Anthropic’s valuation is set to surge as the AI start-up prepares to raise as much as $5 billion in its latest round. Bloomberg reported on July 29 that the round, led by Iconiq Capital, would give the company a valuation of $170 billion.

The leap would nearly triple Anthropic’s worth in just four months, aligning it with other technology giants in the private sector. Comparable firms include OpenAI, valued at $300 billion, ByteDance at $312 billion, and SpaceX at $400 billion.

Industry sources say the raise will total between $3 billion and $5 billion, with Iconiq considering a $1 billion contribution. The development comes days after reports that Anthropic was in talks with Middle Eastern investors such as the UAE’s MGX.

Iconiq Capital, based in San Francisco, manages more than $80 billion in assets and has backed household names including Airbnb, GoFundMe, Databricks, Monzo, Uber, and Zoom.

Anthropic last raised $3.5 billion in March during its Series E, pushing its valuation to $61.5 billion. The company also enjoys strong backing from Google, which invested over $1 billion, and Amazon, which has provided $8 billion.

With its first European office opened in Dublin last year, the four-year-old firm continues to grow globally. In May, it launched its Claude 4 suite, asserting Claude Opus 4 as the world’s leading coding model.