Anthropic aims for a $900 billion valuation in a possible $50 billion funding round.

      The company is considering offers around $50 billion with a valuation between $850 billion and $900 billion, with a board decision anticipated in May and a possible IPO set for as early as October 2026. According to Bloomberg, Anthropic is exploring a new funding round that could value the company at over $900 billion. Sources indicate that these discussions are still in their preliminary stages and no offers have been accepted yet. The company has opted not to comment.

      A board decision on whether to move forward is projected for May. If the funding round concludes with those terms, Anthropic would become the most valuable private AI company in the world, surpassing OpenAI, which has a valuation of $852 billion following its record-breaking $122 billion funding round in March. This new round would also more than double Anthropic's current valuation, which reached $380 billion after a $30 billion raise in February 2026—already recognized as the second-largest private funding round ever.

      The acceleration in valuation has been remarkable by current AI industry standards: rising from $61.5 billion in March 2025, to $183 billion by the Series F round in September, and to $380 billion in February—potentially exceeding $900 billion if discussions progress in May.

      What is fueling this demand?

      Two factors have come together to create urgent interest from investors. First is the rapid growth in Anthropic’s revenue. The company’s annualized revenue run rate reached around $9 billion by the end of 2025, surged to $30 billion by the end of March 2026, and it announced earlier this month that it has surpassed $30 billion in annualized revenue. No tech company in U.S. history has experienced growth at this pace. Currently, enterprise customers account for about 80% of Anthropic's revenue, with over 1,000 businesses each spending more than $1 million annually on its services.

      The second factor is Mythos, Anthropic’s advanced cybersecurity model launched on April 7. Mythos has prompted high-profile discussions among Trump administration officials, technology executives, and banking leaders, and crucially for fundraising, the company needs significantly more computational power to operate it at the necessary scale. Simultaneously, the White House has expressed opposition to expanding Mythos access to more users, partly due to Anthropic's insufficient computing capacity to support additional users without compromising government access.

      Recently, Anthropic secured substantial compute commitments from Amazon, which agreed to invest up to $25 billion and provide 5 gigawatts of compute capacity, and Google, which pledged up to $40 billion and an extra 5 gigawatts. However, operating a model as complex as Mythos at a large scale requires more than these existing commitments provide, and a primary funding round would offer Anthropic the financial flexibility to acquire additional compute resources beyond those allocated by its strategic partners.

      IPO on the horizon

      The timing of these discussions is influenced by Anthropic's reported plans to go public. Bloomberg notes that a public listing could occur as early as October 2026. Sources from TechCrunch describe the anticipated $50 billion round as potentially the company's last private funding effort before going public.

      Anthropic is reportedly engaged in preliminary discussions with Goldman Sachs, JPMorgan, and Morgan Stanley about this offering, aiming for a $60 billion raise. A pre-IPO valuation of $900 billion would position the company for one of the largest public offerings in tech history, simultaneously increasing the pressure on OpenAI, which also plans to IPO in 2026 amidst scrutiny regarding its valuation by its investors.

      Earlier this month, Anthropic's shares were trading on secondary markets at an implied valuation of $1 trillion, driven by rapid revenue growth and a mismatch between supply and demand for shares. A primary funding round at $900 billion would represent a slight discount compared to that secondary pricing, which is relatively uncommon in private markets where primary rounds usually carry a premium. The question of whether Anthropic can maintain the revenue growth that validates either figure is one that both the board's decision in May and, eventually, public markets will need to address.