Anthropic raises $65B at a $965B valuation, surpassing OpenAI

Anthropic closed a $65 billion Series H round on May 28 at a $965 billion post-money valuation — overtaking OpenAI's $852 billion mark and becoming the most valuable private AI company in the world.1

Four firms led the round: Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.1 The list of co-leads and significant investors runs to more than twenty names, including Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, Blackstone, Fidelity, General Catalyst, T. Rowe Price, and Temasek. The round also absorbs $15 billion of previously committed capital, of which $5 billion comes from Amazon.1

New to the investor base are three chip and memory manufacturers — Micron, Samsung, and SK hynix — joining as strategic infrastructure partners. Their participation is a hedge against compute scarcity: Anthropic has signed deals with Amazon for up to five gigawatts of capacity, with Google and Broadcom for five gigawatts of next-generation TPU capacity, and with SpaceX for GPU access in its Colossus 1 and 2 clusters.1

Anthropic's run-rate revenue hit $47 billion as of May 2026, up from $30 billion at the start of the year and $10 billion for all of 2025.2 CFO Krishna Rao credited Claude Code — the AI coding assistant — and Cowork, a newer collaborative product, as the primary demand drivers.

The Series H nearly triples Anthropic's $380 billion valuation from the February Series G, an eight-week interval. The pace compresses what would typically be a multi-year valuation staircase.2

According to the announcement, capital will go toward:

The funding arrives alongside a confidential IPO filing — Anthropic has registered with the SEC for a public offering, though timing remains undisclosed.3

The funding arrives alongside a same-day model release — Anthropic shipped Claude Opus 4.8 on May 28, the same morning as the Series H announcement.2

Anthropic now holds a market-cap lead over OpenAI among private AI labs, though OpenAI's own IPO filing is expected imminently and could reset that ranking.2 The hardware partnerships with Micron, Samsung, and SK hynix suggest Anthropic is locking in supply chain relationships that would survive a competitive squeeze on GPU access. Taken together — $65B raised, IPO registration filed, $47B run-rate — the company has moved from research-funded startup to a business preparing for public markets in less than four years.