Anthropic PBC is in early talks with investors to raise at least $30 billion in fresh financing at a pre-money valuation exceeding $900 billion, according to Bloomberg reporting first published May 12. <cite index="1-2,1-3">The Claude maker is in discussions to raise the new capital at a valuation of more than $900 billion, not including the investment, with people familiar speaking on condition of anonymity as the information is private.</cite> <cite index="1-4,1-5">The round is expected to close as soon as the end of this month, though the deal is not finalized and no term sheet has been signed.</cite>
If consummated on those terms, the financing would make anthropic the most valuable private artificial intelligence company in the world, eclipsing rival OpenAI. <cite index="4-13">OpenAI was most recently valued at $852 billion in a funding round completed in March.</cite>
Revenue trajectory
The valuation discussions follow an unusually steep revenue ramp. <cite index="10-2,10-3">Anthropic has crossed a $30 billion annualized revenue run rate, according to Bloomberg, up sharply from roughly $9 billion at the end of 2025, with growth driven largely by enterprise demand.</cite> CEO Dario Amodei has detailed the cadence publicly: <cite index="7-14">an $87 million run rate in January 2024, $1 billion by December 2024, $9 billion by end of 2025, $14 billion in February 2026, $19 billion in March, and $30 billion in April.</cite> ARR (Annual Recurring Revenue) is a standard SaaS metric extrapolating recent monthly revenue across a full year.
Enterprise concentration is unusually high for a frontier AI lab. <cite index="10-6">Anthropic now counts more than 1,000 enterprise clients paying over $1 million annually, a figure that has more than doubled in recent months, signaling a shift from experimentation to full-scale deployment.</cite> The company's agentic coding product, claude-code, has been a primary driver. <cite index="11-4">Claude Code became generally available in May 2025, hit $1B in annualized revenue by November 2025, and reached $2.5B in annualized revenue in February 2026, with this figure more than doubling since the beginning of 2026.</cite>
Capital stack and prior rounds
<cite index="8-1,8-2">Anthropic raised $30 billion in Series G funding led by GIC and Coatue, valuing the company at $380 billion post-money, with the round co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX.</cite> Strategic investors have layered additional commitments on top. <cite index="4-8,4-9,4-10">Google committed to invest $10 billion in Anthropic at a $350 billion valuation, with plans to invest up to another $30 billion if the startup hits certain performance targets, while Amazon is investing $5 billion at a $350 billion valuation with plans to inject $20 billion more over time.</cite>
Reported co-leads on the prospective new round include several growth-stage firms. <cite index="6-3">Sequoia Capital, Dragoneer Investment Group, Altimeter Capital, and Greenoaks Capital Partners are each expected to contribute roughly $2 billion as co-leads, with existing investors including Founders Fund and General Catalyst also anticipated to participate.</cite>
IPO and regulatory context
The round is widely viewed as a bridge to public markets. <cite index="4-20">Anthropic, which Bloomberg has reported is considering an initial public offering as soon as October, needs to make deals to pay for enough computing infrastructure to meet growing demand for its products.</cite>
The fundraising is unfolding alongside an active legal dispute with the U.S. government. <cite index="6-4,6-5,6-6">Anthropic is suing the U.S. Department of Defense, which designated the company a supply chain risk in March 2026 after the company declined to allow its technology to be used for autonomous weapons or mass surveillance of American citizens; a federal judge issued a preliminary injunction blocking enforcement of the designation, but the case remains active, and Anthropic estimated the dispute put hundreds of millions to multiple billions of dollars of 2026 revenue at risk.</cite>
Anthropic declined to comment on the financing discussions.