Anthropic Locks In $30B at a $900B Valuation, Leapfrogging OpenAI in Three Months
Dragoneer, Greenoaks, Sequoia, and Altimeter are co-leading a $30 billion round that nearly triples Anthropic's valuation in 90 days as annualized revenue races past $45 billion.
Anthropic has agreed to terms on a $30 billion funding round that values the Claude maker at $900 billion pre-money, a near-tripling of its valuation in roughly 90 days and a historic first that pushes the company past OpenAI in the private markets. Dragoneer Investment Group, Greenoaks Capital, Sequoia Capital, and Altimeter Capital are co-leading the deal, with each firm expected to write a check of at least $2 billion. The round is expected to close in the coming weeks, according to reporting first surfaced by the Financial Times.
The pace of the climb is what makes the deal stand out. Anthropic was valued at roughly $350 billion just three months ago, putting the jump to $900 billion among the fastest late-stage repricings on record. Driving that revaluation is a revenue curve that has rewritten the AI category in under six months: Anthropic ended 2025 with about $9 billion in annualized revenue, crossed $30 billion in April, and is on track to clear $45 billion imminently. That figure now exceeds OpenAI's reported $24 billion annual run rate, marking the first time Anthropic has outearned its rival on a forward basis.
Three of the four co-leads have prior exposure to OpenAI, which makes the bet pointed. Dragoneer put nearly $3 billion into OpenAI last year, Sequoia has backed OpenAI since 2021, and Altimeter's Brad Gerstner has been one of OpenAI's loudest public champions. Their willingness to anchor a competing round at a record valuation signals that institutional capital is no longer treating the frontier-model race as a single-winner market. Big Tech strategics, including longtime Anthropic backers Amazon and Google, are not expected to participate in this round.
The surge is being driven almost entirely by enterprise adoption of Claude, which has become the default model inside large swaths of financial services, pharma, and software. Anthropic's recent moves to ship Claude inside AWS accounts, hand a preview of its Mythos security model to Apple and JPMorgan, and court small businesses with a workflow-bundled Claude SKU all point to the same playbook: convert frontier performance into recurring software revenue as fast as possible. At a $900 billion mark, investors are pricing the company as if that conversion is already a foregone conclusion.
