Private Markets: $2.1B for Isomorphic Labs, massive raise looming for Anthropic

Isomorphic Labs raised $2.1B in Series B financing to scale its AI-first drug development platform, while Anthropic is reportedly in talks to raise $30B–$50B at a valuation that could reach as high as $950B.

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This week’s private company news:

• Cathie Wood, Founder and CEO of ARK Invest, said via X that, “ARK is excited to participate in @Kalshi’s latest funding round. We believe prediction markets are emerging as a powerful new layer of financial infrastructure, enabling real-time price discovery around events, probabilities, and the evolving state of the world. Kalshi is at the forefront of this innovation, and we’re thrilled to support a team pushing the boundaries of how information is aggregated and expressed through markets. Congratulations to the entire team on this important milestone!”
• Anthropic is in talks to raise between $30B and $50B in a funding round that would value it at up to $950B, The New York Times’ Mike Isaac reports, citing people involved in the discussions. Anthropic was previously valued at $380B, while rival OpenAI was valued at $852B in March.
• Crypto wallet provider Ledger put its plans to go public in the U.S. on hold due to difficult market conditions, CoinDesk’s Will Canny writes, citing two people familiar with the matter. Ledger has not filed any draft S-1 registration statement with the Securities and Exchange Commission, one of the people said. The French cryptocurrency security company has a number of options, and could decide to raise capital privately, said one of the sources.

Some of the biggest capital raises by private companies this week include: 

• Isomorphic Labs – The AI-first drug design and development company, announced it has raised $2.1B in Series B funding. This latest round of investment will accelerate the company’s evolution from pioneering novel AI models to applying them at scale, the company said. The financing round is led by Thrive Capital, and includes participation from existing backers Alphabet and GV alongside new investors MGX, Temasek, CapitalG, and the UK Sovereign AI Fund, significantly expanding Isomorphic Labs’ global capital base. Publicly-traded companies operating in the same space include Schrodinger (SDGR), Recursion Pharmaceuticals (RXRX), and Exscientia (EXAI).
• Mind Robotics – The company announced a $400M financing led by Kleiner Perkins, bringing total investment in Mind Robotics to more than $1B. The company, which is a startup founded by Rivian (RIVN) Chief Executive RJ Scaringe, is now valued at $3.4B. Publicly-traded companies operating in the same space include Nvidia (NVDA), Rockwell Automation (ROK), and Teradyne (TER).
• Sierra – The company said it raised $950M from new and existing investors. The Series E was led by Tiger Global and GV, at a valuation of over $15B. Publicly-traded companies operating in the same space include Salesforce (CRM), ServiceNow (NOW), and Palantir (PLTR).
• Astranis – The company announced it has raised $450M in Series E round, co-led by Snowpoint Ventures and Franklin Templeton, with participation from Andreessen Horowitz, funds and accounts managed by affiliates of BlackRock, Baillie Gifford, and Fidelity Management & Research Company, as well as BAM Elevate, Nimble Partners, and Friends & Family Capital, along with other existing and new investors. Publicly-traded companies operating in the same space include ViaSat (VSAT), Iridium (IRDM), and EchoStar (SATS).
• Cowboy Space – The orbital infrastructure company founded by Robinhood (HOOD) co-founder Baiju Bhatt said it closed a $275M Series B funding round led by Index Ventures. Publicly-traded companies operating in the same space include Redwire (RDW), Momentus (MNTS), and Rocket Lab (RKLB).

Unicorns to watch this week:

• Perplexity AI – Operating in the AI/chatbots space, Perplexity is positioned as a next-generation search challenger with strong investor enthusiasm. Publicly-traded companies operating in the same space include Alphabet (GOOGL), Microsoft (MSFT), and Amazon (AMZN).
• Figure AI – The humanoid robots startup is seeing major partnership momentum with OpenAI collaboration and BMW pilot. Publicly-traded companies operating in the same space include Tesla (TSLA), Alphabet (GOOGL), Amazon (AMZN), and Microsoft (MSFT).
• Anduril Industries – The autonomous defense systems, AI-powered surveillance, and drone tech company continues to win major government contracts and expand international. Anduril is valued at about $14B. Publicly-traded companies operating in the same space include Palantir (PLTR), Northrop Grumman (NOC), and Lockheed Martin (LMT).
• Zipline – The autonomous delivery drone company is scaling medical and retail drone delivery networks globally. It is valued at about $4.2B. Publicly-traded companies operating in the same space include Joby Aviation (JOBY), Blade Air Mobility (BLDE), and Amazon (AMZN).
• Rippling – The HR and IT automation company has an estimated valuation of $13B. Publicly-traded companies operating in the same space include Workday (WDAY), Paycom (PAYC), and Paylocity (PCTY).

IPOs to watch: 

• Inspire Brands – The company announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.
• Csquare – The data center company filed confidentially for a U.S. initial public offering, a signal that more data center companies are lining up to sell shares for the first time over the coming year, Bloomberg’s Bailey Lipschultz reported. The provider of colocation and data center services announced on Friday that it had submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The Brookfield Infrastructure Partners (BIP)-backed company joins a rush of new listings as the companies building out the backbone to support AI’s energy needs seek to raise funds, the author notes.
• Tarsier Pharma Ltd. – The company filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol “TARX.” The prospectus stated, “Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial… Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company.”
• Quantinuum – Honeywell (HON) announced that Quantinuum (QNT) has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Quantinuum intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “QNT.” J.P. Morgan and Morgan Stanley are acting as joint lead active book-running managers for the proposed offering. Jefferies and Evercore ISI are also acting as active book-running managers.

“Private Markets” is The Fly’s recurring series of stories on the latest moves in the private sector, largest unicorn companies and initial public offerings to watch. Fly subscribers, add $PRIVATE to your portfolio for alerts on breaking news in the startup and venture capital space.