XN plans to buy more Anthropic shares at IPO as AI sell-off tests valuation

XN, the New York investment firm founded by Gaurav Kapadia, plans to be a large participant in the initial public offering of Anthropic, the Claude maker, despite an AI stock sell-off. XN first invested in Anthropic in 2025 and its holding was worth $5.3 billion at the company’s May Series H funding round, when Anthropic raised $65 billion at a $965 billion valuation. Prospective public investors are questioning Anthropic’s proposed $1.5 trillion valuation, and some buyers could seek a lower price, potentially delaying a roadshow planned for the week of November 9.