Anthropic PBC has agreed to terms on a new financing round of at least $30 billion at a pre-money valuation exceeding $900 billion, vaulting the Claude developer past OpenAI to become the world's most valuable private artificial intelligence (AI) company. <cite index="3-7,3-8">Anthropic's last confirmed private valuation was $380 billion, set during its $30 billion Series G in February 2026; the new round is being negotiated at a pre-money valuation above $900 billion, which would surpass OpenAI's $852 billion valuation from March.</cite>
Round structure and investors
<cite index="3-2">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 Peter Thiel's Founders Fund and General Catalyst also anticipated to participate.</cite> <cite index="4-7">The round came together within weeks after Anthropic began discussions earlier this month, following inbound proposals received in late April.</cite> Bloomberg and the Financial Times have both reported the financing is expected to close imminently, though final terms could still shift.
The pace of repricing is unusual. <cite index="3-15,3-16,3-17">The company was valued at $61.5 billion in March 2025. By September it had reached $183 billion in its Series F. In February 2026 it closed a $30 billion Series G — led by Singapore's GIC and Coatue Management — at $380 billion post-money, what Crunchbase described as the second-largest private financing round in history. If this round closes on reported terms, Anthropic's valuation will have grown roughly 15-fold in approximately 14 months.</cite>
Revenue trajectory
The valuation is underwritten by an unusually steep revenue curve. <cite index="13-2,13-3,13-4">Anthropic said its revenue run rate has topped $30 billion, up from $9 billion at the end of 2025, and confirmed plans to work with Broadcom Inc. and Google to power its operations. The company said demand for its Claude services has accelerated this year, with more than 1,000 business customers spending over $1 million on an annual basis — a figure that has more than doubled since February.</cite>
<cite index="10-6">The company's revenue trajectory has progressed from an $87 million run rate in January 2024 to $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> <cite index="14-8">Anthropic's trajectory is closing the gap with larger competitors like OpenAI, which generated an estimated $25 billion annualized revenue earlier this year.</cite>
Much of the growth is being driven by a single product. <cite index="12-3,12-4">Claude Code became generally available in May 2025, hit $1 billion in annualized revenue by November 2025, and reached $2.5 billion in annualized revenue in February 2026, with enterprise use representing over half of Claude Code revenue and customers including Netflix, Spotify, KPMG, L'Oréal, and Salesforce.</cite>
Compute commitments and IPO outlook
Proceeds are expected to fund infrastructure obligations that have grown alongside demand. <cite index="4-8,4-9">Anthropic has arranged a nearly $45 billion deal with Elon Musk's SpaceX and a $1.8 billion agreement with Akamai Technologies Inc. to expand computing capacity, and has also secured chips and cloud services from Alphabet's Google.</cite> <cite index="12-14">Anthropic has also committed to purchasing $30 billion of Azure compute capacity and contracting up to 1 gigawatt of additional NVIDIA-powered compute, while NVIDIA has committed to invest up to $10 billion and Microsoft up to $5 billion in Anthropic.</cite>
<cite index="2-15">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 company also faces unresolved litigation with the U.S. Department of Defense over a March 2026 supply-chain-risk designation, which <cite index="3-11">Anthropic estimated put hundreds of millions to multiple billions of dollars of 2026 revenue at risk.</cite>