Anthropic on May 28 announced a $65bn Series H funding round that values the company at $965bn post-money, vaulting it past OpenAI’s last official valuation. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with a group of co-leads that includes Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN.
The $965bn figure puts Anthropic’s private-market sticker price $113bn above the $852bn post-money valuation OpenAI disclosed in March 2026, when it raised $122bn in committed capital. The narrow gap between the two labs’ valuations, reached in barely two months, shows how quickly the frontier AI financing race is moving and how willing investors remain to price unprofitable companies near one trillion dollars.
Not all of the $65bn is fresh cash. The round includes $15bn of previously committed hyperscaler investments, meaning that about a quarter of the headline number reflects capital already earmarked for the company. Amazon, which in April announced an immediate $5bn investment and the option to deploy up to $20bn more, contributed $5bn within that hyperscaler tranche. The structure means the actual incremental equity flowing into Anthropic is smaller than the top-line sum suggests, a detail that matters for any comparison with all-cash raises.
Anthropic said its run-rate revenue crossed $47bn earlier in May. The figure is unaudited and company-stated; no public profit-and-loss statement exists to confirm the quality of the top line, the cost of delivering it, or whether the business is nearing breakeven. The company, which makes Claude, Claude Code and Cowork, said it will spend the new capital on safety and interpretability research, additional compute to meet demand for Claude, and scaling products and partnerships.
The Series H extends a steep valuation climb. In September 2025 Anthropic was valued at $183bn after a $13bn Series F. By February 2026 its Series G had pushed the post-money number to $380bn on a $30bn raise. The latest round nearly triples that figure again in little over three months. OpenAI’s March 2026 deal was larger in total committed capital — $122bn — but its $852bn post-money valuation, while official, is now eclipsed by Anthropic’s on the same private-financing basis. Some earlier media reports had cited a $730bn figure for OpenAI; that contradicted the company’s own disclosure and should be disregarded.
The financing underscores three realities for the frontier AI market. First, compute access and cloud partnerships are now embedded directly in the capital stack, not merely adjacent to it. Second, revenue run-rates are being reported as primary evidence of momentum well before audited financials exist, forcing investors to bet on the shape of eventual income statements. Third, private post-money valuations are not public-market capitalizations. Liquidation preferences, share-class structures and strategic investor terms can all widen the gap between a headline number and the economic value that common shareholders would receive in a public listing.
Anthropic has not confirmed an IPO timeline, and references to the round as pre-IPO remain the work of analysts. The terms of the Series H — liquidity preferences, conversion mechanics, board seats — are not public. The company’s profitability, cash burn, gross margins and compute-cost trajectory are unknown, yet those variables will determine whether the $965bn figure holds up when the business eventually faces public-market scrutiny. For now, the round sets a new private baseline. Whether it proves durable depends on revenue materialising faster than infrastructure costs grow.