From $4 billion to $9 billion: Anthropic’s revenue doubles in six months

Anthropic PBC is lining up checks of at least a billion dollars from Coatue Management, Singapore’s GIC and Iconiq Capital in its latest financing, according to people familiar with the matter — signaling an investor frenzy buoyed by the artificial intelligence startup’s soaring revenue.

Anthropic’s revenue run rate has more than doubled since last summer, and hit more than $9 billion at the end of 2025, according to people familiar with the details, all of whom asked not to be identified discussing private information. The company’s run rate, a metric that projects full-year revenue from a shorter period, was $4 billion in July of last year.

The deal is oversubscribed, multiple people said, with backers already slated to put in more than the $10 billion the company was targeting from investment firms. Combined with $15 billion in total prior commitments from Nvidia Corp. and Microsoft Corp., the size of the current financing could easily surpass $20 billion, some of the people said.

The list of investors in the round is starting to take shape: Coatue Management and Singapore’s GIC, which are leading the financing, are each expected to put in about $1.5 billion, according to one of the people. Iconiq Capital is also slated to be a major investor, with plans to put in $1 billion or more. Iconiq led Anthropic’s last round in September at approximately half its potential new valuation.

Lightspeed Venture Partners, Menlo Ventures and Sequoia Capital are also expected to invest in the round, according to people familiar with the talks, all of whom asked not to be identified because the details are private. The Financial Times previously reported Sequoia’s planned participation.

Anthropic, GIC, Iconiq, Lightspeed, Coatue, Sequoia and Menlo Ventures declined to comment.

Anthropic’s AI tool Claude has become a go-to tool for companies and developers writing code and performing other tasks. Claude Sonnet 4.5, a new model released in September, is better at following instructions and can code on its own for up to 30 hours straight, the startup has said. The service can also use a person’s computer to take actions for them, improving on a feature Anthropic introduced a year ago, and helping usher in a more autonomous version of AI.

Microsoft and Nvidia previously said they will invest significantly in Anthropic. The large tech companies’ strategic investment in Anthropic would add to the growing number of partnerships between AI developers and providers of cloud computing or chips. These partnerships have rankled some potential investors. Industry watchers and rating agencies alike are monitoring the rise of so-called circular AI deals, in which suppliers are also investors in companies. In addition to using Microsoft and Nvidia’s investment in Anthropic, Anthropic is also a customer of both companies.

The dealmaking surrounding the industry signals the soaring costs of developing and supporting AI tools. Spending on data centers alone could surpass $3 trillion in the next five years, by one measure. Anthropic plans to invest significantly in AI infrastructure and has already committed $50 billion to build data centers in the U.S.

Mascarenhas, Ghaffary and Lim write for Bloomberg.