AI News: The AI Winner You Can’t Buy Yet Has Beaten NVDA By 10x

Approfondimenti Chiave

• AI news: The private valuation of Anthropic has risen 22-fold since June 2024, according to mutual-fund-reported valuations.
• The jump has outpaced Nvidia and the Nasdaq 100 by roughly 10x, despite Anthropic remaining privately held.
• Fidelity, Capital Group and BlackRock hold Anthropic exposure through funds, but small portfolio weights mean the 22x surge has had only a limited impact on overall fund returns.

AI news took an unusual turn on Oct. 2 as Anthropic’s private valuation surged far faster than major public-market benchmarks.

Anthropic has risen 22-fold since June 2024, based on private valuations reported by mutual funds that own stakes in the company, according to Bloomberg ETF analyst Eric Balchunas.

He said Anthropic’s rise has outpaced both the Nasdaq 100 and Nvidia by about 10 times. However, there is one caveat: Most investors cannot yet buy shares of Anthropic.

This makes the mutual-fund marks all the more interesting, as they provide one of the few recurring looks at how the private market values Claude’s creator.

AI News Finds a Back Door into Anthropic

Anthropic does not have a daily traded stock price, but mutual funds that own private stakes must report valuations of those holdings. This provides an indirect look at prices for Anthropic, which Balchunas used to calculate the 22-fold increase since June 2024.

He noted that “Anthropic is up 22-fold since June 2024,” while outpacing the Nasdaq 100 and Nvidia by 10 times. The holdings span major investment managers, with Fidelity identified as having the largest position, followed by Capital Group and BlackRock.

The individual portfolio weights are small enough that the jumps have not had a meaningful impact on the overall returns of funds that hold Anthropic.

That is the less obvious part of the Anthropic story. A fund can own a company that sees its private valuation rise sharply, but the overall impact on the portfolio will be modest if the weight is limited.

Public filings also provide a look at how these private marks are being applied in practice. BlackRock, for example, has reported Anthropic preferred shares in its portfolios, while Fidelity filings show restricted Anthropic holdings across several financing rounds.

Anthropic Has Moved Through Several Valuation Jumps

It’s much easier to understand this when you look at the company’s financing history, which shows a 22-fold increase. In September 2025, the company raised $13 billion with a post-money valuation of $183 billion, co-led by Fidelity Management & Research, ICONIQ, and Lightspeed.

Additional financing was provided in February 2026 at a post-money valuation of $380 billion, and then a $65 billion financing in May at a post-money valuation of $965 billion.

The company claimed that its annualized revenue run rate hit $65 billion by the end of July, up from about $9 billion at the end of 2025. The increase in the value of private valuations has been swift, and the rise in reported business scale is similar.

The updated prospectus indicated that in 2025, revenue would be about $4.6 billion, operating expenses would be about $12.65 billion, and the operating loss would be around $8.06 billion.

Anthropic also posted a net loss just under $42 billion, of which approximately $34 billion was a non-cash charge arising from previous financing instruments.

This contrast is critical to understanding the valuation, as Anthropic’s revenue growth has been rapid, but so have the costs of developing and operating frontier AI systems.

The Rise of AI Companies

The overall market backdrop is important to consider when reviewing Anthropic’s private valuation jump.

The Kobeissi Letter wrote on Oct. 1 that “AI is all that matters for markets right now,” noting the concentration of AI-related assets across public and private capital.

It estimated that AI infrastructure companies made up 40% of the S&P 500’s market value. AI-related companies also accounted for 49% of investment-grade bond issuance in 2026. Venture capital showed a similar trend, with AI attracting 87% of funding so far this year.

These figures provide context for Anthropic’s latest jump in private valuation, but they also identify Nvidia as one of the most prominent public-market beneficiaries of the capital cycle.

Anthropic’s funding history shows a more complicated relationship, as Nvidia has been an investor and major supplier of computing power to the startup.

Reuters reported in September that Nvidia was considering investing up to $10 billion in Anthropic’s potential IPO. The proposed offering could seek as much as $100 billion at a valuation approaching $2 trillion.

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