Three months ago, Anthropic closed a $30 billion Series G that valued the Claude maker at $380 billion. This week, the company is poised to do it again — at nearly triple the price. According to Bloomberg and the Financial Times, Anthropic has agreed to terms on a second $30 billion funding round that would value the artificial intelligence startup above $900 billion, vaulting it past OpenAI to become the most valuable private AI company on earth.

The round is being co-led by Sequoia Capital, Dragoneer Investment Group, Greenoaks Capital Partners, and Altimeter Capital, with each firm committing approximately $2 billion. Peter Thiel's Founders Fund and General Catalyst are also expected to participate. The deal could close as early as next week, according to people familiar with the negotiations.

If it does, Anthropic will have more than doubled its valuation in roughly 90 days — a velocity that is extraordinary even by the standards of the current AI investment frenzy. OpenAI, which raised $120 billion at an $852 billion valuation in March, held the crown as the world's most valuable startup for barely two months.

Revenue Numbers That Rewrote the Playbook

The valuation is anchored to a financial trajectory that has stunned even Anthropic's own leadership. The company is on track to generate $10.9 billion in second-quarter revenue, more than double the $4.8 billion it recorded in Q1 and exceeding its entire 2025 full-year total. Anthropic has told investors its annualized run rate will surpass $50 billion by the end of June.

"We planned for a world of 10x growth per year," CEO Dario Amodei said at a developer conference earlier this month. "In Q1 2026, we saw 80x annualized growth in revenue and usage."

For context, Salesforce took two decades to reach $30 billion in annual revenue. Anthropic crossed that threshold in under three years.

Much of the acceleration traces to Claude Code, the company's agentic AI coding tool that became generally available in May 2025. Claude Code reached $1 billion in annualized revenue within six months of launch and was generating over $2.5 billion in run-rate revenue by February. Enterprise customers now represent approximately 80 percent of Anthropic's revenue, with more than 1,000 businesses spending over $1 million annually on its services — a figure that doubled in the two months following the Series G close.

The company also projects its first-ever quarterly operating profit of $559 million in Q2, a milestone that would arrive just five years after Anthropic's founding by former OpenAI executives Dario and Daniela Amodei.

A Funding Arms Race Without Precedent

The deal underscores how dramatically the capital requirements of frontier AI have reshaped venture investing. In the span of 14 months, Anthropic's valuation has grown roughly 15-fold from $61.5 billion, fueled by a series of mega-rounds that would have been unthinkable in any prior technology cycle. Amazon has committed upwards of $30 billion in total financial support, while Google pledged up to $40 billion in April, including a $10 billion immediate investment.

"The AI funding environment has gone from irrational to surreal," said one venture capital partner at a firm participating in the round, speaking on background. "But the revenue is real. That is the difference between this cycle and the last one."

OpenAI is reportedly working on a round that could reach $100 billion, and filed its IPO prospectus confidentially with the SEC on May 22 — the same day Bloomberg reported Anthropic's imminent close. Both companies are now targeting public listings before the end of 2026, setting up what could be the most consequential pair of technology IPOs since Google and Salesforce went public within months of each other in 2004.

Why This Matters

The $900 billion valuation is more than a financial milestone — it signals a structural shift in how the market values AI infrastructure. Anthropic has built its position not on consumer virality but on enterprise adoption and developer tooling, a strategy that is now generating revenue at a pace that validates the safety-focused approach its founders championed when they left OpenAI in 2021.

The round also reveals how concentrated the AI investment ecosystem has become. Four lead investors each writing $2 billion checks into a single private company reflects a market where the largest funds are making existential bets on a handful of frontier model builders. If Anthropic stumbles, the losses will reverberate far beyond Sand Hill Road.

For the broader AI industry, the speed of this valuation climb raises a pointed question: at what point does the entry price fully capture even extraordinary growth? Anthropic's shares were already trading on secondary markets at an implied $1 trillion valuation earlier this month.

What to Watch Next

The immediate focus is whether the round closes on the reported timeline next week. Beyond that, all eyes turn to Anthropic's IPO preparations — Goldman Sachs, JPMorgan, and Morgan Stanley are in early discussions about underwriting roles for a potential October 2026 listing that could raise more than $60 billion. The company also faces active litigation, including a $3 billion copyright lawsuit from Universal Music Group, BMG, and Concord, and a dispute with the U.S. Department of Defense over its designation as a supply chain risk. How those legal battles resolve will shape investor sentiment heading into the public offering. For now, the message from the private markets is unambiguous: Anthropic is the most in-demand bet in artificial intelligence.