Anthropic just passed OpenAI on valuation

A $900 Billion Price Tag, Three Months After the Last Round

@AnthropicAI has agreed terms on a $30 billion funding round at a $900 billion pre-money valuation, according to the Financial Times. The figure is a near-tripling of the $380 billion mark the company carried after its February raise, and it nudges Anthropic past @OpenAI, which was last valued at $852 billion in a funding round completed in March.

The implied valuation of roughly $900 billion represents a stunning jump, arriving just three months after Anthropic was valued at $380 billion. The speed of the escalation is extraordinary even by current AI standards, with the company moving from $61.5 billion in March 2025, to $183 billion by its Series F in September, to $380 billion in February, and now to more than $900 billion in May.

The round is co-led by Greenoaks, Sequoia, Altimeter, and Dragoneer, each expected to invest $2 billion or more. Notably, three of the four firms also back @OpenAI, a sign that the largest funds are not choosing sides in the AI race so much as doubling down on the entire top tier.

Claude Code Is the Revenue Engine

Anthropic's annualised revenue stood at around $9 billion at the end of 2025. By April 2026, that had climbed to more than $30 billion, and the company is expected to surpass $45 billion shortly. That growth has been driven largely by enterprise adoption of developer tools such as Claude Code, with enterprise clients contributing over 80% of revenue.

Anthropic has noted that eight of the Fortune 10 companies are already stable clients, and the number of enterprise customers spending more than $1 million annually has surpassed 1,000. Gross margins have also improved significantly, rising from 38% a year ago to over 70%, easing concerns that high computing costs would erode profitability.

The capital push comes as the San Francisco-based company explores a potential initial public offering as early as October, with the fresh funds viewed as essential for securing the computing power required to sustain its growth trajectory. Anthropic is reported to be in early discussions with Goldman Sachs, JPMorgan, and Morgan Stanley about the offering.

Sources

Bloomberg: Anthropic in Talks to Raise $30 Billion at $900 Billion Valuation
The Next Web: Anthropic eyes a $900 billion valuation in a potential $50 billion round
Tech Funding News: Anthropic eyes $30B round at $900B valuation just months after closing record Series G