Anthropic Targets $900B Valuation in $50B Round Closing Soon

Anthropic is asking investors to submit allocations for a $50 billion funding round within 48 hours, with the round expected to close within two weeks at a $900 billion valuation, according to sources familiar with the matter. The Claude AI maker’s latest fundraise would surpass OpenAI’s $852 billion valuation from earlier this year and likely represent its final private round before an anticipated IPO.

CNBC confirmed that Anthropic is in talks with investors about the massive funding round, which comes as the company’s annual revenue run rate has surpassed $30 billion — though sources indicate the actual run rate is closer to $40 billion.

Investor Demand Reaches Fever Pitch

Investor appetite for Anthropic shares has reached extraordinary levels, with the company receiving multiple preemptive offers in the $850 billion to $900 billion valuation 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 potential backers.

The company is expected to make a definitive decision on the round and its final valuation at a board meeting in May. However, given soaring investor demand, the final valuation may exceed the $900 billion target, sources indicated.

Despite the intense interest, some early backers — particularly those who invested in 2024 or earlier — are skipping this round. These investors are instead waiting to potentially cash out during Anthropic’s anticipated IPO later this year.

Revenue Growth Drives Valuation Surge

Anthropic’s dramatic revenue growth underpins the massive valuation increase. The company announced this month that its annual revenue run rate surpassed $30 billion, representing a significant jump from roughly $9 billion at the end of 2025. Sources with knowledge of the company’s financials told TechCrunch the actual run rate is closer to $40 billion.

A large portion of that revenue stems from Anthropic’s AI coding capabilities, specifically through its Claude Code and Cowork platforms. The company’s rapid growth shows no signs of slowing, with many investors believing Anthropic is only beginning to tap its potential across industries including finance, life sciences, and healthcare.

The funding round would more than double Anthropic’s valuation from its February round, which closed at $380 billion. At $900 billion, Anthropic would not only surpass chief rival OpenAI but also join the ranks of the world’s most valuable private companies.

Legal AI Competition Heats Up

While Anthropic dominates headlines, the broader AI startup ecosystem continues attracting significant investment. Legal AI startup Legora recently hit a $5.6 billion valuation following a $50 million Series D extension, according to TechCrunch. The Swedish-born company crossed $100 million in annual recurring revenue and secured backing from NVentures, Nvidia’s corporate VC fund.

Legora’s valuation surge comes amid intensifying competition with U.S. rival Harvey, which reached an $11 billion valuation last month when Sequoia tripled down on its investment. The legal AI space is becoming increasingly competitive, with both companies claiming significant client bases — Legora serves over 1,000 law firms across 50 markets, while Harvey claims 100,000 lawyers across 1,300 organizations.

NVentures’ investment in Legora reportedly marks Nvidia’s first legal AI investment, adding another brick to the chip giant’s expanding AI empire. Other notable investors in Legora include Atlassian, while Harvey’s backers include Andreessen Horowitz, Coatue, and Kleiner Perkins.

European AI Ecosystem Gains Momentum

The funding frenzy extends beyond U.S. giants to European startups gaining VC attention. TechCrunch highlighted 21 European startups worth watching, including Prague-based BottleCap AI and defense tech company Alta Ares, which develops AI-powered counter-drone systems.

European investors are increasingly bullish on the region’s deep tech talent, viewing it as a potential differentiator in the global AI race. While companies like Mistral AI have already achieved significant scale, many promising European startups remain in earlier stages but are attracting close VC scrutiny.

The defense tech sector, in particular, has transformed from pariah to trending investment category in Europe, driven by the Ukraine conflict’s wake-up call for military modernization. Alta Ares’ interceptors represent the type of cheaper solutions armies need to detect and counter drone incursions.

What This Means

Anthropic’s potential $900 billion valuation represents a watershed moment for AI startup funding, demonstrating how quickly market leaders can achieve unprecedented valuations. The company’s revenue trajectory — from $9 billion to potentially $40 billion run rate in roughly a year — illustrates the explosive growth possible in AI markets.

The funding round’s structure, with early investors stepping aside for IPO opportunities, signals growing maturity in AI startup investment cycles. This pattern suggests we’re approaching a new phase where successful AI companies transition from private darlings to public market entities.

The intense investor competition for Anthropic shares also highlights the concentration of capital in proven AI winners, potentially creating challenges for emerging startups seeking funding. However, the broader ecosystem remains vibrant, with specialized players like Legora and European startups continuing to attract significant investment.

FAQ

When will Anthropic’s $50 billion funding round close?
According to sources, Anthropic is asking investors to submit allocations within 48 hours, with the round expected to close within two weeks. A final decision on valuation is expected at a May board meeting.

How does Anthropic’s valuation compare to OpenAI?
At $900 billion, Anthropic would surpass OpenAI’s $852 billion valuation from its recent $122 billion funding round. This would make Anthropic the most valuable AI startup globally.

What’s driving Anthropic’s massive revenue growth?
Anthropic’s revenue surge from $9 billion to potentially $40 billion run rate is largely driven by its AI coding capabilities through Claude Code and Cowork platforms, along with expansion into finance, healthcare, and life sciences sectors.