Anthropic is raising $30 billion at a $900 billion valuation. The round would make CEO Dario Amodei's company more valuable than OpenAI ($852B) for the first time.
Key facts
- $30B round at $900B valuation
- $852B — OpenAI's current valuation
- $45B annualized revenue (5x from end-2025)
- 4 lead investors: Dragoneer, Greenoaks, Sequoia, Altimeter
- Amazon and Google not participating
Anthropic is negotiating a new funding round worth $30 billion at a $900 billion valuation, the Financial Times reports. That's nearly triple the $350 billion valuation from January, which itself was double the $183 billion valuation from last fall. The deal would make the company led by CEO Dario Amodei more valuable than rival OpenAI ($852 billion) for the first time. How long that lasts is another question entirely.
The numbers behind the surge
The valuation is climbing faster and faster, driven by rapid revenue growth from higher prices, rising token consumption from agentic AI, and a growing customer base. Annualized revenue is expected to hit $45 billion soon, a fivefold increase from $9 billion at the end of 2025. [According to the Financial Times]
Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital are reportedly leading the round with at least $2 billion each. The deal is expected to close this month. Three of the four lead investors also have stakes in OpenAI. Amazon and Google, which previously backed Anthropic with billions, are not expected to participate. [Per the source]
The unique take: structural revenue density
The AP wire would report the round size and valuation. The more revealing number is the revenue multiple: at $45B annualized revenue, a $900B valuation implies a ~20x revenue multiple—steep even by AI standards. Compare to OpenAI's ~$60B revenue at $852B (14x) or Google's ~$350B revenue at $2.2T (6x). Anthropic is commanding a premium because its revenue is growing faster (5x in ~16 months) and its enterprise contract structure (Claude Code, Claude Cowork, agentic workloads) produces higher per-token margins than consumer subscriptions.
What to watch
Watch whether Anthropic files its S-1 by late 2026 as previously signaled. A $900B private valuation sets a high bar for IPO pricing. Also watch OpenAI's next round—with Microsoft's $13B investment already in place, Sam Altman may need to match or exceed this figure to reclaim the valuation lead.
Key Takeaways
- Anthropic raising $30B at $900B valuation, surpassing OpenAI's $852B.
- Revenue hitting $45B annualized, 5x from end-2025.
What to watch
Watch for the closing of this round by month's end, then Anthropic's potential S-1 filing later in 2026. Also monitor OpenAI's next funding move—Microsoft's $13B stake may not be enough to keep pace with Anthropic's valuation trajectory.
