The Canada Pension Plan Investment Board disclosed Friday that it put US$50 million into Toronto-headquartered Cohere via the second close of its US$600-million September 2025 funding round, which valued it at US$7 billion. The asset manager also invested US$50 million in San Francisco-based Anthropic’s US$13-billion Series F round the same month, which valued it at US$183 billion. (The Logic)

Talking point: Anthropic and Cohere are two of the handful of firms developing their own foundation AI models. Each company grew rapidly last year in the enterprise market—Anthropic by selling its own coding tool and powering others, and Cohere by customizing models and agentic tools for large firms. While they’re taking different approaches to building their technology and business, the Silicon Valley firm dwarfs the Toronto one in terms of revenue, funds raised and valuation. CPP Investments joins a growing number of investors that have broken an unwritten rule of Silicon Valley by investing in two or more model makers amid the generative AI boom, although the pairing is typically Anthropic and OpenAI. The Canadian pension fund has long backed Toronto’s Radical Ventures, Cohere’s earliest and one of its larger investors.