Anthropic has received multiple preemptive offers to raise roughly $50 billion at a valuation between $850 billion and $900 billion, according to TechCrunch, citing half a dozen people familiar with the matter. The round, expected to total $40 billion to $50 billion, would more than double the $380 billion mark Anthropic set in February and put the Claude maker at parity with or above OpenAI's $852 billion post-money valuation from its own February raise.
The pricing reflects a vertical jump in Anthropic's revenue trajectory. The company said earlier this month that its annual revenue run rate had crossed $30 billion, up from roughly $9 billion at the end of 2025. One person with knowledge of the financials told TechCrunch the current run rate is closer to $40 billion, implying the figure has more than tripled in four months.
Bloomberg and Business Insider reported earlier in April that Anthropic was fielding preemptive bids at an $800 billion valuation, before the company had committed to raising. The terms have since drifted higher as investor demand has outpaced the company's willingness to allocate. One institutional investor prepared to commit as much as $5 billion has not yet been able to secure a meeting with CFO Krishna Rao, according to a source cited by TechCrunch.
Key facts
- 01Anthropic has received preemptive offers for a $40B–$50B round at an $850B–$900B valuation.
- 02That would more than double the $380B valuation Anthropic set in February.
- 03Annual revenue run rate has climbed from $9B at end of 2025 to $30B, with one source putting it closer to $40B.
- 04OpenAI closed a $122B round at an $852B post-money valuation in February.
- 05The Anthropic board is expected to decide on the round in May.
Anthropic's board is expected to make a definitive decision on the round and its valuation at a meeting in May, one person told TechCrunch. The company declined to comment. If it proceeds, this is likely to be Anthropic's final private round before a potential IPO.
“Anthropic's annual revenue run rate has jumped from roughly $9B at the end of 2025 to $30B this month, with one person familiar putting the current figure closer to $40B.”— Jaeden Schafer
Coding has been the engine. A large share of the run rate is driven by Claude Code and Cowork, the company's developer-facing platforms, which have become the default tools for AI-assisted software work at a growing number of enterprises. Investors backing the new round are betting Anthropic can extend the same pattern into finance, life sciences, and healthcare.
The fundraise comes weeks after Google committed up to $40 billion in cash and compute to Anthropic, a deal AI Chat Daily covered separately. That arrangement gave the company a deep capacity backstop heading into a year where compute access, not capital, is the binding constraint for frontier labs.
The competitive frame is sharp. OpenAI closed its $122 billion round at $852 billion post-money in February, and the two companies have been trading the lead on private valuation marks ever since. Anthropic also recently traded at a $1 trillion implied valuation in secondary markets, a number that lent cover to primary investors now bidding at $900 billion.
There are reasons to be cautious about the headline. Run-rate revenue is not the same as booked revenue, and a four-month tripling reflects both genuine usage growth and aggressive enterprise contracting that has yet to season. Gross margins at frontier labs remain opaque, and the cost of serving Claude Code at scale on rented compute is a line item neither Anthropic nor its investors have disclosed publicly.
Whether $900 billion holds also depends on what happens at OpenAI, which released GPT-5.5 this week and is pushing into consumer territory Anthropic has largely ceded. If GPT-5.5 narrows the gap on coding benchmarks where Claude has led, the premium baked into Anthropic's pricing gets harder to defend.
Anthropic is now being valued not as a model lab but as the default backend for enterprise AI coding, with optionality on every regulated vertical it has not yet entered. That is an enormous bet on a company whose run rate was a quarter of its current figure four months ago, and the May board meeting will set the terms of how aggressively the private market is willing to underwrite that curve before public investors get a look.
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