Anthropic is set to close a funding round exceeding $30 billion as early as next week, according to Bloomberg. The deal would value the Claude maker at over $900 billion, pushing it past OpenAI’s $852 billion valuation from its March 2026 raise and making Anthropic the world’s most valuable AI startup.
Investor Lineup and Deal Structure
Sequoia Capital, Altimeter Capital, Dragoneer Investment Group, and Greenoaks Capital Partners are co-leading the round, with each firm planning to invest roughly $2 billion, according to Bloomberg. Peter Thiel’s Founders Fund and General Catalyst are also expected to participate as existing investors, Investing.com reported.
The Financial Times first reported the terms on May 18, noting that each co-leader was expected to contribute $2 billion or more. Anthropic has not confirmed the deal.
Valuation Trajectory: $350 Billion to $900 Billion in Three Months
The speed is striking. Anthropic raised $30 billion in February at a $350 billion valuation, according to CNBC. Three months later, the company is closing another round of the same size at roughly 2.6x the valuation. Google committed $10 billion in late April with the option to extend by an additional $30 billion, according to the Financial Times.
The revenue numbers explain the velocity. Anthropic’s annualized revenue run rate surpassed $30 billion, up from $9 billion at the end of 2025, according to CNBC. CEO Dario Amodei told developers that Q1 growth was 80-fold on an annualized basis, far exceeding internal planning for 10x. “Just crazy. Too hard to handle,” he said.
Enterprise Positioning as Growth Engine
Anthropic president Daniela Amodei told CNBC’s Julia Boorstin that the company prioritized enterprise customers from its first product launch three years ago. “Whether that’s coding or financial analysis or writing or editing, there’s so many different applications,” she said. Claude Code, the company’s autonomous coding tool, triggered a sector-wide selloff among enterprise software firms earlier this year, according to CNBC.
The enterprise focus extends beyond developer tools. Bristol Myers Squibb announced a strategic agreement to deploy Claude as its foundation model across global operations this week. Anthropic also recently acquired Fractional AI through a consulting joint venture backed by Blackstone, Hellman & Friedman, and Goldman Sachs.
Capital Concentration and the IPO Question
If Anthropic closes at $900 billion, the two largest AI startups, Anthropic and OpenAI, would carry a combined private market valuation exceeding $1.7 trillion. Polymarket traders currently place 92% odds on OpenAI filing its S-1 in 2026 and forecast first-day trading valuations above $1.4 trillion for OpenAI and $1.8 trillion for Anthropic.
The concentration raises questions for the broader agent ecosystem. With OpenAI and Anthropic capturing 89% of an estimated $80 billion in annualized AI startup revenue, according to The Information, downstream builders face increasing dependency on two providers for both compute access and model capability.
Commitments are still being finalized and terms could change before the deal closes, Bloomberg noted. The round is expected to close the week of May 27.