Private market news feed.

Some investors who attended Anthropic's 14 October investor day in San Francisco discussed a valuation of around $1.5 trillion, a significant step down from the roughly $2 trillion previously expected for the November share sale, Reuters reported on 15 October citing people familiar with the matter. The tempering follows Anthropic's disclosure that Q3 revenue rose 45% to $16.8 billion, a slowdown from earlier in the year, amid concerns over the cost of financing AI. For Anthropic this lowers the reference valuation for its IPO and for secondary pricing of its shares.

Source: Reuters

Bloomberg reported on 15 October that construction of Nscale's flagship AI data centre in Norway is six months behind schedule, set back by cooling-system leaks, local regulations, construction delays and a fire, with workers to be housed in a floating hotel to finish it. Only 6.4 megawatts of the planned 30 megawatts are running, according to the report and follow-up coverage. For Nscale, which has filed for a NYSE listing targeting a valuation of about $35 billion, the delay raises execution risk on turning contracted capacity into revenue ahead of its IPO.

Source: Bloomberg

At its pre-IPO investor meeting on 2026-10-14, Anthropic said third-quarter revenue reached $16.8 billion, up from about $11.6 billion in the second quarter and $4.7 billion in the first, according to the FT, Reuters and CNBC. It said it was profitable on an adjusted basis and cash-flow positive in the quarter, generating $1.70 in revenue for every dollar spent on compute, per the FT. These are the company's first disclosed quarterly financials ahead of an IPO reportedly slated for November, and they set a fundamental reference point for its valuation.

Source: Financial Times

Alongside its $60 billion funding announcement on 2026-10-15, Ramp said it now generates more than $2 billion in annualized revenue with positive cash flow, and that revenue is growing 25% faster than at the same time last year. TechCrunch reported the figure is up from a reported $1.5 billion in June, and that Ramp says it has 85,000 customers (from 70,000 in June) and facilitates over $275 billion in annualized purchase volume, up 175% year on year. The disclosure gives investors a company-reported revenue base and profitability marker behind the new valuation.

Source: PR Newswire (Ramp)

Bloomberg reported on 14 October 2026, and Anduril confirmed to CNBC, an employee tender offer priced at $94.80 a share that values the company at roughly $90 billion. Bloomberg reported that the offer opened on 13 October, closes on 9 November, is capped at $1.3 billion and is open to employees in 16 countries. CNBC notes that Anduril was valued at $61 billion in a $5 billion round in May, so the tender sets a new, sharply higher reference price for its shares.

Source: Bloomberg

Sierra Space's chief financial officer Jeff Schrader has left the company after about six months in the role, the company told Bloomberg on 13 October 2026, saying he decided to pursue a new professional opportunity. Sierra Space, valued at $8 billion in March, declined to share more on its future financing plans. Losing its CFO mid-preparation casts doubt on the timing of its long-awaited IPO.

Source: Bloomberg

On 14 October 2026 Modal Labs announced a $750M Series D led by Accel, with Kleiner Perkins and existing investors, at a $15.75B post-money valuation, more than triple its valuation after the May round. The company said annualized revenue has more than tripled since May to over $1B, and Axios reported the run rate topped $1B. The confirmed close resets the price reference for Modal secondaries and gives a company-disclosed revenue figure.

Source: Axios

The Information reported on Oct. 13, 2026 that Applied Intuition, which makes autonomous-vehicle software, has received investment offers valuing it at at least $30 billion. Tech Startups' summary of the report puts the company's last valuation at $15 billion and says the offers could lead to a new round of $1 billion or more in the coming months. A doubled reference price would reset how secondary buyers value the company.

Source: The Information

Character.AI filed for Chapter 11 bankruptcy on October 12, 2026. Disney is lined up to buy part of it for $20 million.

Source: Futurism.com

On October 12, 2026 Anduril unveiled Steelfin, a family of modular two-stage surface-to-air interceptors for ballistic, cruise and hypersonic threats and drones, which executives aim to cost a third of the price of Lockheed Martin's PAC-3 MSE. Anduril expects full-rate production at the end of 2028 or early 2029, at 'multiple thousands' a year on the low end, with sub-assemblies built at its Arsenal-1 facility in Ohio, and is pitching Steelfin for the US Army's low-cost interceptor program. The launch takes Anduril into the air-defence interceptor market now held by the big defence primes.

Source: Breaking Defense

The Financial Times reported on 2026-10-10, citing people with direct knowledge, that Nvidia is in early-stage talks to acquire Reflection AI or deepen its existing investment in the US open-weight model start-up; Bloomberg reported Nvidia is also discussing a computing deal. Reuters noted that Reflection's CEO told CNBC in April the Nvidia-backed company was raising at a $25 billion pre-money valuation. A takeover or enlarged stake by its existing backer would set an exit or new valuation reference for Reflection AI.

Source: Reuters

OpenAI has told investors it expects annualized revenue to reach or exceed $70 billion by the end of 2026, driven largely by its enterprise business, Bloomberg reported on 9 October 2026, citing people familiar with the matter. Quartz, citing Bloomberg, says annualized revenue stood at about $50 billion at end-September and that the figures were shared in discussions around a new fundraising effort. The year-end guidance resets OpenAI's growth trajectory a day after the FT reported a ~$20 billion gap against figures previously signalled to investors.

Source: Bloomberg