Anthropic’s rapid valuation growth from $380 billion in its February Series G round to ongoing talks for a $30–50 billion raise at $900–950 billion or higher stems from surging demand for its Claude large language models in enterprise and coding applications, alongside heavy infrastructure investments. Multiple reports in late April and May 2026 indicate the company received preemptive offers and set tight allocation deadlines, positioning this as potentially its final private round before a targeted IPO in late 2026 or early 2027. Competitive pressure from OpenAI’s own massive raises and broader AI capital flows have accelerated investor appetite, while supply-chain and compute commitments continue to drive funding needs. Traders are watching board decisions and lead investor commitments for any last-minute shifts in timeline or terms.