Anthropic in talks to raise $50B at $900B valuation — surpasses OpenAI's $852B private mark ahead of October IPO window

Anthropic is in active talks to raise $50 billion at a $900 billion valuation, surpassing OpenAI's $852 billion private mark and positioning for an IPO as early as October 2026. The round, if completed at the discussed terms, would make Anthropic the highest-valued AI company in the private market.

The valuation step-up is the headline. Anthropic's $30B Series F in February 2026 priced the company at $185B; the new round at $900B represents a 4.9x mark-up in roughly 90 days. The pricing reflects two structural inputs: the Project Glasswing tiered-access enterprise program establishing premium-pricing buyer base, and the cross-lab compute deal pattern (Colossus deal) demonstrating supply-side diversification.

The October IPO window mentioned in the talks would put Anthropic to public market within five months. A successful pricing at $900B would establish the comparable for OpenAI's eventual 2027 listing and set the premium-to-revenue ratio frontier labs can sustain. The SpaceX listing in June establishes the pricing baseline for the broader AI-asset-class IPO wave.

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