It’s the kind of number that makes you pause: $900 billion. That’s the valuation at which Anthropic is closing its next funding round — reportedly as early as this week.
The numbers
Sequoia Capital, Dragoneer, Altimeter, and Greenoaks are expected to co-lead the round, each investing roughly $2 billion. Peter Thiel’s Founders Fund and General Catalyst are also participating. Total fresh capital: over $30 billion.
For context: just back in February, Anthropic closed a $30 billion round at a $380 billion valuation. In less than four months, the valuation has more than doubled. This puts Anthropic ahead of OpenAI, whose last valuation was around $850 billion.
First profitable quarter
What’s backing up that valuation: Anthropic is on track for its first profitable quarter since it was founded in 2021. Projected Q2 revenue is $10.9 billion — up 130% from $4.8 billion in Q1. Expected operating income: approximately $559 million.
The biggest growth driver: Claude Code. The developer tool crossed $1 billion in annualized revenue within six months of launch.
Cost efficiency is also improving dramatically: in Q1, Anthropic spent 71 cents on compute for every dollar of revenue. In Q2, that ratio is expected to drop to 56 cents.
What this means
The profitability is a snapshot, though. Anthropic itself expects to slip back into the red in subsequent quarters — massive compute investments (including $1.25 billion per month to xAI/SpaceX for compute capacity) will weigh on results.
Still, the signal is clear: the business model works. Claude Code generates real enterprise revenue, cost per dollar is falling, and investors now value Anthropic higher than OpenAI. Whether that holds long-term — the next few quarters will tell.
Sources: CNBC — Anthropic $10.9B Revenue, TechCrunch — Anthropic First Profitable Quarter