Anthropic is preparing to close a new funding round that could exceed $30 billion and value the company at more than $900 billion, according to Bloomberg. If completed on those terms, the Claude maker would overtake OpenAI, whose last official post-money valuation reached $852 billion after its March funding round.

The round is expected to be led by Sequoia Capital, Dragoneer Investment Group, Altimeter Capital and Greenoaks Capital Partners, according to people familiar with the talks. Each firm reportedly plans to invest around $2 billion. Existing backers, including Peter Thiel’s Founders Fund and General Catalyst, are also expected to participate. The commitments are still being finalized, so the final size, valuation and investor lineup could change.

Investor demand for Anthropic has intensified as Claude gains traction across enterprise software, coding workflows and AI agents. The market is increasingly treating frontier AI labs not as conventional startups, but as core infrastructure companies for business automation, cloud services, search, programming and productivity.

The bet is large, but not low-risk. Frontier AI remains extremely capital-intensive, with heavy spending on data centers, chips and long-term compute contracts. That means a valuation above OpenAI would reflect not only current growth, but also the expectation that Claude can become one of the central platforms of the AI economy.