Anthropic said on Thursday it has raised $65 billion at a post-money valuation of $965 billion, as it aims to bolster computing capacity to meet growing demand for chatbot Claude and scale its products.

The new valuation after the series H funding round puts Anthropic ahead of OpenAI, last valued at $852 billion post-money in March, intensifying a fierce battle between the two for dominance in the rapidly evolving AI sector.

Anthropic’s valuation has more than doubled from $380 billion in February, reflecting its swift rise as a leading competitor in the AI race and intense investor demand for stakes in frontier companies.

“Since our series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month,” Anthropic said in a blog.

Anthropic’s pursuit of private funding coincides with preparations for a public listing, according to investors and bankers familiar with the company. Both Anthropic and OpenAI are planning to tap the public market, possibly as quickly as this year, to acquire the computational resources necessary to power their services and train new models.