Anthropic Eyes $900B Valuation in $50B Round That Would Top OpenAI

Anthropic is weighing a fundraising round of roughly $50 billion at a valuation that would exceed $900 billion, a deal that multiple sources confirmed to Bloomberg, CNBC, and TechCrunch in the final days of April — and one that, if completed, would rank the Claude maker ahead of OpenAI as the highest-valued private AI company in history.

The Numbers Behind the Round

Investors were given a 48-hour window to submit capital allocations. The speed of the process reflects how quickly Anthropic's revenue profile has changed. The company reported an annualized revenue run rate of $9 billion at the close of 2025; by the end of March 2026 that figure had reached $30 billion. More than 1,000 enterprise customers are now spending at least $1 million annually, a milestone the company said it doubled in fewer than two months.

The round, described by people familiar with the discussions as likely the final private raise before an IPO, is expected to close within two weeks of the April 29 reporting date. Goldman Sachs, JPMorgan, and Morgan Stanley are in early discussions around the offering. Some early-vintage investors chose not to participate, citing a preference to wait for a public listing that sources placed as early as October 2026.

Secondary market pricing has already been running ahead of the primary-round terms: Anthropic shares were trading at an implied $1 trillion valuation on secondary markets earlier in April, making the $900 billion headline figure a conservative read of where the market currently prices the company.

What Is Driving the Valuation

Two infrastructure commitments underpin the growth trajectory. Amazon has pledged up to $25 billion in cloud capacity plus five gigawatts of power, and Google has committed up to $40 billion alongside a matching power allocation. Those arrangements guarantee the compute headroom that frontier model training requires and reduce the capital intensity of Anthropic's own balance sheet.

The April launch of Mythos, Anthropic's cybersecurity-focused model, extended the company's reach into a market vertical — enterprise security — where pricing power is materially higher than in general-purpose AI assistants. The product expanded the addressable customer base and is cited by observers as one reason enterprise revenue accelerated sharply in the first quarter.

Anthropic's previous primary round valued the company at $380 billion as of February 2026. The jump to $900 billion in roughly ten weeks reflects both the revenue inflection and the broader dynamic in AI primary markets, where the gap between private valuations and any plausible near-term earnings multiple has largely ceased to constrain deal pricing.

Context: The Valuation Race

OpenAI's $852 billion post-money valuation was set during its $122 billion round in February 2026. If Anthropic closes above that mark, it will be the first time a company other than OpenAI has held the title of the world's most valuable private AI company since the current investment cycle began. The milestone is primarily symbolic — neither company is close to profitability at the scale its valuation implies — but it carries weight for recruiting, enterprise sales, and the narrative that shapes the next generation of infrastructure partnerships.

The competitive framing also matters for the regulatory conversation. An Anthropic at $900 billion is not a scrappy safety-focused challenger to OpenAI; it is a co-equal participant in the race it was founded partly to slow down. How the company manages that tension — maintaining the constitutional AI and safety research identity that attracted its early backers while operating at a scale that demands commercial returns — is the open question that a potential October IPO will force into the open.

A board decision on the round is expected within May. Anthropic declined to comment on the reported terms.