Anthropic Nears $350 Billion Valuation in $10 Billion Raise

Anthropic has signed a term sheet for a $10 billion funding round at a $350 billion valuation, nearly doubling its worth in four months and positioning the Claude developer as one of the most valuable private companies in the world.

Coatue and Singapore sovereign wealth fund GIC are leading the financing, which could close within weeks. The round would be Anthropic’s third mega-raise in twelve months, following a $3.5 billion Series E in March 2025 at $61.5 billion and a $13 billion Series F in September at $183 billion.

The trajectory is striking. Anthropic’s valuation has grown nearly six-fold since March, outpacing even the frothy multiples that characterized the AI funding boom of 2023-2024. At $350 billion, Anthropic would rank among the twenty most valuable companies globally by market cap—alongside established tech giants that took decades to reach similar scale.

Revenue Growth Justifies the Numbers

The valuation reflects revenue growth that few technology companies have ever achieved. According to Anthropic’s Series F announcement, run-rate revenue jumped from approximately $1 billion at the start of 2025 to over $5 billion by August—a fivefold increase in eight months. The company serves over 300,000 business customers, with large accounts representing over $100,000 in annual revenue growing nearly 7x year-over-year.

Claude Code reached $1 billion in annualized revenue within six months of its May 2025 general availability. The product, which enables developers to delegate coding tasks through agentic workflows, has been adopted by Netflix, Spotify, KPMG, and Salesforce. That single product line now represents roughly 20% of Anthropic’s total revenue.

The company has also shipped aggressively, and Anthropic’s investment in open standards like the Model Context Protocol and Agent Skills has positioned it as infrastructure provider, not just model vendor.

Separate from the Microsoft-Nvidia Deal

The new round is distinct from the $15 billion investment Microsoft and Nvidia announced in November 2025. That “circular” arrangement sees Anthropic committing to purchase $30 billion of Azure compute capacity running on Nvidia chips, with Microsoft investing up to $5 billion and Nvidia up to $10 billion in return.

The structure drew criticism as round-tripping—investment dollars cycling back through interconnected players. But it also reflects the capital intensity of frontier AI development. Training and serving models at Anthropic’s scale requires infrastructure commitments that would strain even well-funded startups.

The Coatue-GIC round provides growth capital without the compute strings attached. Anthropic can deploy these funds toward research, hiring, and international expansion rather than predetermined infrastructure purchases.

Pre-IPO Positioning

If the round closes as reported, it would likely be Anthropic’s last private financing before a public offering. The company has reportedly hired legal counsel to prepare for an IPO later this year, joining OpenAI in signaling public market ambitions.

The timing reflects both opportunity and pressure. AI companies that can demonstrate sustainable revenue growth have a window to access public markets while investor appetite remains strong. But the window may not stay open indefinitely. Rising interest rates, competition from open-source alternatives, and questions about AI monetization have tempered some of the sector’s earlier exuberance.

Anthropic’s path to profitability may be shorter than competitors expect. The company reportedly plans to break even by 2028—earlier than OpenAI, according to people familiar with both companies’ projections. If accurate, that timeline would make Anthropic an outlier among frontier AI labs burning billions annually on compute and talent.

What It Means for the Industry

The $350 billion valuation places Anthropic in direct competition with OpenAI for the title of most valuable AI company. OpenAI’s $500 billion valuation remains higher, but Anthropic’s growth rate has been faster. xAI’s recent $20 billion raise at a $230 billion valuation adds a third competitor to the frontier tier.

For enterprise customers, the funding race signals continued investment in model capabilities and infrastructure. For investors, it raises questions about how many $100 billion+ AI companies the market can sustain. AI infrastructure spending has reached levels that require either transformative returns or eventual consolidation.

Anthropic’s founders—siblings Dario and Daniela Amodei, who left OpenAI in 2021—have positioned the company around safety research and enterprise reliability. Whether that positioning justifies a valuation approaching half a trillion dollars will depend on whether businesses continue paying premium prices for Claude, and whether Anthropic can sustain its growth as competition intensifies.

The round is expected to close within weeks. Final terms may shift, but the direction is clear: Anthropic is building for a future where frontier AI commands valuations previously reserved for the largest technology companies in history.