Anthropic in talks for $30–50B round at $950B valuation — would top OpenAI
Read this because The gross-margin expansion is the signal, not the valuation. 38% → 70% means prompt caching, batch, and serving got materially better — and the savings flowed up.
Round would be a 2.5x markup on February's $380B Series G. ARR went from ~$9B to ~$44B in 12 months; gross margin 38% → 70% as inference scaled.