Google is investing an additional $1 billion in OpenAI rival Anthropic, following a $550 million investment in early 2023, according to the Financial Times.

In addition to Google's investment, Anthropic will receive an additional $2 billion in funding from Silicon Valley ventures, led by Lightspeed Venture Partners.

It is expected that Anthropic's valuation will increase to about $60 billion after this round of financing is completed, tripling its previous valuation.

Anthropic was founded in 2021 by siblings Dario and Daniela Amodei, former OpenAI executives, and its Claude model is seen as a major competitor to GPT-4.

Some analysts have estimated Anthropic's annualized revenues at $1 billion by the end of 2023, a roughly 10-fold increase from the previous year.

Currently, Anthropic is in fierce competition with leading AI companies such as OpenAI and xAI.

Anthropic has also poached several employees from OpenAI in recent months, including an OpenAI co-founder.

As the AI wave continues to spread, large tech companies are scrambling to ramp up their investments in AI startups.

Previously, Amazon has already invested a total of $8 billion in Anthropic over an 18-month period, making it Amazon's largest venture capital investment ever.