Anthropic in Talks to Raise $30 Billion at $900 Billion Valuation, Targeting October IPO

Anthropic is in early talks with investors to raise at least $30 billion in fresh financing at a valuation exceeding $900 billion, according to Bloomberg. The valuation, which excludes the new capital, would make Anthropic the most valuable private AI company in the world, surpassing OpenAI’s $852 billion post-money figure from its March round.

Reuters reported on May 8 that Anthropic was weighing tens of billions in new funding this summer to finance a major compute expansion. Bloomberg’s reporting confirms the round is now in active discussions.

Revenue Trajectory

The capital raise follows a period of extraordinary growth. CEO Dario Amodei told attendees at Anthropic’s Code with Claude developer conference that the company had planned for 10x annual growth but experienced 80x instead, a rate he described as “just crazy” and “too hard to handle,” according to VentureBeat.

Anthropic’s annualized revenue run rate has followed a steep curve: $87 million in January 2024, $1 billion by December 2024, $9 billion at end of 2025, $14 billion in February 2026, $19 billion in March, and $30 billion in April, per VentureBeat. For comparison, Salesforce took roughly 20 years to reach $30 billion in annual revenue.

Claude Code as Growth Engine

Much of the acceleration traces to a single product. Claude Code, Anthropic’s agentic coding tool launched in mid-2025, hit $1 billion in annualized revenue within six months. By February 2026, the product was generating over $2.5 billion in run-rate revenue, according to VentureBeat. Weekly active users doubled since January, and business subscriptions quadrupled since the start of 2026.

Anthropic now counts over 1,000 enterprise customers spending more than $1 million per year on Claude services, a figure that doubled since February. Uber and Netflix are among the corporate customers driving enterprise adoption.

Compute as the Bottleneck

The fundraise is explicitly tied to compute capacity. Anthropic recently signed an agreement with SpaceX to lease the Colossus 1 supercluster with 220,000+ Nvidia GPUs and 300 megawatts of compute capacity, as NCT reported last week. That deal immediately doubled Claude Code rate limits and raised API limits for Opus models.

But Amodei’s disclosure that 80x growth outstripped internal planning by 8x suggests even SpaceX’s capacity may not be sufficient. The $30 billion raise signals Anthropic needs capital at a scale that matches the compute demands of running Claude Code, Claude Cowork, and the Mythos cybersecurity model across thousands of enterprise deployments simultaneously.

IPO Timeline

Bloomberg’s reporting indicates Anthropic is targeting an IPO as early as October 2026. The compressed timeline, from active fundraising talks to potential public listing in five months, reflects both confidence in the revenue trajectory and pressure to give early investors liquidity. An October filing would put Anthropic on track to be the first pure-play frontier AI company to go public, ahead of any comparable move by OpenAI.

What the Valuation Implies

At $900 billion pre-money, Anthropic would be valued at roughly 30x its current annualized revenue run rate. That multiple is steep but not unprecedented for high-growth enterprise software at this trajectory. The more telling metric is the capital intensity: $30 billion raised against $30 billion in run-rate revenue means Anthropic is raising dollar-for-dollar against its annual topline, a ratio that underscores how much of the AI business is still an infrastructure buildout rather than a margin story.