Artificial intelligence start-up Anthropic is set to raise up to $5 billion in fresh funding, positioning itself among the most highly valued private technology companies. Bloomberg reported on July 29 that the round, led by San Francisco-based Iconiq Capital, would give the company a $170 billion valuation.

This dramatic rise nearly triples Anthropic’s value in just four months, placing it in the same league as OpenAI, valued at $300 billion, TikTok parent ByteDance at $312 billion, and Elon Musk’s SpaceX, estimated at $400 billion.

The new round is expected to bring in between $3 billion and $5 billion, with Iconiq considering a $1 billion investment. The news follows recent speculation that Anthropic was negotiating with Middle Eastern investors, including the UAE state fund MGX.

Iconiq Capital, which manages more than $80 billion in assets, is already known for backing leading companies like Airbnb, GoFundMe, Databricks, Monzo, Uber, and Zoom.

Earlier this year, in March, Anthropic raised $3.5 billion in a Series E round, reaching a valuation of $61.5 billion. The start-up has also enjoyed major financial support from Google, which has invested over $1 billion, and Amazon, which has committed $8 billion.

The company’s international expansion began with its first EU office in Dublin last year. In May, Anthropic unveiled its Claude 4 models, claiming Claude Opus 4 is the top coding model globally.