Following the world’s biggest IPO in history, attention is already turning to the next blockbuster listings, namely those of Anthropic and OpenAI, and the investors who could be lining up for their next windfalls. And, looking further ahead, who could be waiting in the wings for a public listing.
Both Anthropic and OpenAI, who have confidentially filed draft listing documents with the US SEC, share some 40% of their backers, including Coatue, Sequoia Capital, Founders Fund, and Temasek.
At Anthropic, major investors include Singapore sovereign investor GIC, who co-led the company’s $65 billion Series H fundraising, which also included Temasek. This followed GIC’s partnership with Anthropic to launch a separate enterprise AI services firm that is also backed by the SWF and a roster of investors including Apollo, General Atlantic, and Sequoia Capital. GIC also co-led Anthropic’s $30 billion Series G in February alongside Coatue, following a substantial investment in the earlier $13 billion Series F in September 2025.
Notably, OpenAI has broadened its cap table to include wealth and retail investors, via bank distribution channels, as well as exchange-traded funds. Individual investors contributed some $3 billion, along with the top private capital firms and strategic backers including SoftBank, NVIDIA, and Microsoft, to OpenAI’s latest funding round that closed in March with $122 billion.
Meanwhile in Southeast Asia, DealStreetAsia has learnt that Indonesian fintech unicorn Akulaku could be gearing up for a market debut in Hong Kong. The Ant-backed company had earlier pursued IPO plans, including through the SPAC route, which did not materialise.
Deals and funds raising
Away from the IPO buzz, here’s a look at what else investors are looking at across Asia.
In China, nuclear fusion startup SunUp Fusion (Shanghai) Technology has raised $100 million led by a consortium including Qiming Venture Partners. SunUp Fusion, which specialises in developing small-scale, high-magnetic-field compact fusion power plants, had raised an angel round from investors including Hillhouse, HongShan, and IDG Capital only five months earlier.
Overall, AI-related deals continue to lead the market in Greater China, as this review of funding transactions in May, which is at a 17-month high, indicates.
In India, green hydrogen platform Hygenco Green Energies has raised $105 million in equity from a consortium of global institutional investors led by the International Finance Corporation, Siemens Financial Services and Fullerton Carbon Action Fund.
In Japan, Warburg Pincus wants to acquire all shares and stock options of J.S.B. Co., Ltd., the country’s largest integrated student housing platform with about 100,000 student housing units across roughly 2,700 properties nationwide. The PE firm’s offer comes in at an offer price of 9,000 yen per share.
In Singapore, Grab Holdings has emerged as one of the major investors in a fundraising round for the fintech business of Singapore unicorn Advance Intelligence Group, the parent company of buy-now-pay-later app Atome, DealStreetAsia learnt.
Singapore-based semiconductor design and device integration services startup Silicon Box has raised S$100 million in debt from institutional investors including Ares Management, InnoVen Capital, January Capital Growth Credit, and Abound Capital.
Singapore and Hyderabad-based healthcare platform YouLabs has raised $2.6 million in a seed funding round led by Crane Venture Partners from its newly-launched Asia Pacific-focused vehicle.
Elsewhere, Vietnam-based education platform EQuest, backed by KKR, has secured an inaugural offshore syndicated loan of $115.5 million, to refinance debt and expand its business.
Also, Vietnamese conglomerate Masan Group has secured a $750 million senior unsecured syndicated loan facility
Philippine proptech startup Lhoopa secured $6 million in equity and debt from Integra Partners as part of a funding round that included Monk’s Hill Ventures, Concentric Equity Partners, and other investors.
Here’s a rundown of the other venture capital-backed deals across Southeast Asia, and India, including Vertex Ventures’ investment in chip design company GreatAsic in Malaysia, and impact investor Omnivore’s investment in consumer foods brand Manam Chocolate.
Eye on DFIs
The US’ International Development Finance Corporation (DFC) and US infrastructure investor I Squared Capital will jointly establish an investment platform focused on energy infrastructure across the Indo-Pacific, including South and Southeast Asia. DFC will invest $1.5 billion into the platform—its single largest project investment ever.
The Asian Development Bank has urged governments, shareholders, and private capital providers to share risks in Asia’s power grid buildout, amid yawning financing gaps in Asia’s energy transition.
And read how the Australian Development Investments wants to tackle the “missing middle” in Vietnam’s energy transition industry.
Finally, don’t miss these longer-reads on:
Investor confidence in doubt amid Indonesia’s IPO drought; what global capital is seeking in Vietnam; the Philippine government’s pitch for private capital to fund AI, chips, and climate; and a look at PE firms’ record fundraising for Asia strategies.
