Investment News · 19 October 2026 · 3 min read
In short: A handful of private AI companies are now valued like the world’s largest listed firms. Anthropic was valued at $965 billion after raising $65 billion in May 2026, and OpenAI at $852 billion after raising $122 billion in March–April 2026. With AI stocks falling this month, investors are asking whether these prices can hold.
The biggest private AI companies
| Company | What it does | Latest valuation | Round |
|---|---|---|---|
| Anthropic | Claude AI models | $965 billion | $65 billion raise, May 2026 |
| OpenAI | ChatGPT, GPT models | $852 billion | $122 billion raise, Mar–Apr 2026 |
| Databricks | Data and AI platform | $190 billion | $5 billion raise, Aug 2026 |
| Anduril | AI-based defence technology | $61 billion | $5 billion raise, May 2026 |
| Figure AI | Humanoid robots | $39 billion | Series C, early 2026 |
Updated 24 October 2026: xAI is no longer listed here. It merged with SpaceX in February 2026 and is now part of a listed company, so it no longer has a separate private valuation. Databricks’ figure has been updated to its August 2026 round.
For comparison, Anthropic’s valuation jumped from $380 billion in February 2026 to $965 billion three months later.
Why the numbers are so large
- Huge costs: training and running AI models needs vast amounts of chips and data centres, so these companies raise tens of billions at a time.
- Strategic investors: much of the money comes from big tech and chip companies. OpenAI’s early-2026 round was led by Amazon ($50 billion), SoftBank ($30 billion) and Nvidia ($30 billion). Critics note that some of this money flows back to the investors as spending on chips and cloud.
- Bets on future revenue: valuations are many times current revenue, so they depend on fast growth continuing for years.
OpenAI’s IPO: now a 2027 story
OpenAI confirmed in June 2026 that it had confidentially filed for an IPO in the US. In September, it said the listing would come in 2027 rather than this year. There is no public prospectus yet, so the price and size are not known.
Can you invest in these companies?
Not directly. They are private, so their shares are not traded on any stock exchange. Indian investors can get indirect exposure through listed companies that invest in or supply them, such as Nvidia, Amazon or Microsoft, via US-focused mutual funds. Be wary of anyone offering “pre-IPO shares” of these companies; such offers are often unregulated or fraudulent.
See all 20 of the most valuable private AI companies, with every funding round, on our AI Funding Tracker.
Sources
- Wikipedia: Anthropic (funding history)
- Wikipedia: OpenAI (funding and IPO filing)
- ValueAdd VC: The highest-valued private AI companies in 2026
- AI Tools Recap: OpenAI IPO timeline
This is a news summary for education, not investment advice. Valuations of private companies are estimates from funding rounds and can change quickly; confirm details with the official source before making decisions.