As Anthropic IPO Nears, Commonwealth Bank of Australia's Stake Paper Gain Rises to A$1.53 Billion

As Anthropic's listing process approaches, Commonwealth Bank of Australia (CBA) stands at the threshold of a potentially huge windfall.

The book value of the Anthropic stake held by CBA has soared from an initial A$153 million to A$1.53 billion, an increase of nearly tenfold within a year. According to Bloomberg estimates, if Anthropic ultimately completes its listing at a valuation of US$2 trillion, the value of CBA's stake could then climb further to about A$3.2 billion, making Australia's largest bank a rare banking-sector winner in this AI unicorn IPO.

This paper gain stems from CBA's participation in Anthropic's Series E financing round in March 2025. At that time, the cost of the stake was about US$107 million. Since then, Anthropic completed a new round of financing in May this year, with its latest valuation rising to US$965 billion, driving a substantial revaluation of the book value of CBA's holding. It is worth noting that the above Bloomberg estimate is a rough calculation and does not take into account the equity dilution effect that an IPO may bring, nor does it reflect any potential changes in CBA's holding since the release of its annual report in August this year.

CBA's relationship with Anthropic goes beyond a financial investment. The two parties have established a business partnership to jointly advance the implementation and application of AI in banking operations, covering anti-fraud and anti-scam scenarios. This month, CBA also announced that some of its software engineers will participate in a new program designed by Anthropic specifically to enhance AI skills.

A low-profile early bet

CBA participated in Anthropic's Series E financing round in March 2025, with the equity value disclosed at the time of investment at about A$153 million (about US$107.5 million). This timing preceded the sharp jump in Anthropic's valuation, allowing CBA to establish its position at a relatively low valuation level.

As of June 30 last year, the value of the holding remained at the level disclosed at the time of investment. However, after Anthropic completed a new round of financing in May this year, the company's valuation rose to US$965 billion, and CBA promptly adjusted the value of the holding to A$1.53 billion in its book revaluation at the end of June this year, a book appreciation of about tenfold within a year.

According to Bloomberg estimates, if Anthropic lists at a valuation of US$2 trillion, the value of CBA's stake would then be about A$3.2 billion, more than doubling again from the current book value.

It should be noted that the above estimates involve several uncertainties:

First, an IPO is usually accompanied by the issuance of new shares, which will have a dilutive effect on existing shareholders' ownership percentages, and the estimate does not take this into account; second, there is currently no public disclosure as to whether CBA has adjusted its holding since the release of its annual report in August this year; third, there remain considerable variables in Anthropic's final IPO valuation.

Nevertheless, the above figures are enough to show that CBA's return potential on this AI investment is quite outstanding among global banks. Bloomberg data show that among institutional investors known to have participated in Anthropic's financing, bank-type shareholders are rare—in February this year, Anthropic publicly disclosed that JPMorgan Chase participated in its Series G financing, while CBA's Series E holding makes it one of the few banks with direct exposure to Anthropic's equity.

Deep ties beyond investment

CBA's relationship with Anthropic has gone beyond a purely financial investment, with the two parties forming closer cooperation at the business level.

In terms of application scenarios, CBA is using Anthropic's AI capabilities to accelerate its internal digital transformation, with key areas including identifying and preventing financial scams and fraud. This month, CBA further announced that some of its software engineers will join an AI skills enhancement program specially established by Anthropic, showing that cooperation between the two parties is extending to the talent development level.

In terms of industry positioning, CBA's leading level in AI deployment has gained external recognition. According to the Evident AI Index ranking of global banks' AI application levels, CBA ranks fourth globally and is the only bank from the Asia-Pacific region in the top ten of the list.

CBA Chief Executive Officer Matt Comyn holds a cautiously optimistic attitude toward AI. In May this year, he said that AI will bring opportunities for accelerated career development for some employees, but he also acknowledged that pressure for layoffs will be a reality.

"Some career paths will evolve faster because of the use of AI, allowing people to take on more complex work earlier. This will create opportunities for many people, but it will be a challenge for everyone. Employers of our scale have a responsibility to avoid offering false comfort and to give employees the best possible opportunity to adapt." Risk disclosure and disclaimer

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