SAN FRANCISCO—Anthropic PBC, the artificial intelligence startup behind the Claude chatbot, has closed its latest funding round above an initial $10 billion target at a staggering $350 billion valuation, according to three sources familiar with the discussions. The total raised landed between $10 billion and $15 billion, with potential for further increases if Microsoft Corp. and Nvidia Corp. add to their commitments, the sources said, speaking on condition of anonymity because the details remain confidential. CNBC confirmed the closure on Tuesday.
Coatue Management and Singapore’s sovereign wealth fund GIC led the financing, joined by Sequoia Capital. Microsoft and Nvidia, which announced plans in November to invest up to $5 billion and $10 billion respectively, may participate, though their exact involvement is unclear. This round follows a series of rapid escalations: Anthropic raised $13 billion in September 2025 at $183 billion, after a $3.5 billion deal in March at $61.5 billion. Reuters first reported plans for the $10 billion raise at $350 billion on Jan. 7.
Valuation Surge Fuels AI Investment Frenzy
The deal underscores insatiable investor demand for frontier AI developers amid booming enterprise adoption. Anthropic’s revenue run rate topped $9 billion by late 2025, with CEO Dario Amodei telling CNBC the company generated close to $10 billion last year. Internal projections aim for $20 billion to $26 billion in annualized revenue for 2026, driven by tools like Claude Code, which nears $1 billion in run rate. TechCrunch noted the round as Anthropic’s third mega-financing in a year.
For context, rival OpenAI reached $500 billion in October 2025, while Elon Musk’s xAI raised $20 billion, likely exceeding $230 billion. Anthropic’s backers include Amazon.com Inc. and Alphabet Inc.’s Google, which have poured billions into the startup. The new capital is separate from a November deal where Anthropic committed $30 billion to Microsoft Azure compute powered by Nvidia chips. Bloomberg highlighted GIC and Coatue’s leadership.
Strategic Compute Deals Reshape AI Economics
Investors like Iconiq Capital, Lightspeed Venture Partners, Menlo Ventures, Fidelity and Sequoia are piling in with checks of at least $1 billion each, per Bloomberg. This frenzy reflects bets on Anthropic’s safety-focused approach, founded in 2021 by former OpenAI executives Dario and Daniela Amodei. The company hired Wilson Sonsini Goodrich & Rosati for IPO preparations as early as 2026, amid talks of a private round over $300 billion. Financial Times broke the oversubscription news.
Anthropic’s growth hinges on enterprise deals, with 80% of revenue from stable sources, positioning it for positive cash flow by 2028 unlike peers burning billions. Claude’s expansions include U.S. government access for $1 and a Bengaluru office in 2026, tripling international staff. X posts from accounts like @LiveSquawk and @CNBC amplified the closure, with @ns123abc noting the near-doubling in five months.
IPO Path Emerges Amid Bubble Warnings
The funding arrives as Anthropic eyes public markets, potentially listing late 2026. The New York Times reported the $350 billion target nearly doubles the September valuation. Critics flag bubble risks, with valuations outpacing revenues, echoing dot-com eras. Yet, AI infrastructure demands—data centers, chips—justify the scale, as Anthropic commits $50 billion to U.S. facilities per X discussions.
Enterprise tools like Claude Opus 4.5 power coding automation, winning developers. Global expansion targets India as the second-largest market. Sovereign funds like GIC signal state-level stakes in AI dominance. The Guardian tied the raise to record AI valuations despite bubble concerns.
Investor Lineup Signals Long-Term Dominance
Coatue and GIC’s leads, with Sequoia’s participation, blend tech VCs and sovereign capital. Microsoft’s Azure and Nvidia ties lock in compute, critical as models demand gigawatts. Anthropic’s PBC structure emphasizes safety, differentiating from rivals. Revenue from API access hit $3.8 billion projected for 2025, doubling OpenAI’s. Forbes covered the aggressive targets.
X chatter, including @testingcatalog’s ‘exponential takeoff,’ reflects hype. As OpenAI eyes $830 billion and $100 billion raises, Anthropic’s close cements its tier-one status. The round’s oversubscription—potentially to $20 billion per some X claims—highlights capital concentration on few frontier players.
Revenue Projections Drive Next-Generation Push
Anthropic projects $70 billion by 2028, per reports, fueling model iterations like Haiku for cost-sensitive firms. International growth and government contracts bolster stability. While cash burn concerns linger—$5.2 billion on $9 billion ARR—the $10-15 billion infusion funds scaling. This positions Anthropic to challenge leaders in the multi-trillion AI prize.