Anthropic, a ChatGPT rival with its AI assistant Claude, is nearing the close of a new $5 billion funding round that would value it at a staggering $170 billion, per Bloomberg.

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.

Anthropic is nearing a deal to raise between $3 billion and $5 billion in funding, valuing the large language model developer at $170 billion, Bloomberg reported.