Anthropic is closing a $50B funding round targeting a $850-900B valuation ahead of a potential October 2026 IPO, with secondary markets already pricing near $1T.

Cheaper AI models from Chinese and Western rivals are eroding OpenAI and Anthropic's pricing power, raising questions about their sky-high IPO valuations.

Anthropic projects $10.9B in June quarter revenue, a 130% increase, alongside its first operating profit as enterprise AI demand accelerates.