Anthropic is asking investors to submit allocations for a $50 billion fundraise within 48 hours, according to sources familiar with the matter. The round is expected to close within two weeks.

The AI safety company is targeting a valuation of roughly $900 billion, though the final figure may exceed that given intense investor demand, sources said.

Some early backers who invested in 2024 or earlier are skipping this round. These investors are instead waiting for Anthropic's anticipated IPO later this year to potentially cash out.

The company is raising what is likely its final private round before going public to fund massive computing requirements. Anthropic's annual revenue run rate has surpassed $30 billion publicly, though sources say it's closer to $40 billion.

Why the $900B valuation matters

At $900 billion, Anthropic would more than double its February valuation of $380 billion from a $30 billion Series G round. The new valuation would also surpass chief rival OpenAI, which closed a $122 billion round at an $852 billion post-money valuation earlier this year.

The fundraise reflects the enormous capital requirements for training and running frontier AI models. Anthropic, founded by former OpenAI executives Dario and Daniela Amodei, has positioned itself as the safety-focused alternative in the AI race.

The company declined to comment on the fundraising process. The round's completion would mark one of the largest private fundraises in technology history, underscoring the premium investors are willing to pay for leading AI companies.

Anthropic's IPO is expected later in 2026, making this potentially the company's last opportunity for private investors to gain exposure before public markets.