Anthropic has reportedly expanded its venture capital fundraising goal, now seeking $20 billion instead of the previously targeted $10 billion. According to sources, this upcoming funding round is anticipated to conclude shortly and would value the company at $350 billion.

The decision to double the fundraising target stems from exceptionally strong investor demand. Key backers in the round are said to include Sequoia Capital—which also invests in rival firm OpenAI—alongside Singapore’s sovereign wealth fund and the investment management firm Coatue.

In a move signaling future plans, Anthropic retained legal counsel late last year to prepare for a potential initial public offering, which could occur later this year. The company previously secured $13 billion in funding last September, achieving a valuation of $183 billion and establishing itself as one of the most highly valued private companies in the industry.