Anthropic is poised to raise $20 billion in its latest funding round, doubling its original target, according to the Financial Times.

The San Francisco-based AI firm, best known for its chatbot Claude, is attracting fresh investment from venture capital and institutional backers, in a deal valuing the company at $350 billion. The company had initially aimed to raise $10 billion, but strong investor appetite for AI quickly pushed the total higher, sources told the FT.

Between $10 billion and $15 billion of the capital is expected to be received as soon as Tuesday, with the remainder closing in the coming weeks. Singapore’s sovereign wealth fund GIC and U.S. investor Coatue are leading the round, with Sequoia Capital also contributing a sizable investment.

The funding announcement has lifted markets tied to AI and high-performance computing (HPC), with bitcoin miners pivoting to these sectors seeing sharp gains. IREN (IREN) and Cipher Mining (CIFR) are each up more than 12%, while Hut 8 (HUT) and TeraWulf (WULF) rose over 8%. Near Protocol (NEAR) is also modestly higher at $1.38.

Anthropic has previously secured strategic funding from Microsoft and Nvidia, which invested $10 billion and $5 billion, respectively.