Private markets

Private labs have no market price. They are valued by funding rounds, tenders and mergers that have closed. Press reports and secondary-market estimates appear separately and never move the Private Mark Index.

Latest closed marks

Change is against the previous closed mark

Company	Layer	Last closed mark	Date	Change	Previous	Listing
Anthropic	Labs	$965B	May 28, 2026	+154%	$380B, Feb 12 2026	IPO filed
OpenAI	Labs	$852B	Mar 31, 2026	+184%	$300B, Mar 31 2025	Private
xAI	Labs	$250B	Feb 2, 2026	+9%	$230B, Jan 1 2026	Private

IPO pipeline

Companies that have filed to list. They join their layer index five trading days after listing.

Anthropic IPO filed

Expected symbol ANT

Last closed mark $965B, layer Labs

Filing source · Marks and sources

Private Mark Index

PMI 5,167.27, last changed May 28, 2026. Sum of latest closed marks, chain-linked; base 1,000.

Reported talks and secondary estimates

Not closed rounds. Shown for context only.

Company	Date	Valuation	Basis	Kind	Note	Source
OpenAI	Oct 1, 2026	$1.20T	implied	Secondary estimate reported	secondary mark; month only	premieralts.com
OpenAI	Sep 29, 2026	$1.40T	implied	Reported talks reported	talks for at least $30B pre-IPO	techcrunch.com