Anthropic is targeting a $900 billion valuation in a possible $50 billion funding round.

      The company is considering offers of around $50 billion with a valuation between $850 and $900 billion, with a board decision anticipated in May and a possible IPO as soon as October 2026. According to Bloomberg, Anthropic is exploring a new funding round at a valuation exceeding $900 billion. Sources familiar with the situation report that these discussions are in the early phases, and no offers have been finalized. The company has chosen not to comment.

      A decision from the board regarding whether to move forward is expected in May. If this funding round closes under those conditions, Anthropic would surpass OpenAI, which has a valuation of $852 billion after its record-setting $122 billion round in March, thereby becoming the most valuable private AI company globally.

      This round would also more than double Anthropic’s existing valuation. The company previously raised $30 billion in February 2026, achieving a valuation of $380 billion, an event already labeled as the second-largest private funding round ever.

      The rapid increase in valuation is remarkable even by contemporary AI standards: jumping from $61.5 billion in March 2025 to $183 billion by September during its Series F, reaching $380 billion by February, and potentially exceeding $900 billion in May if current discussions advance.

      What is fueling this demand?

      Two factors have combined to create the urgency among investors. Firstly, Anthropic's revenue growth is impressive, with an annualized revenue run rate of about $9 billion by the end of 2025, $30 billion by the end of March 2026, and the recent announcement that it has surpassed $30 billion in annualized revenue. No other American tech company has experienced this level of growth. Currently, enterprise customers account for approximately 80% of Anthropic’s revenue, with over 1,000 companies spending more than $1 million each year on its services.

      The second factor is Mythos, Anthropic’s sophisticated cybersecurity model, launched on April 7. Mythos has led to significant meetings involving officials from the Trump administration, technology executives, and banking leaders, and crucially, to support this model, Anthropic requires significantly more computing power than it currently has.

      Recently, the White House has expressed its opposition to broadening Mythos access to additional users because Anthropic does not possess enough computing capacity to serve more clients without compromising the government’s access.

      Anthropic has recently secured substantial computing commitments from Amazon, which has agreed to invest up to $25 billion and provide 5 gigawatts of computing capacity, and Google, which is prepared to invest up to $40 billion with an additional 5 gigawatts of capacity. However, operating a model as complex as Mythos at scale demands more than what these existing commitments can provide, and a primary funding round would give Anthropic the financial flexibility to directly acquire more computing resources beyond what its strategic partners have allocated.

      IPO on the horizon

      The timing of these discussions is influenced by Anthropic’s anticipated IPO plans. Bloomberg indicates that a public listing might occur as soon as October 2026. Sources from TechCrunch describe the potential $50 billion funding round as possibly the final private fundraising effort before going public. Anthropic is reportedly in preliminary discussions with Goldman Sachs, JPMorgan, and Morgan Stanley about the offering, with estimates of raising around $60 billion.

      A $900 billion pre-IPO valuation would position the company for one of the largest tech IPOs in history, potentially increasing pressure on OpenAI, which is also expected to go public in 2026 amid growing scrutiny from its own investors.

      Earlier this month, Anthropic's shares were trading at an implied valuation of $1 trillion in secondary markets, influenced by the rapid revenue increase and a mismatch between supply and demand for available shares. A primary funding round at $900 billion would represent a slight discount compared to that secondary market pricing, which is atypical in private markets where primary rounds usually carry a premium.

      Whether Anthropic can maintain the revenue growth that justifies these valuations remains a critical question for both the board’s imminent May decision and the broader public market evaluation in the future.