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.

Learn how to access these top private companies.

Index Updates

• The S&P Private Stock Top 10 Index rose 0.14% during the week through October 28th, from 350.3 to 350.78 and taking its 2026 gain to 78.99%.¹
• The index's weekly gain came despite turmoil in the public markets, especially for AI-related stocks, highlighting the potential diversification benefits of private equity exposure.
• Anthropic publicly released its initial public offering (IPO) filing on Monday, applying to list on the Nasdaq Stock Exchange under the ticker ANT. The company is reportedly targeting mid-November for its listing date.
• Prediction market company Kalshi completed a $1 billion raise at a valuation of over $40 billion.

Anthropic's S-1 Filing Reveals Operating Profit, Strong Enterprise Adoption, & Rising Compute Efficiency

Anthropic has filed to go public. 

On October 26, 2026, the company behind Claude publicly released its S-1, the registration statement a company files with the Securities and Exchange Commission (SEC) before an initial public offering (IPO). Anthropic has applied to list on Nasdaq under the ticker ANT, and The Wall Street Journal reports that the company is targeting the week of November 16, 2026, for the Anthropic IPO. Until now, investors have pieced together Anthropic’s story from funding announcements and headlines. The S-1 lets us see the business from the inside: who is paying for Claude, how much they spend, and what it costs to deliver. 

We believe the filing tells a clear story in four parts: Claude has earned a place within the world’s largest companies, those customers keep spending more, each dollar of compute generates more revenue, and the business has reached its first profitable quarter. 

As of September 30, 2026, more than 11,900 customers each generated at least $100,000 in trailing-twelve-month (TTM) revenue for Anthropic, meaning revenue over the prior 12 months. That group included all 10 of the Fortune 10, more than half of the Fortune 500, and more than 30% of the Global 2000, Forbes’ annual ranking of the world’s largest public companies.

Meanwhile growth is spreading across the customer base. The top five customers’ share of quarterly revenue fell from about 36% in Q1 2026 to 21% in Q3, even as revenue from each of those five customers reached a record. The largest customers are still growing, but everyone else appears to be growing faster. 

Every response Claude produces runs on compute, the specialized chips, servers, and data center capacity used to build and run AI models. Compute is one of the highest costs in AI, which makes one disclosure in the S-1 especially important. Fortunately, Anthropic now reports that revenue more than covers compute cost.

Finally, Anthropic also says that it achieved a profitable quarter, on an operating basis, in the second quarter. The company's Q2 2026 operating profit margin came to 8%, up from -35% in Q1.

Private markets index snapshot

S&P^® U.S. Private Stock Expanding Leaders Index

Eleven-company portfolio valuation snapshot · October 28, 2026

YTD +78.99%

1 Week +0.14%

S&P U.S. Private Stock Top 10 Index (USD) price return through October 28, 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)$128	Since last funding round+42.2%	Latest company news Oct. 28: Anduril partnered with Qualcomm on its BlueChip computer hardware line, with a U.S.-built laptop targeted for 2027.
Anthropic	IndustryArtificial Intelligence	Implied valuation ($B)$1,550	Since last funding round+61%	Latest company news Oct. 26: Anthropic unveiled its U.S. IPO paperwork, revealing rapid growth and substantial computing commitments.
Cognition	IndustryAI Software	Implied valuation ($B)$59	Since last funding round+22.9%	Latest company news Oct. 28: Cognition reportedly weighed a new funding round at a $70 billion–$80 billion valuation; discussions remained preliminary.
Databricks Inc	IndustryArtificial Intelligence	Implied valuation ($B)$200	Since last funding round+49%	Latest company news Oct. 23: Coverage highlighted Databricks’ acquisition of Row Zero to add a governed spreadsheet interface to Genie.
Fanatics Holdings Inc	IndustryE-Commerce	Implied valuation ($B)$18	Since last funding round-42%	Latest company news Oct. 26: Fanatics used OpenAI’s Codex to build “Shop the Look,” an AI-powered feature recommending coordinated sports merchandise.
Figure AI Inc	IndustryRobotics	Implied valuation ($B)$38	Since last funding round-2.6%	Latest company news Oct. 24: A newsletter reported Figure’s company-provided estimate of $8.1 million in weekly spending on robot-training data.
Kalshi	IndustryPrediction Markets	Implied valuation ($B)$44	Since last funding round-2.2%	Latest company news Oct. 29: Kalshi raised $1 billion at a $40 billion valuation as it expanded beyond prediction markets toward multi-asset trading.
Neuralink Corp	IndustryRobotics	Implied valuation ($B)$58	Since last funding round+501.0%	Latest company news Oct. 28: Neuralink said one ALS participant achieved thought-to-text communication at 75 words per minute; results were company-reported.
OpenAI Inc	IndustryArtificial Intelligence	Implied valuation ($B)$1,230	Since last funding round+44.4%	Latest company news Oct. 28: OpenAI reportedly planned to purchase Google’s AI chips, potentially deepening ties between the AI competitors.
Ramp Business Corp	IndustryFintech	Implied valuation ($B)$66	Since last funding round+6.5%	Latest company news Oct. 27: Ramp leased another 175,000 square feet at its Manhattan office complex, bringing its footprint there to 460,300 square feet.
Stripe Inc	IndustryFintech	Implied valuation ($B)$188	Since last funding round+169%	Latest company news Oct. 28: Stripe introduced instant business-to-business transfers through Stripe Pay using business profile handles, with no transfer fees advertised.

Portfolio roster and original valuation marks ($B) are from the PM Insights figures supplied for October 22, 2026, with subsequent user-supplied updates to Anthropic, Databricks, Fanatics and Stripe. Last-round dates vary by company. Changes since last funding round are supplied valuation comparisons, not investor returns.

Performance uses the supplied S&P U.S. Private Stock Top 10 Index (USD) price-return figures through October 28, 2026: YTD +78.99% from December 31, 2025; one week +0.14% from October 21, 2026. The portfolio now has 11 companies after adding Cognition and Kalshi, so this index series may differ from portfolio holdings, weights and performance. It excludes fund fees.

Company news includes articles published October 23–29, 2026. Dates refer to article publication dates, not necessarily transaction or announcement dates. News may postdate the performance and valuation snapshots. Reported financing valuations may differ from the historical valuation marks shown above. Figure AI coverage is a newsletter report citing company-provided figures; Neuralink results are company-reported.

Kalshi raised $1 billion to expand product lines that could attract more regulatory scrutiny.

This week, prediction market company Kalshi completed a raise of $1 billion to expand its offerings beyond its typical event contracts to include other markets and compete more directly with exchanges and other types of financial firms. The competition is heating up in the prediction markets space, as Polymarket has also reached a multi-billion dollar valuation.

However, prediction markets continue to face potential regulatory challenges and gray areas. Kalshi has launched perpetual futures that can provide exposure to and leverage on many traditional assets, including stocks and bonds. Kalshi was not the first to move beyond event contracts. Competitor Polymarket has also launched perpetual futures. In fact, both are now regulated by the Commodity Futures Trading Commission (CFTC), at least in the case of their US platforms.

Anduril partners with Qualcomm to develop laptops.

Anduril partnered with Qualcomm to develop its BlueChip computer hardware line, starting with a laptop targeted to ship in 2027. The planned device will use Qualcomm Snapdragon X Series chips manufactured in Arizona and be assembled at Anduril’s Arsenal-1 facility in Ohio. The initiative extends Anduril’s manufacturing ambitions into computing hardware, with an emphasis on U.S.-based production.

Cognition mulls new funding round.

Cognition, the developer of the Devin AI coding agent, reportedly considered a new funding round at a valuation of $70 billion–$80 billion, shortly after announcing a $2 billion financing at a $48 billion valuation. The discussions as preliminary, meaning neither the financing nor the proposed valuation was finalized. The potential raise highlighted continued investor interest in AI software-development tools and the pace at which leading companies in the category were attracting capital.

Databricks adds spreadsheet interface.

Databricks said it would add a spreadsheet interface to Genie, its AI coworking tool. The new interface is made possible by its recent acquisition of Row Zero, a cloud-native spreadsheet platform designed to handle massive datasets and connect live to cloud data warehouses. The integration would let finance and operations teams analyze live data through a familiar spreadsheet format, reducing reliance on disconnected file exports.

Fanatics launches AI shopping assistant.

Fanatics used OpenAI’s Codex to build “Shop the Look,” an AI-powered shopping feature that recommends coordinated, in-stock sports merchandise. The tool is designed to help customers discover complementary products rather than browse individual items in isolation. Fanatics reported a 10% increase in views of recommended merchandise following the rollout, providing an early engagement measure

Citations:

1. Data from S&P Dow Jones Indices as of 9/30/2026.