Iconiq Capital is set to lead a $5bn funding round for artificial intelligence start-up Anthropic that would value the company at $170bn, almost triple the valuation it achieved four months ago. The investment group has submitted its proposed terms to Anthropic, according to two people with direct knowledge of the matter, in a deal that would make the four-year-old start-up one of the most valuable private technology companies in the world. Iconiq Capital is a San Francisco-based investment group that manages the wealth of high profile tech billionaires including Facebook co-founders Mark Zuckerberg and Dustin Moskovitz, LinkedIn co-founder Reid Hoffman and Twitter founder Jack Dorsey. The group began as a wealth adviser to the super wealthy in 2011 and now manages more than $80bn. Anthropic has been in discussions with multiple investors, including the United Arab Emirates state investment fund MGX and existing partner Amazon, about fresh investment in recent weeks, the Financial Times has reported. The start-up closed a $3.5bn funding round that priced it at $61.5bn in March. Anthropic’s annual recurring revenue has quadrupled to around $4bn over the course of this year and the group is capitalising on intense investor interest in fast-growing AI start-ups.
The deal comes amid a fierce battle for funding with AI groups looking beyond Silicon Valley to sovereign wealth funds.

Full report : Anthropic is nearing a deal to raise $5 billion in a funding round led by Iconiq at a $170 billion valuation, after being valued at $61.5 billion in a $3.5 billion round in March 2025.