Anthropic reportedly upped its latest raise to $20B

Anthropic has doubled the amount of venture capital funding it plans to raise. the FT reports, The target will be increased from $10 billion to $20 billion. The round, which is expected to close soon, will give the company a valuation of $350 billion, sources told the FT.

Anthropic, which makes the popular AI Claude and the equally popular Claude Code, decided to double its funding target due to growing investor interest. The backers of this round are expected to include Sequoia Capital (which also invests in rival OpenAI), Singapore’s sovereign wealth fund and investment management company Coatue, according to the FT.

Late last year, it was reported that Anthropic had hired lawyers in preparation for an IPO that could take place sometime this year. The company announced a $13 billion raise in September, making it one of the most valuable private companies in the industry, valued at $183 billion.