Anthropic weighs funding round that could value startup above $900 billion

Anthropic was weighing a new funding round that could value the Claude maker above $900 billion, a price that would push it past OpenAI and turn the deal into the latest test of how far AI investors are willing to run ahead of fundamentals.

The move came after several pre-emptive offers in the $850 billion to $900 billion range and earlier bids around $800 billion or higher. OpenAI was valued at $852 billion after its record $122 billion funding round closed in late March, while Anthropic’s last official financing, a $30 billion Series G announced on Feb. 12, valued the company at $380 billion post-money. The speed of the repricing is striking: in a matter of weeks, one of the most closely watched private companies in technology has more than doubled the level investors were willing to contemplate.

Anthropic’s case rests on real business growth, not just AI market fever. The company said in February that its run-rate revenue was $14 billion and that it had grown more than 10 times annually in each of the prior three years. By April, it said annualized revenue had reached $30 billion. Anthropic also said more than 500 customers were spending over $1 million a year on Claude, and that eight of the Fortune 10 were now customers.

Claude Code has become one of the clearest proof points. Made generally available in May 2025, it had grown to more than $2.5 billion in run-rate revenue by February, according to Anthropic. That kind of traction helps explain why investors have been willing to stretch valuations beyond almost any public-market benchmark.

But the numbers also show why Anthropic still wants fresh capital. CNBC reported that the company needs more compute for newer models, including Claude Mythos Preview. Anthropic recently secured up to 5 gigawatts of compute capacity with Amazon and another 5 gigawatts through an announcement involving Google and Broadcom. Those commitments underline the central economics of frontier AI: revenue may be scaling quickly, but the infrastructure bill is scaling too.

That tension is what makes a $900 billion price tag so consequential. Investors are not just buying growth; they are buying a claim on whether Anthropic can turn heavy dependence on cloud partners and enormous compute contracts into durable operating leverage. If they are right, the valuation may look prescient. If they are not, it may read as peak AI-era fear of missing out.