Anthropic Targets $30 Billion Round at $900 Billion Valuation

Anthropic is preparing to close a financing round of more than $30 billion at a valuation north of $900 billion, according to Bloomberg, with a term sheet expected as early as the end of this week. If the deal lands at the upper end of the range, the Claude maker will overtake OpenAI's March valuation of $852 billion and become the world's most valuable AI startup.

The round is being co-led by Sequoia Capital, Dragoneer Investment Group, Greenoaks Capital and Altimeter Capital, with each firm reportedly committing roughly $2 billion. Coverage by Yahoo Finance and Tech Times notes the deal is not yet final and no term sheet has been signed publicly, though investors close to the talks say negotiations are advanced.

Revenue catching up to valuation

Anthropic projects $10.9 billion in second-quarter revenue and what would be its first quarterly operating profit, a milestone none of its frontier-model peers has yet claimed. The figure shifts the conversation: this round is not being justified by promises of future cash flow, but by a business that has started to throw off real numbers.

The valuation jump also reflects the scale of compute the company has lined up. Anthropic struck a roughly $45 billion compute agreement with Elon Musk's SpaceX and a $1.8 billion deal with Akamai Technologies earlier this quarter, expanding well beyond its existing partnerships with NVIDIA, AWS Trainium and Google TPUs. The International Business Times reports Microsoft's custom Maia 200 chip is the latest silicon platform under discussion.

The OpenAI overtake

OpenAI's last round priced it at roughly $852 billion. A $900 billion-plus deal puts Anthropic ahead for the first time, although Sam Altman's company is still negotiating a far larger structured tender. The comparison matters less than the trend. Capital is flowing into both at a pace that, six months ago, would have been considered implausible for any private business.

For context on Anthropic's recent moves, the company has expanded its enterprise footprint with deals such as access for Japan's three megabanks and a $200 million partnership with the Gates Foundation. The funding round, when it closes, will add the financial firepower to match those commitments.

Full deal terms have not yet been disclosed. Investors familiar with the talks expect a public announcement in the coming days.