Venture Capital · Private Markets

Before the ticker.

The defining companies of the next decade are still private. We cover them with the same eleven-section discipline as our listed research, round by round, all the way to the listing. And past it.

16 companies covered Seed to pre-IPO Followed through listing

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A look inside

Institutional research. Adapted for private markets.

Every private company note follows the same eleven-section framework as our listed-equity coverage, adapted for the private context. Funding ladder, disclosed financials, founder background, and the path to public markets. This is the top of the Anthropic note.

Private Company Note

Published July 2026

PRIVATE COMPANY NOTE · INFORMATIONAL & EDUCATIONAL

Anthropic (Private)

Frontier AI research & products · private, Anthropic PBC · no listed shares · last primary round closed May 2026

Artificial intelligenceSan Francisco, CA · Est. 2021CEO Dario AmodeiPublic Benefit Corporation

$965B

Post-money valuation

May 2026 round

$47B

Run-rate revenue

company-stated, May 2026

$65B

Series H raised

largest round to date

300k+

Business customers

company-stated, Sep 2025

$4.8B

Q1 2026 revenue

reported, unaudited

AT A GLANCE

In May 2026 Anthropic closed the largest private financing in its history, $65B at a $965B post-money valuation, and stated that run-rate revenue had crossed $47B - up from roughly $1B at the start of 2025. Two weeks later its newest flagship model was suspended for all users for 18 days under a US export-control directive before being restored on 1 July, and the business remains, per third-party reports, loss-making on thin gross margins against multi-gigawatt compute commitments. Next read - the reported IPO window, with multiple outlets pointing to as soon as Q4 2026.

Private company. Anthropic has no publicly traded shares, no ticker and no SEC filings. There is no public market price, no analyst price targets and no audited public financial statements. Every figure here is either company-stated (unaudited) or attributed to a named, dated third-party report. Private-round valuations are prices paid by specific investors on specific dates, not continuous market prices.

S1Company overview

Anthropic PBC is an American artificial-intelligence company founded in January 2021 by siblings Dario Amodei (CEO, formerly OpenAI’s VP of Research) and Daniela Amodei (President), together with a group of former senior OpenAI researchers. It is headquartered in San Francisco and structured as a Public Benefit Corporation whose stated purpose is the responsible development of advanced AI for the long-term benefit of humanity. The company builds the Claude family of large language models and sells them through an API platform, coding and agent products (Claude Code, Cowork), and consumer subscription plans. Claude launched publicly in March 2023; per the company, run-rate revenue crossed $47B in May 2026.

S2Consensus expectations & bull / bear

The crux: can revenue that the company says has grown from $1B to $47B run-rate in seventeen months keep compounding fast enough to carry a $965B private valuation, reported multibillion-dollar losses and multi-gigawatt compute commitments into a public listing?

WHERE PRIVATE INVESTORS HAVE MARKED IT · ROUND LADDER $61.5B TO $965B (14 MONTHS)

now · Series H · $965B

IPO

$61.5B · Mar 2025

Evidence grade. Every point below carries a grade for how solid its support is - it rates the evidence, not the company. Strongest first:

REPORTEDcompany-announced or press-released TRENDrepeated across rounds MGMT CLAIMsaid, not yet proven MARKET VIEWopinion - can change

For

Against

Revenue growth the company itself calls historicTREND

Company-stated run-rate from ~$1B (Jan 2025) to $47B (May 2026).

$65B of fresh capital at institutional scaleREPORTED

Series H led by Altimeter, Dragoneer, Greenoaks and Sequoia; $15B of hyperscaler money inside it.

Enterprise-heavy customer baseMGMT CLAIM

300,000+ business customers; large accounts up ~7x year on year.

Compute secured across three clouds and beyondREPORTED

Up to 5GW Amazon, 5GW Google/Broadcom TPU, SpaceX Colossus access.

Loss-making on reportedly thin gross marginsMARKET VIEW

Gross margin reported at only ~40% for 2025; losses in the ~$11B range reported.

A single government directive switched the product offREPORTED

Export controls suspended the newest models for 18 days in June 2026.

A $965B mark with no public price discoveryMARKET VIEW

Roughly ~20x the stated run rate, on unaudited revenue.

Compute commitments that do not flex with revenueMARKET VIEW

Committed training spend of $86B through 2029, per reporting.

PRIVATE MARKET DATA · MAY 2026

Sixteen companies, covered pre-IPO.

Each name has a full private company note in the research library, and a profile page built on it. Click a row for the short read, and the link to the page.

Company	Sector	Last mark	Round	Note
	AI healthcare	$5.3B	Series E2026	Live
Ambient clinical AI: the medical scribe that writes the visit up. Series E in 2026 at a $5.3B mark. Latest mark$5.3B RoundSeries E · 2026 StageSeries D and beyond BasePittsburgh, PA · Est. 2018 Open the profile page →
	Aerospace & defence	$61B	Funding roundMay 2026	Live
Defence technology: autonomous systems and the Lattice mission software. Revenue more than doubled to $2.2B in 2025, company-stated and unaudited. Marked at $61B in May 2026; a further round near $100B was reported in July and is not closed. The company says a listing is not imminent and is gated on profitability. Latest mark$61B RoundFunding round · May 2026 StageSeries D and beyond BaseCosta Mesa, CA · Est. 2017 Open the profile page →
	Artificial intelligence	$965B	Series HMay 2026	Live
Frontier AI research and products: the Claude models, API, Claude Code and Cowork. Series H closed 28 May 2026: $65B raised at $965B post-money. Run-rate revenue $47B, company-stated. A confidential IPO filing is reported; no audited statements exist yet. Latest mark$965B RoundSeries H · May 2026 StagePre-IPO BaseSan Francisco, CA · Est. 2021 Open the profile page →
	AI software	$26B	Series DMay 2026	Live
AI software-engineering agents: Devin and Windsurf. Series D in May 2026 at $26B. Run-rate revenue $492M, up roughly 13x in a year, self-reported. More than $2.5B raised to date. Latest mark$26B RoundSeries D · May 2026 StageSeries D and beyond BaseSan Francisco, CA · Est. 2023 Open the profile page →
	AI software	$134B	Series LFeb 2026	Live
Data and AI platform software: the Data Intelligence Platform. Series L announced December 2025 and completed February 2026 at $134B. Revenue run-rate $6.9B, up more than 80% year on year, free-cash-flow positive. IPO widely expected. Latest mark$134B RoundSeries L · Feb 2026 StagePre-IPO BaseSan Francisco, CA · Est. 2013 Open the profile page →
	AI software	$11B	Series DFeb 2026	Live
Voice and audio AI: text to speech, voice agents and the developer API. Series D of $500M at $11B in February 2026, Sequoia-led. ARR passed $500M by May 2026, company-reported. $781M raised across five rounds. Management has spoken of a listing. Latest mark$11B RoundSeries D · Feb 2026 StagePre-IPO BaseLondon · Est. 2022 Open the profile page →
	AI software	$11B	Funding roundMar 2026	Live
Legal and professional-services AI. Marked at $11B in a March 2026 round. Latest mark$11B RoundFunding round · Mar 2026 StageSeries D and beyond BaseSan Francisco, CA · Est. 2022 Open the profile page →
	AI healthcare	$2.1B^§	Series BMay 2026	Live
AI drug design: the DeepMind spinout behind AlphaFold. Series B of $2.1B in May 2026, Thrive-led; the valuation was not disclosed. Roughly $2.6B raised in total. Pre-revenue and pre-clinical, with first human trials targeted for end 2026. Latest mark$2.1B RoundSeries B · May 2026 StageSeries B to C BaseLondon · Est. 2021 Open the profile page →
	Artificial intelligence	€11.7B	Series CSep 2025	Live
Frontier AI lab: open-weight and commercial large language models. Series C of €1.7B at €11.7B post-money in September 2025, led by ASML, which became the largest shareholder. About €3B of equity raised from seed to C. No revenue disclosed. Latest mark€11.7B RoundSeries C · Sep 2025 StageSeries B to C BaseParis, France · Est. 2023 Open the profile page →
	Artificial intelligence	$14.6B	Funding roundMar 2026	Live
Vertically integrated AI infrastructure: the neocloud. Marked at $14.6B in a March 2026 round. Latest mark$14.6B RoundFunding round · Mar 2026 StageSeries D and beyond BaseLondon, UK Open the profile page →
	Artificial intelligence	$852B^*	Funding roundMar 2026	Live
Frontier AI lab and platform: ChatGPT and the API. The largest private round on record: $122B committed at $852B post-money in March 2026. Run-rate revenue about $2B a month and 900M-plus weekly users, self-reported. Not profitable. A $1T-plus listing is talked about. Latest mark$852B RoundFunding round · Mar 2026 StagePre-IPO BaseSan Francisco, CA · Est. 2015 Open the profile page →
	Payments & fintech	$75B^†	Secondary sale2025	Live
Consumer and business digital banking. No primary round since Series E in 2021. A 2025 secondary share sale implied $75B, up from $45B in 2024. The one audited business on this board: FY2025 revenue £4.5B, net profit £1.3B, a fifth profitable year. Latest mark$75B RoundSecondary sale · 2025 StageSeries D and beyond BaseLondon, UK · Est. 2015 Open the profile page →
	AI software	$4.0B	Series EJan 2026	Live
Enterprise AI video generation. Series E in January 2026 at $4.0B. Latest mark$4.0B RoundSeries E · Jan 2026 StageSeries D and beyond BaseLondon, UK · Est. 2017 Open the profile page →
	AI software	~$750M^‡	Series ANov 2024	Live
AI-native software development and agent enablement. Series A in November 2024; the post-money was reported between $500M and $750M, set before any product launched. $125M raised from Index, Accel, GV and boldstart. Revenue and losses undisclosed. Latest mark~$750M RoundSeries A · Nov 2024 StageSeries A BaseLondon, UK · Inc. 2024 Open the profile page →
	Autonomous driving	$126B	Funding roundFeb 2026	Live
Autonomous ride-hailing: the robotaxi, majority-owned by Alphabet. $16B raised at $126B post-money in February 2026, more than double the $45B Series C mark of October 2024. Passed 500,000 fully autonomous rides a week in April 2026. Alphabet-owned; no standalone accounts. Latest mark$126B RoundFunding round · Feb 2026 StageSeries D and beyond BaseMountain View, CA · Est. 2009 Open the profile page →
	Autonomous driving	$8.6B	Funding roundFeb 2026	Live
End-to-end embodied AI for autonomous driving. Marked at $8.6B in a February 2026 round. Latest mark$8.6B RoundFunding round · Feb 2026 StageSeries D and beyond BaseLondon, UK · Est. 2017 Open the profile page →

Last mark is the most recent disclosed post-money valuation. *OpenAI figure is the reported post-money valuation at its most recent financing, as stated in our note. †Revolut has raised no primary round since 2021; the figure is implied by a 2025 secondary share sale. ‡Tessl’s mark was reported between $500M and $750M and is shown at the upper figure. §Isomorphic Labs did not disclose a valuation; the figure is the size of its Series B. Mistral AI reports in euro. Read the notes in the research library.

In development

What the full programme adds.

The sixteen notes are live today. These are the pieces being built around them.

01

Broader sector depth

Extending coverage beyond AI into climate technology, biotech, and fintech private firms with the same institutional framework.
02

Funding round commentary

Observer notes on major rounds, valuation trajectories, and lead investor activity. Same standards as listed-equity broker action tracking.
03

Cap-table dynamics

Dilution mechanics, preferred share structures, liquidation preferences, and what they mean for common shareholders.
04

Founder and board analysis

Background on key personnel, board composition changes, and what governance structure signals about the next phase.
05

Pre-IPO trajectory monitoring

For companies on the path to listing, the milestones that matter and the signals that move the timeline.

Round ledger

The last price paid, name by name.

The most recent priced round on each name we cover, newest first. A private mark is what one set of investors paid on one date, not a market price.

May 2026AndurilFunding round$61B
May 2026AnthropicSeries H$965B
May 2026Cognition AISeries D$26B
May 2026Isomorphic LabsSeries B$2.1B
Mar 2026HarveyFunding round$11B
Mar 2026NscaleFunding round$14.6B
Mar 2026OpenAIFunding round$852B
Feb 2026DatabricksSeries L$134B
Feb 2026ElevenLabsSeries D$11B
Feb 2026WaymoFunding round$126B
Feb 2026WayveFunding round$8.6B
Jan 2026SynthesiaSeries E$4.0B
2026AbridgeSeries E$5.3B
Sep 2025Mistral AISeries C€11.7B
2025RevolutSecondary sale$75B
Nov 2024TesslSeries A~$750M

Path to public

Where each name sits on the road to a listing.

Stage is read from the last priced round and what the company has said about listing. Every name is followed through the listing, and past it.

Seed0

none on the board
Series A1

Tessl
Series B to C2

Isomorphic LabsMistral AI
Series D and beyond9

AbridgeAndurilCognition AIHarveyNscaleRevolutSynthesiaWaymoWayve
Pre-IPO4

AnthropicDatabricksElevenLabsOpenAI

Members read every private note in the research library, alongside two hundred plus listed-equity notes. Not yet a member? See the plans.

Full programme · In development · Updates here as progress lands