Singapore’s sovereign wealth fund is leading a roughly $10 billion investment push into Anthropic that would value the artificial intelligence company at about $350 billion, marking the arrival of state-backed capital at the very centre of the global AI race.
The round is said to be led by GIC, Singapore’s sovereign wealth fund, alongside Coatue Management, with Microsoft and Nvidia expected to participate. The financing is expected to close in the coming weeks, though the final amount could still change. Anthropic has not commented on the talks.
If completed at the reported terms, the raise would nearly double Anthropic’s valuation from the $183 billion set in its $13 billion Series F round in September.
A valuation that has doubled in months
The trajectory has been extraordinary. Anthropic raised $3.5 billion at a $61.5 billion valuation in March, then $13 billion in September at $183 billion. A $350 billion valuation would see the company’s worth rise more than fivefold within ten months.
The numbers behind the appetite are substantial. The company’s annualised revenue run rate topped $9 billion late last year, with internal projections aiming for $20 billion to $26 billion in 2026, driven by enterprise adoption of its Claude models and coding tools. Across the industry, AI companies secured a record $222 billion in funding in 2025, more than double the previous year’s total.
The geopolitics of compute
The new round follows November commitments for Microsoft and Nvidia to invest up to a combined $15 billion in Anthropic, tied to $30 billion of Azure compute capacity on Nvidia chips. The structure reveals the real currency of the AI race: not just capital, but guaranteed access to the chips and data centres that train frontier models.
Even as the global AI race is shifting beneath the current leaders, the contest is consolidating around a handful of players with access to capital, compute and sovereign partners, while chipmakers cannot build the hardware fast enough to meet the demand those players are creating.
For now, the company has not commented on the talks, and a potential public listing is also said to be under exploration. Whatever path Anthropic takes, the message of this round is unmistakable: the AI race is no longer funded only by venture capital and big tech. The world’s sovereign wealth has arrived.
