Anthropic in Talks for Massive $30 Billion Funding, Valuation May Join Trillion-Dollar Ranks

Anthropic's valuation has surged in recent months. Following a Series F valuation of $183 billion in September 2025 and a post-money valuation of $380 billion in its Series G round in February 2026, its valuation has doubled once again in less than three months.

OpenAI's previous funding round, completed in March of this year, was valued at $852 billion. If the current negotiations are finalized, Anthropic will surpass OpenAI in private market valuation for the first time.

According to data from platforms such as VENTUALS and PreStocks, Anthropic's implied valuation in crypto derivative markets has skyrocketed to between $1.2 trillion and $1.6 trillion. Although the company previously warned that such tokenized structures do not represent actual equity, it reflects investors' frenzied interest in its IPO prospects.

The rapid expansion in valuation is underpinned by solid performance. By the end of 2025, Anthropic's annualized revenue was approximately $9 billion. By May 2026, this figure had surged to over $44 billion.

This growth rate benefited largely from the rapid enterprise-level implementation of developer tools, such as Claude Code. Enterprise clients contributed over 80% of revenue. Anthropic's official announcement noted that eight of the Fortune 10 companies are already stable clients, and the number of enterprise customers with annual spending exceeding $1 million has surpassed 1,000.

Meanwhile, Anthropic's gross margin has also improved significantly, rising from 38% a year ago to over 70%, dispelling market concerns that high computing costs would erode the profits of AI models.

For high-growth AI firms such as Anthropic, the primary purpose of massive capital raises is often to prepay for computing power infrastructure expenditures.

The company's rapid growth has placed its computing infrastructure under sustained pressure, with infrastructure bottlenecks impacting the stability and performance of the user experience. To mitigate the compute shortage, Anthropic partnered with SpaceX, which will provide over 300 megawatts of capacity via its Colossus 1 data center; the firm previously secured high-value strategic partnerships with Google and Amazon to lock in cloud resources.

According to previous media reports, Anthropic has held preliminary discussions with several financial institutions regarding its IPO plans, with a potential listing as early as October 2026 and fundraising expected to exceed $60 billion.

The aforementioned sources believe that public market investors favor Anthropic’s enterprise-oriented business model, viewing its path to profitability as clearer and more verifiable. Within this time frame, the core purpose of the large-scale fundraising is primarily to bridge the computing power gap for a final round of capital ahead of the listing.

As of the evening of May 12 local time, Anthropic has not yet publicly commented on the transaction details of this funding round. Sources familiar with the matter revealed that the term sheet has not been signed, though fast-paced negotiations are expected to be finalized by the end of the month, which would further accelerate Anthropic’s IPO timeline.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.