Anthropic Eyes $900B Valuation in $50B Round Within Two

Anthropic is asking investors to submit allocations for a $50 billion funding round within 48 hours, with the deal expected to close within two weeks at a $900 billion valuation, according to TechCrunch sources. The Claude AI maker would surpass rival OpenAI’s $852 billion valuation from its record $122 billion round earlier this year.

CNBC confirmed that Anthropic is in active talks with investors about the massive funding round, which would more than double the company’s February valuation of $380 billion. The AI startup’s annual revenue run rate has surpassed $30 billion as of this month, though sources familiar with the company’s financials told TechCrunch the actual run rate is closer to $40 billion.

Record-Breaking AI Valuations Drive Market Frenzy

Investor demand for Anthropic has reached “feverish pitch,” with the company receiving multiple preemptive offers in the $850-900 billion range. According to TechCrunch, one institutional investor prepared to commit $5 billion has yet to secure a meeting with Anthropic CFO Krishna Rao, highlighting the intense competition among backers.

The funding round represents what is likely Anthropic’s final private fundraise before an anticipated IPO later this year. The company needs massive capital to fund its computing infrastructure as it scales AI model development and deployment.

Some early investors who backed Anthropic in 2024 or earlier are skipping this round, instead waiting to cash out during the public offering. This strategic positioning reflects confidence in the company’s IPO prospects and potential for further valuation growth.

Legal AI Battle Heats Up as Legora Hits $5.6B Valuation

Meanwhile, Swedish legal AI startup Legora reached a $5.6 billion post-money valuation following a $50 million Series D extension, TechCrunch reported. The Y Combinator alum crossed $100 million in annual recurring revenue just 18 months after launching its platform.

NVIDIA’s corporate VC arm NVentures joined the round alongside Atlassian and other investors, marking the chip giant’s first legal AI investment. Legora now serves over 1,000 law firms and in-house legal teams across 50 markets, including major clients like Bird & Bird, Cleary Gottlieb, and Linklaters.

The valuation brings Legora closer to competitor Harvey, which reached $11 billion last month when Sequoia Capital tripled down on its investment. Harvey claims 100,000 lawyers across 1,300 organizations as customers, including global firms like Hengeler Mueller and Latham & Watkins, plus corporate teams at T-Mobile and Bridgewater.

European AI Startups Gain VC Attention Beyond Unicorns

European venture capitalists are tracking numerous AI startups beyond established players like Mistral AI and Lovable. TechCrunch surveyed investors at leading European VC funds to identify emerging companies across various sectors and development stages.

Notable mentions include Prague-based BottleCap AI and defense tech company Alta Ares, which develops AI-powered counter-drone systems. Alta Ares addresses growing demand for affordable solutions to detect and counter drone incursions, particularly relevant given Europe’s focus on defense modernization following the Ukraine conflict.

Key European AI Investment Themes:

• Defense technology gaining mainstream VC interest
• Deep tech talent positioning Europe competitively in AI race
• Startups spanning pre-launch to unicorn stages across multiple sectors
• Geographic diversity beyond traditional tech hubs

Revenue Growth Drives Massive Valuations

Anthropic’s revenue surge from roughly $9 billion at the end of 2025 to over $30 billion currently demonstrates the explosive growth potential driving investor interest. Much of this revenue stems from the company’s AI coding capabilities through Claude Code and Cowork platforms.

Investors believe Anthropic is “only scratching the surface” of its potential, given expansion opportunities into finance, life sciences, and healthcare sectors. The company’s rapid scaling mirrors broader trends in enterprise AI adoption across industries.

The legal AI sector exemplifies this pattern, with both Legora and Harvey achieving significant traction by addressing specific professional workflows. Legora’s 18-month journey from launch to $100 million ARR illustrates the speed at which specialized AI applications can capture market share.

What This Means

Anthropic’s potential $900 billion valuation signals continued investor confidence in AI’s transformative potential, even as valuations reach unprecedented levels. The company’s revenue growth from $9 billion to $40 billion in roughly one year justifies aggressive pricing, though such multiples raise questions about sustainable returns.

The legal AI competition between Legora and Harvey foreshadows broader sector dynamics as specialized AI applications mature. Success will increasingly depend on client acquisition, platform stickiness, and marketing execution rather than pure technical capabilities.

For European AI startups, the VC attention beyond established unicorns suggests a deepening ecosystem with opportunities across multiple verticals. However, competing with Silicon Valley giants for talent and capital remains challenging despite strong technical foundations.

FAQ

When will Anthropic’s $50 billion funding round close?
Sources indicate the round could close within two weeks, with investors required to submit allocations within 48 hours of the announcement.

How does Anthropic’s valuation compare to OpenAI?
At $900 billion, Anthropic would surpass OpenAI’s $852 billion valuation from its record $122 billion funding round earlier this year.

What is driving legal AI startup valuations like Legora’s $5.6 billion?
Rapid revenue growth, enterprise client adoption, and competition for market share in the legal technology sector are pushing valuations higher as firms like Legora and Harvey race to dominate the space.