Anthropic is in the final stages of raising $20 billion in new capital at a cost of $350 billion, Bloomberg reportswith investor demand leading the company to raise double the funding it was set to receive. The company has raised $13 billion in equity funding just five months agobut the intense competition between frontier labs and the continuing cost of computing makes it eager to raise as soon as possible.

Companies expected to participate in the round include Altimeter Capital Management, Sequoia Capital, Lightspeed Venture Partners, Menlo Ventures, Coatue Management, Iconiq Capital, and Singapore’s sovereign wealth fund, but most of the funding is said to come from the company’s strategic partners Nvidia and Microsoft.

Anthropic builds on recent successes, particularly the deployment of coding agents, that have software engineers excited about increased coding productivity. Last week, the company’s release of new models focused on legal and business research rattled share prices of publicly traded data companies as investors worried about AI’s ability to disrupt their businesses.

Anthropic’s rival, OpenAI, is reportedly assembling a new $100 billion fundraising round, and both companies are believed to be preparing IPOs ahead of a blockbuster summer in the markets, with xAI, recently acquired by SpaceXalso tapped public equity as part of the rocket maker’s IPO.