Anthropic might pass OpenAI

The valuation race just reset. TechCrunch reported Wednesday that Anthropic is in talks to raise $40-50 billion at a valuation between $850 billion and $900 billion, with a board decision expected in May and the round possibly the company’s last before an IPO. The new mark would more than double Anthropic’s February valuation of $380 billion and put it within range of OpenAI, which closed a $122 billion round at an $852 billion post-money valuation on March 31. Anthropic’s annual revenue run rate crossed $30 billion this month and is now closer to $40 billion, up from roughly $9 billion at the end of 2025. One institutional investor that has signaled willingness to commit $5 billion has not yet secured a CFO meeting, according to the report—a detail that says as much about demand as the headline number.

Anthropic’s ascent is also running into Washington at two doors at once. Government Executive reports the White House is drafting guidance to bypass the Pentagon’s 2026 supply chain risk designation on Anthropic and clear federal use of Mythos, the company’s cyber-focused frontier model. The original ban followed Anthropic’s refusal to ease restrictions on domestic surveillance and autonomous weapons use, and a federal judge issued a temporary injunction on the designation in late March. Separately, the Wall Street Journal reported the White House opposes Anthropic’s plan to extend Mythos access to roughly 70 outside companies and organizations, with officials citing the model’s cyberattack capabilities and Anthropic’s compute capacity. President Trump told reporters Anthropic is “shaping up” and can “be of great use.” Federal access and commercial expansion are now two separate fights, on two separate timelines.