Anthropic announced a $65 billion Series H funding round on May 28, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, pushing the company’s post-money valuation to $965 billion and ahead of OpenAI’s latest $852 billion. The $65 billion total included $15 billion of previously committed hyperscaler investments, including $5 billion from Amazon. The company said proceeds will support safety research, expanded compute and scaling products. Anthropic also disclosed run-rate revenue surpassed $47 billion earlier in May.
The funding milestone underscores that the frontier AI race is now as much about amassing capital and compute as it is about model capability. Anthropic’s valuation vaulting past OpenAI’s — even if just on paper — shows that investors are pricing in the company’s revenue trajectory and its deep ties to hyperscalers such as Amazon and Google. The company’s disclosure that run-rate revenue crossed $47 billion in May reinforced investor confidence that its business is scaling quickly.
Altimeter, Dragoneer, Greenoaks and Sequoia led the round, with additional co-leads and significant investors. Anthropic said the $65 billion sum includes $15 billion of previously committed investments from hyperscaler partners, but did not break out the amount of genuinely new capital. The $5 billion from Amazon is part of a broader agreement that includes a 5-gigawatt compute arrangement and the possibility of up to $20 billion in future funding.
The funds will also support the large-scale compute requirements behind Claude, Anthropic’s family of large language models. In April alone, the company announced two separate multi-gigawatt compute agreements — with Amazon on April 20 and with Google and Broadcom on April 6 — illustrating the scale of infrastructure needed to train and run frontier models.
The company’s run-rate revenue crossed $47 billion earlier in May, up from $30 billion in early April when it revealed a multi-gigawatt compute partnership with Google and Broadcom. The figure is unaudited and annualizes a recent sales pace, but the $17 billion jump in roughly six weeks illustrates the speed at which revenue is climbing. Anthropic has not disclosed a comparable annual revenue figure, limiting direct comparison with OpenAI’s reported metrics.
OpenAI’s own $852 billion post-money valuation, disclosed on March 31, came alongside $122 billion in committed capital. Anthropic’s prior round in February raised $30 billion at a $380 billion valuation, meaning the company’s paper worth more than doubled in just over three months. The $113 billion gap between the two valuations is, on paper, a milestone, but it may narrow or widen under public-market scrutiny. Both companies sit atop a wave of investor demand for AI infrastructure, but private valuations are shaped by structured terms and do not equate to public-market values.
Neither company has filed for an IPO, and media speculation about listing timelines is unconfirmed. The specific share class rights, liquidation preferences and other structured conditions attached to the latest Anthropic round are not publicly available, making any head-to-head valuation comparison inherently limited. The $47 billion run-rate figure, for example, is an annualized snapshot and may not use the same methodology as OpenAI’s revenue reporting, further complicating direct comparisons.
For the capital allocators and partners watching the AI race, the round signals that the contest for compute and strategic partnerships is intensifying, and that investors remain willing to write ever-larger checks to secure a seat at the frontier.