Israeli Institutions See Significant Gains on Anthropic Investment Ahead of IPO

Two major Israeli institutional investors, Migdal and Clal, are poised to see substantial profits from their investments in AI company Anthropic, which has filed for an Initial Public Offering (IPO). The market is speculating on a valuation of up to $2 trillion for Anthropic. Both Migdal and Clal invested in Anthropic through joint investment funds managed by ICONIQ, a venture capital firm that participated in several of Anthropic's funding rounds.

As of the end of June, Migdal held three positions in Anthropic valued at approximately $192 million, while Clal held two positions worth about $122 million. These figures represent the holdings of pension funds, provident funds, and employee insurance policies, excluding proprietary capital.

Migdal's initial investment of around $14 million in August 2025, during Anthropic's Series F funding round, is now valued at approximately $54 million, a nearly fourfold increase. A subsequent investment of $28.5 million in January is now worth about $62 million, more than doubling. In total, Migdal has recorded paper gains of roughly $74 million on these investments, plus an additional holding valued at $75 million.

Clal entered the same Series F investment vehicle around the same time, investing approximately $47 million. This holding is currently valued at about $82 million, a 1.8-fold increase. An additional investment of $40 million from the May funding round is still recorded at cost, yielding a paper profit of $35 million. Including proprietary funds, Clal's total investment across three rounds amounts to about $185 million.

The potential IPO could significantly boost these gains. If Anthropic goes public at a valuation of $2 trillion, Migdal's initial investment from August 2025 could multiply by up to 8.7 times its cost, before fees, dilution, and lock-up periods. Clal's investment from the same round could also see a substantial increase.