Labs & money
Valuations, revenue, and IPO plans of the large AI labs.
The large labs finance data centers and training with funding rounds worth billions. At the end of October Anthropic became the first of the large labs to make an IPO prospectus public. It contains audited figures: $16.3bn in revenue in the first half of 2026 and a $80.7bn net loss. For the other labs, valuations come from reports on funding rounds.
On 5 November the Nasdaq 100 fell 6.4 percent according to CNBC, Nvidia more than 9 percent. The day after, several media outlets reported new rounds at OpenAI and Thinking Machines. Whether the data center build-out continues at the previous pace will be shown next by the Nvidia results on 17 November.
Further down is the market for the best agent. There Anthropic is ahead; for the best model, Google.
Figures from the labs
| Lab | Figure | What is behind it |
|---|---|---|
| Anthropic | $16.3bn | Revenue in the first half of 2026 according to the IPO prospectus (S-1), with a $80.7bn net loss. IPO planned on the Nasdaq under the ticker ANT; the price is open. |
| OpenAI | $1.25tn | Valuation in a new $11bn round according to reports from 6 November. President Greg Brockman considers an IPO in 2027 possible. |
| $17bn | New data center in Laramie County, Wyoming, powered by 702 MW of on-site fuel cells, announced on 6 November. | |
| Thinking Machines | $40bn | Pre-money valuation in a $5bn round led by Accel, under negotiation according to Business Insider. According to the report, Nvidia is negotiating a stake of about $2.5bn. |
| Fal | $16bn | Valuation after a $1.3bn round on 3 November, twice as high as before. |
| Nvidia | over 9% | Share price loss on 5 November, when the Nasdaq 100 lost 6.4 percent according to CNBC. Third fiscal quarter results on 17 November. |
Valuations from funding rounds come from reports and are not stock prices. Figures from the IPO prospectus are statements by the company.
Chance of first place in the Agent Arena ranking. Bets on Polymarket, as of 7 November 2026.
Google leads for the best model, Anthropic for the best agent. The markets settle on different rankings.