Anthropic raises $65B at $965B valuation, overtaking OpenAI as most valuable AI startup

Anthropic has closed a $65 billion Series H funding round, lifting its post-money valuation to $965 billion and making it the most valuable private AI company in the world — overtaking OpenAI, which was last valued at $852 billion in March 2026.

The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with co-leads from Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. The investor list reads like a who's who of global institutional capital: Blackstone, Brookfield, Fidelity, General Catalyst, Lightspeed, T. Rowe Price, Temasek, and Singapore's sovereign wealth funds, among others. The round also includes $15 billion in previously committed investments from hyperscalers, including $5 billion from Amazon.

Revenue growth is driving the valuation

The numbers behind the raise are striking. Anthropic's annualized run-rate revenue crossed $47 billion earlier this month — up from $30 billion in April and $14 billion in February. For context, the company reported $6 billion in total revenue for all of 2025. That rate of acceleration is what justifies a near-trillion-dollar price tag from sophisticated institutional investors.

Chief Financial Officer Krishna Rao credited demand from global enterprise customers and the growing adoption of Claude Code and Cowork — Anthropic's agentic coding and collaborative AI products — as the primary drivers. "This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens," Rao said.

Compute deals underpin the ambition

The capital raise comes alongside a series of major compute agreements. Anthropic has signed deals with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for five gigawatts of next-generation TPU capacity, and with SpaceX for access to GPU capacity in the Colossus 1 and Colossus 2 data centers. Strategic hardware partners Micron, Samsung, and SK hynix also participated in the round — a signal that Anthropic is locking in supply chain relationships as it scales.

Claude is now available on all three major cloud platforms: AWS, Google Cloud, and Microsoft Azure, with AWS as Anthropic's primary cloud and training partner.

What this means for the AI market

The milestone is more than symbolic. For years, OpenAI set the ceiling for private AI valuations. Anthropic's move past that ceiling — at speed — reflects a broader shift in enterprise AI adoption. Where early AI spending concentrated on OpenAI's models, large organizations are increasingly deploying Claude in core operations alongside or instead of GPT.

It also raises a practical question for OpenAI: the company went public in March 2026 at an $852 billion valuation. Anthropic, still private, now carries a higher number on paper. Whether that creates pressure for OpenAI to revise its market narrative — or for Anthropic to accelerate IPO planning — remains open.

Brad Gerstner, Founder and CEO of Altimeter Capital, called Claude's adoption momentum a position to "lead the next phase of AI innovation." Given the capital now behind it, Anthropic has the runway to mean that literally.

Source: Anthropic official announcement