Anthropic in talks to raise $30bn at a $900bn valuation

A round at the proposed terms would push the Claude maker past OpenAI on paper, less than three months after its last record-setting raise.

Anthropic is in early talks to raise at least $30bn in a new financing round at a pre-money valuation above $900bn, Bloomberg reported on Tuesday, citing people familiar with the matter.

If it closes at those terms, it would be the largest fundraise in the company’s history and would push its valuation past OpenAI’s, less than three months after Anthropic last set a record.

The round is not finalised. No term sheet has been signed, the people told Bloomberg, and one source suggested it could close as soon as the end of this month.

Earlier reporting in late April had floated a potential round of up to $50bn at the same valuation band, as TechCrunch wrote, suggesting the deal’s size has narrowed in the past two weeks, even as the price tag has held.

The pace is the part that stands out. In February, Anthropic closed a $30bn Series G at a $380bn post-money valuation, led by ICONIQ with co-leads including D. E. Shaw, Dragoneer, Founders Fund and MGX.

That deal was, at the time, the second-largest private financing in history. A round at $900bn pre-money would more than double that price in roughly a quarter.

Anthropic’s revenue trajectory has moved in parallel. Chief executive Dario Amodei said this spring that the company had crossed a $30bn annualised run-rate, up from roughly $14bn in mid-February and $87m in January 2024.

Enterprise adoption has been the main lever: Anthropic has reported more than 1,000 enterprise customers spending over $1m a year on Claude, a figure it says has doubled since February, with Claude Code alone running at a $2.5bn annualised pace.

The numbers explain the appetite from investors. They also explain the timing. A public listing has been discussed for as early as October, and a private round at the proposed scale would give the company the working capital to fund compute commitments through any IPO window.

Anthropic has signalled it intends to spend aggressively: a $1.5bn joint venture with Blackstone, Hellman & Friedman, Goldman Sachs and General Atlantic to deploy Claude inside private-equity portfolio companies is one recent example.

The valuation framing also matters competitively. OpenAI was valued at $852bn in its March round, the previous high-water mark in the sector. A close at $900bn pre-money would put Anthropic above that line on paper, regardless of how the rivalry shakes out commercially.

Whether private markets will sustain that ordering through the rest of the year is a separate question, and one investors in both companies have been quietly asking since at least last month.

Anthropic declined to comment when contacted by Bloomberg. The lead investor on the new round has not been named in reporting so far. ICONIQ, GIC, Coatue and Founders Fund all participated in earlier rounds and would be likely candidates to extend their positions if they choose to.

What is clear is that the supply of money chasing AI infrastructure has not slowed. The demand from compute-hungry model developers has not slowed either. At a $900bn valuation, the company’s margin for error gets smaller, but the runway gets longer. Whether either condition holds through to October is the question the market will answer next.