T. Rowe Price
About T. Rowe Price
Asset manager that invests directly in late-stage private technology companies.
Thomas Rowe Price Jr. founded T. Rowe Price in Baltimore in 1937. The firm is publicly listed (Nasdaq: TROW), and Rob Sharps is its chair, president and CEO. Its AI investing is done by the investment organization, not by a separate venture arm. Two named people speak publicly for the private side. David DiPietro is head of private equity. Emma Norchet is a partner on the investment committee of the firm's private opportunities fund. The firm has not published a partner list for AI deals.
T. Rowe Price buys private AI stock through its mutual funds and other portfolios, as well as through a private opportunities fund. Its SEC filings list private holdings in AI companies. One fund report shows Anthropic Series H-1 bought on 28 May 2026, Databricks Series I (September 2023) and Series J (December 2024), and OpenAI Series A-3 (August 2025) and Series C (March 2026). Another fund report shows Anthropic Series F-1 (August 2025) and Series G-1 (February 2026). In an October 2026 Bloomberg interview, Norchet said she does not see frontier AI as winner takes all, and named Anthropic and OpenAI as well placed. The firm is also an Anthropic customer. A September 2026 release says portfolio managers and analysts use Claude in research.
The firm invests mainly in late-stage companies. Its filings show growth and later rounds, such as Series F onward at Anthropic and Databricks. T. Rowe Price does not publish a check-size range or a fund size for its private opportunities fund, so none is given here. In the filings above, each position is listed with its cost. Those figures cover the whole position and are not typical check sizes. The firm does not describe a seed or early-stage program.
- OpenAI: frontier model developer. Growth round of $122B (2026-02) on the Lounge deals desk. Fund filings show a Series C purchase in March 2026.
- Anthropic: developer of the Claude models. Series F of $13B (2025-09) on the Lounge deals desk. Filings also show later Series G-1 and H-1 purchases.
- Databricks: data and AI platform. Growth round of $5B (2026-08) on the Lounge deals desk. Filings show purchases back to a Series F in 2019.
- SambaNova: AI chips and systems. Series F of $1B (2026-07).
- Crusoe: AI data center and cloud infrastructure. Series E of $1.38B (2025-10).
- en.wikipedia.org/wiki/T._Rowe_Price
- investmentnews.com/companies/t-rowe-price/262997
- sec.gov/Archives/edgar/data/0000080257/000119312526361892/d153355dncsr
- sec.gov/Archives/edgar/data/0000313212/000109926326010105/70F2TRP07312
- bloomberg.com/news/articles/2026-10-06/anthropic-openai-holder-t-rowe-
- theedgesingapore.com/capital/investing-strategies/dont-get-caught-publ
- investors.troweprice.com/news-releases/news-release-details/t-rowe-pri
- x.com/TRowePrice?lang=en
Investing activity
T. Rowe Price appears in 5 AI deals tracked by the AI Lounge deals desk, rounds totalling $142B. The rounds are mostly Growth, Series F and Series E, with a median round size of $5B and the largest at $122B. The most recent are Databricks (Growth, $5B, Aug 2026), SambaNova (Series F, $1B, Jul 2026) and OpenAI (Growth, $122B, Feb 2026).
T. Rowe Price most often invests alongside Coatue, MGX, Blackstone and General Atlantic, and the companies it backs on AI Lounge are mostly in AI, Data & AI platform and AI inference chips & systems.
Deals
Frequently asked questions about T. Rowe Price
Does T. Rowe Price invest in AI startups?
Yes, but at late stage. Its funds hold private stakes in OpenAI, Anthropic and Databricks, and it appears in recent rounds at SambaNova and Crusoe.
What check size does T. Rowe Price write for AI companies?
The firm has not published a check-size range. Fund filings show the total cost of each position, which is not the same as a typical check.
Does T. Rowe Price invest at seed or Series A?
Nothing public says it does. Its disclosed AI investments are growth and late-stage rounds.
Who leads AI investing at T. Rowe Price?
No single AI lead is named publicly. David DiPietro is head of private equity, and Emma Norchet is a partner on the private opportunities fund investment committee.
When was T. Rowe Price founded and where is it based?
Thomas Rowe Price Jr. founded it in 1937. It is headquartered in Baltimore, Maryland.
What AI companies has T. Rowe Price invested in?
T. Rowe Price's AI investments include Databricks, SambaNova, OpenAI, Crusoe and Anthropic. The 5 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is T. Rowe Price based?
T. Rowe Price is based in Baltimore, US.
What stage does T. Rowe Price invest at?
In the rounds tracked on AI Lounge, T. Rowe Price has invested at Growth, Series F and Series E, with a median round of $5B.
Who does T. Rowe Price co-invest with?
T. Rowe Price's most frequent co-investors on AI Lounge are Coatue (2 deals), MGX (2 deals), Blackstone (2 deals), General Atlantic (2 deals) and BlackRock (2 deals).
How can founders reach T. Rowe Price?
Founders on AI Lounge can see T. Rowe Price's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add T. Rowe Price to their Investor Pipeline to track the conversation.