On May 27 and 28, 2026, two artificial-intelligence companies disclosed funding rounds that pushed private-market valuations far beyond previous benchmarks. Anthropic said it raised $65 billion in a Series H round that values the AI model developer at $965 billion, while Cognition announced more than $1 billion at a $26 billion valuation for its autonomous coding agent Devin. The announcements came in a single week that also saw insurtech startup Corgi double its valuation in three weeks, signalling concentrated investor appetite for AI companies.
The combined sums underscore how capital is rushing into a narrow set of frontier labs and vertical AI firms, with investors betting that the next wave of enterprise AI will be winner-take-most. Though none of the companies disclosed audited financials, the reported revenue run-rates – $47 billion for Anthropic and $492 million for Cognition – gave the fundraising a revenue-based anchor rarely seen at such scale. The week’s flurry suggests that private financing has moved well ahead of the public market’s ability to benchmark these firms.
Anthropic’s Series H, announced on May 28, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with Capital Group, Coatue, D1, GIC, ICONIQ and XN as co-leads. The company said the total includes $15 billion of previously committed hyperscaler investments, of which $5 billion is from Amazon. That means not all the $65 billion represents new cash, though the figure still dwarfs any prior venture round. Anthropic reported that its annualized revenue run-rate crossed $47 billion earlier in May, and said it would use the funds for safety and interpretability research, compute expansion, and scaling partnerships.
The previous day, Cognition said it raised more than $1 billion at a $26 billion valuation, a sharp rise from the $10.2 billion valuation it commanded in September 2025 when it raised over $400 million. The round was led by Lux Capital, General Catalyst and 8VC. The company reported a revenue run-rate of $492 million and said enterprise usage of its Devin platform grew more than tenfold since the start of 2026. Cognition named NASA, Goldman Sachs and Santander as customers, though those claims were not independently verified.
Away from the frontier model and tools race, Corgi demonstrated that rapid valuation mark-ups are spreading to AI-adjacent verticals. The full-stack insurtech platform announced a $106 million Series B1 on May 28 at a $2.6 billion valuation, just three weeks after closing a $160 million Series B at $1.3 billion. The back-to-back rounds, with TCV reportedly leading the newer one, suggest investors are chasing AI-native business models across sectors.
The rounds reflect sustained institutional demand for private AI exposure. Anthropic’s $965 billion post-money valuation places it well above most public companies, though comparisons are imprecise because private-company valuations often embed structured terms that inflate headline numbers. OpenAI, for instance, has been reported at valuations between $730 billion and $852 billion in recent months, making direct ranking difficult without knowing the specific benchmark. Still, the sheer amounts signal that investors are treating frontier AI labs as infrastructure plays, while autonomy-focused tools such as Devin are emerging as a distinct category competing with offerings from OpenAI, Google and Anthropic itself.
All revenue figures are company-reported and not independently audited, relying on annualized momentum that may not be sustained. The composition of Anthropic’s $65 billion raise – how much is truly new equity versus conversion of prior commitments – has not been disclosed, and liquidation preferences could alter the effective common-stock value. Customer references for Cognition remain unverified.
The pace of dealmaking pushes the industry toward a moment when some of these firms may test public markets, though none has signaled near-term plans. For now, the rounds reaffirm that investors are prepared to commit huge sums to a small group of AI companies, raising the stakes for any rivals still raising capital.