The quantitative trading giant's growing bet on private markets, including a notable Anthropic stake, signals a new phase for one of Wall Street's most profitable firms
Jane Street, the quantitative trading firm that most people outside finance have never heard of, now holds a $20 billion portfolio of private companies.
Jane Street reported $39.6 billion in trading revenue for 2025, a figure that surpassed JPMorgan’s trading desk. Q1 2026 trading revenue hit $16.1 billion, more than doubling the same quarter a year earlier. The firm’s estimated net income sits around $10 billion.
One of the most notable positions in that portfolio is a stake in Anthropic, the AI company behind the Claude family of models. Jane Street picked up that position in 2024 from the FTX estate.
From market maker to private market heavyweight #
Jane Street’s roots are in market making and quantitative trading. The firm built its reputation by providing liquidity across ETFs, bonds, and other instruments.
As of April 2026, the firm has made 39 investments spanning sectors including AI and crypto. For the 2026 fiscal year, Jane Street committed $1 billion specifically to AI startups, with CoreWeave among the recipients.
Jane Street operates JCX, a digital assets platform launched in 2018 that facilitates around-the-clock trading of crypto tokens.
What this means for investors and markets #
When a trading powerhouse with $39.6 billion in annual revenue starts allocating serious capital to private markets, it changes the competitive dynamics for everyone else trying to get into the same deals. A $1 billion commitment to AI startups in a single fiscal year is the kind of number that moves markets for early-stage funding rounds.
The growing influence of private market valuations on Jane Street’s financial results also introduces a less obvious risk. Private company valuations are inherently less transparent than public market prices. A $20 billion portfolio that includes stakes in pre-IPO companies is subject to valuation uncertainty that public market traders typically avoid.
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