AI powerhouse Anthropic, the creator of AI chatbot Claude, is about to raise $20 billion in fresh investment from venture capitalists and other investors, the Financial Times reported, in a deal that would value the company at $350 billion.

The San Francisco-based firm had targeted a $10 billion investment round, people familiar with the matter told the FT, but it quickly became evident that investors are hungrier for AI than anticipated.

Anywhere between $10 to $15 billion of the fresh capital will be received as early as Tuesday, with the rest being finalized in the coming weeks. The deal is led by Singaporean sovereign wealth fund GIC and U.S. investor Coatue, with Sequoia Capital also contributing a large sum.

Those bitcoin miners that have pivoted more towards AI and high-performance computing (HPC) infrastructure are seeing major gains on Tuesday alongside the news. IREN (IREN) and Cipher Mining (CIFR) are each higher by more than 12%, with Hut 8 (HUT) and TeraWulf (WULF) posting gains of more than 8%.

AI-linked token Near Protocol NEAR$1.4910 is modestly higher as well.

In addition to this funding round, tech powerhouses Microsoft and Nvidia have previously said that they would invest $10 billion and $5 billion, respectively, into Anthropic.