Everyone keeps asking: “Are we in an AI bubble?” But just as often, I hear a different question, followed by recognition: “Wait—they raised another round?”

This year, a handful of top AI startups—some now so large that calling them “startups” feels vaguely ironic—have raised not just one giant round of funding, but two or more. And with each round, the startups’ valuations are doubling, sometimes even tripling, to reach astonishing new heights.

Take Anthropic. In March it raised a $3.5 billion Series E at a $61.5 billion valuation. Just six months later, in September, it pulled in a $13 billion Series F round. New valuation: $183 billion.

OpenAI, the startup that ignited the AI boom with ChatGPT, remains the pace setter, fetching an unprecedented $500 billion valuation in a tender offer

See Full Page