XN set to increase Anthropic exposure despite AI market sell-off

XN's decision to expand its investment in Anthropic, an AI company known for its Claude model, suggests a strategic focus on long-term value over immediate market fluctuations. The firm plans to increase its stake when Anthropic goes public, a process where a private company's shares are first offered to the general market. This comes even as a sharp decline has affected technology stocks, including those linked to AI.

Founder Gaurav Kapadia expressed confidence in Anthropic's financial health, citing its disciplined approach to capital allocation and balance sheet management amid rapid growth. He described the company as a potential "category-defining enduring" business. This perspective indicates that XN may view Anthropic's underlying business fundamentals and growth trajectory as more critical than current market volatility.

Anthropic, which XN first invested in during 2025, was valued at approximately $965 billion during its May fundraising, with XN's holding estimated at $5.3 billion. The company had reportedly aimed for an initial public offering (IPO) valuation exceeding $1.5 trillion, potentially as early as this month. However, recent market downturns could complicate these valuation ambitions, underscoring the challenge of timing major public market debuts amid fluctuating investor sentiment.