Anthropic Weighs $900 Billion Valuation in New Funding Round That Would Surpass OpenAI

Anthropic is in talks to raise fresh capital at a valuation exceeding $900 billion, according to Bloomberg, CNBC, and TechCrunch. If completed, the round would make the Claude maker the world’s most valuable AI startup, surpassing OpenAI’s $852 billion valuation from its March funding round.

The company was valued at $380 billion as recently as February. A $900 billion valuation would represent a 137% increase in under three months.

Round Details

TechCrunch reports the round is expected to total $40 to $50 billion, citing half a dozen sources. Investor demand is reportedly much higher. One institutional investor prepared to commit $5 billion has not yet secured a meeting with Anthropic CFO Krishna Rao, according to TechCrunch.

No term sheet has been signed and talks are ongoing, according to CNBC. Anthropic had previously resisted several inbound proposals at $800 billion or higher, per Bloomberg. A board decision on the round is expected in May, according to TechCrunch.

Anthropic declined to comment to all three outlets.

Revenue Trajectory

The numbers backing the valuation: Anthropic announced this month that its annualized revenue run rate has surpassed $30 billion. TechCrunch reports the actual run rate is closer to $40 billion, citing a person with knowledge of the company’s financials. That is up from roughly $10 billion in full-year 2025 revenue, according to CNBC.

A large portion of the revenue growth is driven by Claude Code and Cowork, Anthropic’s AI coding platforms, per TechCrunch.

Infrastructure and Compute

The fundraise is partly motivated by compute requirements. Anthropic’s Mythos model, an advanced cybersecurity-focused system released in limited preview earlier this month, demands significant infrastructure to run, according to CNBC.

Anthropic has already secured substantial compute commitments. Amazon agreed this month to invest up to $25 billion, with Anthropic securing up to 5 gigawatts of compute capacity, per CNBC. Google separately announced plans to invest up to $40 billion in Anthropic, with an additional 5 gigawatts of capacity through a partnership with Broadcom expected to come online next year.

IPO Timeline

Bloomberg has reported that Anthropic is considering an initial public offering as soon as October 2026. TechCrunch describes the potential round as possibly Anthropic’s “final round of private fundraising before a potential IPO.”

The Valuation Race

At $900 billion, Anthropic would leapfrog OpenAI, which closed a record $122 billion round at $852 billion in March with contributions from Amazon ($50 billion), Nvidia ($30 billion), and SoftBank ($30 billion), per CNBC.

The valuation gap is closing fast. Anthropic was valued at $18 billion in late 2023, $61 billion in mid-2024, and $380 billion in February 2026. The trajectory reflects both the broader AI spending cycle and a specific bet by investors that agent capabilities, not model benchmarks alone, will drive the next phase of enterprise revenue.