Anthropic is negotiating a new funding round worth $30 billion at a $900 billion valuation, the Financial Times reports. That's nearly triple the $350 billion valuation from January, which itself was double the $183 billion valuation from last fall. The deal would make the company led by CEO Dario Amodei more valuable than rival OpenAI ($852 billion) for the first time. How long that lasts is another question entirely.
The valuation is climbing faster and faster, driven by rapid revenue growth from higher prices, rising token consumption from agentic AI, and a growing customer base. Annualized revenue is expected to hit $45 billion soon, a fivefold increase from $9 billion at the end of 2025.
Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital are reportedly leading the round with at least $2 billion each. The deal is expected to close this month. Three of the four lead investors also have stakes in OpenAI. Amazon and Google, which previously backed Anthropic with billions, are not expected to participate.
Stay in the loop on AI. Clear, useful, no fluff.
Follow The Decoder for AI news, background stories and expert analyses.
