The numbers are almost absurd. But they’re real: according to Bloomberg, multiple investors have offered Anthropic a new funding round at a valuation of roughly $800 billion. That’s more than double the $350 billion valuation from February — in just two months.
What’s Driving This?
The answer is straightforward: revenue. Anthropic’s annualized run rate has now surpassed $30 billion. At the end of 2025, it was around $9 billion. That kind of growth is exceptional even by AI standards. More than 1,000 business customers are now using Claude — double the number from just two months ago.
On the secondary market at Caplight, Anthropic’s valuation has already climbed to $688 billion. A 75 percent increase in three months.
The Other Side
While Anthropic is flying, some OpenAI investors are getting cold feet. TechCrunch reports that backers are increasingly questioning OpenAI’s $852 billion valuation. One investor with stakes in both companies told the Financial Times that justifying OpenAI’s last round requires assuming an IPO valuation of $1.2 trillion or more — making Anthropic’s $380 billion look like a relative bargain.
Iconiq Capital partner Roy Luo, whose firm has invested over $1 billion in Anthropic, put it bluntly: ‘There’s room for both, but there is fundamentally a number one and a number two dynamic, and the number one will win disproportionately. We picked.‘
Why This Matters
The shift in investor sentiment shows the AI market is reshuffling. OpenAI has more users, but Anthropic is growing faster — especially in the enterprise segment and among developers. Claude Code and the broader coding tools are the primary drivers behind Anthropic’s revenue explosion.
Whether Anthropic accepts the $800 billion offers remains open. An IPO is also on the table — possibly later this year. What’s clear: the race between OpenAI and Anthropic is tighter than ever. And for the first time, it looks like Anthropic might be in the lead.
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