Anthropic Plans Round at $350B Valuation

Anthropic, a Raison portfolio company, is in discussions to raise new capital at an estimated $350 billion level. Its most recent Series F round, completed in September 2025, valued the company at $183 billion, implying a near twofold increase over a short period.

The potential re-rating is supported by strong operating momentum. Anthropic plans to significantly increase its annualized revenue run rate this year, driven by broad enterprise adoption of its Claude models.

According to sources, the round could close within the coming weeks, although the size and terms have not been disclosed. Anthropic declined to comment.

Investment Context

We closely monitor Anthropic’s progress, as the company represents a core position in the Raison portfolio. For our investors, the latest developments further validate the quality of the original entry points:

• In March 2023, Raison made its first investment in Anthropic at $13.7 per share.
• A second batch of shares was acquired at $36 per share.
• As of today, Anthropic shares trade at approximately $285 on the secondary market, representing a 21x increase from our initial entry.

This trajectory highlights the advantage of access to high-quality opportunities at early and intermediate stages, when company values remain well below peak levels.

Looking Ahead

In addition to the new round, Anthropic has begun preparing for an IPO, hiring legal counsel from Wilson Sonsini. A public debut could happen as early as 2026.

Demand for enterprise AI solutions continues to grow, and Anthropic remains one of the primary beneficiaries of this trend. We continue to hold the position as the company evolves from a high-potential startup into one of the most valuable technology companies globally.