Anthropic Raises $3.5B at a $61.5B Valuation, With Lightspeed Leading the Series E

On March 3, 2025, the AI company Anthropic announced it had raised $3.5 billion in a Series E round at a $61.5 billion post-money valuation¹.

The round and its investors

Lightspeed Venture Partners led the Series E. Participating investors included¹:

Bessemer Venture Partners
Cisco Investments
D1 Capital Partners
Fidelity Management & Research Company
General Catalyst
Jane Street
Menlo Ventures
Salesforce Ventures

Cash burn and the outlook to 2027

According to investor materials reported by The Information, Anthropic burned $5.6 billion in cash in 2024 and expected to reduce that to $3 billion in 2025³. Management expected the company to stop burning cash in 2027³.

Revenue projections were given as multiple scenarios. The base case was $12 billion in 2027, up from $2.2 billion in 2025; the bull case put 2027 revenue as high as $34.5 billion³. The $34.5 billion figure is often quoted on its own, but it is the upside case — the internal baseline was $12 billion. None of these are company announcements; they are figures from reported internal materials.

The context around the raise

The $61.5 billion valuation came during a period of accelerating investment in AI companies².

Looking at what followed, the company kept updating its top-end models — as with the launch of Claude Fable 5 — and moved into policy as well, setting out its position on open-weights model regulation. The scope of its activity has widened considerably since this round. The figures in this article are best read as a snapshot of that starting point in March 2025.