The size of Anthropic’s upcoming funding round is reportedly increasing.

Anthropic, the developer of the AI chatbot Claude, is nearing the completion of a $3.5 billion funding round that would value the company at $61.5 billion, as reported by The Wall Street Journal. Initially, Anthropic aimed to raise $2 billion, but investors have now committed to a larger investment, according to the WSJ.

Lightspeed Venture Partners, General Catalyst, Bessemer Venture Partners, and Abu Dhabi-based investment firm MGX are reportedly engaging in discussions to participate in the forthcoming funding round. If the round reaches $3.5 billion, it would bring Anthropic’s total funding to approximately $18 billion.

Anthropic, which recently launched a new flagship AI model, Claude 3.7 Sonnet, has achieved around $1.2 billion in annualized revenue, according to the WSJ. However, the company is still operating at a loss. The proceeds from the upcoming funding round are intended to be used for the development of more advanced AI technologies.