Anthropic valued at $350 billion

Alphabet said on April 24 that Google will invest up to $40 billion in Anthropic, starting with $10 billion in cash at a $350 billion valuation. (nytimes.com) (techcrunch.com) Anthropic said another $30 billion from Google is tied to performance targets, and the deal includes a major expansion of computing capacity for training and running Claude. (techcrunch.com) (bloomberg.com) That $350 billion figure is the company’s primary-market price: the valuation attached to a negotiated financing round with the company itself. Anthropic separately said its February 12 Series G raised $30 billion at a $380 billion post-money valuation, which implies a $350 billion pre-money price before the new cash. (anthropic.com) (cnbc.com) The secondary market is different. That is where existing shareholders, such as employees or early investors, sell stock to outside buyers, often in small, hard-to-source blocks. (businessinsider.com) (finance.yahoo.com) Business Insider reported on April 23 that Anthropic was hovering around a $1 trillion implied valuation on Forge Global, citing Forge chief executive Kelly Rodriques. The same report said OpenAI was around $880 billion on the platform. (businessinsider.com) (finance.yahoo.com) Those numbers do not mean Anthropic raised money at $1 trillion. They mean some buyers in private-share venues were willing to pay prices that imply that valuation, even though Anthropic’s latest company-led financing was far lower. (anthropic.com) (businessinsider.com) The frenzy is tied to both revenue growth and infrastructure scarcity. Anthropic said its run-rate revenue reached $14 billion, while Google said it is pouring more than half of its 2026 machine-learning compute investment into cloud customers and partners. (anthropic.com) (blog.google) Google’s role is also unusual because it is both a model rival and an infrastructure supplier. TechCrunch reported that Anthropic already relies heavily on Google Cloud and Google tensor processing units, and that the new arrangement adds 5 gigawatts of capacity over five years. (techcrunch.com) That is why the $350 billion headline and the $1 trillion chatter can both be true at once. One is the price Anthropic and Google agreed to in a structured deal; the other is what impatient buyers are offering for scarce stock in private resale markets. (bloomberg.com) (businessinsider.com)