Anthropic Closes In on $900B Valuation as Claude Code Hits $2.5B ARR

Anthropic has agreed terms on a new $30 billion fundraise at a $900 billion-plus pre-money valuation, according to the Financial Times — a figure that would leapfrog rival OpenAI's $852 billion valuation and cement Claude as the dominant platform for enterprise AI and developer tooling. Dragoneer, Greenoaks, Sequoia Capital, and Altimeter Capital are set to co-lead the round, each committing $2 billion or more. The deal is expected to close by the end of May, though sources caution that terms could still change before any formal announcement.

The round comes just three months after Anthropic closed its $30 billion Series G at a $380 billion post-money valuation in February 2026 — meaning the company would nearly triple its private valuation in a single quarter. That pace is historically rare for late-stage private companies. Annualized revenue is now on track to approach $45 billion, up roughly fivefold from the $9 billion run rate recorded at the close of last year.

The Claude Code Driver

Claude Code is the engine behind Anthropic's valuation surge. The agentic coding tool has reached $2.5 billion in annualized revenue — a figure that has more than doubled since January 1, 2026. Weekly active users have also doubled over the same period, and business subscriptions have quadrupled since the start of the year. Enterprise use now represents more than half of all Claude Code revenue, a signal that engineering teams at large organizations are shifting from evaluation to production deployment.

That adoption trajectory is what is drawing investors. Three of the four lead investors in this round — Dragoneer, Sequoia, and Altimeter — are also major backers of OpenAI, making this less a bet against one company and more a bet that both platforms will win as the enterprise AI coding market scales. For developers, this means the funding backing Anthropic's infrastructure expansion comes from some of the same firms already committed to the rival platform.

What the Round Means for the AI Coding Market

A successful close at $900 billion would make Anthropic the most valuable private AI company in the world, surpassing OpenAI's $852 billion valuation. Bloomberg has also reported that Anthropic is considering an initial public offering as early as October, meaning this could be one of its final private rounds before going public.

For the developer ecosystem, the implications are practical. Anthropic has publicly tied its compute capacity expansions to demand from Claude Code users. Its May 5 announcement doubled Claude Code's five-hour rate limits and removed peak-hours throttling for Pro and Max accounts, funded by new compute deals with SpaceX, Amazon, and Google. More capital at this scale means sustained infrastructure investment — and for developers building production pipelines on Claude Code, fewer rate limit constraints going forward.

Amazon and Google, which have previously committed tens of billions in strategic investments, are not expected to participate in this round.

What's Not Confirmed

Anthropic has not publicly announced the round, and sources familiar with the terms have noted the deal remains open to change before a formal close. The Financial Times and Bloomberg have both confirmed the broad outlines — four co-leads, $900 billion pre-money, $30 billion in size — but Anthropic and the lead investors declined to comment or had not responded to media inquiries at the time of publication. Watch anthropic.com/news for an official announcement once the round formally closes.

For developers who rely on Claude Code daily, the immediate signal is clear: the institutional capital flowing into Anthropic reflects genuine enterprise demand for its coding tools. A round of this size, if confirmed, would provide a multiyear runway to sustain the model improvements and rate limit expansions that have made Claude Code a first-choice tool for serious engineering work in 2026.