Despite a correction in AI-related stocks, New York investment firm XN said it plans to take a large part in AI model developer Anthropic’s initial public offering and buy additional shares after listing. It is placing a high value on Anthropic’s long-term growth potential. In the IPO market, concerns are rising that a valuation of $1.5 trillion is too high, and attention is focused on the listing timetable and offer price.

On Nov. 9, blockchain media outlet Cryptopolitan reported that XN, founded by Gaurav Kapadia, is preparing to participate in Anthropic’s IPO, believing the company’s valuation could rise further over the long term despite market concerns.

XN first invested in Anthropic in 2025 and has since taken part in three funding rounds. When Anthropic raised $65 billion in its Series H round in May and was valued at $965 billion, XN’s stake was valued at $5.3 billion.

In a letter released on Nov. 6, Kapadia praised Anthropic’s financial discipline and said it could grow into a company that shapes the market landscape over the long term. He outlined plans to increase holdings after listing rather than sell the existing stake.

There are also restrictions on existing investors selling shares. Kapadia’s letter said Anthropic’s existing investors can sell only 8 percent of their holdings during the first quarter after listing. With it difficult to recoup investment funds in the short term, XN is keeping its stake while seeking additional investment opportunities.

The mood in the IPO market is different. Multiple people familiar with investor discussions view Anthropic’s planned $1.5 trillion valuation as burdensome after the recent wave of selling in tech stocks. Some investors may demand a lower offer price, and there is speculation that this could delay the roadshow scheduled for the week of Nov. 9.

A key variable investors are watching is revenue growth. Anthropic did not disclose October revenue in its amended registration statement. The market is moving to check whether revenue has rebounded after a recent slowdown in growth. Expectations for a $2 trillion valuation, once discussed in some parts of the market, have recently been scaled back.

Losses shown in the financial statements and large investment commitments are also a burden. Anthropic posted third-quarter revenue of $17 billion, but its net loss reached $23.3 billion. The size of multi-year computing and infrastructure commitments was tallied at $895.4 billion.

Most of the net loss, however, was a non-cash item driven by changes in the value of convertible financial instruments. The actual operating loss was $567 million, far smaller than the net loss. As a result, investors are focusing not only on the size of accounting losses but also on how efficiently the company can raise funding needed to expand AI infrastructure and translate it into profits.

Banks are pursuing plans to help Anthropic and OpenAI secure investment-grade credit ratings so they can access the bond market. Issuing bonds could raise large sums for investment, but if returns on AI investment fall short of expectations as borrowing burdens rise, financial risks could also increase.

Private capital’s preference for AI remains strong. In an HSBC survey, 85 percent of respondents picked AI as the field that will attract the most private capital inflows in the next quarter, and 63 percent expected AI companies to lead the IPO market. Still, 56 percent forecast that AI infrastructure spending could slow meaningfully in the next 6 to 12 months.

Carta data also showed that in 2026, 57 percent of post-Series B investment on the platform went to AI companies. The number of total investment deals in the third quarter fell 21 percent from a year earlier. Money continues to concentrate on AI, but overall deal momentum in the investment market is weakening.

Anthropic’s IPO is expected to be a test bed for gauging investment enthusiasm in the AI industry beyond the listing performance of a single company. Barclays’ Julien Lafargue said the market is paying more attention to how companies will raise the funds needed for expansion than to AI demand itself. The Bank for International Settlements also warned that major cloud companies’ AI investment commitments are growing faster than revenue and free cash flow.

As XN signals additional buying after listing and bets on Anthropic’s growth, the final offer price and listing timetable are expected to indicate how far the IPO market is willing to accept lofty valuations for AI companies.