Anthropic closes $65B Series H at $965B valuation, surpassing OpenAI

Anthropic has closed a $65 billion Series H funding round at a $965 billion post-money valuation, announced May 28, 2026, making it the most valuable AI startup in the world — edging past OpenAI, which raised $122 billion in March at an $852 billion valuation. 1

The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN as co-leads. 2 A further $15 billion represents previously committed hyperscaler investments, including a $5 billion tranche from Amazon announced in April.

Anthropic's revenue trajectory is the clearest explanation. The company's annualized run-rate crossed $47 billion earlier in May, and The Wall Street Journal reported that Anthropic expects a 130% revenue surge to carry it to its first operating profit. 1 Enterprise adoption of Claude Code — an AI coding assistant — has been the primary growth driver, alongside a broader push into core business workflows.

CFO Krishna Rao framed the raise in operational terms: "This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens." 1

Anthropic identified three uses: safety and interpretability research, compute expansion, and product scaling. On compute, the company has already moved quickly:

Three chip suppliers — Micron, Samsung, and SK hynix — joined as strategic infrastructure partners. Claude is now available on all three of the world's largest cloud platforms: AWS (primary), Google Cloud, and Microsoft Azure. 1

The funding announcement landed on the same day Anthropic released Claude Opus 4.8, which TechCrunch described as improving agentic task performance, advanced coding, and honesty and self-correction mechanisms. 2 Anthropic is also reportedly preparing a broader release of models on par with Mythos, its powerful cybersecurity model currently available only in limited form due to safety review.

TechCrunch characterized this round as likely Anthropic's last private fundraise before an IPO. The company has not confirmed a timeline, but the structure of the round — broad institutional participation from Fidelity, T. Rowe Price, Blackstone, Brookfield, and Baillie Gifford — is consistent with building a public-market-ready investor base. 2

For comparison: OpenAI raised $122B in March at $852B. SpaceX (post-xAI merger) is targeting a $2 trillion valuation in a pending IPO and is seeking to raise more than $75 billion.