Anthropic announced on May 28 that it had raised $65 billion in Series H funding, lifting its post-money valuation to $965 billion and eclipsing OpenAI’s last officially disclosed post-money figure of $852 billion. The round positions the maker of Claude as the highest-valued private artificial intelligence company by that measure, though several billion dollars of the total represent capital already earmarked by hyperscaler partners.
The financing was led by Altimeter Capital, Dragoneer Investment Group, Greenoaks Capital and Sequoia Capital, with co-leads including Capital Group and Coatue Management. Strategic infrastructure partners Micron Technology, Samsung Electronics and SK hynix also joined, a sign of how deeply chip supply and compute capacity are woven into the funding dynamics of frontier labs. The company said $15 billion of the announced amount consists of previously committed hyperscaler investments, including $5 billion from Amazon, rather than entirely new money.
Anthropic’s post-money valuation of $965 billion surpasses the $852 billion post-money number OpenAI reported after its $122 billion round on March 31. Some media accounts have cited a $730 billion figure for OpenAI, which appears to be its pre-money valuation; the comparable post-money basis makes Anthropic the larger of the two by that metric. Anthropic’s own implied pre-money valuation is roughly $900 billion.
The jump from February’s $380 billion post-money Series G to $965 billion in little more than three months reflects the furious pace of capital deployment across the sector. In the same period, the company struck multi-year compute agreements with Amazon (up to 5 gigawatts), Google and Broadcom, and SpaceX. The new funds are earmarked for safety and interpretability research, compute expansion, product scaling and partnerships.
Anthropic also disclosed that its run-rate revenue crossed $47 billion earlier in May, more than tripling from the $14 billion it reported in February. The figures are self-reported and unaudited; the company has not made public any profit, loss or gross margin details. The absence of a regulatory filing means the round’s terms—including liquidation preferences, governance rights and conversion features—remain unknown, and there is no announced timetable for a public listing.
The capital concentration at the top of the AI lab landscape continues to intensify. With large-language-model training demanding ever more compute, investors are placing multibillion-dollar wagers that scale will determine which labs become self-sustaining. Yet private valuations are not liquid market values, and the opacity around dilution and cash flow keeps the ultimate return on these bets an open question.