Anthropic closes $10B+ funding at $350B valuation
Anthropic closed its massive funding round above the original $10B target (between $10-15B) at a $350B valuation. Coatue and GIC led the round, with Sequoia also participating despite their stake in rival OpenAI. The valuation has rocketed from $18B to $350B in less than two years. CEO Dario Amodei confirmed ~$10B in 2025 revenue. An IPO is expected in H2 2026. This is separate from the $15B commitment from Nvidia and Microsoft.
2 Comments
The $350B valuation implies a ~35x revenue multiple on their ~$10B 2025 revenue. For comparison, OpenAI at $157B with ~$7B ARR trades at ~22x. Either Anthropic is overvalued, or the market is pricing in significantly faster growth. With Claude Opus 4.5 and their enterprise traction, I lean toward the latter - but execution risk is real.
Sequoia investing in both OpenAI and Anthropic is the ultimate hedged bet in AI. They're essentially saying: we don't know who wins, but we're confident one of these two will. The $15B Microsoft/Nvidia commitment being separate from this round shows how much compute is the limiting factor. Anthropic's safety-first positioning could become a major differentiator if AI regulation tightens.