VCs love to chase after the hottest startups, but startups aren’t always interested in selling more shares. So it is with Anthropic, sources tell Bloomberg.

VCs have been offering the OpenAI competitor a preemptive funding round that would value the company at $800 billion or more — almost matching, or perhaps even surpassing, its rival. In February, OpenAI closed a record-breaking $110 billion round that gave it an $852 billion post-money valuation. Just a few weeks earlier, Anthropic announced a $30 billion round (which, in another era, would have been record-breaking, too), at a $380 billion valuation.

But so far, Anthropic has not been interested in the VCs’ latest offers, Bloomberg reports. Of course, this could change. Anthropic has its own enormous capital expenditures to consider, even if it has not been signing agreements with as much fervor as OpenAI.

The Claude maker has in recent months, for instance, committed $50 billion to build its own data centers, $30 billion to spend on Microsoft’s cloud, and it spends billions a year on AWS. At some point, it may need money, especially if it can raise it on good terms, potentially at more than double its previous valuation.

Still, investors are looking at Anthropic’s rising revenue — reportedly $30 billion by the end of March, up from $9 billion at the end of 2025 — and saying, “Worth it.” Investors are so thirsty for Anthropic shares that demand has grown nearly insatiable on the secondary markets. So at the slightest head nod from Anthropic CEO Dario Amodei, his company could secure funding that leapfrogs its rival’s valuation.

Anthropic declined comment to Bloomberg and did not immediately respond to our request for comment.