The company’s strategy is to raise money via a fundraising round and separately hold a tender offer to allow employees to sell some of their shares to a select group of investors.

Anthropic is looking to raise up to $5 billion at a $170 billion valuation in a funding round led by Iconiq Capital.

Amazon (AMZN)-backed AI firm Anthropic is reportedly close to securing as much as $5 billion in fresh funding, potentially lifting its valuation to $170 billion. According to a report by Bloomberg, Iconiq Capital is leading the funding round,

Anthropic is nearing completion of a new funding deal that would generate $3B to $5B and propel the artificial intelligence startup to a $170B valuation, according to Bloomberg.