Microsoft, Nvidia, and GIC anchor Anthropic’s $10B Series G at $350B valuation

In January 2026, AnthropicDealroom has a profile for this one. Try Dealroom → entered final negotiations for a $10 billion Series G round at $350 billion pre-money valuation—nearly doubling its September 2025 value of $183 billion in just four months. Led by Coatue Management and Singapore's GIC, this round represents far more than traditional venture capital.

What makes this funding unprecedented is the convergence of three distinct investment layers totaling nearly $50 billion committed in 2025 alone. Beyond the pure Series G equity, Microsoft and Nvidia separately invested $15 billion in November 2025—but with a twist. Microsoft's $5 billion stake came bundled with Anthropic's commitment to purchase $30 billion in Azure compute over multiple years, while Nvidia's $10 billion included guaranteed supply of over one gigawatt of GPU capacity. This "circular investment" structure transforms equity into multi-year revenue contracts, making the $350 billion valuation defensible through contracted infrastructure spending rather than speculative multiples alone.

Combined with October 2025's $10 billion Google Cloud partnership delivering one million custom TPU chips, Anthropic has secured multi-cloud resilience while locking in compute capacity for 3-5 years—eliminating the infrastructure bottleneck that has constrained competitors.

With $7-9 billion in October 2025 revenue run-rate, internal targets of $20-26 billion for 2026, and an expected late-2026 IPO, Series G likely marks Anthropic's final private round. The company's path mirrors OpenAI's trajectory but with faster revenue growth, clearer profitability timelines (2028 breakeven target), and institutional-grade governance that positions it as the enterprise alternative to consumer-focused competitors.

Sources: Wall Street Journal
Reuters 
CNBC
TechZine
Yahoo Finance

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