Anthropic, the artificial intelligence company behind the Claude AI model family, is preparing for a massive new funding round that could value the company between $850 billion and over $900 billion. The round is expected to raise between $40 billion and $50 billion, according to reports, with a final decision expected in May after a board meeting.
The potential valuation would more than double Anthropic's previous $380 billion valuation from February and would surpass OpenAI's most recent private valuation of $852 billion. Investor demand has been intense, with some institutions preparing to commit billions of dollars to secure a stake in what could be Anthropic's final private round before a potential initial public offering (IPO) later this year.
Explosive Revenue Growth Drives Demand
The fundraising comes on the back of rapid revenue growth. Anthropic reported that its annual revenue run rate has surpassed $30 billion, up from approximately $9 billion at the end of 2025. Some sources familiar with the company's financials indicate the run rate may be closer to $40 billion. Much of this growth has been fueled by enterprise adoption of Claude models, particularly for coding products like Claude Code and Cowork.
Investors are rushing to submit allocation requests within the next 48 hours, signaling that the round could close within two weeks. The intense demand suggests the final valuation may exceed $900 billion.
Competition with OpenAI and IPO Speculation
At a $900 billion valuation, Anthropic would surpass OpenAI's $852 billion post-money valuation from its $122 billion funding round earlier this year. This positions Anthropic as one of the most valuable private AI companies in the world.
The company's growth has intensified speculation about an IPO, which could come as early as October. Some early investors who backed Anthropic in 2024 or earlier are reportedly skipping this round, choosing instead to wait for the potential liquidity event of a public listing.
Massive Computing Needs Fuel Capital Requirements
Anthropic's massive computing requirements for training advanced AI models are a primary driver for this fundraising. The capital will support the next generation of Claude models and the associated infrastructure, including partnerships with cloud providers and chipmakers.
Google has reportedly discussed a performance-based investment package worth up to $40 billion, including initial funding and computing support tied to milestones. Major backing also comes from Amazon and other institutional investors.
Anthropic has declined to comment on the reported fundraising discussions, and any new round would depend on board approval and investor terms.
