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

Anthropic raised $3.5 billion in Series E funding at a $61.5 billion post-money valuation, in a round led by Lightspeed Venture Partners. This piece also lays out the cash burn and 2027 revenue scenarios from investor materials reported by The Information.

Anthropic Claude Funding AI Market Series E Valuation

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.