The company’s valuation has more than doubled from $380 billion in February, reflecting its swift rise as a leading competitor in the AI race and intense investor demand for stakes in frontier companies. Anthropic said its run-rate revenue crossed $47 billion earlier this month.

OpenAI’s valuation reached $730 billion in March following a massive $122 billion funding round.

Anthropic raised $65 billion in new fund-raising that put its value at $900 billion, ahead of OpenAI’s last valuation of $730 billion, as the companies duel for A.I. dominance.