Anthropic in Talks for $50B Round at $900B Valuation — Would Surpass OpenAI
Anthropic is in discussions with investors to raise $40-50 billion at a valuation between $850 billion and $900 billion, according to multiple reports confirmed by CNBC and TechCrunch. No term sheet has been signed. A board meeting in May is expected to set the final number.
If closed at $900 billion, Anthropic would become the highest-valued private AI company in the world, surpassing OpenAI, which closed a $122 billion round at $852 billion in late March 2026.
The Valuation Trajectory
The speed of the re-rate is unusual even by AI standards:
| Date | Valuation | Round Size |
|---|---|---|
| Feb 12, 2026 | $380B | $30B (Series G) |
| May 2026 (in talks) | ~$900B | $40-50B |
A $900 billion close would represent a 2.4x step-up in under 90 days.
Revenue Is the Engine
Anthropic’s run-rate revenue has crossed $30 billion annually, up from roughly $9 billion at the end of 2025. The growth is driven heavily by Claude Code, the company’s AI coding agent, which has become the flagship product for enterprise adoption.
TechCrunch reports investor demand for the round exceeds the $40-50 billion target size, which is why the valuation has landed where it has.
IPO Path
Multiple sources describe this as potentially the final private round before an IPO. Anthropic raised its Series G in February led by GIC and Coatue, with participation from Sequoia, Lightspeed, D.E. Shaw, Founders Fund, and others. The Series H, if completed at these terms, would represent the largest single private fundraise in Anthropic’s history.
Context: OpenAI Comparison
OpenAI hit $852 billion on $122 billion raised across multiple strategic investors including Amazon ($50B), Nvidia ($30B), and SoftBank ($30B). Anthropic’s path has been more concentrated: Google committed $40 billion in a recent close, Amazon has pledged $25 billion, and the Series G added a further $30 billion in February.
Anthropic’s revenue multiple at $900 billion is roughly 30x forward ARR. OpenAI’s $852 billion on a similar revenue base implies comparable multiples, suggesting both companies are pricing in long-duration dominance rather than near-term cash flows.
Anthropic declined to comment on the talks.