Anthropic targets $900 billion, surpasses OpenAI in valuation

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Key Takeaways

1Anthropic is planning a funding round of $50 billion, aiming for a valuation of $900 billion.

2Anthropic's revenue has quintupled, reaching $45 billion thanks to Claude Code and Cowork.

3Investors like Dragoneer and General Catalyst are interested, ahead of a possible IPO in late 2026.

💡Why it matters — This valuation could make Anthropic the most valuable AI startup, surpassing OpenAI.

Anthropic Aims for Record Valuation

Anthropic, a company specializing in artificial intelligence, is preparing for a massive funding round of $50 billion. This round could value the company at around $900 billion, according to the Financial Times. Such a valuation would place Anthropic ahead of OpenAI, propelling it to the rank of the most valuable AI startup in the world.

Revenue Growth Driven by New Products

Anthropic's annualized revenue has seen a dramatic increase, rising from $9 billion at the end of 2024 to nearly $45 billion currently. This growth is primarily attributed to two new products: Claude Code, aimed at developers, and Cowork, designed for less technical users. These innovations have allowed the company to quintuple its revenue, despite capacity constraints that have affected its recent operations.

Investments and Strategic Partnerships

Among the investors interested in this funding round are Dragoneer, General Catalyst, and Lightspeed Venture Partners. Anthropic's CFO, Krishna Rao, is leading the negotiations, but the final terms have not yet been finalized. Rao has chosen to delay this funding round until agreements with tech giants like SpaceX, Google, Broadcom, and AWS are concluded, as well as a partnership with private equity firms.

Competitive Landscape and IPO Prospects

Anthropic has already turned down several offers at valuations of $800 billion or more, preferring to wait for a better assessment. Google recently invested $10 billion in Anthropic, with the possibility of adding an additional $30 billion if certain targets are met. Amazon has also injected $5 billion, with potential for an additional $20 billion investment. The company is considering an IPO as early as October, which could further strengthen its market position.

Challenges for OpenAI

OpenAI, valued at $852 billion, is facing challenges in meeting its revenue and growth targets. The rise of Anthropic and its potential record valuation could intensify competition in the AI sector.

Update – May 8, 2026

According to the Financial Times, Anthropic's planned funding round is taking shape. This round aims to raise up to $50 billion, which would value the company at approximately $900 billion. Dragoneer, General Catalyst, and Lightspeed Venture Partners are among the interested investors. An agreement is expected to be finalized within the next two months.

Anthropic's CFO, Krishna Rao, is leading the negotiations but has not yet finalized the terms. According to the FT, Rao has deliberately delayed the round until agreements for computing capacity with SpaceX, Google, Broadcom, and AWS are in place, along with a new partnership with private equity firms.

The most notable detail is the revenue figure: Anthropic's annualized revenue is on the verge of reaching $45 billion, according to the FT—a fivefold increase from $9 billion at the end of 2024. The FT highlights that Claude Code for developers and Cowork for less technical users are the main growth drivers.

At the same time, Anthropic has faced capacity constraints that have disrupted client operations in recent weeks. According to the FT, investors are looking to get in before a potential IPO that could occur as soon as the end of this year.