Anthropic is in line for a valuation of $170 billion following a new funding round led by Iconiq Capital, Bloomberg reported July 29. The AI start-up plans to raise between $3 billion and $5 billion, with Iconiq expected to contribute $1 billion.

The valuation nearly triples in just four months, placing Anthropic among elite private tech firms like OpenAI at $300 billion, ByteDance at $312 billion, and SpaceX at $400 billion.

The news follows recent speculation that Anthropic was negotiating fresh investment with Middle Eastern funds, including the UAE’s MGX.

Iconiq Capital, headquartered in San Francisco, manages more than $80 billion. Its portfolio includes major companies such as Airbnb, GoFundMe, Databricks, Monzo, Uber, and Zoom.

Earlier this year, Anthropic secured $3.5 billion in Series E funding, giving it a valuation of $61.5 billion. The company has also received significant backing from Google, which has invested more than $1 billion, and Amazon, which has committed $8 billion.

Anthropic expanded into Europe in 2023 with the launch of its Dublin office. In May, the company released its Claude 4 models, with Claude Opus 4 touted as the top coding model worldwide.