HEADLINE: Anthropic Closes $30B Funding Round as OpenAI Pursues $100B at $730B+ Valuation
LEAD: Anthropic has closed a $30 billion funding round as OpenAI moves toward closing its own $100 billion raise at a pre-money valuation between $730 billion and $850 billion, with Nvidia in discussions to invest up to $30 billion as part of the round, according to reporting published February 20, 2026.
BODY: The funding activity underscores intensifying competition between the two AI leaders ahead of anticipated public offerings. OpenAI's valuation is complicated by an existing agreement to pay Microsoft 20% of its revenue through 2032—a structural constraint that will shape the company's financial model as a public company.
Anthropic is projected to overtake OpenAI in annual recurring revenue sometime in late 2026, according to analysis from Epoch AI, citing the company's 10x revenue growth pace compared to OpenAI's 3.4x growth rate.
Both companies are expected to IPO near or above $1 trillion market capitalization, according to the source analysis.
WHAT'S NEXT: Watch for OpenAI's formal funding close announcement and any public disclosures about the Microsoft revenue-share agreement's impact on unit economics.
Anthropic has closed a $30 billion funding round as OpenAI moves toward closing its own $100 billion raise at a pre-money valuation between $730 billion and $850 billion
OpenAI's valuation is complicated by an existing agreement to pay Microsoft 20% of its revenue through 2032—a structural constraint that will shape the company's financial model as a public company
Anthropic is projected to overtake OpenAI in annual recurring revenue sometime in late 2026, according to analysis from Epoch AI, citing the company's 10x revenue growth pace compared to OpenAI's 3.4x growth rate
CompaniesAnthropic·OpenAI·MicrosoftMSFT·NvidiaNVDA·Epoch AI
Key Figures
$$30B fundingAnthropic funding round closed
$$100B fundingOpenAI raise target
$$730B-$850B valuationOpenAI pre-money valuation range
$$30B investmentNvidia potential investment in OpenAI round
%20% revenue_shareMicrosoft revenue share from OpenAI through 2032
multiplier10x growth_rateAnthropic revenue growth pace
multiplier3.4x growth_rateOpenAI revenue growth pace
$$1T valuationExpected IPO market capitalization for both companies
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