Anthropic pursues $10B+ mega-round as revenue run rate tops $9B

If the numbers hold, Anthropic is about to reset expectations for what a privately held AI lab can raise and earn this early in the technology cycle. A $10 billion-plus round on top of $15 billion in earlier Nvidia and Microsoft commitments would take total fresh capital beyond $20 billion, effectively treating Anthropic less like a startup and more like a quasi‑utility for frontier intelligence. A $9 billion revenue run rate in under two years of serious commercialization only reinforces the idea that the top labs are pulling away from the pack.

Strategically, this round is notable for who is leading it: Coatue and Singapore’s GIC, with Iconiq and—per FT reporting—Sequoia joining in despite Sequoia already backing OpenAI and xAI. That tells you two things: first, frontier AI is now too big for VCs to pick just one horse; second, sovereign wealth funds are increasingly central to financing the compute and model development needed for AGI-class systems.

For the race to AGI, this much capital for a single lab accelerates timelines almost by definition. It funds not just more GPUs, but larger, riskier research bets on long‑horizon reasoning, autonomous agents, and massive data-center projects Anthropic has hinted at in Texas and New York.