AI start-up Anthropic said it has finalised a deal to raise $30 billion (£22bn) in funding from investors including Microsoft and Nvidia, at a valuation of $380bn post-money, amid strong demand for stakes in leading AI companies.

The company had initially sought to raise $10bn, but doubled the figure to $20bn in February due to investor demand, according to previous reports.

It raised the figure by a further $10bn amid investors’ expectations of future profits, in a round that Anthropic said was led by Singapore sovereign wealth fund GIC and Coatue Management.

DE Shaw & Co, Dragoneer Investment Group, Founders Fund, Iconiq and MGX co-led the round, which saw participation from Sequoia Capital, Lightspeed Venture Partners, Microsoft, Nvidia and others.

The round roughly doubles Anthropic’s valuation, which stood at $183bn following a September fundraise of $13bn.

Competitor OpenAI, for which Anthropic’s founders worked before leaving to create the company in 2021, is reportedly raising up to $100bn.

Both companies are said to be planning IPOs, as the loss-making businesses raise capital for huge infrastructure investments.

Anthropic said in November it would spend $50bn on US data centres, while OpenAI, which is said to be burning through about $1bn a month, has committed to $1.5tn in infrastructure spending.