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Iconiq set to lead $5bn funding round for AI start-up Anthropic

Deal would almost triple valuation of OpenAI’s rival to $170bn
The deal comes amid a fierce battle for funding with AI groups looking beyond Silicon Valley to sovereign wealth funds

Iconiq Capital is set to lead a $5bn funding round for artificial intelligence start-up Anthropic that would value the company at $170bn, almost triple the valuation it achieved four months ago. 

The investment group has submitted its proposed terms to Anthropic, according to two people with direct knowledge of the matter, in a deal that would make the four-year-old start-up one of the most valuable private technology companies in the world.

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