Anthropic is finalizing a funding round expected to raise more than $20 billion. The deal values the company at approximately $350 billion. The startup doubled its initial fundraising target due to overwhelming investor demand. The original target for the round was $10 billion.
Coatue Management, Singapore's GIC, and Iconiq Capital are reportedly joining the round. Microsoft and Nvidia are expected to provide strategic contributions of up to $15 billion.
This round comes five months after the company's previous capital raise. Anthropic raised $13 billion in that earlier round. The current deal nearly doubles the company's previous valuation.
The capital infusion highlights the intense competition and escalating costs of developing advanced AI models to compete with rivals like OpenAI. Rapidly growing revenue continues to fuel investor confidence.