XN plans to buy more Anthropic shares at IPO as AI sell-off tests valuation

XN is not backing away from Anthropic. The New York investment firm founded by Gaurav Kapadia plans to be a “large participant” in the Claude maker’s IPO despite the AI stock sell-off, the Financial Times reported. Public investors, meanwhile, are questioning its proposed $1.5 trillion valuation. A $5.3 billion bet, and a plan to add to it In a Thursday letter, Kapadia praised Anthropic’s financial discipline and called it a future “category-defining” company. XN first invested in 2025 and joined three funding rounds in total. Its holding was worth $5.3 billion at Anthropic’s May Series H , when the company raised $65 billion at a $965 billion valuation. XN aims to raise its stake once Anthropic goes public, as the company has yet to buy more shares in the IPO.

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