Anthropic co-founders Dario Amodei (L) and Daniela Amodei
Anthropic, the fast-rising artificial intelligence (AI) startup behind the Claude chatbot, is in talks to raise up to US$10 billion in fresh funding at a valuation of around US$350 billion, says a Wall Street Journal report, citing sources.
The proposed financing round is expected to be led by Coatue Management alongside GIC, Singapore’s sovereign wealth fund, with participation from existing shareholders. The discussions come amid growing speculation that Anthropic could pursue an initial public offering within the next 12 to 18 months, as leading AI players race to secure ever-larger capital war chests.
AI investment boom intensifies
The potential deal underscores the relentless investment momentum surrounding generative AI, even as concerns mount over frothy valuations and the long-term economics of AI businesses. Developing large-scale AI models is notoriously expensive, requiring massive investments in computing power, energy, and specialised data centre infrastructure.
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Anthropic’s prospective valuation would place it among the world’s most valuable private companies, trailing only a handful of AI rivals. In December, OpenAI announced a US$41 billion investment from Softbank and is currently valued at US$500 billion, while Elon Musk’s xAI announced on January 6 that it had raised US$20 billion, reportedly valuing the company at over US$230 billion.
A safety-first AI challenger
Anthropic was established with a strong emphasis on AI safety and alignment, and is structured as a public benefit corporation, committing it to public and social good alongside commercial returns. That positioning has resonated with deep-pocketed investors. In 2024, Anthropic raised US$8 billion from Amazon, its largest investor to date. Google has invested approximately US$3 billion and controls around 14 per cent of the company, according to court documents cited by The New York Times.
In total, Anthropic has raised at least US$40 billion in funding, according to PitchBook data. The company’s previous funding round closed in September at a valuation of US$183 billion, while Microsoft and Nvidia later announced plans to collectively invest around US$15 billion.
GIC’s strategic bet on responsible AI
GIC’s involvement reflects its growing conviction that AI represents a foundational economic transformation, rather than a short-term technology cycle. Sources familiar with its thinking say the sovereign fund is particularly drawn to Anthropic’s focus on reliable, interpretable, and steerable AI systems, which it views as essential for long-term enterprise adoption.
Rather than chasing hype-driven valuations, GIC is said to be taking a valuation-sensitive approach across the AI value chain, targeting enablers, monetisers, and adopters that can deliver sustainable economic impact. Its backing of Anthropic builds on earlier investments, including participation in the startup’s US$13 billion Series F round.
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Notably, GIC has no public equity investments in OpenAI, despite the latter establishing Singapore as its Asia-Pacific headquarters. While OpenAI counts Microsoft, Nvidia, and other global players among its backers, GIC’s stake in Anthropic gives Singapore direct exposure to a safety-focused AI leader, rather than just an operational presence.
Massive infrastructure ambitions
As Anthropic pushes to commercialise its AI models for enterprises and consumers, its capital needs are ballooning. The company is spending tens of billions of dollars on the data centre infrastructure required to train and run advanced AI systems.
Late last year, Anthropic announced plans to invest US$50 billion in data centres across Texas and New York in partnership with cloud provider Fluidstack, though it has not detailed how the project will be financed. The startup is also purchasing vast amounts of computing power from Amazon and Google.
One of its most ambitious projects is a massive Amazon data centre in New Carlisle, Indiana, where Anthropic will be the primary customer. Once fully operational, the facility is expected to consume 2.2 gigawatts of electricity, enough to power around one million homes.
Implications for Southeast Asia
GIC’s potential investment could have meaningful spillover effects for Singapore and Southeast Asia’s AI ecosystem. Market observers say it may accelerate Anthropic’s expansion in the Asia-Pacific region, boost local hiring, and deepen partnerships with regional enterprises.
The move also reinforces Singapore’s position as a leading AI hub. The city-state is home to 80 of the world’s top 100 technology firms, has attracted US$1.6 billion in AI funding, and continues to promote responsible AI through initiatives such as AI Singapore. The country’s AI market is projected to grow 28 per cent to reach US$4.64 billion by 2030, underpinned by strong governance frameworks and public-private collaboration.
Also Read: Anthropic data shows businesses use AI to automate, not collaborate
For Southeast Asia’s broader startup ecosystem, GIC’s backing of Anthropic sends a clear signal: capital is increasingly flowing toward foundational, safety-conscious AI infrastructure, marking a shift from speculative software bets to the core systems powering the next decade of digital growth.
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