Anthropic's revenue has surged to $30B annually, backed by compute deals with Amazon and Google, fueling a potential record AI fundraising round.
Anthropic is entertaining investor offers that would peg its valuation above $900 billion, Bloomberg reported Wednesday. At that figure, the Claude maker would overtake OpenAI as the most valuable artificial intelligence startup in the world. OpenAI completed a $122 billion raise in late March at an $852 billion valuation.
No offers have been accepted, and discussions are described as being in their earliest phases. Anthropic declined to comment. TechCrunch put the expected raise at $40 billion to $50 billion, with a May board meeting the likely forum where Anthropic decides whether to proceed and on what terms.
Demand is running ahead of supply. At least one institution willing to commit up to $5 billion has been unable to secure a meeting with CFO Krishna Rao, according to TechCrunch.
As recently as February, Anthropic was valued at $380 billion. A $900 billion-plus figure would represent a gain of more than 130 percent in roughly two months -- steep even by current artificial intelligence standards, though not unprecedented in the sector.
The revenue case
What grounds the valuation in something beyond investor sentiment is revenue. Anthropic has publicly disclosed that its annualized revenue run rate now exceeds $30 billion, up from roughly $9 billion at the close of 2025. That is more than a threefold increase in a matter of months, driven largely by AI coding tools, most visibly Claude Code.
That trajectory shifts the story from pure speculation to something closer to a growth-equity investment. Whether the rate is durable -- or reflects an initial rush of enterprise adoption that will eventually moderate -- is the key question investors will have to price.
Compute bets
Raising at this scale also reflects a structural reality: frontier model development requires infrastructure no company can finance from operations alone. Earlier this month Anthropic secured a deal with Amazon granting it access to up to 5 gigawatts of compute, backed by an Amazon investment commitment of as much as $25 billion. A separate arrangement involving Google and Broadcom will add another 5 gigawatts of capacity, with Google pledging up to $40 billion.
Both commitments signal that Anthropic's largest cloud partners are making long-term bets on the company's relevance, not simply placing opportunistic minority stakes.
Competitive picture
Twelve months ago, the industry widely treated OpenAI as the structurally dominant player in generative AI; Claude was capable but not a commercial equal. Revenue figures and investor demand now suggest that picture has changed. CNBC reported in March that OpenAI plans to grow its headcount from 4,500 to 8,000 by year-end, a sign it is scaling aggressively too. But Anthropic's growth rate has compressed what once looked like an insurmountable gap.
The caveats matter. Yahoo Finance noted that Bloomberg's reporting relies on unnamed sources and that Anthropic has not confirmed any plans. A May board meeting could produce a more conservative valuation, a deferred round, or no deal at all. A nine-hundred-billion-dollar figure implies multiples that demand sustained, exceptional performance to justify.
Whether Claude Code and Anthropic's enterprise offerings can hold their adoption rate as the artificial intelligence tools market grows more competitive is the real test. If they can, the current investor appetite reflects genuine fundamentals. If growth moderates, this round will be remembered as the moment AI valuations detached entirely from near-term business realities.
FAQ
What is Anthropic's current valuation?
Anthropic was last valued at $380 billion in February 2026. The $900 billion figure is the target being discussed in a new fundraising round, not a figure from a completed transaction.
How does Anthropic's potential valuation compare to OpenAI's?
OpenAI completed a $122 billion raise in late March 2026 at an $852 billion valuation. An Anthropic deal above $900 billion would give it the higher headline number, making it the most valuable private AI company by that measure.
What is driving Anthropic's revenue growth?
The company's annualized revenue run rate has risen from roughly $9 billion at end-2025 to more than $30 billion. AI coding tools, particularly Claude Code, are credited as a primary contributor to that jump.
When will Anthropic decide on the fundraise?
A May 2026 board meeting is the likely decision point, according to TechCrunch. Anthropic has not publicly confirmed a timeline or the existence of the discussions.