General Atlantic vs ICONIQ

Blackstone calls for more equity in AI infrastructure financing

At the Hong Kong Monetary Authority's Global Financial Leaders' Investment Summit, Blackstone President Jon Gray said the AI infrastructure buildout would require more equity financing as debt investors face concentration risks. Pimco CEO Emmanuel Roman warned that the scale of AI financing could be 'too much' for markets, citing about $10 trillion in AI-related capital expenditure over five years and $550 billion in AI debt issued this year. Goldman Sachs estimated $8.5 trillion in global data center spending over five years. Gray remained bullish on AI infrastructure, noting demand for computing power outpaced supply, and that spending on AI models across Blackstone's portfolio companies rose 20-fold in the past year.

• Blackstone President Jon Gray said AI infrastructure requires more equity financing due to debt concentration risks.
• Pimco CEO Emmanuel Roman warned AI financing could strain markets, citing ~$10 trillion in AI capex over five years.
• About $550 billion in AI debt has been issued this year.

General Atlantic Named to Inc.'s 2026 Founder-Friendly Investors List

General Atlantic has been named to Inc.'s 2026 Founder-Friendly Investors List, a recognition of its support for founders.

General Atlantic Named to Inc.’s 2026 Founder-Friendly Investors List

General Atlantic has been named to Inc.'s 2026 Founder-Friendly Investors List, marking a notable recognition for the firm.

Anthropic backers' stakes worth billions before IPO

As Anthropic prepares for a potential IPO at a valuation of up to $2 trillion, various early and late-stage investors are sitting on substantial paper gains based on the company's latest private valuation of $965 billion. The report, according to Bloomberg, highlights stakes held by notable backers. Eric Schmidt, who invested in Anthropic's Series A in 2021, now owns about 1% worth nearly $10 billion. Iconiq invested $6 billion last year, a stake now valued at $17 billion. Menlo Ventures has invested over $1 billion, now worth $14 billion. Sequoia made a $3 billion investment earlier this year, already doubled. Sound Ventures, founded by Ashton Kutcher, invested a total of $435 million, resulting in a stake worth billions. Spark Capital, holding a board seat, invested $75 million in a Series C round, now worth $7 billion.

• Anthropic is expected to go public this year at a valuation of up to $2 trillion.
• Anthropic's latest private valuation is $965 billion.
• Eric Schmidt's stake is worth nearly $10 billion.

Anthropic Cap Table: VCs Late to IPO Party, None Own Over 2%

A detailed report on Anthropic's cap table reveals that despite the company's upcoming IPO, venture capital firms were late investors. Iconiq, Menlo, and Lightspeed are set to be the biggest venture winners, yet none hold more than 2% of the company. Anthropic deliberately structured its funding to keep individual investor stakes below this level, ensuring no single VC had outsized control. The article paints a messy picture of Anthropic's rise from a small OpenAI defector group to a juggernaut, with many VCs initially passing due to its unusual structure and safety focus. This strategic approach to its cap table highlights the company's unique governance and investor diversification.

• Anthropic is set for a potential IPO next month, likely the largest of all time.
• No venture capital firm owns more than 2% of Anthropic.
• Iconiq, Menlo, and Lightspeed are the biggest venture winners in the upcoming IPO.

Enveda raises $311M for AI drug discovery

Enveda, an AI-driven biotech startup focused on discovering drugs from natural sources, has raised $311 million in a Series E funding round at a $2 billion valuation. The round was led by Catalio Capital Management, with participation from Iconiq and others, doubling the company's valuation from 12 months ago. Enveda, founded in 2019 by Viswa Colluru, uses AI to accelerate the discovery of drugs from plants and microbes. The startup is currently advancing several drug candidates into clinical trials, including treatments for severe skin conditions and a drug designed to maintain weight loss after discontinuation of GLP-1s. This funding will support further clinical development.

• Enveda raised $311 million in Series E funding at a $2 billion valuation.
• Catalio Capital Management led the round, with participation from Iconiq and others.
• The new valuation doubles Enveda's valuation from 12 months ago.