📑 Contents (9 sections)
  1. Frontier models: GIC backs Anthropic, Temasek buys both
  2. GIC × Anthropic: three consecutive rounds, each one bigger
  3. Temasek × OpenAI: two years from talks to equity
  4. AI infrastructure: GIC buys data centres, Temasek joins AIP
  5. Data platforms: both funds in Databricks
  6. From watching to holding, in eighteen months
  7. GIC concentrates, Temasek diversifies
  8. ”Capital-light” is now only half right
  9. Source notes and citations

· Singapore AI Observatory · Analysis  · 9 min read

What GIC and Temasek have invested in AI: the full public record

In May 2026 Anthropic closed a $65 billion Series H with GIC as co-lead and Temasek as a significant investor — Singapore's two sovereign funds on the same frontier AI company's cap table. This piece surveys every publicly known AI investment by GIC and Temasek: frontier models, AI infrastructure, data platforms, each with date, scale, and source tier.

In May 2026, Anthropic announced a $65 billion Series H at a $965 billion post-money valuation. The co-lead list includes GIC; the “significant investor” list includes Temasek — Singapore’s two sovereign funds, on the same frontier AI company’s cap table at the same time.

Rewind two years: in March 2024, the FT reported that Temasek was “in talks” to invest in OpenAI. At that point, both funds’ direct holdings in frontier model companies stood at zero. What happened in those eighteen months? This piece surveys the public record. Source tiers and the full list of citations are at the end.

Frontier models: GIC backs Anthropic, Temasek buys both

GIC × Anthropic: three consecutive rounds, each one bigger

RoundDateRound sizePost-moneyGIC roleSource
Series F2025-09$13B$183BParticipantOfficial + media
Series G2026-02$30B$380BCo-led with CoatueOfficial
Series H2026-05$65B$965BCo-leadOfficial

GIC first invested in September 2025, joining Anthropic’s $13 billion Series F (alongside Qatar Investment Authority and Ontario Teachers’ Pension Plan). Five months later, GIC announced in its own press release that it was co-leading the $30 billion Series G with Coatue. Choo Yong Cheen, GIC’s Chief Investment Officer of Private Equity: “Anthropic is the clear category leader in enterprise AI.”

In May 2026, GIC appeared again as a co-lead in the $65 billion Series H (other co-leads included Capital Group, Coatue, D1, ICONIQ, and XN; the round also carried $15 billion in cloud-provider commitments, including $5 billion from Amazon). Three consecutive rounds, two at lead level — GIC’s own term for it is “lifecycle investment”: staying in from growth stage to pre-IPO.

Temasek × OpenAI: two years from talks to equity

EventDateNatureSource
FT reports talks with OpenAI2024-03Contact; both sides declined to commentMedia
Backs Alpha Intelligence Capital’s $250M fund2024-05Indirect exposure (AIC is an early OpenAI investor)Media
OpenAI’s $122B raise2026-03Direct equity, one of the participantsOfficial + media

The public record of Temasek’s interest in OpenAI starts with the FT report of March 2024: senior executives met Sam Altman several times, first about Altman’s personal fund, later about OpenAI itself. Two months later, Bloomberg reported that Temasek backed Alpha Intelligence Capital’s new $250 million fund — AIC is an early OpenAI investor, so this counts as an indirect position.

Direct equity came with OpenAI’s $122 billion raise, completed at the end of March 2026 ($852 billion post-money; co-led by Amazon, Nvidia, SoftBank, and a16z, among others). In OpenAI’s official list of participating institutions, Temasek appears alongside BlackRock, Blackstone, Fidelity, and Sequoia.

Two months after that, Temasek took its first stake in Anthropic: Anthropic’s official Series H announcement lists Temasek among the “significant investors” (Singapore media coverage followed the same day). Temasek now holds both OpenAI and Anthropic — the two most highly valued AI companies in the world.

GIC has not appeared on the public investor list of any OpenAI round.

AI infrastructure: GIC buys data centres, Temasek joins AIP

Temasek joins the AI Infrastructure Partnership (AIP). On June 12, 2025, Temasek joined the AIP launched in September 2024 by BlackRock (GIP), MGX, Microsoft, and Nvidia — targeting $30 billion in equity capital and up to $100 billion including debt, aimed at data centres and supporting energy, with xAI and Cisco as technology partners. In October 2025, AIP completed the roughly $40 billion acquisition of Aligned Data Centers, which Temasek holds indirectly as a member.

GIC’s three data centre investments:

The same period saw a trade in the opposite direction: in February 2026, Temasek’s ST Telemedia agreed to sell its 82% stake in STT GDC (a data centre operator with 2.3GW of global capacity) to a KKR-led consortium, at an enterprise value of S$13.8 billion, expected to close in the second half of 2026. One of the buyers, Singtel, remains a Temasek-controlled company and will hold 25% after closing. Over the same stretch of time, GIC was buying data centres while ST Telemedia was selling.

Data platforms: both funds in Databricks

GIC co-led Databricks’ $10 billion Series J in December 2024 (at a $62 billion valuation; Tracxn records GIC entering as early as the 2021 Series H — database-tier source). In the December 2025 Series L (over $4 billion at a $134 billion valuation), GIC and Temasek both appear on the list.

From watching to holding, in eighteen months

At the start of 2024, both funds’ direct holdings in frontier models were zero. September 2025: GIC enters Anthropic’s Series F. February 2026: GIC leads Series G. March 2026: Temasek enters OpenAI. May 2026: both enter Anthropic’s Series H. The acceleration is concentrated after the second half of 2025 — the same period in which Anthropic’s annualized revenue passed $47 billion.

GIC concentrates, Temasek diversifies

GIC picked one company, Anthropic — three consecutive rounds, lead-level participation — plus three heavy-asset data centre ventures: choosing one horse and backing it all the way. Temasek holds one square each in OpenAI, Anthropic, AIP, and Databricks, every time as a participant rather than a lead: allocating across the whole field. This matches the two institutions’ mandates: GIC manages national reserves, runs more capital, and can hold concentrated long positions; Temasek is a commercial investment company with a more diversified portfolio.

Temasek buys both, and OpenAI and Anthropic both accept it. Comparing the two official lists, at least eight institutions appear in both OpenAI’s $122 billion round and Anthropic’s Series H: Sequoia, Coatue, Blackstone, Fidelity, MGX, and Temasek among them. Investments at this stage carry no board seats, and neither company minds the overlapping shareholders; what is actually exclusive is the compute-and-cloud layer of strategic alignment — Microsoft with OpenAI, Amazon and Google with Anthropic. Against that backdrop, GIC buying only Anthropic makes it the minority among the large allocators.

”Capital-light” is now only half right

This site’s international benchmarking wrote: “Singapore does not have an equivalent sovereign-capital strategy, but it can use Temasek, GIC, EDB, regional headquarters, and regulatory trust to form a ‘capital-light but highly connected’ alternative path.” After the first half of 2026, the capital-scale half of that sentence no longer holds — GIC led a $30 billion round; its cheque sizes in frontier AI now sit in the top tier of sovereign funds globally.

The path half still holds. The UAE’s MGX is a national AI platform: an AIP founding member, a multi-round OpenAI investor, deeply tied to compute diplomacy. GIC and Temasek have so far been financial investors: they buy returns, and do not trade equity for industrial landing. OpenAI’s Applied AI Lab in Singapore (over S$300 million, its first outside the US) came through the EDB investment-promotion channel — a track parallel to Temasek’s equity in OpenAI, with no “equity for landing” arrangement visible anywhere in the public record.

The entry points of these positions are an $852 billion valuation for OpenAI and $965 billion for Anthropic, and both funds manage Singapore’s reserves. If AI asset prices correct sharply, the losses land directly on the reserves. This list will keep being updated as new deals appear.

Source notes and citations

GIC manages national reserves and discloses neither assets under management nor holdings; Temasek publishes an annual Temasek Review but rarely announces individual investments. Both funds’ AI positions can only be assembled from portfolio companies’ funding announcements, the funds’ own press releases, and media reports. Sources in this piece fall into three tiers: official — named in a portfolio company’s funding announcement, or announced by GIC / Temasek themselves; media — reported by Reuters, Bloomberg, the FT, and similar outlets, unconfirmed by the parties; database — recorded in funding databases such as Tracxn, with no primary announcement sighted.

No individual cheque size has been disclosed for any of these investments — the norm in the sovereign fund industry. Scope covers the two parent funds; Temasek’s wholly owned Vertex Ventures has a large early-stage AI portfolio in Southeast Asia, a different layer of the story not covered here.

Anthropic’s three rounds

OpenAI and Temasek

AI infrastructure

Databricks

Other

Sources as of June 9, 2026; all links verified reachable (two openai.com links sit behind anti-bot protection; their content was cross-confirmed by third-party coverage). No individual cheque sizes have been disclosed; figures in this piece are round totals or transaction values.

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