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 includes Blackstone, Brookfield, Fidelity, General Catalyst, Lightspeed, T. Rowe Price, Temasek, and Singapore sovereign wealth funds. The round also includes $15 billion in previously committed investments from hyperscalers, including $5 billion from Amazon.

Revenue growth is driving the valuation

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 growing adoption of Claude Code and Cowork as 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

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 GPU capacity in Colossus 1 and Colossus 2. Strategic hardware partners Micron, Samsung, and SK hynix also participated in the round.

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

For years, OpenAI set the ceiling for private AI valuations. Anthropic's move past that ceiling reflects a broader shift in enterprise AI adoption. Large organizations are increasingly deploying Claude in core operations alongside or instead of GPT.

Anthropic went from $6 billion in total 2025 revenue to a $47 billion annualized run-rate in just five months. Brad Gerstner of Altimeter Capital called Claude's adoption momentum a position to lead the next phase of AI innovation.

Source: Anthropic official announcement