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Anthropic is days from closing a funding round that has outrun its original target. The Claude maker is set to bring in more than $30 billion at a valuation above $900 billion, which would put it ahead of OpenAI, last valued at $852 billion in March.

Sequoia Capital, Dragoneer Investment Group, Altimeter Capital, and Greenoaks Capital Partners are co-leading the round, each committing roughly $2 billion. Founders Fund and General Catalyst, both existing investors, are also participating.

The round materialized in weeks. Anthropic first weighed pursuing new financing in late April after receiving unsolicited investor interest. Formal discussions began in early May. The speed of close is a direct reflection of the company’s commercial acceleration: its annualized revenue run rate is now around $30 billion, up from $14 billion at the time of its February Series G and roughly $1 billion at the start of 2025. A run rate above $50 billion is reportedly targeted by next month.

The February Series G also raised $30 billion, but at a $380 billion post-money valuation. The new round’s implied valuation is more than double that figure in roughly three months.

The Sizing Shift

Earlier reporting had Anthropic weighing a raise of up to $50 billion. The round as it stands is tracking above $30 billion at a higher per-share price. That arithmetic suggests Anthropic chose valuation over dilution at a moment when investor demand was strong enough to allow the tradeoff.

The implied post-money valuation, depending on final terms, would approach or exceed $930 billion. Both Anthropic and OpenAI are expected to file for IPO as early as this fall. At current trajectories, Anthropic would enter public markets as the more valuable company.

What Underpins the Number

At the $900 billion pre-money mark, investors are pricing a specific set of bets: that Claude and Claude Code maintain their enterprise lead in legal, finance, healthcare, and developer tooling; that the Glasswing cybersecurity initiative converts into a recurring revenue line; and that Anthropic’s compute stack holds.

The compute picture is the most consequential constraint. Anthropic is paying SpaceX $1.25 billion per month through May 2029 for capacity across the Colossus and Colossus 2 clusters. Google has committed $40 billion to Anthropic at a $350 billion valuation with up to $30 billion more tied to milestones. Amazon has invested $5 billion with plans for $20 billion more over time.

Key Numbers

• Round size: Tracking above $30B
• Valuation: Above $900B pre-money
• Co-leads: Sequoia, Dragoneer, Altimeter, Greenoaks (~$2B each)
• Revenue run rate: ~$30B annualised, targeting $50B+ next month
• Prior round: $30B Series G at $380B post-money (February 2026)
• OpenAI valuation for context: $852B (March 2026)
• IPO target: As early as October 2026