Sequoia joins GIC and Coatue in $25 billion Anthropic bid

Investors are pursuing one of the largest private financings in technology history as talks to raise up to $25 billion for Anthropic continued. People familiar with the negotiations said Singapore’s sovereign wealth fund GIC and U.S. investor Coatue are leading the effort, with venture capital firm Sequoia Capital preparing to participate and write its first check to the AI startup if the round closes as discussed.

The financing would reflect a dramatic rerating of Anthropic’s value. The round is being pitched at an implied valuation of roughly $350 billion, according to the people briefed on the discussions. That would more than double the company’s valuation seen in parts of 2025, when earlier fundraising and public disclosures placed Anthropic in the roughly $170 billion to $183 billion range after a Series F that totaled $13 billion.

Under the current structure being discussed, GIC and Coatue would each put in about $1.5 billion. Microsoft and Nvidia have already committed up to $15 billion combined, the sources said, leaving venture capital firms and other investors to fill the balance. Those investors could contribute $10 billion or more, bringing the target close to the $25 billion mark. Some prior planning had envisioned a far smaller raise around $10 billion, so the final size remains fluid as Anthropic determines allocations and investor access.

Negotiations are ongoing and the final investor lineup has not been determined. People with knowledge of the process cautioned that allocations, valuation and timing could change before any deal closes. Anthropic, Sequoia, GIC and Coatue did not immediately provide comment when contacted.

The scale of the potential round underscores the appetite for large, strategic capital among frontier AI companies as enterprise adoption accelerates and cloud and chipmakers seek to lock in relationships with leading model developers. A massive infusion of outside funds would give Anthropic both the resources to scale compute and talent aggressively and leverage in commercial partnerships, while reinforcing competition for the top model-makers.

Sequoia’s reported participation highlights shifting norms in venture capital. The firm already holds investments in other prominent AI players, including OpenAI and xAI, and backing Anthropic would place it behind multiple competing model developers. That overlap raises questions about portfolio conflicts and how such positions will be managed as the market concentrates around a small number of dominant model producers.

For Anthropic, a successful raise at the discussed scale would cement its status as one of the most valuable private technology companies and funnel unprecedented resources into AI development. For investors, the move reflects both confidence in the commercial potential of large language models and a willingness to accept high valuations in pursuit of market leadership. Observers warn that the speed and size of such bets increase systemic risk in tech markets if expectations outpace sustainable revenue growth.

As talks progress, market participants will be watching whether the final deal mirrors the current terms and how regulators, partners and customers react to another influx of capital reshaping the AI landscape.