Anthropic in talks to raise up to $50B at a $950B valuation

Anthropic is in early discussions for a new funding round that would push its valuation to as much as $950 billion, the New York Times reported on 12 May 2026. At the top of the range, the AI lab would overtake OpenAI’s last reported $825 billion valuation and become the highest-valued private AI company in the world.

Reports put the prospective raise between $30 billion and $50 billion, on top of earlier 2026 commitments of up to $40 billion from Google and up to $25 billion from Amazon. The compute behind those investments has been a key driver of Anthropic’s growth, with Claude Code revenue and enterprise Claude deployments cited as the main commercial engines.

The negotiations are not finalised and a term sheet has not yet been signed; the round could still fall through. But the valuation discussion alone illustrates how decisively capital is now concentrating around a handful of frontier-model providers.

Sources: Bloomberg · Sherwood News · Trending Topics