After recently investing in OpenAI and xAI, HSG has poured a large amount of money into Anthropic.

The winds in the venture capital world change faster than the weather in Silicon Valley. Just when everyone thought OpenAI and its “allies” had secured their spots at the AI table, the old - guard giant Sequoia Capital quietly pushed its chips towards another AI startup, Anthropic.

It is rumored that Sequoia Capital is preparing to join an “epic” financing round with a potential total size of up to $25 billion. The goal is to boost Anthropic, the creator of the Claude chatbot, to a staggering valuation of $350 billion. Just four months ago, Anthropic was only valued at $170 billion.

The “Mega” Financing Package: Who's Paying the Bill?

This financing round features an “all - star” lineup. Leading the charge are Singapore's sovereign wealth fund GIC and the US hedge fund Coatue, each investing a hefty $1.5 billion.

Microsoft, regarded as the “shovel - seller” in the tech circle, and NVIDIA, the “water - seller,” have jointly promised to provide checks worth up to $15 billion. Sequoia's entry adds the most symbolic dish to this feast.

In total, these capital giants alone are contributing nearly $20 billion. The remaining gap of several billion dollars will be filled by other sharp - nosed venture capitalists and institutional investors.

Interestingly, Sequoia's move breaks the unspoken rules of itself and the entire venture capital industry. It's worth noting that in 2025, Sequoia invested in OpenAI and also backed Elon Musk's xAI. Traditionally, venture capitalists avoid “straddling multiple boats” in the same field to prevent self - sabotage.

However, this time, the rules have been washed away by the huge wave of AI. According to sources close to Sequoia, their logic has changed: “Anthropic's financing round is at a stage where the company has grown so large that it has shifted from a venture capital investment to a stock - like investment... They strongly believe in the view that the AI field is not a zero - sum game. These leading companies will all carve out their own niches with their unique capabilities.”

In simple terms, Sequoia is no longer betting on a “single winner.” Instead, like stock investors, they are diversifying their portfolio with the “blue - chip stocks” in the AI field. Behind this is an extremely optimistic assessment of the AI market: the pie is big enough to accommodate multiple trillion - dollar players.

Why Anthropic? A “Money - Magnet” with a Ten - Fold Annual Revenue Surge

Capital is so enthusiastic because Anthropic has presented solid results. It is reported that the annualized revenue of this AI startup has soared from about $1 billion a year ago to about $10 billion currently. That's nearly a ten - fold increase in just one year!

It not only competes head - on with ChatGPT in the general - purpose chatbot field with Claude but has also struck gold in the niche market of building AI tools for software engineers. This means it has clear and robust monetization capabilities, not just burning money on empty promises.

Such a large - scale private financing is almost a final sprint towards a public listing. There are reports that Anthropic is actively preparing for an IPO, which could be launched as early as this year. It has already hired law firms and investment banks to start the preparations.

What's even more thought - provoking is that this is not just a feast for Anthropic. OpenAI and Elon Musk's SpaceX are also paving the way for public listings. It is foreseeable that in the next one or two years, we will witness an unprecedented wave of tech giant IPOs, each of which may break records.

Leadership Change: An AI - Driven Shift in Investment Philosophy

Sequoia's major bet this time is not a coincidence. It came right after a leadership change at the company. Roelof Botha, the former head, was cautious about excessive capital concentration in a few star companies and thus missed out on the first few rounds of Anthropic's financing. In 2025, he said, “Pouring more money into Silicon Valley won't necessarily spawn more great companies.”

However, after he left his position in November last year, the newly appointed co - leaders, Pat Grady and Alfred Lin, clearly hold a different view. This pursuit of Anthropic marks a major shift in Sequoia's investment philosophy: from “cherry - picking” to “going all - in,” fully embracing the capital - intensive game of the AI era.

Currently, Sequoia, GIC, Coatue, and Anthropic have all declined to comment on the rumors.

But there's no smoke without fire. This brewing capital storm clearly shows that the competition in AI has already escalated from a battle of technical models to a comprehensive contest of financial strength, ecosystem, and strategic vision. When the top - tier capital chooses not to “take sides” but to “cover all bases,” a new era of “coexistence of giants” in AI may really be on the way.

This article is from “Tencent Technology”. Translated by Jin Lu. Published by 36Kr with authorization.