Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.</li><li>As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.</li><li>The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.</li></ul></div>

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).</li><li>Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 2026*</li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 2026*

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).</li><li>Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. </li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. 

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

<ul><li>Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.</li><li>Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.</li><li>We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.</li></ul>

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

Japan System Techniques Co / Equity Bottom-Up

<ul><li>In FY2026/3, Japan System Techniques Co., Ltd. (hereafter, the Company) reported net sales of JPY 32,459 mn (+10.7% YoY) and operating profit of JPY 3,911 mn (+22.7% YoY), achieving substantial increases in sales and profits and setting new record-high earnings.</li><li>For FY2027/3, the Company forecasts net sales of JPY 34,300 mn (+5.7% YoY) and operating profit of JPY 4,150 mn (+6.1% YoY), aiming to set new record highs with a 16th consecutive year of sales growth and a 12th consecutive year of profit growth.</li><li>As the medium-term management plan strategy produces results and excessive concerns about AI fade, the Company’s valuation could be rerated over the medium to long term.</li></ul>

In FY2026/3, Japan System Techniques Co., Ltd. (hereafter, the Company) reported net sales of JPY 32,459 mn (+10.7% YoY) and operating profit of JPY 3,911 mn (+22.7% YoY), achieving substantial increases in sales and profits and setting new record-high earnings.For FY2027/3, the Company forecasts net sales of JPY 34,300 mn (+5.7% YoY) and operating profit of JPY 4,150 mn (+6.1% YoY), aiming to set new record highs with a 16th consecutive year of sales growth and a 12th consecutive year of profit growth.As the medium-term management plan strategy produces results and excessive concerns about AI fade, the Company’s valuation could be rerated over the medium to long term.

Japan System Techniques | 4323 FY2026/3 Q4 Follow-Up

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Japan System Techniques | 4323 FY2026/3 Q4 Follow-Up

In FY2026/3, Japan System Techniques Co., Ltd. (hereafter, the Company) reported net sales of JPY 32,459 mn (+10.7% YoY) and operating profit of...

Sessa Investment Research

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AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR...

Water Tower Research

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in...

Water Tower Research

Japan System Techniques | 4323 FY2026/3 Q4 Follow-Up

In FY2026/3, Japan System Techniques Co., Ltd. (hereafter, the Company) reported net sales of JPY 32,459 mn (+10.7% YoY) and operating profit of...

Sessa Investment Research