Anthropic Raises $30 Billion Series G at $380 Billion Valuation

Anthropic closed a $30 billion Series G funding round on February 12, 2026, at a post-money valuation of $380 billion — making it the second-largest venture capital deal in history, behind only OpenAI's $40 billion round in 2025. The round was co-led by GIC, Singapore's sovereign wealth fund, and Coatue Management.

The Investors

The round attracted an unusually broad coalition of institutional and sovereign capital. Co-investors include D.E. Shaw, Dragoneer, Founders Fund, ICONIQ, MGX (Abu Dhabi's technology investment arm), Qatar Investment Authority, Sequoia Capital, Blackstone, BlackRock, and JPMorgan Chase. The diversity of the investor base — spanning sovereign wealth funds, venture firms, private equity giants, and Wall Street banks — reflects a consensus among institutional capital allocators that frontier AI companies represent infrastructure-tier investments, not speculative bets.

Revenue and Growth

Anthropic disclosed an annualized revenue run rate of $14 billion, representing roughly 10x growth over the past three years. Claude Code, the company's AI-powered coding tool, alone accounts for over $2.5 billion in annualized run-rate revenue. These figures place Anthropic firmly in the category of high-growth enterprise software companies by revenue, not just by valuation — a distinction that separates Anthropic from AI companies whose valuations rely primarily on future revenue projections rather than current cash flows.

The revenue composition is notable. While Claude's consumer-facing chat product drives significant usage, the enterprise API and Claude Code products represent the majority of monetized revenue. Enterprise customers pay for API access priced by token usage, and Claude Code subscriptions generate recurring revenue from individual developers and engineering teams. The $14 billion run rate suggests that Anthropic is capturing meaningful spend from enterprise AI budgets that were previously directed toward OpenAI's API or internal model development efforts.

Market Context

The scale of the round — $30 billion in a single fundraise — signals that the AI infrastructure investment cycle is intensifying rather than cooling. For comparison, the entire US venture capital market deployed approximately $425 billion across all sectors in 2025. A single round for one company now represents roughly 7% of an entire year's venture activity. Sovereign wealth funds, which historically invested in late-stage companies approaching IPO, are now participating in growth-stage rounds for AI companies, reflecting a belief that the returns from frontier AI will justify the concentration risk.

Anthropic's positioning as an AI safety-focused lab continues to differentiate it in the market. The company's Constitutional AI approach and its investment in mechanistic interpretability research provide a narrative and technical foundation that appeals to institutional investors concerned about regulatory risk. As AI governance frameworks develop in the US and internationally, companies that can demonstrate meaningful safety practices may face fewer regulatory obstacles than competitors perceived as prioritizing capability development over safety.

What the Money Funds

Frontier AI model training runs now cost hundreds of millions to billions of dollars in compute alone. The $30 billion provides Anthropic with a multi-year runway for model development, compute infrastructure expansion, and the continued scaling of its research and engineering teams. The company has been expanding its partnerships with cloud providers — notably Amazon Web Services, which has separately invested billions in Anthropic — to secure the GPU capacity required for training next-generation models.