Anthropic is about to test just how hot the AI funding market still is.
The Claude-maker is gearing up to raise a fresh $10 billion at a $350 billion valuation, according to The Wall Street Journal. TechCrunch separately confirmed both the raise and the valuation with a person familiar with the matter.
If it closes at that price, the deal would almost double Anthropic’s valuation in just three months.
From $61.5B in March to $350B now
Anthropic last raised a massive $13 billion Series F round at a $183 billion valuation three months ago. Before that, in March, the company secured $3.5 billion at a $61.5 billion valuation.
Put differently: in under a year, Anthropic’s paper valuation has jumped from $61.5 billion to a reported $350 billion, with two giant equity rounds in between.
Coatue Management and GIC, Singapore’s sovereign wealth fund, are set to lead the new round, the WSJ reported, citing sources familiar with the deal. The financing is expected to close in the coming weeks, and the final amount could still change.
Anthropic declined to comment.
Separate from the $15B Nvidia–Microsoft pact
This new equity round sits alongside — and separate from — a sprawling financing arrangement Anthropic recently struck with Nvidia and Microsoft.
The two giants have committed to invest $15 billion in Anthropic in a “circular” deal structure. Under that agreement, Anthropic would in turn buy $30 billion worth of compute capacity from Microsoft Azure, powered by Nvidia chips.
Taken together, the equity raise and the compute-heavy partnership underscore how capital-intensive frontier AI has become. Anthropic is effectively locking in both cash and the GPU access it needs to train and run its largest models.
Claude Code momentum and IPO watch
The funding push comes as Anthropic is winning mindshare with developers through Claude Code, its coding automation tool powered by Claude Opus 4.5.
Developer adoption is a critical leading indicator in this phase of the AI platform race. Tools like Claude Code help embed Anthropic’s models into day-to-day workflows, from software engineering to application prototyping.
The company is also preparing for a potential IPO this year, according to the original TechCrunch report, lining up alongside its main rival OpenAI.
OpenAI is in talks to raise as much as $100 billion at a $750 billion valuation. If both deals land anywhere near those marks, the AI stack could soon be dominated by two privately held companies valued in the hundreds of billions — before either of them tests the public markets.
For now, Anthropic’s prospective $10 billion round shows that late-stage investors are still willing to write enormous checks for a shot at the very top of the AI market.
