Anthropic Just Passed OpenAI in Value — Here’s How It Happened So Fast

TLDR

• Anthropic has agreed terms on a $30 billion fundraising round at a ~$900 billion valuation
• The deal would put Anthropic ahead of OpenAI, last valued at ~$852 billion
• The valuation nearly triples from $380 billion just three months ago
• Annualised revenue is expected to surpass $45 billion soon, up fivefold in under six months
• The round is being co-led by Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital

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Anthropic is closing in on a $900 billion valuation after agreeing terms on a new $30 billion funding round, according to the Financial Times. The deal has not yet been formally announced but is expected to close as soon as this month.

The round would value Anthropic at roughly $900 billion before the new money is added. That would push it past OpenAI, which was most recently valued at about $852 billion.

Three months ago, Anthropic was valued at $380 billion following its Series G round. Moving from $380 billion to $900 billion in a single quarter is a pace that few private companies have ever matched.

The round came together quickly. Investors approached Anthropic last month, and CFO Krishna Rao began gauging demand. The process wrapped up in just a few weeks.

Four firms are co-leading the round: Dragoneer Investment Group, Greenoaks Capital, Sequoia Capital, and Altimeter Capital. Each is expected to put in at least $2 billion. Anthropic is also in talks with additional investors to fill out the round.

Revenue Growth Driving the Valuation

The valuation jump is tied directly to revenue growth. At the end of 2025, Anthropic’s annualised revenue stood at around $9 billion. By April 2026, that figure had risen to more than $30 billion. The company now expects it to surpass $45 billion shortly.

That is a fivefold increase in less than six months. It would also put Anthropic ahead of OpenAI’s reported $24 billion annual run rate for the first time.

The growth is largely driven by enterprise adoption of Claude, Anthropic’s AI assistant and model family. Businesses have been signing up at a fast pace, pushing revenue higher.

For much of the past two years, Anthropic was seen as the quieter, more developer-focused alternative to OpenAI. That framing is now harder to sustain.

What This Means for the AI Race

The speed of this fundraise reflects how fast investor appetite is moving in the AI sector. The deal came together in weeks, not months.

Anthropic closed its previous $30 billion Series G in February 2026 at a $380 billion post-money valuation. The company said those funds would go toward frontier research, product development, and infrastructure.

Now, just a quarter later, it is raising again at more than double that price.

The new round has not been formally announced and terms could still change before it closes.

If completed at the agreed valuation, Anthropic will sit at the top of the private AI company rankings, ahead of OpenAI for the first time.

The company’s rise has been fast. Whether revenue growth can keep pace with the new valuation is a question investors are clearly betting yes on.

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