Anthropic has agreed to terms on a $30 billion funding round that would value the company at roughly $900 billion before the money, according to the Financial Times and The Information. If the deal closes this month as expected, it would nearly triple the $350 billion valuation Anthropic held just three months ago and potentially surpass OpenAI as the most valuable private AI company in the world.

The round is being co-led by Dragoneer Investment Group, Greenoaks Capital, Sequoia Capital, and Altimeter Capital. Each co-lead is expected to commit at least $2 billion. Anthropic's CFO Krishna Rao has spent the last two weeks engaging additional investors to fill out the round.

The Revenue Explosion Behind the Number

The valuation jump is not speculative froth. Anthropic's annualized revenue is expected to soon exceed $45 billion, a staggering increase from the $9 billion it reported at the end of 2025. That is a roughly 5x increase in under six months, driven largely by enterprise adoption of its Claude model family and the company's expanding API business.

For context: OpenAI reportedly hit $12.7 billion in annualized revenue in late 2025. Anthropic has blown past that number and is accelerating. The company raised a separate $30 billion round at $350 billion just three months ago, in February 2026. Going from that to $900 billion in a single quarter would represent the fastest valuation climb in the history of private technology companies.

What Changed in Three Months

Several things. Anthropic released Claude Opus 4, which has been widely adopted across enterprise customers. The company's API business has scaled dramatically as companies integrate Claude into production workflows. And Anthropic's safety-first positioning has become a competitive advantage rather than a drag, particularly after its responsible handling of the Mythos Preview disclosure in April, where it withheld a model with autonomous cyber capabilities from public release.

The broader market is helping too. Enterprise AI spending has accelerated sharply in 2026, with companies moving from pilot programs to production deployments. Anthropic has captured a disproportionate share of that transition.

The Investor Lineup Tells a Story

Sequoia Capital and Altimeter Capital are repeat backers doubling down. Dragoneer and Greenoaks stepping in as co-leads signals that growth-stage investors with deep pockets see Anthropic as a generational company, not a hype cycle play. At $2 billion minimum per co-lead, this is not a round where anyone is writing a small check to maintain optionality.

The total raise of $30 billion in a single round is itself extraordinary. Combined with the February round of the same size, Anthropic will have raised $60 billion in roughly four months. That capital is going toward compute infrastructure, model training, and the buildout of enterprise products that are driving the revenue surge.

What to Watch

The deal could close within days. When it does, Anthropic will join the extremely short list of private companies valued above $500 billion, let alone $900 billion. The question shifts from whether Anthropic can compete with OpenAI to whether OpenAI can keep up with Anthropic's revenue trajectory. For the broader AI industry, a company founded in 2021 reaching near-trillion-dollar status in five years is the clearest signal yet that this market is not slowing down.