Anthropic agrees terms on $30 billion round at $900 billion valuation as OpenAI’s own backers co-lead the deal

Anthropic has agreed terms on a $30 billion fundraise that would value the Claude developer at $900 billion before the new money, the Financial Times reported Thursday.

The round could close as soon as this month. Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital have agreed to co-lead, with each committing $2 billion or more. Anthropic is in talks with other investors to fill the remainder.

CFO Krishna Rao initiated discussions with prospective backers in the past two weeks after the company was approached by investors last month, according to people familiar with the talks.

OpenAI’s investors are betting on both sides

Three of the four co-leads also hold significant positions in OpenAI. Dragoneer invested close to $3 billion in OpenAI last year. Sequoia first backed the ChatGPT maker in 2021.

Altimeter CEO Brad Gerstner has hosted Sam Altman on his podcast and publicly promoted the company in interviews. OpenAI was last valued at $852 billion in its March round.

If the Anthropic round closes at $900 billion, these investors will hold major stakes in both of the world’s most valuable AI companies simultaneously.

The dual positioning reflects a market in which leading venture firms no longer pick a single frontier AI lab. They fund both and wait for the public markets to sort out which bet pays more.

Amazon and Google, which have previously committed tens of billions to Anthropic, are not expected to participate in this round, per the FT.

Revenue appears to have surpassed OpenAI’s

Anthropic’s annualized revenue is expected to cross $45 billion imminently, marking a fivefold increase from $9 billion at the end of 2025.

The figure would place Anthropic’s revenue ahead of OpenAI’s, though the two companies use different accounting methods.

The growth is driven by enterprise adoption of Claude Code and related developer tools. As Cryptopolitan reported last month, more than 1,000 enterprise customers now spend over $1 million annually on Claude services, a count that doubled in under two months. Gross margins have improved from 38% a year ago to above 70%, per TradingKey.

Anthropic raised $13 billion at $183 billion in September 2025. It closed a $30 billion Series G at $350 billion in February, led by Coatue and GIC. The jump from $350 billion to $900 billion in roughly three months ranks among the fastest valuation increases for any late-stage private company on record.

Bloomberg has reported Anthropic is considering an IPO as early as October.

Some investment bankers have privately estimated a public listing could value the company between $400 billion and $500 billion, well below the $900 billion private round target. That gap has led some early investors to skip this round and wait for public market liquidity instead.

The deal is not yet finalized. Terms could still change before an announcement, the FT reported.