Israeli Insurers Migdal and Clal Post Strong Paper Gains on Anthropic Stake

Israeli institutional investors Migdal and Clal are sitting on substantial paper gains from their indirect holdings in artificial intelligence pioneer Anthropic, as the company prepares for a landmark public offering that could value it at around $2 trillion.

According to recent financial reports from pension funds, provident funds, and executive insurance portfolios, both insurance giants invested in Anthropic through specialized vehicles managed by ICONIQ. As of the end of June, Migdal held three distinct positions totaling approximately $192 million (roughly 572 million NIS), while Clal maintained two positions valued at around $122 million (roughly 364 million NIS). These figures reflect policyholder assets only, excluding proprietary nostro accounts.

Timing Drives Valuation Gap Between Investors

The contrasting valuations reported by the two institutions stem primarily from the timing of their asset revaluations. Migdal updated its holdings to reflect June 30 market values, incorporating Anthropic's Series H funding round, which priced preferred shares at approximately $589 each. This revaluation pushed the implied value of its first investment vehicle up to $9.6 billion.

Clal, by contrast, based its end-of-June reports on late May valuations, pegging shares at about $248—close to the Series G price of $259—valuing its vehicle at $4.4 billion. Had Clal applied the same June revaluation, its holdings would be worth an estimated $178 million, roughly $100 million higher than currently booked. Upcoming quarterly disclosures will reveal whether this valuation gap has closed.

IPO Prospects and Operational Risks

Anthropic's upcoming IPO could supercharge these returns, with initial investments potentially multiplying by up to 8.7 times pre-fee costs based on a $2 trillion valuation target. However, analysts note that share dilution, preferred stock structures, and mandatory lock-up periods could moderate final payouts.

At the same time, Anthropic's prospectus highlights both massive potential and acute risks. While the firm boasts $131.7 billion in cash and short-term investments alongside breakthroughs in medical research, it warns investors of severe operational hazards, including the potential misuse of its AI models for biological or chemical weapons development and autonomous harmful actions.

Despite the impressive gains, financial analysts emphasize that these stakes represent a fraction of the institutions' overall asset pools—accounting for up to 0.09% per track—meaning even a dramatic surge in Anthropic's share price will yield a modest net impact on individual savers' ultimate returns.