Anthropic announced that it has just closed a $13 billion Series F, a late-stage investment round, valuing the company at $183 billion. That’s nearly triple its valuation from just six months ago, when it raised at a $61.5 billion valuation in February 2025. This latest milestone further validates our strongly held belief that Anthropic is one of the most important companies in the AI space.

At the start of 2025, Anthropic was already gaining traction. It had surpassed a $1 billion revenue run rate and was scaling rapidly across enterprise and developer markets. By August, its revenue had increased fivefold, reaching over $5 billion in annualized run rate.

Now, the company has secured $13 billion in new funding from investors including ICONIQ, Fidelity, Lightspeed, Altimeter, Coatue, and affiliated funds of Blackrock and Blackstone. The round values Anthropic at $183 billion, making it one of the most valuable private startups in the world.

This is a leap from just six months ago when it raised $3.5 billion at a $61.5 billion valuation. For perspective, this new round is one of the largest ever raised by an AI company and reflects both extraordinary investor interest and strong fundamentals.

Behind the valuation

In a market where AI companies are often valued on vision alone, Anthropic’s numbers tell a more grounded story:

  • More than $5 billion in run-rate revenue, up from $1 billion earlier this year
  • Over 300,000 business customers, with large enterprise accounts growing nearly 7x
  • Claude Code, launched in May, is already generating over $500 million in run-rate revenue
  • Developer usage has grown more than 10x in the past three months

Anthropic’s products are becoming core infrastructure for enterprises and developers. Claude continues to outperform peers on safety, reliability, and interpretability — traits that are increasingly important as AI becomes mission-critical for more companies.

What it means for the Innovation Fund

We invested in Anthropic in early 2024 and remain bullish not just because of the company’s rapid growth, but because we actually use Claude daily in our own product development, internal communications, research, and engineering workflows.

It’s one thing to believe in a company from a financial standpoint. It’s another to use its product daily and see first-hand how it transforms productivity and decision-making.

With this latest round, Anthropic has become a cornerstone holding in the Innovation Fund’s portfolio and a symbol of the kind of long-term opportunity we aim to provide to our investors.

It also reaffirms our broader thesis: AI is not just hype. It’s a fundamental shift in how businesses operate and compete. Anthropic is proving that breakthrough research and strong execution can still command massive value — even in a competitive, fast-moving market.

We believe this is still just the beginning.

* The fund's full portfolio holdings are available here.