Less than two months after its last funding round, Anthropic PBC is reportedly in talks with investors to raise an additional $10 billion.

Sources told the Wall Street Journal today that Coatue Management and GIC are set to lead the round. It will reportedly give Anthropic a pre-money valuation of $350 billion, nearly double what it was worth in September. That would put the company well ahead of xAI Corp. but behind OpenAI Group PBC, which is valued at $600 billion.

Anthropic’s expected valuation jump hints at investor confidence about its ability to maintain sales growth. In October, Reuters reported that the company was on track to end 2025 with annual recurring revenue of $9 billion. Anthropic reportedly expects that figure to nearly triple in 2026.

The company’s latest fundraising push comes about two months after it secured an investment valued at up to $15 billion from Microsoft Corp. and Nvidia Corp. A few weeks earlier, it received $13 billion from a group of institutional investors.

Anthropic may be raising more capital to finance the ambitious infrastructure initiative it announced in mid-November. The company plans to open data centers in New York, Texas and other locations at a cost of $50 billion. The campuses will operate alongside a $11 billion cloud facility that Amazon Web Services Inc. built for Anthropic near Lake Michigan.

The additional computing capacity will enable the company to continue enhancing its Claude family of large language models. The most capable algorithm in the series, Claude 4.5 Opus, launched a few weeks ago. It nearly tripled the score of its predecessor on ARC-AGI-2, a particularly difficult AI benchmark used to measure LLMs’ reasoning capabilities.

Anthropic’s engineering roadmap prioritizes not only new models but also tools that can help companies put those models to use. In November, it debuted two features designed to cut Claude customers’ inference costs. The features lower infrastructure usage by reducing the amount of data that Claude ingests while interacting with third-party applications.

It’s also possible Anthropic will spend some of the new capital on acquisitions. In 2025, rival OpenAI completed at least five buyouts cumulatively worth over $7.6 billion. Its largest deal was the May purchase of Jony Ive’s io Products Inc. at a $6.5 billion valuation.

Anthropic has made only one acquisition date. In early December, it acquired the developer of Bun, a toolkit that helps companies build and run JavaScript applications. Anthropic will use the technology to enhance its Claude Code programming assistant.

If it materializes, the $10 billion funding round could be the company’s last before going public. Anthropic has reportedly hired a law firm to help it list its shares later this year. It’s unclear what valuation the company is targeting or how much it hopes to raise. OpenAI is reportedly planning to go public in the second half of 2026 or early 2027 at a $1 trillion valuation.

Image: Anthropic