Anthropic is reportedly aiming for a staggering $900 billion valuation in its upcoming funding round, which could see the AI startup raising up to $50 billion. This would position it ahead of OpenAI, which secured an $852 billion post-money valuation in March after a $122 billion capital infusion. The talks, disclosed by insiders to the Financial Times, suggest that Anthropic might be on the verge of becoming the most valuable private AI entity globally.
The funding round, still unconfirmed and not yet finalized, could be the company’s last private capital raise before it pursues an initial public offering, possibly as early as October 2026. A decision from Anthropic’s board regarding the round is anticipated this month. One source close to the matter remarked that investors are eager to pour substantial sums into the company.
Anthropic’s revenue growth has been nothing short of explosive, with its annualized run rate surpassing $45 billion—a fivefold increase from $9 billion at the end of 2025. This surge is largely attributed to its Claude Code platform and the Cowork tool, which have attracted over 1,000 enterprise customers each spending more than $1 million annually. Additionally, Amazon recently committed another $5 billion to Anthropic, bringing its total potential investment to $25 billion.
Key venture capital firms like Dragoneer, General Catalyst, and Lightspeed Venture Partners are reportedly in active discussions to participate. Anthropic’s CFO has already met with potential investors, and some existing shareholders are seeking additional allocations even before a formal process begins. The company is also finalizing a $1.5 billion joint venture with Blackstone, Goldman Sachs, and Hellman & Friedman, targeting private equity portfolio companies, which adds a separate commercial revenue stream that bolsters the valuation narrative.
Interestingly, Anthropic’s tokenized pre-IPO shares on Jupiter’s Prestocks platform already imply a $1.2 trillion valuation, exceeding OpenAI’s secondary market valuation of roughly $880 billion. This divergence between private round pricing and on-chain secondary pricing suggests that crypto-native investors are aggressively betting on the company ahead of any public listing. If the round closes at $900 billion, Anthropic would be valued at approximately 20 times its February valuation of $380 billion, achieved just three months prior.