Summary: On May 23, 2026, Reuters reported that Anthropic’s funding round of more than $30 billion could close as soon as the next week at a valuation above $900 billion. The FT reported that terms were already agreed, though an official close had not occurred. A completed deal would place Anthropic ahead of OpenAI’s March post-money valuation of $852 billion.
The news landed on May 23, 2026, via Reuters: Anthropic is poised to wrap up a funding round worth more than $30 billion at a valuation north of $900 billion “as soon as next week,” and the FT adds that terms are already agreed. Should the deal go through, Anthropic would leapfrog OpenAI in valuation.
How the Story Got This Close to Done
The whole arc squeezes into a bit more than three months:
- February 12: Series G finalized — $30B raised at a $380B post-money valuation
- April 29: Reuters, citing Bloomberg, said a fresh round was being weighed at a valuation above $900B
- May 23: according to Reuters, the close could come as soon as next week; the FT reports terms are agreed
A final stretch of road still sits between “terms agreed” and “officially closed.” The direction, though, is unchanged and the tempo keeps climbing — calling this round off at this stage would be no small task.
Once Anthropic Passes OpenAI
At the end of March, OpenAI had just banked a record $122B round at an $852B post-money valuation. If Anthropic closes above $900B, the top spot on the capital market’s scoreboard changes hands for the first time. The contest itself changes shape too: from chaser to chased, every set of financials and every model launch will now be tested against whether the price can be justified — the premium that comes with first place has always carried the strictest scrutiny.
What the Money Is For
At more than $30B, the round matches or beats February’s Series G in size. With compute calling the shots in the cost structure, the likely destinations are easy to list: training clusters for the next model generation, more inference capacity, and power plus data center commitments locked in for years. How frontier labs spend is no secret these days — the next raise has to be secured before the previous one runs dry, since compute arrives on timelines counted in years, and placing an order once demand shows up means arriving too late.
What to Watch Next
- The official close announcement, with its final size and valuation
- Whether OpenAI’s potential IPO picks up speed in response
- A formal account from Anthropic of what the funds are for
Between February and May, the talk went from $380B to more than $900B. No matter where the final figure settles, the 2026 trend — money pooling in a small set of frontier labs — is beyond dispute.