Key Points
- Anthropic raised $65 billion in Series H at a $965 billion post-money valuation
- The round includes $15 billion previously committed by hyperscalers, with $5 billion from Amazon
- The figure passes OpenAI's reported $852 billion, the most valuable AI startup to date
- Run-rate revenue crossed $47 billion, with the raise framed as a likely last private round
The round the Financial Times floated in May at $30 billion closed at more than twice that size — and it moved Anthropic past OpenAI for the first time.
The numbers
Anthropic raised $65 billion in a Series H round at a $965 billion post-money valuation, the company said. The financing folds in $15 billion of previously committed investment from hyperscalers, including $5 billion from Amazon, and drew participation from infrastructure partners Micron, Samsung and SK hynix alongside a long list of institutional investors. The company's run-rate revenue crossed $47 billion earlier this month, the growth it attributes largely to enterprise adoption of Claude and its Claude Code developer tool.
Passing OpenAI
At $965 billion, Anthropic's valuation moves past OpenAI's reported $852 billion mark from its March round, making the Claude maker the most valuable AI startup to date. This is the same raise the FT first reported as a $30 billion round at a $900 billion pre-money valuation; the close came in larger on both counts, and the gap it opened over OpenAI is the new fact in the frontier-lab pecking order.
The runway to an IPO
Reporting around the raise framed it as likely Anthropic's last major private round before a public listing, which would make a near-trillion-dollar private valuation a brief way station. The capital is earmarked for compute, safety and interpretability research, and the products enterprise customers run on. The read for anyone watching the sector: the frontier-model race has become a capital race, where a valuation tracks committed compute and revenue run-rate as much as any traditional multiple, and the two leaders are now separated by roughly $113 billion in paper. That scale only sharpens the stakes of the industry's safety scorecard: weeks later, Anthropic topped the Future of Life Institute's 2026 AI Safety Index — but only with a C+.
The war chest is already showing up in the product line: eight weeks after the raise, Anthropic launched Claude Opus 5 as the new default model on Claude Max, priced level with the outgoing Opus 4.8 rather than higher.
Source: TechCrunch.
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