Running finance at one of the world’s most valuable AI companies sounds glamorous right up until you’re simultaneously raising tens of billions of dollars, planning an IPO, and suing the US government. Krishna Rao, Anthropic’s CFO, is doing all three.
Rao has been at the helm of Anthropic’s financial operations since 2024, and the pace hasn’t exactly been leisurely. In early 2026, the company closed a $30B Series G funding round that pushed its valuation to $380B. Anthropic, maker of the Claude AI models, is now one of the most valuable private companies on the planet.
The fundraising machine meets reality
Before joining Anthropic, Rao cut his teeth guiding Airbnb through its IPO and various equity raises. That experience has proven useful, because Anthropic’s capital needs are enormous.
Rao has been leading multi-cloud, multi-chip compute deals since arriving at the company. The goal: ensure Anthropic has enough processing power to keep pace with rivals like OpenAI and Google DeepMind without becoming captive to any single provider.
The real strategic play came in May 2026, when Anthropic announced a new AI services company formed alongside Blackstone, Hellman & Friedman, and Goldman Sachs. The venture is designed to bring Claude-powered AI tools to midsize enterprises, a market segment that has largely been underserved by the major AI labs.
The Pentagon problem
Anthropic filed a lawsuit against the US government over a Pentagon designation that the company views as a direct threat to its revenue. In a court filing from around late April 2026, Rao laid out the financial stakes in blunt terms: the government’s actions risk cutting Anthropic’s 2026 revenue by “multiple billions of dollars” and could cause near-term losses of “hundreds of millions.”
Anthropic CEO Dario Amodei publicly apologized last week for how the company handled failed talks with the Pentagon, suggesting the breakdown wasn’t purely the government’s doing.
The IPO question
Anthropic has been widely expected to go public in 2026. With a $380B private valuation and a CFO who guided Airbnb’s IPO, the pieces seemed to be in place.
But the DoD tensions have introduced real uncertainty. Wedbush analyst Dan Ives has pointed to the Pentagon dispute as a complicating factor for Rao’s IPO preparations, according to Fortune.
If Rao’s warning about “multiple billions” in jeopardized revenue is accurate, the revenue trajectory that justified a $380B valuation may need significant revision. Private investors who participated in the Series G at that valuation are watching closely.
The AI services venture with Blackstone, Hellman & Friedman, and Goldman Sachs starts to look less like a strategic expansion and more like a necessary hedge, as diversifying revenue away from the US government becomes urgent when that institutional relationship is falling apart in public.
