Anthropic Eyes Up to $50B Raise at Near-$900B Valuation

Anthropic is weighing a private funding round of up to $50 billion at a pre-money valuation of about $900 billion. Company executives and investors have discussed the proposal in recent weeks; the round could close within two months, though terms are not final and the deal may not occur.

Investors in talks include Dragoneer, General Catalyst and Lightspeed Venture Partners. Chief Financial Officer Krishna Rao has met prospective backers, and some existing shareholders have requested allocations even though a formal process has not started.

Anthropic’s annualized revenue is on track to exceed $45 billion, up from roughly $9 billion at the end of last year. A $50 billion private raise at the targeted valuation would place the company near $1 trillion and above OpenAI’s March post-money valuation of about $852 billion.

The fundraising effort is intended to expand computing infrastructure after rising use of Anthropic’s developer tool Claude Code and the Cowork assistant for non-technical users created capacity shortfalls. The company is preparing a broader release of its Mythos model, which is currently available only to select partners.

To secure longer-term compute access, Anthropic has signed multibillion-dollar agreements with SpaceXAI, Google, Broadcom and Amazon Web Services. Those contracts are expected to add substantial costs over the coming years.

Rao paused some fundraising work to focus on closing infrastructure deals and to finalize a private equity partnership announced May 4. Investors expect Anthropic will favor firms with experience investing in both public and private markets given the potential size of the round and the company’s public-market plans.

Anthropic has discussed targeting an initial public offering in late 2026.

The company has faced regulatory challenges in Washington. It lost a U.S. government contract and received an adverse federal “supply chain risk” designation that could have limited participation in some government programs. A U.S. court later blocked that designation, finding it may have violated the First Amendment, denied due process and exceeded authority under the Administrative Procedure Act.

One investor commented, “People are ready to throw any dollar amount at Anthropic.” Another investor observed, “Anthropic has resolved the biggest bottleneck and potential source of weakness, which is compute.”

Anthropic was valued at about $380 billion in February. Company officials have not publicly confirmed the size or timing of a fundraising round.