Anthropic raised $65 billion in Series H funding at a $965 billion post-money valuation on May 28, overtaking OpenAI to become the most valuable private AI company — and landing just short of the first-ever trillion-dollar pre-IPO mark. The round more than doubles the company's standing since its February Series G and follows a $47 billion run-rate that, per Anthropic, crossed that line earlier in May.
The round and who is in it
The raise was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with co-leads Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. The figure includes $15 billion of previously committed hyperscaler investment, $5 billion of it from Amazon. Notably, Anthropic named Micron, Samsung, and SK hynix as strategic infrastructure partners — a direct nod to the memory and HBM supply that now gates frontier-model buildouts.
For context on the scale: OpenAI was last valued at $852 billion post-money in its $122 billion March round. Anthropic's $965 billion mark passes it for the first time in the private market.
Revenue trajectory
Anthropic reported a $47 billion run-rate revenue figure, up from a $30 billion run-rate earlier in 2026 and roughly $10 billion in annual revenue last year. That curve — driven by enterprise adoption of Claude, Claude Code, and Cowork — is the underwriting case for a valuation that prices the company near peak frontier-lab multiples.
Where the capital goes
The money is explicitly aimed at compute. Anthropic detailed up to five gigawatts of new Amazon capacity, five gigawatts of next-generation TPU capacity via Google and Broadcom, and GPU access across SpaceX's Colossus 1 and Colossus 2 clusters. "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," said CFO Krishna Rao.
What it signals for builders
For enterprise buyers, the headline is supply, not the valuation: a multi-gigawatt, multi-vendor compute commitment de-risks Claude capacity and SLA headroom at exactly the moment memory shortages are throttling rivals. According to reporting from TechCrunch and CNBC, this is likely Anthropic's last private round before an IPO that could come as early as October 2026, with Goldman Sachs, JPMorgan, and Morgan Stanley reportedly in underwriter talks. If that holds, teams standardizing on Claude are betting on a vendor about to face public-market scrutiny — and one now sitting on enough capital to keep its strongest model, Mythos, gated while it scales inference for everyone else.
