Weekly Private Markets Wrap: Anthropic Sets an IPO Price Range as AI Valuations Diverge
Welcome to the KraneShares Private Markets Weekly Wrap! This free newsletter identifies and analyzes the most important developments within the S&P® U.S. Private Stock Expanding Leaders Index and worldwide private markets every week. The newsletter focuses on companies, investors, and broader trends. We will also publish a weekly refresh of the S&P® U.S. Private Stock Expanding Leaders Index of the top 10 largest private companies in the United States.
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Index Updates:
- The S&P U.S. Private Stock Top 10 Index declined 0.32% over the week through November 11, leaving its year-to-date gain at 79.49%.1
- AI software engineering company Cognition rose 14.3% to $64 billion in secondary private market trading, the largest percentage increase among the companies tracked by the index.
- AI model developer OpenAI fell 4.9% to $1.16 trillion, despite reportedly securing the first portion of a new financing round at a $1.25 trillion valuation.
- Brain-computer interface company Neuralink declined 4.3% to $66 billion.
- AI model developer Anthropic set a preliminary IPO price range. As a result, Anthropic’s implied valuation eased to $1.54 trillion from $1.56 trillion.
Anthropic puts a price range on its blockbuster IPO
Anthropic moved from discussing an IPO valuation to publishing proposed offering terms. Its November 10th preliminary prospectus describes an offering of 825 million shares at $70 to $78 each. At the top of that range, the offering would total approximately $64.4 billion before fees and expenses. Most shares would be newly issued, although the total also includes shares sold by existing holders.
The company also disclosed a separate $26 billion private placement that would close alongside the IPO, subject to conditions. Combining public and private capital would give Anthropic multiple sources of funding for its expansion. Neither proposed transaction is complete.
The IPO terms imply a valuation of up to approximately $1.4 trillion. Anthropic’s current private market implied valuation is higher, at $1.54 trillion, and remains 59.6% above its $965 billion latest funding round.
For investors following the index, this is the shift to watch: a widely discussed private valuation is approaching a public market test. The eventual price, proceeds and trading performance will show how much demand exists at the offered terms
Private markets index snapshot
S&P® U.S. Private Stock Expanding Leaders Index
Eleven-company portfolio valuation snapshot · November 12, 2026
S&P U.S. Private Stock Top 10 Index (USD) price return through November 11, 2026 · Portfolio companies in alphabetical order
| Company | Industry | Current implied valuation ($B) | Since last funding round | Latest company news |
|---|---|---|---|---|
 Anduril Industries Inc | IndustryDefense Tech | Implied valuation ($B)$122 | Since last funding round+35.6% | Latest company newsNov. 11: Anduril highlighted veteran hiring and career opportunities for former service members. |
 Anthropic | IndustryArtificial Intelligence | Implied valuation ($B)$1,540 | Since last funding round+59.6% | Latest company newsNov. 10: Anthropic launched its proposed IPO roadshow with an expected price range of $70–$78 per share. |
 Cognition | IndustryAI Software | Implied valuation ($B)$64 | Since last funding round+33.3% | Latest company newsNov. 4: Cognition introduced SWE-2 Flash, a faster coding model available in Devin Desktop and CLI. |
 Databricks Inc | IndustryArtificial Intelligence | Implied valuation ($B)$201 | Since last funding round+5.8% | Latest company newsNov. 11: Databricks announced an autonomous version of Genie, with preview and beta programs coming soon. |
 Fanatics Holdings Inc | IndustryE-Commerce | Implied valuation ($B)$18 | Since last funding round-41.9% | Latest company newsNov. 12: The NBA named Fanatics Studios a multiyear production partner for All-Star events starting in 2027. |
 Figure AI Inc | IndustryRobotics | Implied valuation ($B)$39 | Since last funding round0.0% | Latest company newsSept. 30: Figure retired most of its F.02 fleet as deployment shifted toward F.03. |
 Kalshi | IndustryPrediction Markets | Implied valuation ($B)$37 | Since last funding round-7.5% | Latest company newsNov. 11: Kalshi partnered with Artnet to provide auction data for its art prediction markets. |
 Neuralink Corp | IndustryRobotics | Implied valuation ($B)$66 | Since last funding round+583.9% | Latest company newsOct. 29: Neuralink described a 72-hour engineering sprint with a VOICE study participant. |
 OpenAI Inc | IndustryArtificial Intelligence | Implied valuation ($B)$1,160 | Since last funding round-7.2% | Latest company newsNov. 10: OpenAI introduced Businesses in ChatGPT in beta, adding business profiles, engagement insights and AI agents. |
 Ramp Business Corp | IndustryFintech | Implied valuation ($B)$71 | Since last funding round+14.5% | Latest company newsNov. 11: Ramp reported that AI spending among its customers rose 1.65% in October. |
 Stripe Inc | IndustryFintech | Implied valuation ($B)$189 | Since last funding round+18.9% | Latest company newsNov. 5: Stripe began powering stablecoin purchases in Samsung Wallet for eligible U.S. users. |
Portfolio roster, current implied valuations and last-round marks ($B) are from the PM Insights figures supplied as of November 12, 2026. Last-round dates vary by company and are shown as supplied. Change since last funding round compares those supplied valuation marks; it is not an investor return.
Performance uses the supplied S&P U.S. Private Stock Top 10 Index (USD) price-return series through November 11, 2026: YTD from December 31, 2025; one week from November 4, 2026. The portfolio has 11 companies, so this index series may differ from portfolio holdings, weights and performance. It excludes fund fees.
Company news checked November 12, 2026; each item shows its publication date.
OpenAI’s new financing meets a lower secondary market mark
OpenAI reportedly secured $11 billion as the first portion of a larger financing at a $1.25 trillion valuation. The transaction appears to be part of a broader fundraising effort. The report should not be read as confirmation that the entire planned round has closed.
OpenAI’s current implied valuation is $1.16 trillion, 7.2% below the updated $1.25 trillion funding reference. The gap highlights how private financing terms and secondary indications can price different rights, liquidity and investor access. The $1.16 trillion figure is a market price, not a new funding round.
The commercial business also advanced. On November 10, OpenAI introduced Businesses in ChatGPT in beta, allowing organizations to manage their information and see aggregated engagement insights. Eligible U.S. ecommerce and online service businesses can also launch Business Agents to answer customers’ questions. Sponsored agents are identified separately from ChatGPT’s independent responses.
The product expands OpenAI’s role in how people discover businesses and evaluate purchases. We believe the focus for investors should be on whether that activity becomes durable commercial revenue, and at what cost. A large audience creates distribution potential. The investment case still depends on converting that reach into earnings that can support the capital being raised.
Databricks takes Genie from answering questions to managing work
Data and AI platform provider Databricks introduced its second generation Genie agent on November 11. The company describes an always available agent designed to handle complex assignments over time, delegate work to other agents and bring important developments back to users. It is a broader ambition than answering a single question about a dataset.
Databricks is pairing the agent with tools that supply business context, search information, and apply existing governance controls. Genie Ontology represents company knowledge, while Genie Search connects information across more than 100 sources. The company says its governance infrastructure remains part of how agents access data and models.
Databricks’ implied valuation is $201 billion, which is 5.8% above its $190 billion funding reference. Investors have a new product to evaluate against that price. The commercial evidence to watch is customer adoption, the value of work completed, and whether expanded usage produces attractive margins.
For the company’s long-term opportunity, the question is whether customers will pay more for work completed than for answers generated. Reliable autonomous workflows could make Databricks more deeply embedded in business operations. They also raise the stakes for permissions, accuracy and human oversight. The ability to act safely on company data may matter as much as the ability to understand it.
European investors outline more than €10 billion for startups.
The European Investment Bank Group and a group of institutional investors announced an initiative on November 9th to direct more than €10 billion toward European scaleups. The total combines around €2 billion at the first closing of a technology fund of funds with more than €8 billion of declared investment intentions. Rather than a single, fully-funded €10 billion vehicle, the initiative addresses the financing gap companies can face when moving beyond early venture rounds. For investors in large private businesses, it also signals an effort to build a deeper pool of growth capital outside the United States.
Mercor raises $750 million for the work behind AI models
AI training and evaluation company Mercor announced a $750 million Series D round at a $20 billion valuation on November 10th. The transaction also included an employee tender offer. Mercor supplies expert work used to train and assess AI systems, putting it in a different part of the value chain from the model developers that receive most attention. Its financing reinforces a theme relevant to Databricks and Cognition: more capable agents still need rigorous evaluation and reliable task execution. The tender component also shows how a growth financing can create some employee liquidity without a public listing.
UForce’s $700 million round broadens the defense technology story.
Autonomous defense systems developer UForce raised $700 million at a $6 billion valuation, the company said on November 12, according to Reuters. Valor Equity Partners and Britain’s National Wealth Fund co-led the financing. The London-headquartered business, founded by Ukrainians, plans to expand production of uncrewed sea, land and air systems. The round offers a broader industry reference for Anduril’s opportunity, though the companies’ products and commercial exposures differ. Capital is backing physical production as well as software. For these businesses, manufacturing capacity, procurement and dependable field performance remain central to turning demand into revenue.
