Anthropic is negotiating a funding round of $30 to $50 billion at a valuation as high as $950 billion, with Sequoia, Dragoneer, Greenoaks and Altimeter leading talks expected to close by the end of May. The figure would push Anthropic past OpenAI's reported $825 billion valuation on the back of an annual revenue run rate that has climbed past $30 billion.
Why it matters
If the round closes near the top of the range, Anthropic becomes the most valuable private AI company and resets the bar for frontier-lab capital intensity. It also cements Google and Amazon's massive compute commitments as the structural backbone of the second-place lab.
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