Klarna's IPO, now in 4 easy installments

Author

Noel Moldvai
September 04, 2025

TL;DR. Anthropic just raised $13B at a $183B valuation, putting pressure on OpenAI and ChatGPT in the enterprise AI race. Meanwhile, six companies announced IPOs this week, led by the controversial buy now pay later platform Klarna, as companies aim to ride the wave of a red-hot market. Also, fusion energy startup Commonwealth Fusion Systems secured nearly $1B in funding from Nvidia, Google, and Bill Gates.

Anthropic raises $13B series F at $183B post-money valuation

Anthropic has closed a $13B Series F funding round at a $183B post-money valuation. The round was led by ICONIQ, with participation from Fidelity, Lightspeed, BlackRock, and other major investors. The company’s rapid growth is fueled by enterprise adoption, the rise of Claude Code, and strong demand across its platform. In its race against OpenAI, Anthropic reported $5B in run-rate revenue in August 2025, up 5x from the beginning of the year.

Klarna’s IPO sparks a red-hot September for listings

Klarna is set to headline a flurry of IPOs as it eyes a public debut with a reported valuation between $13B and $14B. The payments giant is one of six companies to announce an IPO in mid-September, alongside Gemini, Figure, and others. The flurry of filings signals renewed momentum in the public markets, with analysts calling it the busiest IPO stretch since 2021.

Nvidia, Google, and Bill Gates help fusion power startup raise $863M

Commonwealth Fusion Systems raised $863M to advance its fusion energy projects. Backers include Nvidia, Google, and Bill Gates’ Breakthrough Energy Ventures. The company is building its Sparc prototype reactor in Massachusetts and aims to achieve breakeven by 2027. A commercial reactor, Arc, is expected to follow by 2028.

Invest in unicorns before they IPO

Unicorns are private companies valued at $1B or more, and they are staying private longer. This creates opportunities for investors to access shares before an IPO. Secondary markets now allow accredited investors to buy and sell pre-IPO stakes, offering exposure to high-growth companies and potentially tomorrow’s breakout names. Platforms like Augment make it easier for individuals and smaller institutions to participate by providing curated access, liquidity, and lower barriers to entry.

Quick Takes

Cheerio! Until next week.
-Noel