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Cloud Index as at 30 June 2026

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SaaS metrics cheat sheet (2025 edition)

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380

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353

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Tech M&A deal structures

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291

19 Jun

T2D3

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289

29 May

VC & PE funds raised

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419

6 Jul

Cloud Index as at 30 June 2026

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396

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380

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353

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291

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T2D3

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289

29 May

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2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

Sept 21

Mar 22

Sept 22

Mar 23

Sept 23

Mar 24

Sept 24

Mar 25

Sept 25

Mar 26

Sept 26

Tech Insights #432

Cloud Index as at 30 September 2026

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

5 October 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Over the quarter, indices diverged with the US Cloud Index ending at 6.3x EV/NTM revenue, up 23% quarter-on-quarter, while the ANZ Cloud Index dropped 8% to 4.0x. Despite the rebound in the US multiples, valuations remain below levels seen a year ago and continue to sit below their five-year averages.

Overview

6.3x

NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)

ANZ Cloud Index

Average

12MMA

Sept 26

4.0x

5.2x

Jun 26

4.4x

6.0x

Change

(8%)

(14%)

Sept 25

7.7x

7.5x

Change

(47%)

(31%)

US Cloud Index

Average

12MMA

Sept 26

6.3x

5.7x

Jun 26

5.1x

6.0x

Change

23%

(5%)

Sept 25

7.1x

7.0x

Change

(11%)

(18%)

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (25 companies) comprising of companies that have a minimum NZD $150m market capitalisation versus NZD $500m for the US Index (82 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

Key:

ANZ

Average

12MMA

5yr avg

4.0x

6.4x

7.2x

5.0x

10.0x

15.0x

20.0x

Sept 21

Sept 22

Sept 23

Sept 24

Sept 25

Sept 26

10.0x

20.0x

30.0x

Sept 21

Sept 22

Sept 23

Sept 24

Sept 25

Sept 26

75th percentile

Median

25th percentile

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Cloud Index as at 30 September 2026

Mergers & acquisitionsCorporate finance advisoryCapital raising

5 October 2026

Disclaimer The information provided has been sourced from FactSet and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

6.9x

4.1x

2.4x

5.3x

3.4x

2.0x

US cloud companies

25th

75th

30 Sep 2026

Average

percentile

Median

percentile

EV ($m NZD)

59,521

4,706

12,162

36,590

EV / NTM Rev

6.3x

2.4x

4.1x

6.9x

Revenue Growth (NTM)

19%

10%

18%

24%

EV / LTM Rev

8.1x

2.9x

4.7x

8.3x

Revenue Growth (LTM)

17%

10%

16%

24%

Operating Margin

(3%)

16%

ANZ cloud companies

25th

75th

30 Sep 2026

Average

percentile

Median

percentile

EV ($m NZD)

5,425

349

1,088

7,855

EV / NTM Rev

4.0x

2.0x

3.4x

5.3x

Revenue Growth (NTM)

18%

(0%)

19%

EV / LTM Rev

5.0x

2.2x

4.0x

7.2x

Revenue Growth (LTM)

17%

13%

27%

Operating Margin

28%

17%

29%

39%

Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.

EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.

‍

5 Oct

Cloud Index as at 30 September 2026

432

Tractive, Eventbrite, AOL, Vimeo, MileIQ, Harvest (Iridesco), Komoot, Brightcove, Loomly, WeTransfer, Issuu, StreamYard (Hopin), Meetup, Mosaic Group, Evernote

Tech Insights #431

Bending Spoons – acquiring fallen unicorns

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

28 September 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This week’s Tech Insights report takes a look at Bending Spoons (NASDAQ: BSP), a listed buy and hold software acquirer. Founded in 2013 by four Italians, Bending Spoons acquires digital businesses with existing product-market-fit and aims to maximise their long-term cash flows. Bending Spoons went public in June this year at a price of USD $29/share, and is currently trading at $33/share, equating to an enterprise value of USD $25.3b. This report looks at their business model, their financials, and some of their recent acquisitions; including some well-known digital brands (AOL, Vimeo, Miro, etc.).

Overview

Business model overview

Financials last three years (USD $m)

•

Bending Spoons targets online and digital businesses.

•

Target characteristics include: material existing revenues, large and loyal user base, and potential for operational improvements (especially via AI).

•

Bending Spoons has been successful acquiring businesses at a material discount to their historic valuations (see page 2).

1) Acquire

•

After the acquisition completes, Bending Spoons works to integrate the business into its existing platform. This often includes:

restructuring existing staff roles;

overhauling the target’s tech and user interface; and

increasing prices.

•

Bending Spoons’ approach to increase the operational efficiency of the target, has similarities with that of classic private equity acquirers.

2) Transform and optimise

•

Bending Spoons is a long-term holder of businesses, unlike a traditional private equity player.

•

Bending Spoons takes the earnings from their portfolio companies (plus debt) and uses that to finance further acquisitions.

•

Bending Spoons has completed over 50 transactions since 2013.

3) Reinvest

Opex last three years

200

400

600

800

1,000

1,200

1,400

2023

2024

2025

Revenue

Gross profit

Operating income

20%

40%

60%

80%

100%

2023

2024

2025

R&D

S&M

G&A

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Tech Insights #431

Bending Spoons – acquiring fallen unicorns

Mergers & acquisitionsCorporate finance advisoryCapital raising

28 September 2026

Disclaimer The information provided in this report has been sourced from FactSet, Bending Spoons IPO prospectus, and other sources. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Enterprise value of acquisitions since 2023 (USD $b)

Airtable acquisition

•Airtable is a SaaS company; key product is a cloud-based platform for organising and managing data.

•Bending Spoons’ first major deal post IPO closed 4September 2026.

•As with Miro, this deal comes at a significant discount to Airtable’s announced peak valuation.

$11.7b

Post-money valuation of last funding round (2021)

$1.3b

Enterprise value of Bending Spoons acquisition

$480m

Approximate ARR (as of June 2026)

2.7x

Implied ARR multiple

2023

2024

2025

2026 YTD

Miro acquisition

•Miro is a SaaS company; key product is an AI-powered digital whiteboard platform.

•On September 10, Bending Spoons announced a definitive agreement to acquire Miro (expected to close Q4 2026).

•This deal comes at a significant discount to Miro’s announced peak valuation.

$17.5b

Post-money valuation of last funding round (2022)

$1.4b

Enterprise value of Bending Spoons acquisition

$600m

Approximate current ARR of Miro

2.3x

Implied ARR multiple

‍

28 Sep

Bending Spoons – acquiring fallen unicorns

431

Tech Insights #430

SaaS through time

Mergers & acquisitionsCorporate finance advisoryCapital raising

21 September 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

This week’s Tech Insights report examines a handful of fundamental SaaS metrics over a long timeframe. Page 1 explores trends in revenue growth rates for US and ANZ SaaS and page 2 explores a handful of simple SaaS metrics for US SaaS (we’ve used only US SaaS for page 2 given the greater market depth and information availability). This report leverages a subset of constituents from our long-running Cloud Index report.

Page 1 of 2

SaaS revenue growth – Rolling LTM

The below graph tracks last-twelve-months revenue growth through time which highlights an overall slowdown in growth, particularly in the last 3 year period.

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dec 18

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

LTM revenue growth

Key:

US SaaS

ANZ SaaS

Median

75th percentile

25th percentile

Median

75th percentile

25th percentile

Page 2 of 2

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Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and other sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Tech Insights #430

SaaS through time

Mergers & acquisitionsCorporate finance advisoryCapital raising

21 September 2026

US SaaS – profitability

(40%)

(20%)

20%

40%

60%

80%

100%

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

Profit margin

0.1

0.2

0.3

0.4

0.5

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

USD $m/employee

US SaaS – revenue per employee

10%

20%

30%

40%

50%

60%

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

S&M spend / revenue

US SaaS – S&M intensity

20%

40%

60%

80%

100%

Dec 17

Jun 18

Dec 18

Jun 19

Dec 19

Jun 20

Dec 20

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

New revenue/ prior period S&M spend

US SaaS – new revenue to S&M spend

Gross profit

EBITDA

This is a simplified version of a CAC ratio.

‍

Jan 19

Jul 19

Jan 20

Jul 20

Jan 21

Jul 21

Jan 22

Jul 22

Jan 23

Jul 23

Jan 24

Jul 24

Jan 25

Jul 25

Jan 26

Jul 26

Share price (NZD)

Tech Insights #429

Fisher & Paykel Healthcare (2026)

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

14 September 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at We last had a close look at Fisher & Paykel Healthcare (FPH) in July 2020 (Tech Insights #173). At that time, the company’s share price had doubled over the previous 12 months to a market capitalisation over NZD $20 billion. This was driven by COVID demand for the company’s respiratory products. With the company now valued at over NZD$25billion, we thought we would revisit NZX’s largest company by market capitalisation (excluding the NZX/ASX dual-listed Westpac and ANZ banks).

Overview

Business model overview

Revenue and margins through time (NZD $m)

Share price commentary

Hospital (~65% revenue)

Products sold into hospitals to help critical patients breathe. Includes humidification and ventilation products alongside consumables (e.g. Optiflow) for active and critical care. Operates on a product-plus-consumables business model.

Homecare (~35% revenue)

Primarily products for treating obstructive sleep apnea. Treatment uses a CPAP machine paired with a wearable mask. FPH sells both the machines and masks, along with related accessories. This also follows a product-plus-consumables business model.

20%

40%

60%

80%

100%

500

1,000

1,500

2,000

2,500

FY20

FY21

FY22

FY23

FY24

FY25

FY26

Hospital

Homecare

Other

GP margin

OP margin*

2019 – 2021Growth and COVID surge. FPH was experiencing strong growth pre-COVID, but saw a further bump from the pandemic.

2021 – 2023COVID demand normalises. Revenue drops as pandemic demand fades, leading to a business reset.

2024 – 2026Growth returns. Growth resumes, with the share price reaching an all-time high in August 2026.

*Operating profit margin (OP margin)

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Fisher & Paykel Healthcare (2026)

Mergers & acquisitionsCorporate finance advisoryCapital raising

14 September 2026

Disclaimer The information provided in this report has been sourced from FactSet, company announcements, and annual reports. Clare Capital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Selected comparable healthcare companies (NZD $b)

Company

Company type

Enterprise value

LTM revenue

3y rev growth

Gross margin

EBITDA margin

EV / revenue

EV / EBITDA

Fisher & Paykel

Respiratory / sleep

25.1

2.3

47%

64%

35.3%

10.7x

30.4x

ResMed

Respiratory / sleep

53.0

9.7

34%

60%

38.3%

5.5x

14.2x

Telefex

Respiratory / sleep

13.9

2.8

(44%)

58%

15.1%

5.0x

33.0x

Inspire

Respiratory / sleep

3.1

1.5

71%

86%

7.9%

2.0x

25.5x

Coloplast

Medical consumables

31.2

7.6

17%

64%

41.7%

4.1x

9.8x

Insulet

Medical consumables

16.5

5.3

108%

72%

20.9%

3.1x

15.0x

ConvaTec

Medical consumables

12.2

4.3

54%

25.2%

2.8x

11.2x

ICU Medical

Medical consumables

8.4

3.7

(6%)

30%

16.8%

2.3x

13.6x

Revenue by geography

R&D intensity (% of revenue)

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY20

FY21

FY22

FY23

FY24

FY25

FY26

North America

Europe

Asia Pacific

Other

11%

10%

12%

FY20

FY21

FY22

FY23

FY24

FY25

FY26

‍

14 Sep

Fisher & Paykel Healthcare (2026)

429

Tech Insights #428

NVIDIA – money, money, money…

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

7 September 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at As a follow on from last week’s Tech insights report, this week we look at the incredible amount of profit NVIDIA is generating, what they are using the cash generated on and a comparison against their peers in the Magnificent 7. For some flavour to the level of profitability NVIDIA is achieving, net income for Q2 FY27 is 28% higher than Q2 FY26 revenues (the net income is 126% up), and at a 66% operating income margin. All figures in this report are in USD.

Overview

High-level NVIDIA P&L – Q2 FY27 v Q2 FY26

What are NVIDIA doing with all this money?

$m (July quarter)

Q2 FY27

Q2 FY26

Revenue

96,221

46,743

Cost of revenue

24,079

12,890

Gross profit

72,142

33,853

Gross margin

75%

72%

Operating expenses

R&D

7,054

4,291

Sales and G&A

1,354

1,122

Total operating expenses

8,408

5,413

Operating income

63,734

28,440

Operating income margin

66%

61%

Other income

7,773

2,766

Income before tax

71,507

31,206

Tax expense

11,819

4,784

Net income

59,688

26,422

* Board authorisation subject to requirements

Organic growth – R&D

•US$7.05bn in Q2, up 64% YoY.

•R&D makes up roughly 84% of all NVIDIA opex.

Inorganic growth – recent M&A

•Enfabrica – AI networking hardware company. In September 2025, NVIDIA paid $900m (cash and scrip) to hire key staff and gain a license to the company’s technology.

•Groq – American chip company that specializes in building hardware that allows for fast AI inference. In December 2025, NVIDIA executed a “non-exclusive licensing and talent agreement”, essentially acquiring key staff and licenses for a reported $20b, a similar structure to that employed in the Enfrabica deal.

•Hugging Face – open-source artificial intelligence platform that allows access to various AI models and datasets. NVIDIA announced the acquisition of Hugging Face last week for $12.9b.

Strategic minority investments

•Total equity holdings at $91b as of July 2026, a ~13x YoY increase compared to ~$7b in the prior-year period.

•NVIDIA has made material minority investments. These include a reported commitment of ~$30b for OpenAI, a $5b investment in Intel (now carried at ~$30b), investment in SpaceX (carried at ~$21b), and strategic stakes in CoreWeave, Nebius, and Nokia.

Dividends and share buybacks

•Record ~$26b distributed to shareholders in Q2, made up of $20b of share buybacks and $6b of dividends.

•Dividend raised 25x from $0.01/qtr to $0.25/qtr.

•Board authorised* to repurchase another ~$99b of shares.

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NVIDIA – money, money, money…

Mergers & acquisitionsCorporate finance advisoryCapital raising

7 September 2026

Company

Enterprise value

LTM revenue

Rev growth

Gross margin

LTM operating income

Op inc / rev

LTM net income

Net income / revenue

EV / operating income

NVIDIA

5,491

303

83%

76%

198

65%

193

64%

28x

Apple

4,692

467

14%

51%

155

33%

129

28%

30x

Google

4,032

446

20%

67%

151

34%

244

55%

27x

Microsoft

3,763

332

18%

80%

155

47%

134

40%

24x

Amazon

2,907

776

16%

60%

13%

135

17%

30x

Meta

1,476

228

6.5x

28%

Tesla

1,374

104

13.3x

12%

Revenue segmentation last 10 quarters (USD $b)

% of accounts receivable by top 3 customers owing

Legend

Hyperscale

AI Clouds, Industrial, & Enterprise

Edge Computing

FY26

FY25

FY27

Note: NVIDIA classifies both “Hyperscale” and “AI Clouds, Industrial, & Enterprise” customers as part of its “Data Centre” market platform.

10%

20%

30%

40%

50%

60%

70%

80%

NVIDIA only reported two customers with over 10% of total AR.

NB: There are two additional customers with > 10% AR.

FY26

FY25

FY27

‍

31 Aug

NVIDIA's incredible growth

427

Mercury Genesis Contact Meridian Nova Pulse Electric Kiwi 2degrees

‍

20%

40%

60%

80%

100%

Tech Insights #426

Power moves – switch dynamics & segments

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 August 2026

Subscribe and see previous reports at clarecapital.co.nz/tech-insights

Overview

Building on last week’s report, this weeks Tech Insights report opens with a snapshot of retailer total ICP volume, looking at market share and how much of this comes from main brand and sub-brands. This page also shows five-year portfolio shifts across Residential, Commercial, and Industrial connections for the ‘Big Four’ retailers. Page 2 then analyses switching mechanics for the 12 months ending June 2026, breaking down customer movement across retailers into move-in switches versus direct trader switches.

Market snapshot

20%

40%

60%

80%

100%

20%

40%

60%

80%

100%

Types of ICPs - 12 months ending June 2026

Meridian has a higher weighting than the other ‘Big Four’ retailers to commercial and industrial ICPs. Over the past 5 years the weightings for these retailers has been steady.

Residential

Commercial

Industrial

June 2021

June 2026

Key: Dark shade = Main brand Light shade = Sub-brands

Other

596k ICPs

520k ICPs

476k ICPs

461k ICPs

314k ICPs

(1)

(5)

(4)

(24)

(3)

(1)

(6)

(11)

Tech Insights #426

Power moves – switch dynamics & segments

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Disclaimer The information provided in this report has been solely sourced and calculated from the Electricity Authority’s EMI database. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

24 August 2026

Net

Trader switch

Move-in

Other

(1)

(3)

(9)

(35)

Positive

Negative

Types of switches (000s) - 12 months ending June 2026

This page details electricity retailer switches, categorised as either a Move-in (a customer without an active contract joining a retailer) or a Trader switch (a customer transferring their active contract from one retailer to another). This table does not include Half Hour or net new connections.

Within this period Genesis shut down Frank Energy which makes up a portion of these switches.

There are 3,000 switches categorised as ‘Other’ relating to Manawa Energy (during the period Contact Energy acquired these).

‍

24 Aug

Power moves - switch dynamics & segments

426

Mercury Genesis Contact Meridian Nova Pulse Electric Kiwi 2degrees

-

100

200

300

400

500

600

700

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

(40)

(20)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Tech Insights #425

Battle for control (points) – NZ retailer ICPs

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

17 August 2026

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Overview

This weeks Tech Insights report examines New Zealand’s eight largest retailers by Installation Control Points (ICPs). ICPs act as a licence plate for your electricity meter. Evaluating three years of quarterly data, this report details total ICP holdings, competitive churn (gains and losses), and new connection growth. The top four market leaders are covered on Page 1 and the next four on Page 2.

ICP snapshot (000s)

Competitive churn (000s)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

This peak is when Meridian acquired Flick Electric from Ampol.

Gains

Losses

New connections

Net churn

Key: Dark shade = Main brand Light shade = Sub-brands

100

120

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

(9)

(6)

(3)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Tech Insights #425

Battle for control (points) – NZ retailer ICPs

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Mergers & acquisitionsCorporate finance advisoryCapital raising

17 August 2026

ICP snapshot (000s)

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Sept 23

Dec 23

Mar 24

Jun 24

Sept 24

Dec 24

Mar 25

Jun 25

Sept 25

Dec 25

Mar 26

Jun 26

Gains

Losses

New connections

Net churn

Competitive churn (000s)

Key: Dark shade = Main brand Light shade = Sub-brands

‍

17 Aug

Battle for control (points) - NZ retailer ICPs

425

Nextdc macquarie technology group airtrunk cdc datacom tenpeaks datagrid

Tech Insights #424

Data centres – turning megawatts into money

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 August 2026

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Overview

This weeks Tech Insights report looks at data centres – an asset type where material build costs and long-term stable cash flows have presented attractive opportunities for infrastructure investors. We look at what they are, how much they cost to build and how they make money, as well as taking a look at some of the Australasian players.

How it works

Estimated data centre build cost spectrum (USD $m per MW)**

Data centres

Made up of large numbers of servers, which store data and run applications.

Servers must be kept:

•Powered

•Cool

•Secure

Electricity

Hyperscalers

AI labs

Financial services

Key customers (non-exhaustive)

Data

Inputs

Pricing model (USD)

Type

Deal size

Annual revenue / MW

How it works

Retail

colocation

<250 kW

~$4-5m

Multiple tenants rent racks/cages in a shared facility. Short-term contracts (1–3 yrs).

Wholesale

colocation

250 kW–4 MW

~$2-3m

Large enterprises get dedicated space/power/cooling within a facility in exchange for 5-20 yr leases.

Hyperscale

4 MW+

~$1.5-2.5m

Often a single physical tenant (e.g. AWS, Microsoft, Meta). Lowest per-unit price but high volume and long-term contracts.

Water*

Governments

Telcos

Software

** The above exercise is indicative only and based off public commentary of the US market.

Additional cooling and GPU requirements drive additional cost for AI ready fitouts.

* Data centre dependent

$20-40m/MW

$0-25m/MW

$12-15m/MW

$8-13m/MW

Full AI build

AI fit-out premium

Tier-1 city

Base build

Covers structure, power, cooling (no IT fit-out).

Global cities are more expensive,

e.g. Tokyo, Singapore, Zurich.

Includes AI fit-out premium.

Tech Insights #424

Data centres – turning megawatts into money

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Disclaimer The information provided in this report has been solely sourced and calculated from annual reports and research. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

10 August 2026

Operator

Stage

Overview

Financials

Capacity

Size

Operating

ASX-listed (ASX: NXT) pure-play operator with facilities across major Australian hubs, expanding across ANZ and APAC.

Revenue: A$453.5m

EBITDA: A$226.6m

241MW operating across APAC (273MW under construction)

EV A$13.2bn

Operating

ASX-listed (ASX: MAQ) operating Macquarie Data Centres. Serves Australian federal government, cyber security, and cloud clients.

Revenue: A$83.6m*

EBITDA: A$38.4m*

*Data Centre segment

~21MW operating across 5 facilities (47MW building; 200 MW planned)

Group EV A$1.8bn

Operating

Pure-play hyperscale specialist acquired by Blackstone and CPP Investments in Dec ’24. Builds custom AI/cloud campuses across ANZ and Asia.

Not disclosed (privately held)

~1,200MW operating in AU (~900MW under construction, 1,100MW pipeline globally)

Valued at an EV exceeding A$24bn following its acquisition by Blackstone and CPP in Dec ‘24

Operating

High-security pure-play co-owned by Infratil (49.7%), Future Fund (35%), & CSC (12%). Active in ACT/NSW government, defence, and hyperscale.

Revenue: A$534m, EBITDAF: A$393m

671MW operating across ANZ (572MW under construction, 1,663MW pipeline)

EV of A$24.5bn

Operating

NZ’s largest IT services firm; privately held and operates 5 data centres. Integrated with managed IT, cloud, and enterprise software services.

Not disclosed (privately held).

~40MW operating across 5 facilities

Not disclosed (privately held)

Operating

Pure-play carved out from Spark NZ (retained 25% ownership) as an independent operator backed by PEP (75%). Expanding with major Auckland hyperscale campuses.

Revenue: $50m (FY25 Spark annual report segment revenue)

EBITDA: $22.9m (FY25 pro-forma EBITDA)

23MW operating across 11 NZ facilities (130+ MW planned pipeline)

The Jan ‘26 transaction valued the business at up to NZ$705m representing a FY25 pro-forma EBITDA multiple of 30.8x

Consented

Proposed 100% hydro-powered greenfield AI/hyperscale park in Southland, NZ to be connected via direct subsea cabling.

Pre-revenue development phase

280MW planned greenfield campus consented Mar ’26 in Southland, NZ

Implied EV of NZ$417m based on its July ‘26 private funding round

Key ANZ data centre operators

‍

10 Aug

Data centres – turning megawatts into money

424

Tech Insights #423

Large cybersecurity providers

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

3 August 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This week’s Tech Insights report looks at some of the world’s largest and most well known publicly listed cybersecurity providers. Page 1 provides an outline of the business models of 5 selected cybersecurity providers, followed by a comparison of the financials and share price performance of these companies on page 2.

Overview

•

Provides physical security hardware, as well as software and technical support. Hardware uses Fortinet’s custom-built processors. Wide variety of customers, including telecom carriers and smaller non-cloud native businesses.

•

Key product is their Falcon platform, which records device activity for potential threats. Cloud-based offering used by companies of various sizes.

•

Provides an end-to-end cybersecurity package, including physical firewall boxes, cloud software and AI products. Customers are often large global enterprises or government entities.

•

Focused on securing the connection between an employee and company systems. Customers generally have distributed / remote workforces or are heavily regulated.

•

Provides protection from cyber threats on websites and web applications. Customers range from startups to Fortune 500 enterprises.

Companies

Overview

Large listed cybersecurity providers

Revenue segmentation (last financial year)

Operating expenses (last financial year)

20%

40%

60%

80%

100%

R&D

S&M

G&A

20%

40%

60%

80%

100%

Hardware

Software

Services

clarecapital.co.nz/tech-insights

Page 2 of 2

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Large cybersecurity providers

Mergers & acquisitionsCorporate finance advisoryCapital raising

3 August 2026

Financial metrics (USD $b)

Share price index

Company

Enterprise value

LTM revenue

LTM EBITDA

Revenue multiple

EBITDA multiple

YoY rev growth

Palo Alto

269.4

10.6

1.5

25.4x

>100x

20%

Fortinet

115.3

7.1

2.4

16.2x

48.8x

19%

CrowdStrike

190.6

5.1

0.3

37.4x

>100x

23%

Cloudflare

98.4

2.3

(0.0)

42.3x

negative

32%

Zscaler

22.8

3.2

0.0

7.2x

>100x

25%

US SaaS (excluding cybersecurity)*

4.0x

21.1x

15%

100

150

200

250

300

Jan 25

Mar 25

May 25

Jul 25

Sept 25

Nov 25

Jan 26

Mar 26

May 26

Jul 26

Share price index

Legend

US SaaS

*Median values

‍

3 Aug

Large cybersecurity providers

423

Tech Insights #422

Prediction markets

Mergers & acquisitionsCorporate finance advisoryCapital raising

27 July 2026

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Overview

This week’s Tech Insights report looks at two rapidly emerging prediction markets: Polymarket and Kalshi. These platforms offer markets (exchanges for prediction contracts) on event-based outcomes across a range of popular topics including: geopolitics, pop culture, sports, economic outcomes, commodities and cryptocurrency prices. Recent events (including the 2024 US presidential election and the Fifa World Cup 2026) provided these platforms with meaningful audiences, driving them into the mainstream. We highlight some observations on publicly available operational information (page 1) as well as profiling the remarkable recent history of investment in these companies (page 2).

Revenue model

Notable metrics (USD)

Page 1 of 2

Both Kalshi and Polymarket are private companies not required to publicise financial information or details of their business models. Below we highlight a summary of our observations on what’s publicly available.

Transaction fees

Data licensing

Yield on float

•

Polymarket publishes its fee schedule

•Users pay a small fee when taking positions

•No fees on geopolitical markets

•Polymarket only recently started to charge fees, previously prioritising platform growth

•

NYSE’s parent company Intercontinental Exchange (ICE) is a minority investor in Polymarket and has exclusive rights to distribute Polymarket’s prediction market data

•Kalshi publishes its fee schedule

•Users pay a small fee when taking positions

•Select markets are subject to additional ‘non-standard’ fees

•Polymarket offers ’Holding Rewards’ (a cash-like floating interest rate) for positions on some large, long-dated markets to encourage liquidity

•We assume Polymarket generates interest income on collateral in other markets

•

Kalshi have a number of data and media relationships including major partnerships with Fox and CNBC

•

It’s unclear the nature of these relationships (whether this is a cost or source of revenue for Kalshi)

•

Kalshi offers a cash-like floating interest rate on open positions and account cash balances for US-based accounts

•We assume Kalshi continues to generate interest income on collateral of non-US accounts

~$30b

~$11b

Monthly trading volume (June 2026)

Largest traders (by all-time volume)

Popular markets (volume as at publishing)

swisstony

$1.7b in total bets

Imawhale

$1.7b in total bets

Fed decision in July ($96m)

Ballon d’or winner ($22m)

2028 Democratic nominee ($162m)

When will traffic at the Strait of Homuz return to normal ($35m)

Next Prime Minister of Ethiopia ($234m)

2027 NBA champ ($17m)

Page 2 of 2

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Mergers & acquisitionsCorporate finance advisoryCapital raising

27 July 2026

Tech Insights #422

Prediction markets

Capital raising – 2025 onwards

Kalshi and Polymarket have both exhibited extraordinary growth trajectories, with frequent rounds of capital raising that have grown in both scale of investment and in valuation. The information below is limited by the amount of publicly reported information. We’ve presented information where independently reported, this potentially understates the amount of capital raised and the number of investment rounds captured. Dates relate to announcements or public reporting (not exact investment dates).

0.5

1.0

1.5

2.0

2.5

3.0

Jan 25

Apr 25

Jul 25

Oct 25

Jan 26

Apr 26

Jul 26

Cumulative capital raised (USD $b)

Valuation (USD $b)

Key

Valuation (LHS)

Capital raised (RHS)

Kalshi announces a $185 million Series C funding round at a $2 billion valuation led by San Fran-based VC firm Paradigm.

Kalshi announces a $300 million Series D funding round at a $5 billion valuation led by a16z and Sequioa alongside a global product rollout.

Kalshi announces a $1 billion Series E funding round at a $11 billion valuation again led by Paradigm.

Kalshi announces another $1 billion funding round at a $22 billion valuation – 11x the valuation of its Series C raise announced less than a year prior.

ICE announces another $600m investment in Polymarket as part of its Oct 25 agreement (valuation unconfirmed). Market reporting suggests another $400m raise at a $15b valuation is being explored.

NYSE owner ICE announces an investment of up to $2b in Polymarket at an $8b pre-money valuation ($1b initial investment).

Polymarket announces a raise backed by 1789 Capital (Donald Trump Jr’s VC firm).

‍

Tech Insights #421

Rocket Lab acquires Iridium – 21st Century M&A

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

20 July 2026

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Overview

On 29 June 2026 Rocket Lab (NASDAQ: RKLB) agreed to acquire Iridium Communications (NASDAQ: IRDM) for USD ~$8b in a cash and share offering. The acquisition brings together Rocket Lab’s growth launch and manufacturing operation with Iridium’s cash generating satellite business. The deal positions Rocket Lab to further compete with SpaceX (NASDAQ: SPCX). The deal is an example of mergers and acquisitions (M&A) in the current environment where a growth company utilises their already fully-priced equity as acquisition currency to further build out their strategic offering. SpaceX did something similar with their Anysphere acquisition just after their recent IPO.

Deal snapshot (USD)

Announcement date

29 June 2026

Enterprise value

~$8b

Expected close

Mid-2027

Structure

Cash + RKLB shares

Offer price

$54 per IRDM share

Premium

24.1% premium to IRDM’s previous close

Consideration mix

50% cash ($27) + 50% RKLB stock ($27)

Day 1 closing share price of RKLB

$98.01 (up 15.9%)

The equity component of the deal contains a ‘collar band’ between $67.50 and $112.50 on the RKLB share price negotiated to ‘protect’ the $54 deal value for Iridium’s shareholders. This illustrates the volatility in the RKLB share price.

(See the chart on page 2).

It is worth noting the following points:

•Iridium has more total revenues than Rocket Lab does currently.

•The market is valuing Rocket Lab’s revenues materially higher than Iridium’s. Rocket Lab is currently 5x more valuable than Iridium. The market has a view about the future growth and strategic options of Rocket Lab.

•Rocket Lab is using their already fully-priced equity (enterprise value is 66x FY25 revenues) to acquire a mature cash-generating strategic bolt-on. There is a cash component to the deal which Rocket Lab has been able to fund from current reserves, plus a new bridge funding round.

* Rocket Lab’s enterprise value is based on its public market valuation as at 17 July 2026, while Iridium’s enterprise value is based on the implied transaction value under the announced acquisition terms.

FY25 key metrics

Metric

Units

Total revenue

USD $m

601.8

871.7

YoY growth

38.0%

4.9%

Operating income (loss)

USD $m

(228.8)

236.0

Operating margin

(38.0%)

27.1%

Enterprise value*

USD $b

39.7

8.0

Revenue multiple

66.0x

9.2x

The two businesses have fundamentally different financial profiles. One is a growth company burning cash and the other is a more mature cash-generating business.

Iridium background

Iridium Communications (NASDAQ: IRDM), founded in 1998 and headquartered in McLean, Virginia, is a satellite communications operator. It operates one of the only networks providing voice and data coverage everywhere on the planet - including the poles, oceans, and remote regions with no other signal. Its constellation comprises 66 cross-linked low-Earth-orbit satellites plus 14 in-orbit spares, operating over scarce, weather-resilient L-band spectrum that also supports positioning, navigation and timing (PNT) services as a GPS alternative. The company has ~2.55m active subscribers.

Tech Insights #421

Rocket Lab acquires Iridium – 21st Century M&A

Page 2 of 2

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Disclaimer The information provided in this report has been sourced and calculated from FactSet and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

20 July 2026

100

120

140

160

Jan 23

May 23

Sept 23

Jan 24

May 24

Sept 24

Jan 25

May 25

Sept 25

Jan 26

May 26

Acquisition announced 29 June 2026 – share price up 15.9% from previous close

Rocket Lab share price (USD $)

Revenue (USD $m)

100

200

300

400

500

600

700

800

900

1,000

FY23

FY24

FY25

Rocket Lab

Iridium

(300)

(200)

(100)

100

200

300

FY23

FY24

FY25

Rocket Lab

Iridium

$67.62 at last close

112.50

67.50

The volatility of the RKLB share price is the reason that the collar band was negotiated in the deal

Collar band

Operating income (loss) (USD $m)

The 3-year CAGR for Rocket Lab is 41.8% compared to 6.5% for Iridium

‍

20 Jul

Rocket Lab acquires Iridium - 21st Century M&A

421

(20%)

(10%)

10%

20%

30%

40%

(20%)

(10%)

10%

20%

30%

40%

Tech Insights #420

From a budding industry, to high margins

Mergers & acquisitionsCorporate finance advisoryCapital raising

13 July 2026

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Overview

When we last looked at listed cannabis companies in 2024 (Tech Insights report #327), the industry was still growing, albeit growth was slowing. Comparing metrics for the largest 20 companies then vs now, we see trends emerge:

•Revenue for the group is declining, down from USD $10.3b to USD $9.5b.

•Revenue multiples are similar, with most trading between 1-2x revenue.

•Profitability is increasing with average EBITDA margins up ~15% (15 percentage points).

Revenue LTM (USD $b)

All charts show data for the 20 largest listed cannabis companies (in the 2024 Tech Insights report and now). Each chart’s data is determined and sorted independently.

Revenue multiples

EBITDA margins

Page 1 of 2

2024

Now

10.3

9.5

2024

Current

Tech Insights #420

From a budding industry, to high margins

Page 2 of 2

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Disclaimer The information in this report has been cultivated and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Past performance is not indicative of future highs. While we’ve done our best to weed out noise, readers should conduct their own diligence before making investment decisions. Don't toke & trade.

Mergers & acquisitionsCorporate finance advisoryCapital raising

13 July 2026

Company name

Enterprise value 2024

Enterprise value now

Rev LTM $m

YoY rev growth

Rev multiple

EBITDA margin

1,282

(0.3%)

2.7x

25.2%

1,196

3.6%

1.6x

38.9%

1,170

(2.5%)

1.7x

29.1%

877

6.8%

0.6x

2.2%

819

(3.3%)

1.0x

35.1%

641

(6.4%)

1.1x

33.2%

206

4.5%

1.1x

(17.8%)

490

(8.2%)

1.3x

18.5%

178

(19.7%)

6.5x

(9.0%)

255

(8.3%)

1.6x

34.6%

677

(1.2%)

0.4x

4.7%

265

3.5%

1.3x

20.5%

232

(9.6%)

0.2x

(64.1%)

486

23.2%

0.5x

10.4%

160

22.5%

1.7x

(0.3%)

189

(29.6%)

1.3x

28.4%

23.7%

3.9x

14.4%

352

185.8%

1.8x

18.9%

11.2%

1.6x

(2.5%)

115

14.8%

1.8x

(10.0%)

65.2%

4.8x

30.2%

Metrics for the top 20 listed cannabis companies: 2024 vs now (USD)

Curaleaf

Green Thumb

Trulieve

Tilray

Verano

Cresco

Canopy Growth

Ayr Wellness

Ascend

Glass House

TerrAscend

The Cannabist Company

SNDL

Jushi

Aurora

4Front

Acreage

Schwazze

High Tide

Cronos

Village Farms

Grown Rogue

Vireo

Cannara

Auxly

BLS Pharmaceuticals

Undergoing liquidation

Filed for bankruptcy June 2025

Filed for bankruptcy March 2026

Acquired by Canopy Growth

Acquired by Vireo

USD $b

‍

13 Jul

From a budding industry, to high margins

420

2.5x

5.0x

7.5x

10.0x

12.5x

15.0x

17.5x

20.0x

22.5x

Jun 21

Dec 21

Jun 22

Dec 22

Jun 23

Dec 23

Jun 24

Dec 24

Jun 25

Dec 25

Jun 26

Tech Insights #419

Cloud Index as at 30 June 2026

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 2026

clarecapital.co.nz/tech-insights

Subscribe and see previous reports at This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Following the sharp decline in the March quarter, valuation multiples showed signs of stabilisation through the June quarter. The US Cloud Index ended the quarter at 5.1x EV/NTM revenue, up 13% quarter-on-quarter, while the ANZ Cloud Index increased modestly to 4.4x, up 3%. Despite this, multiples remain well below levels seen a year ago and continue to sit below their 12-month moving averages and five-year averages, highlighting that cloud valuations remain subdued relative to recent historical levels.

Overview

5.1x

NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)

ANZ Cloud Index

Average

12MMA

Jun 26

4.4x

6.0x

Mar 26

4.2x

6.7x

Change

(10%)

Jun 25

7.6x

7.1x

Change

(43%)

(15%)

US Cloud Index

Average

12MMA

Jun 26

5.1x

6.0x

Mar 26

4.5x

6.5x

Change

13%

(7%)

Jun 25

7.2x

6.6x

Change

(29%)

(8%)

Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (26 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (81 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average.

Key:

ANZ

Average

12MMA

5yr avg

4.4x

6.7x

7.8x

5.0x

10.0x

15.0x

20.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

10.0x

20.0x

30.0x

Jun 21

Jun 22

Jun 23

Jun 24

Jun 25

Jun 26

75th percentile

Median

25th percentile

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Cloud Index as at 30 June 2026

Mergers & acquisitionsCorporate finance advisoryCapital raising

6 July 2026

US cloud companies NTM revenue multiple

ANZ cloud companies NTM revenue multiple

5.5x

3.3x

2.0x

6.2x

3.2x

2.1x

US cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

44,427

3,711

8,305

32,243

EV / NTM Rev

5.1x

2.0x

3.3x

5.5x

Revenue Growth (NTM)

18%

10%

17%

24%

EV / LTM Rev

6.5x

2.4x

3.5x

6.7x

Revenue Growth (LTM)

16%

23%

Operating Margin

(3%)

15%

ANZ cloud companies

25th

75th

30 Jun 2026

Average

percentile

Median

percentile

EV ($m NZD)

5,564

376

1,159

8,982

EV / NTM Rev

4.4x

2.1x

3.2x

6.2x

Revenue Growth (NTM)

16%

(1%)

19%

EV / LTM Rev

6.0x

2.5x

4.9x

9.1x

Revenue Growth (LTM)

12%

Operating Margin

25%

14%

26%

37%

Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.

EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months.

‍

6 Jul

Cloud Index as at 30 June 2026

419

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

Page 1 of 2

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

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Overview

We are seeing an incredible level of investment in technology (particularly in AI) and an outsized share flowing to a small number of leading players. Two of these are OpenAI (the maker of ChatGPT) and Anthropic (the maker of Claude). Both OpenAI and Anthropic have this month submitted confidential S-1 filings to explore Initial Public Offerings (IPOs). This Tech Insights report looks at the short, but turbulent, histories of these two companies, capital raised, revenues, and what we know about their IPO plans today. We expect we will be revisiting these companies further down the track. Given both companies are private, financial information is difficult to verify.

History - OpenAI

Cumulative capital raised (USD $b)

History - Anthropic

2015 - Founded a nonprofit by Sam Altman, Elon Musk, Greg Brockman, Ilya Sutskever & others with $1b in pledged funding.

2018 - Musk departed Board. GPT-1 released.

2019 - Restructured to ‘capped profit’ model. Microsoft invested $1b beginning a strategic partnership.

2020 - GPT-3 released (175b parameters), API opened to developers.

2022 - ChatGPT launched in November reaching 100m users in 2 months.

2023 - Microsoft invested $10b. GPT-4 launched. Altman fired and reinstated in a 5-day Board crisis.

2024 - Sutskever departed. Sora video model and OpenAI o1 reasoning model launched.

2025 - Converted to Public Benefit Corporation (PBC). $40b capital raise led by SoftBank at a $300b valuation. Stargate project announced.

2026 - $122b funding round at an $852b valuation. Confidential S-1 filed 8 June 2026. IPO targeted late 2026 / 2027.

2021 - Founded in January by Dario Amodei (CEO), Daniela Amodei (President) and 5 other ex-OpenAI researchers. Incorporated as a PBC.

2022 - Raised Series A/B. Research begins into Constitutional AI and RLHF safety techniques.

2023 - Claude 1 launched in March. Google invested $300M (Series C, ~10% stake).

2024 - Claude 3 family (Haiku, Sonnet, Opus) released.

2025 - Claude 4 launched. Series F funded at a $183b valuation.

2026 - Series G ($30b funded at $380b). Series H pushes valuation to $965b. Confidential S-1 filed 1 June 2026 becoming the first major AI company to file.

Run-rate revenue (USD $b)

100

150

200

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

2023

2024

2025

2026

OpenAI

Anthropic

Note: all valuations are quoted on a post-money basis

100

200

300

400

2022

2023

2024

2025

2026

OpenAI & Anthropic

US Venture Capital raised

Tech Insights #418

The AI IPO Race: OpenAI vs Anthropic

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Disclaimer The information provided in this report has been sourced and calculated from third party sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate personalised financial advice.

Mergers & acquisitionsCorporate finance advisoryCapital raising

29 June 2026

What we currently know about the IPOs (USD)

OpenAI

Anthropic

Founded

December 2015

January 2021

Legal structure

Public Benefit Corporation*

IPO filing status

Confidential S-1 Filed 8 June 2026

Confidential S-1 Filed 1 June 2026

Expected IPO date

Late-2026 / early-2027

Late-2026

Last private valuation

~$852b+

~$965b+

Target IPO valuation

~$1t+

2025 revenue

~$13b

~$10b

Run-rate revenue

~$25b

~$47b

Key products

ChatGPT, GPT-4o/o3, Sora, DALL·E, API

Claude (Haiku/Sonnet/Opus), Claude Code

Combined capital raised (USD $b)

Notable shareholders Microsoft Sequoia Amazon Nvidia SoftBank a16z thrive t.rowe.price shaw alphabet menlo iconiq dragoneer salesforce jane street

Monthly domain visits in April 2026 (b)

*A Public Benefit Corporation (PBC) is a legally recognised, for-profit business entity designed to balance profit-making with a specific social or environmental mission. Where traditional corporations have a value maximisation focus, a PBC has a wider mandate. A PBC’s directors and management are legally protected when they pursue this mission, even if that impacts profit and pure wealth maximisation.

Valuation on capital raising dates (USD $b)

Between the two companies they have taken up ~60% of all US VC in 2026 to date

200

400

600

800

1,000

Jan 23

Jan 24

Jan 25

Jan 26

OpenAI

Anthropic

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29 Jun