A week dominated by AI valuations, from Anthropic's record-scale IPO ambitions and steep jumps for Cognition and Harvey, through to Lovable's doubled valuation, Josh Kushner's Thrive Holdings turning AI into a buyout strategy, Palmer Luckey's Erebor doubling as a bank for the tech sector, Lumilens' optical infrastructure raise, and a further step-up for UK defence technology company Cambridge Aerospace.

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Anthropic Investors Eye $2tn Valuation in October IPO

Anthropic is the developer of the Claude family of AI models. According to investors cited by the Financial Times, the company is expected to pursue a valuation of at least $2tn when it lists in October, which would make it the largest stock-market debut in history. The projection reflects investor expectations that Anthropic's annualised revenue will reach $100bn–$120bn by the end of 2026, following a rapid climb from $47bn in May.

Anthropic is an underlying asset of VenCap 6, 13B, 15, 16, 17, 18 and 19.

Cognition in Talks to Raise at $40bn Valuation

Cognition is the maker of Devin, an AI coding agent used by enterprises. The company is reportedly in early talks to raise a new funding round that could value it at $40bn, only three months after it raised $1bn at a $26bn valuation in May. The prospective round would be based on Cognition achieving a $1bn annualised revenue run rate, up from the $492m run rate it had reached in May.

Cognition is an underlying asset of VenCap 16 and 17.

Harvey in Talks to Raise $500m at $15.5bn Valuation

Harvey is a legal AI start-up whose software supports legal research, document review, contract analysis and due diligence. The company is in advanced talks to raise at least $500m at a $15.5bn valuation, a 40% jump from the $11bn valuation it reached only five months ago. The prospective round follows a sharp revenue climb, with annualised revenue now above $350m, up from roughly $190m at the start of 2026. Harvey says more than 100,000 lawyers now use its platform.

Harvey is an underlying asset of VenCap 16, 17 and 18.

Lovable Raises $400m Series C at $13.3bn Valuation

Lovable is a Stockholm-based software creation platform. The company has raised $400m in Series C funding at a $13.3bn valuation, doubling the $6.6bn valuation it held in December. The financing follows rapid usage growth: more than 60 million projects have been created on the platform, generating over 900 million monthly visits, and annualised revenue has climbed toward $600m. Lovable plans to use the funding to deepen enterprise integrations and grow its team to around 450 people.

Lovable is an underlying asset of VenCap 16, 18 and 19.

Thrive Holdings Raises $2bn at $12bn Valuation

Thrive Holdings is Josh Kushner's Thrive Capital spinout that acquires legacy professional-services businesses and rebuilds them with AI. The company has raised more than $2bn in new capital at a $12bn valuation, with backers including SoftBank, D1 Capital Partners and Altimeter Capital. Part of the new funding will support expansion into a third vertical focused on physical infrastructure. OpenAI holds an equity stake in Thrive Holdings and embeds its own staff within the businesses it acquires.

Thrive Holdings is an underlying asset of VenCap 16, 17 and 18.

Erebor in Talks to Raise $1.5bn at $8bn Valuation

Erebor is a nationally chartered US bank built for technology, AI, defence and crypto clients. The company is in advanced talks to raise approximately $1.5bn at a pre-money valuation of at least $8bn. Deposits have grown from $1.1bn at the end of March to roughly $4.6bn by the end of July, and annualised recurring revenue has passed $100m. Backers would include Lux Capital, Human Capital, Valor Equity Partners, a16z and SV Angel.

Erebor is an underlying asset of VenCap 18 and VenCap 19.

Lumilens Raises $900m at $5.51bn Valuation

Lumilens designs optical networking chips that replace copper interconnects with fibre-optic cabling inside AI data centre clusters. The company has raised $900m, including a $700m Series C, valuing it at $5.51bn. The financing will support development of Lumilens' co-packaged and near-packaged optics product lines, which the company says allow AI clusters to move data over longer distances with lower power consumption than copper wiring permits. Lumilens' second-generation chip has already taped out and is heading towards commercial deployment next year.

Lumilens is an underlying asset of VenCap 6, 13B, 15, 16 and 17.

Cambridge Aerospace Raises $300m Series C at $3.4bn Valuation

Cambridge Aerospace is a UK-based defence technology company developing low-cost drone and missile interceptor systems for Allied forces. The company has raised $300m in Series C funding at a $3.4bn valuation, with participation from Lux, Accel, Lakestar and other investors. The financing will support expanded manufacturing, including a new solid rocket motor facility in Norfolk, England, and continued development of interceptor systems already in use with the UK Armed Forces. Cambridge Aerospace has secured several UK Ministry of Defence contracts since its Series B and employs more than 250 people across the UK, Germany, Poland, Norway, Ukraine and Australia.

Cambridge Aerospace is an underlying asset of VenCap 16 and 17.