Anthropic Nears Record $900 Billion Valuation in Final Pre-IPO Push
The AI company is reportedly asking investors to finalize allocations for a $50 billion round that could surpass OpenAI's private market value.
Primary source: TechCrunch AI. Full source links and update notes are below.
Fast summary
Start here
- Anthropic is targeting a valuation of $900 billion or more, significantly higher than its $380 billion valuation in February.
- The funding round, expected to raise approximately $50 billion, is slated to close within the next two weeks.
- The company is reportedly seeing an annual revenue run rate between $30 billion and $40 billion.
What happened
Anthropic is finalizing a massive new funding round that could value the artificial intelligence startup at over $900 billion. Sources indicate the company has asked potential investors to submit their capital allocations within a 48-hour window, aiming to close the deal within approximately two weeks.
What's new in this update
The latest details reveal a compressed timeline and a valuation target that has surged past previous estimates. While Anthropic is officially targeting $900 billion, high investor demand may push the final figure even higher, potentially exceeding the $852 billion post-money valuation set by OpenAI earlier this year.
Key details
The round is expected to bring in roughly $50 billion in fresh capital. This follows a February 2026 round where the company was valued at $380 billion, representing a significant increase in valuation in just months. Financial data suggests Anthropic's annual revenue run rate is currently tracking closer to $40 billion, despite earlier reports placing it at $30 billion.
Background and context
Anthropic is raising this capital primarily to fund the immense computing power required to train and maintain its large-scale AI models. Some early investors from 2024 and earlier are reportedly choosing not to participate in this round, opting instead to wait for a liquidity event during the company's anticipated initial public offering.
What to watch next
With this likely being the final private round, attention shifts to Anthropic's anticipated IPO later in 2026. The success of this $50 billion raise will serve as a critical barometer for the public market's appetite for high-revenue AI companies with massive capital requirements.
Why it matters
A $900 billion valuation would make Anthropic the most valuable private AI company, exceeding rival OpenAI and signaling intense investor appetite for foundation model developers.
Read next
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