Anthropic's $900B Round Is Two Weeks Away — and Investor Demand May Push It Higher

The clock is running

Anthropic is moving fast. As of April 30, the company was asking prospective investors to submit their allocation requests within 48 hours, according to sources familiar with the matter cited by TechCrunch. The round — expected to total roughly $50 billion — is on track to close within two weeks.

The target valuation is approximately $900 billion, but sources indicate investor demand has been intense enough that the final figure could exceed it. Anthropic declined to comment.

From $380B to $900B in under three months

The pace of Anthropic's valuation escalation is striking even against the inflated norms of today's AI funding landscape. The company closed a $30 billion Series G in February 2026 at a $380 billion valuation — at the time already described as one of the largest private fundraises in history. If this round closes at $900 billion, Anthropic would more than double that figure in roughly three months.

That trajectory also puts Anthropic ahead of its primary rival. OpenAI completed a $122 billion raise in early 2026 at an $852 billion post-money valuation. A successful Anthropic close at or above $900 billion would leapfrog OpenAI and make Anthropic the most valuable private AI company in the world.

Stepping back further: Anthropic was valued at $61.5 billion in March 2025, $183 billion by its Series F in September, $380 billion in February 2026, and is now targeting more than $900 billion just months later. No major technology company has compressed a valuation arc like this in recent memory.

Revenue, compute, and Claude Mythos

Two things are driving the investor urgency. The first is revenue. Anthropic publicly stated this month that its annualized revenue run rate has crossed $30 billion — a figure that itself was roughly $9 billion at the end of 2025. Sources with knowledge of its financials told TechCrunch the internal number is closer to $40 billion. Enterprise customers now represent around 80% of that revenue, with over 1,000 businesses spending more than $1 million per year on Anthropic services.

The second driver is compute. Anthropic recently unveiled Claude Mythos Preview, a model with advanced cybersecurity capabilities available only to a select group of companies. Running Mythos at scale requires substantial infrastructure. The company has already secured up to 5 gigawatts of compute capacity through a deal with Amazon — which committed up to $25 billion in investment — and an additional 5 gigawatts through a joint arrangement with Google and Broadcom, with Google pledging up to $40 billion. Even with those commitments in place, the company needs fresh capital to operationalize them.

Early backers are sitting this one out

Not everyone is rushing in. Investors who backed Anthropic in 2024 or earlier are largely skipping this round, according to sources. The calculus for them is straightforward: with an IPO anticipated later in 2026, early backers would rather wait for the public market exit than take on more exposure now at a valuation approaching $1 trillion.

That dynamic makes the round effectively pre-IPO positioning territory — new investors buying in at a premium with the expectation of a public listing within months. It also explains why the round is drawing intense demand despite the eye-watering valuation: for institutional investors without an existing position, this may be the last chance to get in before Anthropic goes public.

Key numbers at a glance

• $50B — approximate size of the round being raised
• $900B+ — target valuation, with demand suggesting the final number may be higher
• $40B — internal annualized revenue run rate, per sources (public figure is $30B)
• $380B — Anthropic's valuation as of its February 2026 Series G
• $852B — OpenAI's post-money valuation from its March 2026 raise
• 2 weeks — estimated timeline to close, with allocation requests due within 48 hours of April 30

Sources