Anthropic, the AI company that keeps asking for money like it's buying a small country, is telling investors they have 48 hours to submit allocations for its latest fundraise. According to sources familiar with the matter, the round is expected to be roughly $50 billion and should close within two weeks. The company is targeting a valuation of about $900 billion, though sources note that soaring demand could push it higher - because nothing says "bubble" like investors fighting to overpay.
Interestingly, some early backers - particularly those who invested in 2024 or earlier - are sitting this one out. They're reportedly waiting to cash out during Anthropic's anticipated IPO later this year, presumably hoping to sell their shares to someone even more optimistic.
Anthropic is raising what is likely to be its last private round before going public, and the money will fund its massive computing needs. The company announced this month that its annual revenue run rate has surpassed $30 billion, though sources with knowledge of the company's financials say it's actually closer to $40 billion. But hey, who's counting?
At $900 billion, Anthropic would more than double its valuation from its last round in February ($380 billion) and surpass its chief rival, OpenAI, which closed a record-breaking $122 billion round at an $852 billion post-money valuation earlier this year. So yes, the AI arms race is now a valuation dick-measuring contest, and both sides are winning.