Anthropic, the AI start-up, is on track to raise as much as $5 billion in a new funding round, Bloomberg reported July 29. Led by Iconiq Capital, the round would value the firm at $170 billion.

This valuation would almost triple in just four months, putting Anthropic in the same bracket as leading private tech companies including OpenAI ($300 billion), ByteDance ($312 billion), and SpaceX ($400 billion).

Sources say the round will total between $3 billion and $5 billion, with Iconiq potentially contributing $1 billion. This follows recent reports that Anthropic had been in talks with Middle Eastern investors, among them the UAE’s MGX.

Iconiq Capital, with headquarters in San Francisco, manages more than $80 billion and has a track record of backing firms like Airbnb, GoFundMe, Databricks, Monzo, Uber, and Zoom.

In March, Anthropic secured $3.5 billion in Series E funding, lifting its valuation to $61.5 billion. Major tech firms have also provided support, with Google investing more than $1 billion and Amazon contributing $8 billion.

The four-year-old company established its European footprint last year with an office in Dublin. Its May release of the Claude 4 models included Claude Opus 4, which it described as the world’s most advanced coding tool.