Anthropic has given potential investors a tight 48-hour window to submit allocation requests for its latest fundraising round, according to individuals familiar with the situation. As previously reported, the AI company is aiming for a valuation of roughly $900 billion. Yet, with investor demand skyrocketing for a piece of the firm, sources indicate that the final valuation could easily surpass that target. Anthropic declined to comment on the matter.

Despite the overwhelming interest, some early backers—especially those who invested in 2024 or earlier—are choosing to sit out this round. Instead, these investors are holding out for a potential payout during Anthropic's expected initial public offering later this year. The company is raising what is likely its final private round before going public, using the funds to cover its massive computing requirements.

Anthropic announced this month that its annualized revenue run rate has exceeded $30 billion. However, according to sources familiar with the company's financials, the actual run rate is now closer to $40 billion. The company completed its previous fundraising round in February at a $380 billion valuation. At $900 billion, Anthropic would not only more than double its valuation but also surpass its main competitor, OpenAI, which closed a record-breaking $122 billion round at an $852 billion post-money valuation earlier this year.