Anthropic, the AI company behind the Claude family of models, is moving to close what could be its final private funding round as soon as next week. The goal: get the capital locked in before the company transitions to public markets.

The round is reportedly sized at around $50 billion, targeting a valuation between $850 billion and $900 billion.

From Series G to pre-IPO in record time

This latest raise comes just months after Anthropic closed a $30 billion Series G round on February 12, 2026. That round valued the company at $380 billion post-money and was led by Singapore’s sovereign wealth fund GIC alongside Coatue Management.

Reports indicate Anthropic gave potential investors a 48-hour window to submit their allocation requests, with a board review scheduled for May 2026 to finalize the round’s terms.

The IPO itself is anticipated as early as October 2026, with Goldman Sachs, JPMorgan, and Morgan Stanley reportedly in discussions to handle the listing. If that timeline holds, this $50 billion round functions as a bridge to public markets, essentially the last chance for private investors to get in before the ticker symbol goes live.

Secondary markets are already pricing in a trillion-dollar valuation

Secondary trading activity following the Series G round has pushed Anthropic’s implied valuation toward, and possibly past, the $1 trillion mark.

Anthropic has explicitly prohibited unauthorized transfers of its shares, including tokenized versions of its equity. Any such deals, the company has stated, are considered void.

This is a direct shot at the growing cottage industry of pre-IPO tokenized shares and perpetual futures that have popped up across crypto platforms. Some protocols have offered synthetic exposure to Anthropic’s equity, allowing crypto traders to speculate on the company’s valuation trajectory without ever touching actual shares.

What this means for crypto investors

Bitcoin mining stocks have previously reacted to major AI funding developments because the GPU infrastructure that powers AI training overlaps significantly with the hardware used in proof-of-work mining operations.

The pre-IPO perpetual futures angle is worth watching closely. These products let crypto traders take leveraged positions on the price trajectory of private companies. Anthropic’s explicit crackdown on unauthorized tokenized shares highlights the tension between traditional finance gatekeeping and crypto’s permissionless ethos.

For traders using these instruments, the risk is straightforward: you’re speculating on an asset whose issuer has declared your product void. That doesn’t mean the trade can’t be profitable, but it does mean the legal and counterparty risks are elevated in ways that a standard equity position wouldn’t carry.