Anthropic agrees terms for $30B round at $900B valuation — overtaking OpenAI
What's the deal? AnthropicDealroom has a profile for this one. Try Dealroom → has agreed terms for a $30B funding round at a $900B pre-money valuation, according to the Financial Times and The Information.
The round is co-led by Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital — all existing investors — each expected to commit $2B or more. The round is expected to close as soon as May 2026. Terms could still change before a formal announcement.
The deal nearly triples Anthropic's $350B valuation from its February 2026 round, which itself raised $30B. Anthropic's annualised revenue has grown fivefold since the end of 2025, from $9B to more than $30B, and is expected to cross $45B imminently.
The round came together rapidly — Anthropic was approached by investors in April 2026, and its chief financial officer Krishna RaoDealroom has a profile for this one. Try Dealroom → initiated formal talks with prospective backers shortly after.
Why now? Anthropic's revenue trajectory has been extraordinary, and its February 2026 valuation had already been overtaken by commercial reality. At $350B on $30B in annualised revenue, investors saw a company trading at roughly 12 times revenue.
With annualised revenue approaching $45B, the case for a significant revaluation was clear — and investors moved quickly to participate before terms became more expensive.
The round also comes as Anthropic appears to have surpassed OpenAI in revenue — though the two companies use different accounting methods, making direct comparisons imprecise. OpenAI is currently valued at $852B. A $900B valuation for Anthropic would make it the most valuable private AI company in the world.
What could go wrong? The deal has not yet closed and terms could change. A $900B valuation implies revenue multiples that require Anthropic to sustain near-unprecedented growth — any slowdown in enterprise adoption, competitive pressure from OpenAI or Google, or rising compute costs could make the valuation difficult to defend at the next fundraise or IPO.
Three of the four co-leads — Sequoia, Altimeter, and Dragoneer — are also significant investors in OpenAI, raising questions about how they manage competing obligations and confidentiality across two rival frontier AI companies. Dragoneer alone invested close to $3B in OpenAI.
The signal: The deal is the clearest signal yet that Anthropic has emerged as a genuine peer to OpenAI — not a challenger, but a co-leader in the frontier AI race. The speed with which the round came together, the scale of the co-lead commitments, and the valuation premium over OpenAI all reflect a market that has made its judgment: Anthropic's Claude is a durable, commercially indispensable product.
For the broader AI industry, a $900B private valuation for a company that did not exist four years ago is a data point that will define how the next generation of AI companies is priced, funded, and eventually taken public.
Sources:
Financial Times
The Information
Economic Times
Image credit:
Anthropic
J.V.
