Anthropic approaches $1 trillion valuation as revenue grows fivefold

Update May 8:

According to the Financial Times, Anthropic's planned funding round is taking shape. The round aims to raise up to $50 billion, which would value the company at roughly $900 billion. Dragoneer, General Catalyst, and Lightspeed Venture Partners are among the interested investors. A deal is expected to close within two months.

Anthropic CFO Krishna Rao is leading the talks but hasn't finalized terms yet. According to the FT, Rao deliberately delayed the round until deals for compute capacity with SpaceX, Google, Broadcom, and AWS were in place, along with a new partnership with private equity firms.

The most notable new detail is the revenue figure: Anthropic's annualized revenue is on the verge of hitting $45 billion, according to the FT—a fivefold increase from $9 billion at the end of 2025. The FT points to Claude Code for developers and Cowork for less technical users as the main growth drivers.

At the same time, Anthropic has been struggling with capacity constraints that have disrupted customer operations in recent weeks. According to the FT, investors are looking to get in ahead of a potential IPO that could come as early as late this year.

Original article from April 30:

Anthropic is reviewing investor offers for a new funding round that would value the AI company at over $900 billion, Bloomberg reports. That would let Anthropic overtake rival OpenAI as the world's most valuable AI startup. The talks are still in very early stages, and no offer has been accepted yet. Anthropic had previously turned down multiple offers at valuations of $800 billion or more - apparently holding out for a higher number.

Google recently committed $10 billion to Anthropic, though still at the older $350 billion valuation from a February round. Up to $30 billion more could follow if Anthropic hits certain performance targets. Amazon is also investing $5 billion at that same valuation, with plans for an additional $20 billion. Whether Google and Amazon will participate in the new round remains unclear.

Anthropic is also considering an IPO starting in October. OpenAI was last valued at $852 billion, but is reportedly struggling with missed revenue and growth targets.