Anthropic has closed a $30 billion Series G round, lifting its valuation to $380 billion. GIC of Singapore and Coatue Management co-led the deal, with D.E. Shaw, Dragoneer, Founders Fund, Abu Dhabi’s MGX, and others participating. Microsoft and Nvidia also invested part of the $15 billion they had previously committed. The round stands as the largest financing deal of 2026 so far and the second-largest venture funding round on record, behind OpenAI’s $40 billion raise in 2025.
More than 30 firms joined, and an old Silicon Valley norm is fading
The size of the round was only part of the story. The investor roster drew equal attention. According to the source material, more than 30 institutions took part, and Sequoia now holds stakes in OpenAI, xAI, and Anthropic at the same time. Lightspeed Venture Partners, Goldman Sachs, Morgan Stanley, Blackstone, and BlackRock were also named. For decades, venture investors generally avoided funding direct competitors in the same category because board access and company information could create obvious conflicts.
That restraint is now giving way. Altimeter Capital invested more than $200 million in Anthropic while also holding OpenAI shares. MGX has backed both OpenAI and Anthropic. The shift is clear: top investors appear more concerned about missing the eventual winner than about staying exclusive to one AI lab.
Revenue is rising fast, but computing costs are rising faster
Anthropic said its annualized revenue has reached $14 billion, with growth above 10x for three consecutive years. The number of enterprise customers paying more than $1 million annually climbed from 12 to more than 500 in two years. The company expects annualized revenue to exceed $30 billion by the end of 2026. Claude Code has become one of its biggest growth engines, generating $2.5 billion in annualized revenue and doubling since the start of the year. Enterprise clients account for more than half of that figure, and 4% of public code commits on GitHub are now attributed to Claude Code.
The growth has not removed the underlying cost pressure. In 2025 alone, Anthropic spent $2.66 billion on AWS compute resources. Research compensation, data purchases, and GPU cluster construction pushed total annual spending well above revenue. The company does not expect to break even before 2028. The source also notes that each new frontier model generation can cost three to five times more to train than the one before it.
This raise is about compute capacity as much as expansion
Anthropic has already said it will spend $50 billion building data centers in the United States, with facilities in Texas and New York expected to come online this year. It also plans to use Google AI chips worth tens of billions of dollars. Even that looks modest next to OpenAI’s stated plan to commit more than $1.4 trillion to AI infrastructure over the next several years while pursuing up to $100 billion in fresh capital.
That helps explain why a $30 billion round was necessary. This is not just growth capital in the usual startup sense. It is funding for model training, infrastructure buildout, and the ability to keep competing in a market where stopping can be more expensive than spending.
Founded by former OpenAI leaders, Anthropic’s valuation surged in five years
Anthropic was founded in January 2021 by Dario Amodei and Daniela Amodei, along with seven core researchers who had worked at OpenAI. The source describes the split as rooted in disagreements over AI safety and the pace of commercialization. Since then, the company’s valuation has climbed at remarkable speed: a $124 million Series A in May 2021, a $4.1 billion valuation in 2023, more than $18 billion in 2024, $61.5 billion in March 2025, $183 billion in September 2025, and now $380 billion in this Series G round.
Anthropic also said employees will be allowed to sell shares at the new round’s valuation. Total funding has reached nearly $64 billion, and headcount has grown to more than 1,500. What began as an AI safety-focused startup is now one of the most highly valued private AI companies in the world, supported not only by its products and research agenda, but by a wave of concentrated capital flowing into a very small group of frontier model companies.