Anthropic is planning a $10bn fundraise that would value the Claude chatbot maker at $350bn, according to multiple reports published on Wednesday.

The new valuation represents an increase of nearly double from about four months ago, per CNBC, which reported that the company had signed a term sheet that stipulated the $350bn figure. The round could close within weeks, although the size and terms could change. Singapore’s sovereign wealth fund GIC and Coatue Management are planning to lead the financing, the Wall Street Journal reported.

Insatiable demand for AI and growing enterprise adoption has driven tech spending higher globally, pushing valuations of AI startups such as Anthropic to record levels, even as concerns about an AI bubble loom. OpenAI has been valued at $500bn.

Anthropic last raised $13bn in a series F round that valued the company at $183bn, the company said in early September. The company had also hired a law firm to prepare for an initial public offering that could take place as early as 2026, according to the Financial Times.

Founded in 2021 by former OpenAI staff, Anthropic’s Claude models have built a strong reputation among developers, particularly for coding tasks.

Anthropic is aiming to more than double its annualized revenue run rate this year, helped by rising adoption of its enterprise products.

The startup, which Amazon, Microsoft and Nvidia have poured billions of dollars into, declined to comment.