Anthropic, the artificial intelligence company behind the Claude model, is reportedly finalizing a new funding round worth up to $5 billion, which would value the firm at about $170 billion.
According to Bloomberg, Iconiq Capital is leading the round and is expected to invest roughly $1 billion. Other potential participants include the Qatar Investment Authority and Singapore’s sovereign wealth fund GIC, with talks also involving Amazon.
This funding would mark a substantial increase from Anthropic’s $61.5 billion valuation in March 2025, when the company raised $3.5 billion in a round led by Lightspeed Venture Partners.
Nearly 3x Increase
The potential deal represents a nearly threefold increase in the company’s valuation in less than a year. Analysts attribute the surge to growing enterprise adoption of Anthropic’s Claude AI models, alongside increased global demand for generative AI solutions.
Anthropic’s annual recurring revenue (ARR) has reportedly climbed to around $4 billion in 2025, up from less than $1 billion earlier in the year. Despite this growth, the company remains unprofitable due to the high cost of AI infrastructure and ongoing investment in talent and model development.
CEO Dario Amodei has previously raised concerns internally about accepting investment from certain sovereign wealth funds, citing ethical considerations. He acknowledged that balancing business needs with these concerns is challenging, given the capital intensity of AI development.
If the round closes at the projected valuation, Anthropic would become one of the world’s most valuable private AI companies, behind OpenAI and in the range of SpaceX. The funding would provide the resources needed to expand cloud infrastructure and accelerate model training, strengthening its competition against OpenAI, Google’s Gemini, and xAI.