Image Credits:Anthropic

Anthropic’s next funding round is reportedly growing larger.

Anthropic, which makes the AI chatbot Claude, is finalizing a $3.5 billion fundraising round that values the company at $61.5 billion, according to The Wall Street Journal. Anthropic initially set out to raise $2 billion, but investors have now agreed to a larger tranche, per the WSJ.

Lightspeed Venture Partners, General Catalyst, Bessemer Venture Partners, and Abu Dhabi-based investment firm MGX are said to be in talks to participate in the coming round. Should it top out at $3.5 billion, it’d bring Anthropic’s total raised to around $18 billion.

Anthropic, which this week released a new flagship AI model, Claude 3.7 Sonnet, recently hit about $1.2 billion in annualized revenue, according to the WSJ. But it’s still losing money. The company intends to put the proceeds from its next round toward developing more capable AI technologies.