OpenAI rival Anthropic seeks $22b valuation in funding round

The news: AI startup, Anthropic, is in talks to raise USD750 million ($1.104 billion) in a round led by Menlo Ventures, reports The Information citing unnamed sources.

The numbers: The funding round could value the AI firm at between USD15 billion and USD18 billion, tripling a valuation it received earlier in the year.

The context: Anthropic expects to hit USD500 million in revenue by the end of 2024, and this capital raise would reportedly value the startup at USD15 billion, representing 30x forward revenue.

Anthropic plans to work with a selection of cloud providers to power its large language model, and chatbot, Claude, including Amazon and Google which have previously invested in the company.