to fill. The purchase gives CMC a faster and less expensive path toward expanding skilled trades education in the Rifle area. The college had previously explored constructing a new skilled trades facility near Rifle at a projected cost approaching $70 million.
CMC's support for skilled trades training has been long-standing in the Colorado River Valley, where current welding and automotive classes are in such high demand that they often reach waitlist status. Voters restored CMC’s flexibility for investing in workforce training programs, first responders and nurses, and student and employee housing in November 2025 after ballot measure 7C was approved. More than 70 percent of CMC district voters approved the measure. CMC also intends to develop two other regional skilled trades centers across its district, with other planned locations in Leadville and Steamboat Springs.
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TELLURIDE & MOUNTAIN VILLAGE FARMERS' MARKETS ARE OPEN
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The Telluride Farmers’ Market opened for the season last Friday and will be back weekly from 10:30 a.m. to 3:30 p.m. through October. The organic market runs along South Oak Street. Telluride’s usual top fruit vendor, unfortunately, lost most of the crop, so the market is working to bring on farmers from Palisade instead. Mountain Village’s Market on the Plaza returns on Wednesday, June 10. The market runs through Sept. 9, from 11 a.m. to 4 p.m. on Heritage Plaza and offers locally grown produce and homemade food. The dry winter and unseasonably warm spring will likely affect this year’s farmers' market offerings, including crop yield rates and when produce is ready to harvest. Fruit trees in Colorado orchards that managed to avoid the local frost started budding in late March this year. Two CSA programs in Mountain Village still have a few spots left: the Town CSA and the Fresh Food Hub’s program. Pick-ups are at the Market on the Plaza from 11 a.m. to 4 p.m.
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DURANGO ACCEPTS DONATIONS FOR SURF WAVE STUDY, PLAYGROUND EQUIPMENT
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Durango City Council approved two donations to the city totaling $33,000 for Parks and Recreation Department projects last week that include a feasibility study about a surf wave on the Animas River within the city. Animas River Surfers donated $13,000 for a feasibility study into a potentially low-flow river surf wave. The Durango Montessori School donated $20,000 for new playground equipment at Mason Center Park on East Third Avenue. The feasibility study will be carried out by Recreation Engineering and Planning Consulting. The consulting fee is $40,000, which Animas River Surfers’ donation will help pay.
The study will evaluate multiple locations on the river, narrowing potential sites down until one is chosen. Concerns and opportunities, environmental regulatory considerations, and construction cost estimates will be evaluated in the study. The study will feature a focus group including Trout Unlimited, River Outfitters, Animas River Surfers, Colorado Parks & Wildlife, and the U.S. Army Corps of Engineers.
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STEAMBOAT SPRINGS SCHOOL DISTRICT NAMES EDUCATOR OF THE YEAR
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The Steamboat Springs School District has named Steamboat Springs High School teacher Kirsten Brendtro as its 2025-26 Educator of the Year, recognizing her work in the classroom and leadership in career and technical education programs. The honor was announced Friday, May 28, during the district’s end-of-year celebration. Brendtro was chosen from a group of school-level award recipients who were nominated by colleagues and later interviewed for the districtwide recognition. Brendtro teaches science and serves as a career and technical education coordinator. District officials cited her rigorous coursework and efforts to broaden hands-on, career-focused learning opportunities for students. She also leads Advanced Placement science classes and created the school’s biotechnology program, which offers students coursework designed to mirror college-level academics.
Administrators and peers also pointed to her ability to balance classroom teaching with the expansion of CTE offerings. Her work includes collaboration with the Yampa Valley Partnership for Students, Stewardship and Sustainability, forming advisory boards with industry professionals and supporting internships and other work-based learning opportunities. Students have access to pathways in fields such as outdoor leadership, health sciences, education, engineering, biotechnology and business.
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CDOT WARNS OF INCOMING TRAFFIC IMPACTS CAUSED BY EXIT 203 PROJECT
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The Colorado Dept. of Transportation and contractor Zak Dirt are continuing work on the Interstate 70 and Exit 203 Interchange Project in Frisco. Work will go through the fall of 2027 with a planned winter hiatus. In the week starting Sunday, May 31, work will focus on two primary objectives — laying the foundations for the new bridge and beginning relocation efforts of Frisco’s main sanitary sewer line. A new line will be installed to support the upgraded infrastructure, which means retiring the old line when it is completed.
Motorists can expect the following impacts while the sanitary sewer work is ongoing:
- The northbound Colorado Hwy. 9 right-turn lane will be closed onto Dillon Dam Road, but vehicles will still be able to make the turn using the right through-lane. The closure is expected to last for 10 working days.
- The entrance into Starbucks/Natural Grocers is closed through Thursday, June 4. A detour is in place using the street prior to the entrance — Lakepoint Drive and N. Ten Mile Road — and entering through the back parking lot.
- The pedestrian/bicycle path between Colorado Hwy. 9 and Dillon Dam Road (east side) will be closed and pedestrians are asked to use the same detour as motorists.
Daytime work is expected to last from 9 a.m. to 2 p.m., while nighttime work will last from 7 p.m. to 7 a.m. The project aims to reduce traffic congestion, enhance safety features and add bicycle and pedestrian connections along Colorado Hwy. 9, Lusher Court and Dillon Dam Road at the north end of Frisco — an area that has long experienced heavy backups during peak travel times.
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NEW DATA SHOWS WHAT COLORADO WORKERS MAKE
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Coloradans are still among the best paid hourly workers in the U.S., but the pack may be catching up. The U.S. Bureau of Labor Statistics released a report on private average hourly earnings in the 50 states and Washington, D.C., along with the average weekly earnings and the average number of hours worked per week in each, as of April 2026. In Colorado, the state’s average paycheck once again falls comfortably in the range to be considered middle class. However, the state’s rankings are slipping relative to the rest of the nation when looking at data released a year earlier.
Here are key numbers on how hourly employees are compensated in Colorado and the rest of the U.S.:
- Coloradans make an average of $39.86 per hour, ranking eighth in the U.S. The District of Columbia leads with an average of $57.39, while Mississippi is last at $28.98.
- The Colorado rate is up slightly from $39.10 per hour in the 2025 report, but the state fell from fifth in the nation.
- The average hourly-paid employee in Colorado works 32.9 hours, tied for 39th most in the U.S. Louisiana leads the nation with 36.3 hours in an average workweek, while Delaware is last at 32.4 hours.
- Colorado hours are down from 33.1 hours per week in 2025, which was the 43rd most in the U.S. at the time.
- The average weekly paycheck for an hourly-paid employee in Colorado is $1,311.39, ranking eighth in the U.S. The highest in the country is $2,031.61 in Washington, D.C., while the lowest is $1,020.10 in Mississippi.
- The average Colorado paycheck is up slightly from $1,294.21 in 2025, which ranked fifth in the U.S.
Top 10 highest average hourly earnings in the U.S.:
- District of Columbia, $57.39
- Washington, $44.15
- Massachusetts, $43.45
- California, $42.56
- Connecticut, $40.22
- Hawaii, $40.07
- New York, $40.03
- Colorado, $39.86
- New Jersey, $38.76
- Minnesota, $38.53
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LOOKING FOR BEACH VIBES IN LANDLOCKED COLORADO?
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Just because Colorado is 1,000 miles from the nearest ocean, it doesn’t mean you can’t find a place to cool off in the water or have a beach-like experience on a hot summer afternoon. Here's a guide for going for a dip this summer. Keep in mind, as the snow melts in spring and the rivers run high, the swimming conditions can range from comfortable to deadly. Swimmers die every summer in Colorado, as frigid water can make the body lock up in seconds. A life jacket is always a good idea in deep water. Also, for boat owners, most lakes require inspections for invasive zebra mussels.
- Lake Pueblo State Park: In southern Colorado, a region known as the state’s “banana belt” for its mild climate, this reservoir is one of the most reliably warm swimming holes in the state. With 4,600 acres of water and 60 miles of shoreline, multiple marinas, picnic facilities and hundreds of campsites.
- John Martin Reservoir State Park: This large reservoir hides in the rolling prairie of southeast Colorado, 20 miles west of the town of Lamar. All types of boats are allowed, and the water is usually comfortable for swimming. You can take a dip anywhere you like, and there’s a swim beach at Lake Hasty located below the dam. It’s also a bird-watcher’s paradise, with more than 400 species known to frequent the area.
- Paradise Cove: Before the internet, this was a secret swimming hole near Guffey in southern Park County, spread through word of mouth. A short hike from the parking lot takes you down to the water, fed by a waterfall, surrounded by steep rock walls.
- Boulder Reservoir: This 700-acre reservoir, owned by the city of Boulder, boasts one of the largest swim beaches in Colorado, with picnic facilities and even lifeguards. There are locker rooms, showers and a restaurant, all within an easy drive from anywhere in the Denver area.
- Jackson Lake State Park: Long sandy beaches and campsites right along the water. No wonder it’s been named one of the Top 15 Park Beaches by Reserve America. There’s plenty of room to spread out and sunbathe, go fishing or take a swim. The lake is huge, 2,500 surface acres, with multiple boat ramps and a marina, and all types of boats are allowed. Swimming is permitted on the west and south shores.
- River Water Parks: Colorado’s recreation economy has long embraced thrilling whitewater rafting on many of Colorado’s rivers. The water on these river runs is usually ice-cold and dangerous. Many cities and towns have developed water parks where people can surf, tube or paddleboard in purposely built play waves, leading to a burgeoning surf culture far from any saltwater, usually with a wetsuit until the melt-off ends. You’ll find such water parks throughout the state, including Buena Vista and Salida on the Arkansas, Glenwood Springs on the Colorado, Del Norte on the Rio Grande and Fort Collins on the Cache La Poudre.
- Hot Springs: Here are a few of the best for a classic summer poolside experience - Sand Dunes Recreation in the San Luis Valley; Mount Princeton Hot Springs near Buena Vista; Glenwood Springs, with the largest hot springs pool in the world; and Pagosa Hot Springs.
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MARKET UPDATE - 06/01/2026 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 05/28/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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