Anthropic closes $30 billion Series G at $380 billion valuation

Anthropic closed a $30 billion Series G round at a $380 billion post-money valuation, more than doubling the $183 billion valuation it had reached five months earlier in its September 2025 Series F. GIC and Coatue Management co-led the round, with D.E. Shaw Ventures, Founders Fund and Abu Dhabi’s MGX also co-leading and a long list of participants including Fidelity, Sequoia, BlackRock, Goldman Sachs, Morgan Stanley, Qatar Investment Authority and prior investors Microsoft and Nvidia.

Anthropic said its run-rate revenue had reached $14 billion, following what it described as roughly 10x annual growth for three consecutive years, with Claude Code alone accounting for more than $2.5 billion of that run rate. The company said the number of customers spending over $1 million a year with it had grown to more than 500, up from 12 two years earlier, and that eight of the ten largest US companies by revenue were Claude customers. CFO Krishna Rao attributed the raise to enterprise demand, saying “Claude is increasingly becoming critical to how businesses work.”

The round was reported as one of the largest private financings on record, closing the same month OpenAI was separately pursuing a roughly $110 billion round at a valuation near $730 billion — underscoring how far AI-lab valuations had run ahead of the revenue figures used to justify them, even as both companies pointed to genuine and fast-growing enterprise usage. Anthropic said the capital would fund frontier research, product development and infrastructure expansion as it competed for enterprise and coding market share.