Anthropic PBC has raised US$65 billion in a funding round that values the artificial intelligence company at US$965 billion, including the new investment. This valuation surpasses that of rival OpenAI for the first time, marking a significant milestone in the AI sector.
Funding Details
The funding round, announced on Thursday, was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Each of these lead investors contributed more than US$2 billion, according to sources familiar with the matter. Sequoia declined to comment, while the other three firms did not respond to requests for comment.
Alphabet Inc.'s Google contributed several billion dollars as part of a previously announced commitment to invest up to US$40 billion in Anthropic over time. Amazon.com Inc. invested US$5 billion in the round, also as part of a prior commitment, Anthropic stated in a blog post. Google declined to comment.
Micron Technology Inc., Samsung Electronics Co., and SK Hynix Inc. also contributed an undisclosed amount, pushing the round well above Anthropic's initial US$30 billion target.
Rapid Fundraising
The large round came together in a matter of weeks, reflecting strong investor demand for the maker of the Claude AI model. In late April, Anthropic was considering new financing at a valuation of more than US$900 billion after receiving several inbound proposals, as reported by Bloomberg News. The startup then initiated advanced discussions earlier this month.
Company Background
Founded in 2021 by a group of former OpenAI employees, Anthropic has emerged as a leader in the AI industry. The company has developed a series of AI tools aimed at transforming how businesses handle tasks ranging from coding to cybersecurity. Both Anthropic and OpenAI are expected to go public as soon as this fall, according to Bloomberg News. Anthropic is still expected to proceed with an IPO on that timeline after the latest funding, one source said.
Financial Performance
Anthropic expects to post US$10.9 billion in revenue for the second quarter, more than doubling from the prior three-month period as demand for its AI software surges, Bloomberg News has reported. The company is also on pace for its first profitable quarter.
Anthropic has told investors that its annualized run rate revenue will surpass US$50 billion by the end of next month, sources familiar with the matter said. The company's run rate, which projects full-year revenue based on sales from a shorter period, was US$4 billion in July of last year.
Market Context
OpenAI was most recently valued at US$852 billion in a funding round completed in March. The company is expected to confidentially file draft paperwork to go public in the coming days or weeks.
