Anthropic is the most valuable private AI lab on paper and is trying to price an IPO into a falling market. OpenAI has taken in an initial $11 billion of a smaller round than it wanted. This tracker logs the latest round, valuation, lead investors and listing status for the major labs and the next tier, and links every figure to its source.
As of November 9, 2026, 7:53 AM (New York time, EST). Each row is dated and sourced. Figures that rest on one outlet or on anonymous sources are marked in the table.
The short version
Two companies dominate the money. Anthropic raised $65 billion at a $965 billion post-money valuation in May, according to its Anthropic announcement, and has since filed to list on Nasdaq under the ticker ANT. OpenAI closed $122 billion of committed capital at an $852 billion post-money valuation on March 31, according to OpenAI, and has now reportedly received about $11 billion of a new round at roughly $1.25 trillion, per Bloomberg. Both are now trying to raise again at prices below what their backers hoped for a month ago. Below them the numbers fall off fast. Mistral is valued at about $24 billion and Cohere at C$35.7 billion if its round fills, while Thinking Machines Lab is reportedly closing at $40 billion before the new money.
The xAI line is now part of a public company. SpaceX bought xAI in February in a deal that valued xAI at $250 billion, according to a person familiar who spoke to Reuters, and SpaceX listed on Nasdaq on June 12. Investors who want public exposure to a US frontier lab can buy it today only through SpaceX.
Frontier labs and the next tier
| Company | Latest round or event | Amount | Valuation | Date | Lead investors | IPO status | Sources |
|---|---|---|---|---|---|---|---|
| Anthropic | Series H | $65B | $965B post-money | May 28, 2026 | Altimeter, Dragoneer, Greenoaks, Sequoia | S-1 filed Oct 26; S-1/A on Nov 2 leaves price, share count and October revenue blank. No newer S-1 amendment on EDGAR as of Nov 9. Prospective buyers were discussing $1.2T–$1.3T (some as low as $1.1T) per Bloomberg on Nov 6; the FT reported an $80B–$100B raise at $1.25T–$1.75T. Formal marketing was expected to start the week of Nov 9 | Anthropic; Reuters; Anthropic IPO notice; S-1/A; SEC EDGAR filing list; Bloomberg (Nov 6); FT via TradingView; Reuters via Investing.com (round: company-announced, IPO pricing talk: anonymous-source reporting; ranges conflict) |
| OpenAI | Closed round | $122B committed | $852B post-money | Mar 31, 2026 | SoftBank co-led with a16z, D. E. Shaw Ventures, MGX, TPG and T. Rowe Price-advised accounts; anchored by Amazon, Nvidia, SoftBank | No listing date announced; reporting points to 2027 | OpenAI; TechCrunch (Nov 6) (company-announced; 'committed' capital, not all received) |
| OpenAI (new round) | Initial close of new round | About $11B received; up to $20B targeted "in the coming weeks" (originally $30B or more) | About $1.25T (reported); initial ask reported at $1.4T | Nov 6, 2026 (report) | Not disclosed by Bloomberg; earlier reporting named UAE investors and Coatue as leads, MGX as expected largest participant | See above | Bloomberg; TechCrunch; Tech Funding News (anonymous-source reporting; not confirmed by OpenAI, $1.4T ask and earlier lead names are secondary reporting) |
| xAI (part of SpaceX) | Series E, then acquired by SpaceX | $20B (equity/debt split not disclosed) | About $230B at Series E (reported); $250B in SpaceX deal (reported) | Jan 6, 2026; Feb 2, 2026 | Valor, StepStone, Fidelity, QIA, MGX, Baron; Nvidia and Cisco as strategic investors | Public through SpaceX: listed on Nasdaq June 12, 2026 at $135 a share | Reuters; CNBC; Reuters; Reuters; NPR (deal valuations from people familiar) |
| Mistral AI | Series D | €3B (about $3.5B) | More than €21B post-money (about $24B) | Sep 8, 2026 | Samsung Electronics; co-leads EQT-managed Scaleup Europe Fund and PSG Equity | CFO told Reuters an IPO is an option but there were no ongoing discussions | Mistral; Reuters via Yahoo Finance; CNBC (company-announced) |
| Cohere | Series E (initial close) | Up to C$7B targeted; amount closed not disclosed | C$35.7B if fully raised | Oct 29, 2026 | Schwarz Group companies; Government of Canada among new investors; Nvidia returning | None announced | Cohere (company-announced; single source for valuation) |
| Thinking Machines Lab | New round (reported, closing) | $5B | $40B pre-money | Nov 6, 2026 (report) | Accel (reported) | None announced. Last closed round: $2B seed in 2025 | Business Insider (single-outlet, anonymous-source reporting; not confirmed closed) |
| Safe Superintelligence | Strategic investment by Nvidia | Undisclosed (Bloomberg reported $5B) | Last disclosed: $32B (2025 round) | Jul 27, 2026 | Nvidia | None announced | TechCrunch (deal size reported, not disclosed) |
| Perplexity | Talks with Nvidia (reported) | Not reported | More than $30B (talks); last finalized $20B in 2025 | Aug 23, 2026 (report) | Nvidia (in talks) | CEO has said it plans to list in 2028 | The Information via CNA (talks only; single-source reporting) |
| Cursor (Anysphere) | Talks (reported) | $2B+ | About $50B | Apr 17, 2026 (report) | Not confirmed | None announced | TechCrunch (talks reported; we have not confirmed a close) |
| Modal Labs | Series D | $750M | $15.75B post-money | Oct 2026 | Accel | None announced | CRN |
| TypeSafe AI | Funding round | $870M | $7.5B | Oct 9, 2026 | Andreessen Horowitz | None announced | TechCrunch (adoption claims self-reported) |
| Flapping Airplanes | Series A | $1B | About $6B (reported) | Oct 21, 2026 | Index, Lux | None announced | TechCrunch (valuation reported) |
| Nous Research | Series B | $90M | $1.5B | Oct 7, 2026 | Robot Ventures | None announced | TechCrunch |
| Fal | Series F (announced with Series E) | $1.3B (Series F); $1.65B across both rounds | $16B (reported), double April's $8B | Nov 3, 2026 | Bessemer (Series F); Sequoia led Series E. Nvidia, Sound Ventures and T. Rowe Price participated | None announced | TechCrunch (valuation and $800M+ annualized revenue reported by Bloomberg; company confirmed round totals) |
| FuriosaAI | Series D | $620M (includes about $280M committed by Korea's National Growth Fund) | $2.9B post-money | Oct 28, 2026 | No single lead named; investors include Infinitum, Jericho Capital, Cisco Investments, Korea's National Growth Fund, NAVER Ventures | None announced | FuriosaAI; DCD (company-announced) |
| Traversal | New round | $120M ($173M raised in total) | $1B | Nov 3, 2026 | Kleiner Perkins, Redpoint, Khosla (co-leads) | None announced | Traversal via Business Wire (company-announced; customer claims self-reported) |
How to read the valuations
A post-money valuation includes the new cash; a pre-money valuation does not. OpenAI's March figure is post-money. Bloomberg describes the reported $1.25 trillion as pre-money, so the two numbers are not directly comparable, and the new round is not a markdown from March. "Committed" capital is also not the same as cash received: OpenAI's own announcement uses the word committed, and some strategic money in this cycle is tied to milestones.
IPO talk is not an IPO price. Anthropic's amended prospectus still leaves the offer price and share count blank. Reported buyer ranges for Anthropic run from $1.1 trillion to $1.3 trillion in Bloomberg via The Edge's account and $1.25 trillion to $1.75 trillion in the FT's, as summarized by FT via TradingView. Those are accounts of investor discussions, not company guidance, and they do not agree with each other.
What changed recently
- Nov 9 update: Added three rounds the first version missed: Fal ($1.3 billion at a reported $16 billion, TechCrunch), FuriosaAI ($620 million at $2.9 billion post-money, FuriosaAI) and Traversal ($120 million at $1 billion, Traversal via Business Wire). Refreshed Anthropic's IPO status with Bloomberg's Nov 6 buyer range of $1.2 trillion to $1.3 trillion and confirmed on SEC EDGAR filing list that no new S-1 amendment with a price range had been filed. Added OpenAI's reported $1.4 trillion initial ask and the "coming weeks" timing for the rest of its round (Tech Funding News).
- Nov 5–6: Prospective Anthropic IPO buyers pushed back on a $1.5 trillion valuation, with Reuters reporting doubts that the roadshow could start on schedule (Reuters via Investing.com) and Bloomberg reporting a $1.2 trillion to $1.3 trillion range under discussion (Bloomberg (Nov 6)).
- Nov 6: OpenAI reportedly received about $11 billion of a round that originally sought about $30 billion and could now reach $20 billion (Bloomberg; earlier target cut reported by TechCrunch).
- Nov 6: Thinking Machines Lab was reported to be closing a $5 billion round at a $40 billion pre-money valuation led by Accel, more than triple its last mark (Business Insider).
- Nov 2: Anthropic filed an amended S-1 that keeps price terms blank (S-1/A). Reporting since then describes buyers pushing for a lower valuation and Anthropic pressing ahead anyway.
- Oct 29: Cohere announced the initial close of a Series E targeting up to C$7 billion at a C$35.7 billion valuation, with the Government of Canada as a new investor (Cohere).
- October–early November: The next tier kept raising large rounds, with inference infrastructure prominent: Fal ($16 billion), Modal Labs ($15.75 billion), TypeSafe AI ($7.5 billion), Flapping Airplanes (reportedly $6 billion) and FuriosaAI ($2.9 billion).
What to watch next
- Anthropic's offer range. A filed S-1 amendment with a price range, share count and October revenue would replace every anonymous estimate in this table. Reporting has pointed to pricing the week after marketing starts and a listing before Thanksgiving (November 26); a delay remains possible if the AI sell-off continues.
- Whether OpenAI's round reaches $20 billion. Stopping near $11 billion would be a different outcome from the one reporting now anticipates.
- Thinking Machines' close. We will move the row from "reported" to "closed" only on company confirmation or several independent reports.
- Inference infrastructure. Fal, Modal and FuriosaAI all raised on inference demand. Whether that tier keeps its valuations through the sell-off is a useful test of how far the repricing reaches.
- Perplexity and Cursor. Both have reported talks at higher valuations that we have not seen confirmed as closed.
- SpaceX's share price. It is the only public market price for a US frontier lab, even though xAI is one part of the company.
Methodology
We list each company's most recent priced round or major financing event. Company announcements and filings come first. Where a figure comes only from reporting, we name the outlet and mark it as reported, and we flag single-source and anonymous-source figures in the table. Talks are shown as talks and are never used as a closed valuation. We do not convert currencies ourselves; dollar equivalents are the source's own. Debt, tender offers and secondary sales are excluded unless they are the latest event. We update this page when a tracked company announces or credibly reports a new round, a valuation change or an IPO step, and every update is dated.