Weekly Private Markets Wrap: Kalshi’s Perpetual Futures Survive Legal Challenge, For Now
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 Private Stock Top 10 Index was mostly flat for the week ended November 5th, 2026, maintaining a year-to-date gain of nearly 80%.1
- The index remained relatively stable despite turmoil in the public markets, especially for AI-related stocks, highlighting the potential diversification benefits of private equity exposure.
- Anthropic amended its S-1 filing to include its Q3 revenue, which reached $17 billion, though its IPO timeline looks uncertain after a correction in publicly-traded AI-related stocks.
- Kalshi's stock perpetual futures products may continue to trade after a federal judge declines a temporary restraining order on offering the products.
Kalshi's perpetual futures survive legal challenge, for now
A federal judge declined to temporarily halt stock perpetual-futures trading on Kalshi and other exchanges while questioning whether the Commodity Futures Trading Commission (CFTC) had exceeded its authority in making the determination that the trading products fell under their jurisdiction. Trading can therefore continue for the time being, but the decision did not resolve the underlying legal challenge or eliminate the associated regulatory uncertainty.
A group of exchanges and securities firms that includes Citadel and CBOE have argued that Kalshi's and Polymarket's perpetual futures contracts are not actually futures and are securities that must be regulated by the SEC, not the CFTC. Their argument rests on the fact that the futures are perpetual and, as such, contain no expiration date and no expectation that any underlying asset will be delivered. This, according to the group, means that the financial products do not meet the definition of futures.
While the denial of the Wall Street group's request for a restraining order is a short-term win for Kalshi, they are not out of the woods yet. If the courts eventually find that the CFTC was wrong to regulate the products and that Kalshi and competitior Polymarket must instead seek SEC oversight, that could impose a significant regulatory burden on the event contract companies. They would likely have to register as broker-dealers with the SEC.
Private markets index snapshot
S&P® U.S. Private Stock Expanding Leaders Index
Eleven-company portfolio · Valuation figures updated November 6, 2026
Index level and price returns as of November 5, 2026 · One-week period: October 29–November 5, 2026 · Portfolio companies in alphabetical order
Portfolio valuation marks ($B) and percentage changes since the last funding round reflect user-supplied figures incorporated November 6, 2026. The underlying valuation observation dates and last-round dates may vary by company. Percentage comparisons are reproduced as supplied and have not been recalculated from the displayed, rounded valuation marks. They are valuation comparisons, not investor returns.
The supplied index level was 352.45 as of November 5, 2026, representing a year-to-date price return of +79.84% from December 31, 2025 and a one-week price return of 0.04% for October 29–November 5, 2026. The displayed 11-company portfolio may differ from the index series in holdings, weights and performance. Index performance excludes fund fees.
The company-news reporting period is October 29–November 5, 2026; the linked articles shown were published October 30–November 5, 2026. Dates refer to article or company-post publication dates, not necessarily transaction or announcement dates. Anduril coverage updates an October 27 announcement; Stripe’s article describes a migration begun earlier in 2026. Ramp’s entry is company-published research rather than a financing or product announcement. Figure AI’s no-update statement applies to the previously checked October 30–November 5 window; October 29 was not separately verified. Company-reported results and forward-looking statements have not necessarily been independently validated. Neuralink’s Blindsight remains investigational; the cited coverage does not establish regulatory approval or demonstrated restoration of vision in human patients. News and valuation updates may have different observation dates. Reported financing valuations may differ from the valuation marks shown above.
Defense tech company Anduril scraps 100% US sourcing for laptops.
Anduril’s Qualcomm-powered BlueChip laptop initiative aims to rebuild a U.S. computer-hardware supply chain, with the first laptop expected in 2027. New reporting clarified that initial units will not be entirely U.S.-sourced, distinguishing the company’s longer-term domestic-manufacturing ambitions from its near-term production plans.
AI model giant Anthropic amends filing to disclose $17 billion in Q3 revenue.
Anthropic’s amended IPO filing disclosed $17 billion in third-quarter revenue and a $567 million operating loss, illustrating rapid growth alongside substantial costs. Approximately $895 billion in spending commitments, primarily for computing capacity, also highlighted the scale of the infrastructure obligations investors must assess ahead of its planned listing
AI company Cognition releases a new coding model.
Cognition introduced SWE-2 Flash, a coding model positioned to deliver faster, lower-cost AI software engineering. The launch emphasizes making coding agents more economical and responsive, potentially broadening their use across software-development workflows; the performance positioning comes from the company.
AI company Databricks applies AI to the energy industry.
Databricks partnered with engineering and consulting company Wood to expand AI adoption across energy-project delivery, operations, and maintenance. The collaboration combines Databricks’ data platform with Wood’s engineering expertise to help energy companies apply AI throughout an asset’s lifecycle.
Sports merchandise platform Fanatics deepens merchandising partnership with the National Hockey League.
Fanatics and NHL clubs unveiled Hometown Remix uniforms and merchandise as part of a program covering all 32 teams. The collections draw on each team’s local culture and fan identity, creating a coordinated leaguewide merchandising initiative spanning uniforms, apparel, and headwear.
Robotics company Neuralink's human vision aid awaits approval.
Elon Musk said Neuralink’s Blindsight vision implant was engineering-ready but still awaiting regulatory approval. The technology has yet to demonstrate any restoration of vision in human patients. While company ambitions remain high, they will neeed to demonstrate to regulators the technology can contribute to meaningful improvements in vision.
Citation:
- Data from S&P Dow Jones Indices.
