Anthropic in early talks to raise $30 billion, targeting $900 billion valuation
Key Points
- Anthropic is negotiating a financing round of at least $30 billion at a pre‑money valuation above $900 billion.
- The deal would be the company's largest raise and would push its valuation past OpenAI's $852 billion mark.
- No term sheet has been signed yet; the round could close by the end of May.
- Earlier reports suggested a $50 billion raise; the current size appears to have narrowed.
- Anthropic's annualized revenue run‑rate recently topped $30 billion, up from $14 billion in February.
- More than 1,000 enterprise customers now spend over $1 million each year on Claude, a figure that has doubled since February.
- Claude Code generates about $2.5 billion in annualized revenue.
- A $1.5 billion joint venture with major private‑equity firms aims to embed Claude across portfolio companies.
- Potential IPO could happen as early as October, using the new capital to fund compute needs.
- Past investors like ICONIQ, GIC, Coatue and Founders Fund may participate, but the lead investor remains unnamed.
Anthropic, the maker of the Claude AI models, is negotiating a new financing round that could bring in at least $30 billion at a pre‑money valuation exceeding $900 billion. If the deal closes, it would eclipse OpenAI’s latest market cap and mark the largest private raise in the company’s history. The round is still in discussion, with no term sheet signed, and could be finalized by month’s end. The funding would extend Anthropic’s aggressive growth plan, fund compute needs ahead of a possible October IPO, and cement its position as the sector’s most valuable private AI firm.
Anthropic, the San Francisco‑based developer of the Claude family of large‑language models, entered early‑stage talks this week to secure at least $30 billion in fresh capital. The proposed pre‑money valuation tops $900 billion, a figure that would place the company ahead of OpenAI, whose most recent financing valued it at $852 billion.
Sources familiar with the negotiations told Bloomberg that no term sheet has been signed yet, but the window for closing the deal could be as soon as the end of May. Earlier speculation in late April floated a possible $50 billion round at the same valuation band; the latest chatter suggests the size has narrowed while the price target remains steady.
Should the round close on the stated terms, it would become Anthropic’s largest fundraising effort to date. The firm’s February Series G round raised $30 billion at a $380 billion post‑money valuation, then the second‑largest private financing ever recorded. A $900 billion pre‑money valuation would more than double that price in roughly a quarter of a year.
Revenue growth underpins the lofty valuation. Chief executive Dario Amodei disclosed in the spring that Anthropic’s annualized run‑rate had crossed $30 billion, up from about $14 billion in mid‑February and a modest $87 million in January 2024. Enterprise adoption drives the surge: the company reports over 1,000 corporate clients each spending more than $1 million per year on Claude, a number that has doubled since February. Claude Code, a specialized offering, now runs at a $2.5 billion annualized pace.
The capital infusion would also fund a series of strategic bets. Anthropic has signaled an aggressive spend plan, including a $1.5 billion joint venture with Blackstone, Hellman & Friedman, Goldman Sachs and General Atlantic to embed Claude inside private‑equity portfolio companies. Moreover, the financing would give the firm runway to meet compute commitments ahead of a potential public listing, which insiders say could occur as early as October.
A valuation above $900 billion would not only eclipse OpenAI on paper but also sharpen the competitive narrative between the two AI powerhouses. While the market will ultimately judge the companies on product performance and customer stickiness, the headline numbers set a clear benchmark for private‑market investors.
Anthropic has declined comment on the talks. The lead investor for the new round has not been identified, though past backers such as ICONIQ, GIC, Coatue and Founders Fund are likely candidates to increase their stakes.
What remains clear is that the flow of capital into AI infrastructure continues unabated, and demand from compute‑intensive model developers shows no sign of slowing. The $900 billion valuation raises the stakes: the margin for error shrinks, but the runway extends. Whether the market sustains this ordering through the year will become evident as investors and analysts watch the October IPO window approach.