Anthropic Eyes $50 Billion Raise at $900 Billion Valuation, Set to Overtake OpenAI

Anthropic is entertaining multiple preemptive offers for a new funding round that would value the Claude maker at more than $900 billion, a price that would push it past OpenAI as the world’s most valuable private AI company, per Bloomberg confirmation.

The company raised $30 billion at a $380 billion valuation as recently as February 2026.

The new discussions, described by sources as still at an early stage with no term sheet signed, would more than double that figure in under three months. A compression of private market timelines with no precedent in the history of venture capital.

The Numbers Behind the Valuation Leap

The investor frenzy is not detached from fundamentals. As TechCrunch reports, Anthropic’s annualised revenue run rate has surpassed $30 billion, and is internally tracking closer to $40 billion, against roughly $9 billion at the end of 2025. 

A single product line is driving the majority of that acceleration: Claude Code, Anthropic’s AI coding assistant, launched last year and had already reached more than $2.5 billion in run-rate revenue by February 2026. 

Claude Code and the adjacent Cowork platform together account for a disproportionate share of Anthropic’s revenue. This gives proof to the investors that the enterprise’s willingness to pay for frontier AI coding capability is larger and more durable than comparable tools from rival labs.

As TechCrunch also confirmed, investor demand for the round is running largely above the headline figure. One institutional investor prepared to commit $5 billion to the round has yet to secure a meeting with Anthropic CFO Krishna Rao. 

This shows that both the intensity of inbound interest and the control Anthropic currently has over who participates in its funding at this valuation level.

How This Stacks Up Against OpenAI

The strategic significance of the $900 billion target is precise. OpenAI has closed a record-breaking $122 billion funding round in late February 2026 at an $852 billion valuation, the largest private fundraising in history. 

That round included up to $50 billion from Amazon and $30 billion from Nvidia, which now powers OpenAI’s latest GPT-5.5 model with its GB200 systems. Another notable investor in that funding was Softbank, which committed $30 billion. 

If Anthropic proceeds, it would not only surpass that figure but also do so while raising only about half as much money. That means a higher valuation per dollar raised, showing that investors are placing a bigger bet on its future growth than on OpenAI’s current scale.

Reuters notes that the competitive pressure runs in both directions. OpenAI has reportedly missed some of its own revenue and user growth targets amid rising competition from Anthropic and Google.

This helps explain why investors are now willing to push Anthropic’s valuation to levels that seemed implausible at the start of the year.

The Compute Dependency That Makes the Capital Essential

The fundraise is not purely a valuation exercise. According to CNBC, Anthropic needs fresh capital primarily to fund compute, the infrastructure cost of training and deploying its Claude model family at scale. 

Earlier in April, Anthropic secured up to 5 gigawatts of compute capacity through a deal with Amazon. It has also secured a separate agreement with Google and Broadcom, Anthropic’s Project Glasswing partners, adding a further 5 gigawatts expected to come online next year.

Those commitments are significant, but the infrastructure bill for frontier AI scales almost in lockstep with revenue. That means Anthropic’s $40 billion run rate and its $900 billion valuation both rest on a base that requires continuous capital reinvestment just to stay competitive.

Google has committed up to $40 billion to Anthropic, subject to performance targets, while Amazon is investing up to $25 billion under its April infrastructure deal. Participation of these companies in the new funding round remains unconfirmed.

A final decision is expected in May, with Anthropic reportedly also considering an IPO as early as October 2026. TechCrunch describes this as potentially its last private fundraising round before going public.

Source: Anthropic Weighs Funding Offers at Over $900 Billion Valuation