Anthropic in talks to raise $10 billion at $350 billion valuation
The reported term sheet, led by GIC and Coatue, would have nearly doubled Anthropic's valuation in four months; the round that eventually closed in February was larger still.
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Anthropic was reported to have signed a term sheet for a $10 billion funding round at a $350 billion valuation, led by Coatue Management and Singapore’s GIC. Reporting attributed to the Wall Street Journal, and separately confirmed by CNBC, described the figures as a term sheet rather than a closed round — a signal of investor demand and negotiated terms, not committed and transferred capital.
The reported valuation would have nearly doubled the $183 billion mark Anthropic reached four months earlier, in its September 2025 Series F, continuing a pattern of AI-lab valuations climbing sharply within a single funding cycle rather than across the more typical multi-year gap. Coverage noted the round would sit separately from a distinct $15 billion commitment Nvidia and Microsoft had made to Anthropic as part of a compute deal under which Anthropic agreed to buy $30 billion of Azure capacity running on Nvidia chips — a structure that drew scrutiny for its circularity, since two of Anthropic’s own compute suppliers were also becoming investors.
The talks reported in January did not describe the round that ultimately closed. When Anthropic announced its Series G in February 2026, the company had raised $30 billion — three times the figure reported in January — at a $380 billion valuation, with GIC and Coatue still co-leading alongside additional investors who joined as the round grew.