Anthropic is close to raising $5 billion in a new round that would value the company at $170bn.

Investment firm Iconiq Capital would likely lead the round, Bloomberg reports. Iconiq is a wealth management firm whose clients include Meta CEO Mark Zuckerberg and LinkedIn chairman Reid Hoffman.

The generative AI company is also in talks with the Qatar Investment Authority and Singapore’s sovereign fund GIC to take part in the round. The Financial Times reports that the United Arab Emirates state investment fund MGX and existing backer Amazon are similarly interested in partaking in the investment.

Last week, Anthropic CEO Dario Amodei wrote to staff saying that the company was open to taking money from the Middle East, even if it could “enrich dictators.”

A funding round at this level would see the company nearly triple in value from its $3.5bn round in March, which valued the company at $61.5bn.

Rival OpenAI was valued at $300bn in April.