Anthropic Targets $900B Valuation in $50B Round, Surpassing

Anthropic is asking investors to submit allocations for a $50 billion funding round targeting a $900 billion valuation within 48 hours, with the round expected to close within two weeks. According to TechCrunch sources, the Claude AI maker has received multiple preemptive offers in the $850-900 billion range, potentially exceeding OpenAI’s $852 billion valuation from its record $122 billion round earlier this year.

The company’s annual revenue run rate has surpassed $30 billion as of this month, though sources familiar with Anthropic’s financials indicate the actual run rate is closer to $40 billion. This represents dramatic growth from approximately $9 billion at the end of 2025.

Investor Demand Reaches Fever Pitch

Investor interest in Anthropic has reached unprecedented levels, with demand far exceeding the planned round size. CNBC confirmed that multiple institutional investors are competing for allocations, with one prepared to commit $5 billion but unable to secure a meeting with CFO Krishna Rao.

The round is expected to total $40-50 billion, though final valuation may exceed $900 billion given soaring demand. Anthropic is expected to make a definitive decision on the round and valuation at a May board meeting, according to sources.

Some early backers who invested in 2024 or earlier are skipping this round, instead waiting for Anthropic’s anticipated IPO later this year. The company is raising what is likely its last private round before going public to fund massive computing infrastructure needs.

Revenue Growth Driven by AI Coding Capabilities

A significant portion of Anthropic’s revenue growth stems from AI coding capabilities through its Claude Code and Cowork platforms. Many investors believe the company is only beginning to tap its potential, given expansion opportunities into finance, life sciences, and healthcare sectors.

The company raised its previous round in February at a $380 billion valuation. At $900 billion, Anthropic would more than double its valuation in just months while surpassing chief rival OpenAI’s market position.

Key Revenue Metrics:

• Current run rate: ~$40 billion annually
• Announced run rate: $30+ billion
• End of 2025 run rate: ~$9 billion
• Growth acceleration: 300%+ year-over-year

Legal AI Competition Heats Up

Meanwhile, legal AI startup competition intensified as Swedish-born Legora reached a $5.6 billion valuation following a $50 million Series D extension. According to TechCrunch, the Y Combinator alum crossed $100 million in annual recurring revenue, though it remains significantly behind Harvey’s $11 billion valuation.

NVIDIA’s NVentures joined Legora’s cap table alongside Atlassian and other investors, marking the chip giant’s first legal AI investment. Legora serves over 1,000 law firms across 50 markets, competing with Harvey’s 100,000 lawyers across 1,300 organizations.

The legal AI battle reflects broader enterprise AI adoption, with both companies securing high-profile clients including global law firms and corporate legal teams.

European AI Startup Ecosystem Emerges

European AI startups are gaining traction beyond established players like Mistral AI. TechCrunch identified 21 European startups worth watching, including Prague-based BottleCap AI and defense tech company Alta Ares, which develops AI-powered counter-drone systems.

European VCs are tracking numerous pre-unicorn startups across sectors from defense to enterprise AI. The region’s deep tech talent pool positions Europe to compete in the global AI race, though most remain in earlier funding stages compared to U.S. counterparts.

Notable European AI Sectors:

• Defense technology (Alta Ares)
• Enterprise AI platforms
• Legal technology (Legora)
• Industry-specific AI solutions

What This Means

Anthropic’s potential $900 billion valuation signals the AI market’s continued expansion and investor appetite for leading foundation model companies. The rapid timeline — 48 hours for allocations, two weeks to close — demonstrates unprecedented urgency in AI investing.

The valuation leap from $380 billion to $900 billion in months reflects both Anthropic’s revenue acceleration and market positioning against OpenAI. With $40 billion in annual run rate, Anthropic trades at roughly 22.5x revenue — premium but justified by growth trajectory and market opportunity.

This likely final private round before IPO suggests Anthropic aims to go public from a position of strength, potentially setting the stage for one of the largest tech IPOs in history. The legal AI competition between Harvey and Legora, meanwhile, illustrates how vertical AI applications are creating substantial value in specific sectors.

FAQ

How does Anthropic’s $900B valuation compare to other AI companies?
Anthropic’s targeted $900 billion valuation would surpass OpenAI’s $852 billion valuation from its recent $122 billion funding round. This would make Anthropic the most valuable private AI company globally.

What is driving Anthropic’s rapid revenue growth?
Anthropic’s revenue growth from $9 billion to $40 billion run rate is primarily driven by its Claude AI coding capabilities through Claude Code and Cowork platforms, along with expansion into enterprise applications across multiple industries.

When will Anthropic go public?
While Anthropic hasn’t announced specific IPO timing, sources indicate the company plans to go public later this year following this final private funding round. Early investors are reportedly waiting for the IPO to cash out rather than participating in the current round.