Anthropic, the company behind the Claude AI assistant, is considering raising $40 to $50 billion at a valuation of $850 to $900 billion, according to CNBC. No term sheet has been signed yet, and the board will decide in May.
This could be the last private fundraising round before a possible IPO in October.
In February, Anthropic raised money at a $380 billion valuation. If the new round reaches the high end, it would more than double that and put Anthropic ahead of OpenAI, which recently raised $122 billion at an $852 billion valuation. Since Dario Amodei and other former OpenAI researchers started Anthropic in 2021, the two companies have competed directly. Now, their valuations are nearly equal.
The main difference now is revenue growth. Anthropic’s annual run rate has passed $30 billion, up from about $9 billion at the end of 2025, tripling in just four months. Most of this growth comes from Claude Code and the Cowork platform, which are now key tools for developers.
This month, Anthropic also reached an agreement with Amazon for up to $25 billion in investment and 5 gigawatts of compute capacity for model training and operations. A separate deal with Google and Broadcom will add another 5 gigawatts of capacity next year. Google has also indicated plans to invest up to $40 billion.
The current capital raise aims to secure additional infrastructure commitments for the next generation of model training, which will require much more compute than was available two years ago.
At a $900 billion valuation, Anthropic would be one of the most valuable companies ever to IPO.
