Israeli Institutions Profit From AI Firm Anthropic Ahead of IPO

Two major Israeli institutional investors, Migdal and Clal, have seen significant unrealized gains on their investments in the artificial intelligence company Anthropic, which is nearing its initial public offering (IPO). The companies invested tens of millions of dollars of their clients' savings into Anthropic through investment funds managed by ICONIQ.

As of the end of June, Migdal held three investment lines valued at approximately $192 million, while Clal held two lines worth about $122 million. These figures represent substantial returns, with Migdal's investments showing gains of 1.8 to 3.8 times their initial cost. For instance, an investment made in late August 2025 of around $14 million is now valued at approximately $54 million, a 3.8-fold increase.

Clal's investments also show healthy returns, though slightly lower due to different valuation timings. One investment of $47 million is currently valued at $82 million, a 1.8-fold increase. The difference in valuation stems from when each company updated its asset values, with Migdal using a more recent valuation reflecting Anthropic's Series H funding round.

Anthropic has filed its IPO prospectus, with market speculation valuing the company at around $2 trillion. The prospectus highlights both the potential of Anthropic's technology, which could aid in developing cures for diseases like cancer, and significant risks. These risks include the potential misuse of its models for developing biological or chemical weapons and the possibility of autonomous systems causing harm.

The investments, while profitable, represent a small fraction of the overall portfolios managed by Migdal and Clal, meaning even a substantial stock surge would have a minor impact on overall saver returns.