The company raised $13 billion in equity funding just five months ago, but intense competition between frontier labs and the ongoing cost of compute have made them eager to raise as quickly as possible.

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Anthropic is finalizing a $20 billion funding round at a $350 billion valuation, doubling its initial target due to strong investor demand. This comes just five months after raising $13 billion, driven by intense competition among AI labs and high compute costs. Major investors include Nvidia and Microsoft, with the company building momentum from successful coding agents and new legal/business research models. OpenAI is reportedly raising $100 billion, and both companies are preparing for IPOs this summer.

Anthropic closes in on $20B round