Anthropic is closing in on a valuation of $170 billion following a funding round led by Iconiq Capital, Bloomberg reported on July 29. The artificial intelligence company plans to raise between $3 billion and $5 billion, with Iconiq expected to contribute $1 billion.

The valuation would almost triple Anthropic’s worth in just four months, bringing it into the top ranks of private technology companies. That list includes OpenAI at $300 billion, TikTok owner ByteDance at $312 billion, and SpaceX at about $400 billion.

This latest effort follows reports that Anthropic had been in talks with several Middle Eastern investors, including the UAE’s state-owned MGX fund.

Iconiq Capital, based in San Francisco, manages over $80 billion in assets. Its investment portfolio spans a range of successful companies, from Airbnb and GoFundMe to Databricks, Monzo, Uber, and Zoom.

Anthropic raised $3.5 billion in a Series E round in March, boosting its valuation to $61.5 billion. The company has also attracted substantial investment from Google, which has put in over $1 billion, and Amazon, which has committed $8 billion.

Founded four years ago, Anthropic opened its first European office in Dublin last year as part of its expansion strategy. In May, it released its Claude 4 models, stating that Claude Opus 4 is the most advanced coding model worldwide.