Venture Market October 28, 2026: Anthropic’s Public Prospectus, AI Mega-Rounds from Flapping Airplanes and Legora, Robotics Valuations Growth, New Venture Funds, and Europe’s Nine-Month Review

The venture market enters the last week of October with the year's main event. Anthropic has published its S-1 form, preparing for a listing that could become the largest IPO in history. For venture investors and funds, this is more than just a single transaction. The valuation that the public market assigns to the generative AI leader will set benchmarks for the entire segment. It will influence late-stage rounds, secondary transactions, and exit strategies for the coming years.

At the same time, the influx of capital into startups shows no sign of slowing. From October 15 to 23 alone, American companies raised over $6 billion in more than fifteen rounds. Key themes of the day for investors include:

• Anthropic IPO: public S-1, ticker ANT on Nasdaq, with a valuation target of $1.5–2 trillion.
• AI Mega-Rounds: Flapping Airplanes, Legora, Tenstorrent, and Modal Labs attract hundreds of millions and billions of dollars.
• Physical AI: Bedrock Robotics and Eka Robotics rapidly increase their valuations.
• Defense and Government Sector Technologies: ASI and 22one receive backing from leading funds.
• Europe and Emerging Markets: record nine months and the closure of new venture funds.

Anthropic Publishes S-1: The Largest IPO in History on the Horizon

On October 26, Anthropic, PBC transitioned its confidential application submitted on June 1 into public mode. The company plans to list on the Nasdaq Global Select Market under the ticker ANT. The lead underwriter is Goldman Sachs, followed by Morgan Stanley, with over twenty banks in the syndicate.

According to business reports, the offering is targeted for the week of November 16. The fundraising amount could exceed $100 billion, with a valuation of $1.5–2 trillion. For comparison, SpaceX went public in June with a valuation of $1.77 trillion, raising around $86 billion. The stock price, number of shares, and total deal volume in the prospectus have not yet been specified.

Key financial figures from the S-1 include:

1. Revenue for the first half of 2026: $16.29 billion versus $1.16 billion a year earlier.
2. Revenue for the second quarter: $11.56 billion, operating income: $974 million.
3. Net loss for the half-year: $80.75 billion, primarily non-cash, resulting from the revaluation of convertible notes amid the company's increased valuation.
4. Most recent private round — Series H at $65 billion with a valuation of $965 billion (May 2026).

Multiples and Risks: How the Market Will Value AI Businesses

Analysts describe the Anthropic offering as a referendum on the AI business model. The annual revenue, calculated based on the second quarter, is approximately $46 billion. This means a $2 trillion valuation corresponds to about 43 times annual revenue. The May private round was at roughly 21 times revenue.

Key questions for institutional investors include:

• Cost of Computing. Infrastructure expenses are rising alongside revenue. Experts advise monitoring the revenue-to-computation cost ratio.
• Long-term Obligations. Multi-year contracts for data centers and chips put pressure on cash flow.
• Competitive Landscape. OpenAI delays its IPO to next year and reportedly raises another $30 billion in private funding at a valuation of $1.25 trillion.

Some observers warn that access to capital for AI companies may decrease. This is why the success of the offering is crucial for the entire venture ecosystem.

AI Mega-Rounds of the Week: Betting on Efficiency and Vertical Solutions

While the market awaits ANT, private capital continues to concentrate in the AI segment. Major deals in recent days include:

• Flapping Airplanes — $1 billion in Series A funding at a valuation of $6 billion, four times higher than January. The round was led by Index Ventures and Lux Capital, with participation from GV, Sequoia, Kleiner Perkins, and Nvidia. The company is developing methods for training large models on significantly less data.
• Legora — $550 million in Series E funding at a valuation of $8.8 billion. The Swedish platform for lawyers was backed by Atreides Management, Fidelity, Baron Capital, and JPMorgan.
• Tenstorrent — $1.5 billion in Series E funding at a valuation of $6.2 billion for the development of AI chips based on RISC-V architecture.
• Modal Labs — $750 million in Series D funding at a valuation of $15.75 billion, led by Accel. The company is building cloud infrastructure for AI workloads.
• Town — $108 million in Series B funding for an AI assistant for team collaboration, with participation from Forerunner, Menlo Ventures, and a16z.

The trend is clear: investors are willing to pay a premium for technologies that reduce AI costs (data, chips, computation) and for vertical applications with rapid monetization.

Physical AI and Robotics: Valuations Rising Faster than the Market

Robotics is becoming the second most significant area for venture investments after language models. Bedrock Robotics, a developer of autonomous systems for construction equipment, reportedly raised $600 million in Series C funding at a valuation of $4.1 billion. In February, the company was valued at $1.75 billion. The demand is fueled by the construction of data centers and a shortage of heavy equipment operators.

Other notable deals include:

• Eka Robotics — $150 million in Series A funding at a valuation of $1.45 billion. The round was led by a16z and F-Prime, instantly making the company a "unicorn."
• Enact — $30 million in pre-seed funding from Firstminute Capital and Redalpine for sensor technologies for robotic agility.
• Coherence Neuro — $45 million from Founders Fund and OpenAI Startup Fund for neurointerfaces.

Defense, Security, and Government Sector: Steady Interest from Funds

Defense technologies and solutions for critical infrastructure remain in focus for venture funds. Boston-based ASI raised $325 million in Series C funding at a valuation of $3 billion. The round was led by Spark Capital with participation from Craft Ventures, a16z, and Citadel Securities structures. The platform assists the military, airlines, and dispatchers in managing assets.

London-based 22one, a developer of AI tools for police, is valued at nearly $400 million, according to the Financial Times. Investors include Sequoia, General Catalyst, Lux Capital, and Creandum. Watchtower Labs raised $35 million in seed funding from Shield Capital, Conviction, and Founders Fund.

Fintech and Business Platforms: A Return to High Valuations

Fintech is once again demonstrating high multiples. Ramp raised $1.85 billion at a valuation of $60 billion, led by Dragoneer. This makes it one of the most expensive private fintech companies in the U.S. Whop, a platform for monetizing online businesses, secured $200 million in Series D funding from Sequoia Capital at a valuation of $5.1 billion. London-based Nevis, which automates the work of asset managers, closed a Series B round at $70 million under the leadership of EQT Ventures.

Europe: Record Nine Months and Focus on Late Stages

The European venture market is showing strong growth. Key figures include:

• In the third quarter, European tech companies raised €27.8 billion in 732 deals, 32.4% more than a year earlier.
• Over nine months, total funding increased by 63% to $61.9 billion, despite a 19% decline in the number of rounds.
• Late-stage investments accounted for 53% of the capital, with London capturing about 35%.

Among recent deals are Finnish Volare (€7.1 million for insect protein production) and Swiss Sonexos (CHF 5 million for noise suppression technology). Frankfurt-based QuoIntelligence in the cybersecurity sector received investments from former German Finance Minister Christian Lindner.

New Funds and Emerging Markets, Including Russia and the CIS

Capital continues to flow into niche venture funds:

1. Endeavor Catalyst Fund V closed with oversubscription at $320 million. Assets under management exceeded $850 million, focusing on emerging markets.
2. Nauta held the first close of its sixth fund at €60 million, targeting a volume of €150–200 million for European software and deep tech.
3. Indie GO Fund II in Russia aims for 5 billion rubles for gaming studios with export potential. The first close is expected in Q4 2026.

In India, Live2.ai raised about $14 million in a pre-Series B round led by IvyCap Ventures, and Even Healthcare secured $50 million from Khosla Ventures and Alpha Wave. In Central Asia, the early segment is active: the Kazakh AI startup Riasm received $3 million in pre-seed funding. In the Russian market, a Moscow venture fund is directing 250 million rubles towards tech companies, while the "Constructive Venture" fund invested in the data platform "Argument."

What This Means for Venture Investors: Daily Insights

1. The Anthropic IPO will set a price benchmark. A successful offering will maintain high multiples for late-stage AI companies. Weak demand, on the other hand, will lead to a revaluation of private portfolios.
2. The exit window is widening. Following SpaceX and Anthropic, other "unicorns" will queue for the public market.
3. Diversification is shifting towards "real" AI. Robotics, defense, and infrastructure are gaining an increasing share of rounds.
4. Discipline remains key. Concentration of capital in a few leaders increases risks for funds that enter deals at peak valuations.

The global startup and venture capital market enters November with a rare combination of record liquidity and increased uncertainty. The next three weeks, leading up to the expected debut of ANT, will be crucial for investor sentiment worldwide.