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

      The company is considering offers around $50 billion with a valuation between $850 billion to $900 billion. A board decision is anticipated in May, with a possible IPO as soon as October 2026. According to Bloomberg, Anthropic is exploring a new funding round at a valuation exceeding $900 billion, citing sources familiar with the situation. These discussions are in the early phases, and no proposals have been accepted yet, as the company has opted not to comment.

      A board decision on whether to move forward is expected in May. Should the funding round conclude at these terms, Anthropic would surpass OpenAI, currently valued at $852 billion following its record-setting $122 billion round in March, becoming the world’s most valuable private AI company. This round would also more than double Anthropic’s present valuation. The company raised $30 billion in February 2026 with a $380 billion valuation—a deal already labeled as the second-largest private funding round ever.

      The rapid escalation of the valuation is remarkable even by the standards of the current AI landscape: it climbed from $61.5 billion in March 2025, to $183 billion by its Series F in September, to $380 billion in February, and potentially over $900 billion in May if the discussions progress.

      What is fueling this demand?

      Two factors have combined to create this urgency among investors. First is Anthropic’s revenue growth. The company’s annualized revenue run rate reached about $9 billion by the end of 2025 and $30 billion by the end of March 2026. Earlier this month, the company announced it had exceeded $30 billion in annualized revenue. No company in U.S. tech history has grown at such a pace. Currently, enterprise clients contribute roughly 80% of Anthropic’s revenue, with over 1,000 businesses spending more than $1 million annually on its services.

      The second factor is Mythos, Anthropic’s advanced cybersecurity model, which was introduced on April 7. Mythos has led to high-profile meetings involving Trump administration officials, tech CEOs, and banking executives. Importantly for fundraising, the company requires significantly more computational resources to run it effectively at the demanded scale. Presently, the White House has expressed its opposition to expanding Mythos access due to Anthropic’s insufficient computing power to accommodate more users without impairing the government’s access.

      Anthropic has recently secured significant computational commitments from Amazon, which pledged up to $25 billion and 5 gigawatts of computing capacity, and Google, which committed up to $40 billion along with an additional 5 gigawatts. However, operating a model of Mythos' complexity at scale necessitates more than what these commitments can provide, and a primary round would give Anthropic the financial flexibility to buy additional compute resources beyond what its partners have allocated.

      IPO on the horizon

      The timing of these discussions is influenced by Anthropic's reported plans for an IPO. Bloomberg states that a public listing could occur as soon as October 2026. Sources from TechCrunch describe the potential $50 billion round as likely being the company’s last private fundraising effort before going public.

      Anthropic is said to be in preliminary talks with Goldman Sachs, JPMorgan, and Morgan Stanley regarding the offering, with a projected raise of $60 billion. A $900 billion pre-IPO valuation would set the stage for one of the largest public offerings in tech history and would also increase the pressure on OpenAI, which is expected to IPO in 2026 amid scrutiny from its own investors regarding its valuation.

      Earlier this month, Anthropic’s shares were already trading at an implied valuation of $1 trillion on secondary markets, driven by accelerated revenue and a mismatch in the availability of shares. A primary funding round at $900 billion would reflect a slight discount compared to that secondary pricing, which is atypical in private markets where primary rounds usually command a premium.

      The ability of Anthropic to maintain the revenue growth necessary to justify either figure remains the question that both the board’s May decision and, ultimately, the public markets will need to address.