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 rose 1.7% during the week through October 21, climbing from 344.51 to 350.30 and taking its 2026 gain to 78.7%.¹ The advance came as investors received fresh evidence of commercial activity across artificial intelligence, financial technology, and defense.
• Financial operations platform Ramp raised $1.85 billion at a $60 billion valuation, 36% above its June financing valuation.
• AI model developer Anthropic reported another quarter of rapid revenue growth, but some investors discussed an IPO valuation closer to $1.5 trillion than the $2 trillion previously expected.
• The index also completed a rebalance that added AI coding company Cognition and prediction market Kalshi. The additions expand the portfolio to broaden its AI exposure beyond model developers and infrastructure.
• Cognition brings an enterprise software application that can complete engineering work to the index, while the addition of Kalshi adds a regulated marketplace whose revenue depends on trading activity. Their current implied valuations are approximately $59 billion and $44 billion, respectively.

Ramp’s $1.85 billion round establishes a new fintech benchmark

Financial operations platform Ramp raised $1.85 billion in a primary financing led by Dragoneer Investment Group. The round valued the company at $60 billion, up from $44 billion in June, and brought its total equity funding to approximately $5 billion.

The financing establishes a new primary market price only four months after the previous round. Ramp’s valuation increased 36.4% during that period, providing fresh evidence that investors will still pay higher prices for private companies that combine rapid growth with improving financial durability.

Ramp reported more than $2 billion in annualized revenue and positive cash flow. More than 85,000 businesses use its platform to manage over $275 billion in annualized purchase volume, an increase of 175% from a year earlier. The number of customers generating more than $100,000 in revenue for Ramp increased 113% from a year earlier.

The company is also broadening beyond corporate cards and expense management. Recent products include software for accounts receivable, faster accounting closes, AI spending measurement, model selection, and internal knowledge sharing. That expansion gives Ramp more ways to earn revenue from the same customer while positioning it as an operating system for corporate finance departments.

The new valuation still sets a demanding benchmark. Using the $2 billion revenue figure, the new valuation is roughly 30 times annualized revenue. However, it is important to remember that annualized revenue is not the same as audited full-year revenue, and the valuation does not guarantee a comparable price in future secondary transactions or a public offering.⁸

Financing and operating metric	Amount or change
Primary financing	$1.85 billion
New valuation	$60 billion
June 2026 valuation	$44 billion
Valuation increase since June	36.4%
Annualized revenue	More than $2 billion
Cash flow	Positive
Business customers	More than 85,000
Annualized purchase volume	More than $275 billion
Purchase volume growth	175% from a year earlier
Growth in customers generating more than $100,000 of revenue	113% from a year earlier

Anthropic’s investor day resets the debate over its IPO valuation.

AI model developer Anthropic told prospective IPO investors that third-quarter revenue reached $16.8 billion, an increase of 45% from the second quarter, according to Reuters. The company also said it was profitable on an adjusted basis during the quarter.

Those results remain exceptional, but the pace of sequential growth slowed after revenue more than doubled to $11.6 billion in the second quarter. Some investors consequently discussed a valuation of approximately $1.5 trillion for Anthropic’s expected November offering, below the roughly $2 trillion figure considered earlier.

The shift does not mean investors have lost confidence in Anthropic. It shows that extraordinary growth is being weighed against extraordinary capital expenditure. Anthropic has committed to at least $518 billion of infrastructure spending over ten years, and the broader technology market has become more cautious about debt-financed AI expansion. Anthropic’s current implied valuation of approximately $1.54 trillion is close to the level discussed at its investor day and remains about 60% above its $965 billion May financing valuation. The final IPO price, if the offering goes ahead as planned, could differ materially.^5,9

The S&P U.S. Private Stock Expanding Leaders Index adds AI coding and prediction markets.

AI coding company Cognition develops Devin, an autonomous software engineer that can plan, write, test, and ship code inside a company’s existing workflow. Cognition also owns the Windsurf development environment, giving it both an agent and an interface through which engineers can use that agent.

Cognition raised $2 billion at a $48 billion valuation in September. The company said its annualized revenue run rate had increased from $492 million to nearly $900 million since its May financing. Its current implied valuation is approximately $59 billion, 22.9% above the September round. This week, Cognition cofounder Russell Kaplan argued that coding models are reaching a point where cost and speed can matter as much as incremental gains in intelligence. That view explains the company’s emphasis on integrating several models into Devin and lowering the cost of common tasks.

Prediction market Kalshi operates a federally regulated exchange where users trade contracts tied to future events. The platform gives the portfolio exposure to a new category of financial infrastructure. Webull said this week that it will use Kalshi to offer cryptocurrency-linked perpetual futures to United States customers beginning in November. Kalshi also highlighted a Los Angeles restaurant group that used a $60,000 trade to offset revenue risk tied to the baseball playoffs, an example of the company’s effort to position event contracts as hedging tools.

Kalshi’s current implied valuation is approximately $44 billion, 2.2% below its $45 billion August financing valuation. The discount is small, but it reflects the regulatory question hanging over the business. Several states argue that sports event contracts amount to gambling and should fall under state law. Kalshi argues that its contracts are regulated derivatives. Chief executive Tarek Mansour said the dispute could reach the Supreme Court. A favorable outcome could support Kalshi’s effort to compete with established exchanges. An adverse ruling could limit one of its largest sources of activity.

Together, the additions broaden the portfolio in a useful way. Cognition monetizes AI through enterprise productivity, while Kalshi monetizes information and trading activity. Both have strong growth narratives, but their risks differ. Cognition must prove that customers will keep paying as coding models become more capable and less expensive. Kalshi must convert rapid adoption into a durable business while its regulatory perimeter remains contested.^4,5,6,7,10

OpenAI accelerates a $30 billion raise as advertising expands

AI developer OpenAI is seeking to accelerate a planned $30 billion financing that could value the company above $1.4 trillion, according to Reuters. The timing reflects direct competition with Anthropic for many of the same investors. OpenAI’s current implied valuation is approximately $1.23 trillion, 44.4% above its $852 billion August financing valuation but below the level discussed for the new round.

OpenAI also expanded advertising on ChatGPT to 26 additional countries, bringing the total to 89. The company said in August that its advertising business had reached a $1 billion annualized revenue run rate. Advertising gives OpenAI another source of cash beyond subscriptions and application programming access, which matters as infrastructure spending continues to rise.

The larger point is that the frontier AI contest now includes capital formation, distribution, and monetization at the same time. OpenAI is trying to raise before Anthropic’s offering, expand advertising, and sustain model development. Investors must decide whether its revenue mix and user scale can support a valuation above $1 trillion while funding requirements remain unusually high.³

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Citations:

1. S&P U.S. Private Stock Top 10 Index, S&P Dow Jones Indices, price return through October 22, 2026.
2. Anthropic unveils Claude Duet AI agent app, Reuters, October 21, 2026.
3. OpenAI seeks to accelerate fundraising ahead of Anthropic IPO, Reuters, October 19, 2026.
4. Webull to debut crypto linked perpetual futures in November, Reuters, October 20, 2026.
5. Portfolio valuation data from PM Insights, current implied valuations dated October 22, 2026.
6. Cognition AI raises $2 billion at $48 billion valuation, Reuters, September 8, 2026.
7. Cognition product updates, Devin blog, October 2026.
8. Fintech startup Ramp hits $60 billion valuation, Reuters, October 15, 2026.
9. Anthropic IPO stands alone as AI market jitters sideline others, Reuters, October 22, 2026.
10. Kalshi’s odds at the Supreme Court, Reuters, October 22, 2026.
11. Nscale and Anthropic discuss $45 billion cloud computing deal, Reuters, October 19, 2026.
12. OpenAI expands ChatGPT ads to 26 more countries, Reuters, October 21, 2026.