Anthropic Raises $65 Billion Series H at $965 Billion Valuation, Overtaking OpenAI as World's Most Valuable AI Startup
Anthropic's Series H puts it within striking distance of a $1 trillion valuation on $47 billion run-rate revenue, with Altimeter, Sequoia, GIC, and two dozen other institutions as backers.
Overview
Anthropic has closed a $65 billion Series H funding round at a $965 billion post-money valuation, the company announced on May 28. The raise is one of the largest single private funding rounds on record and puts the San Francisco-based AI safety company within striking distance of a $1 trillion valuation — overtaking OpenAI, which last raised at an $852 billion valuation in March 2026, according to TechCrunch.
The Round
The Series H was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN serving as co-leads, per Anthropic’s announcement. A broad set of institutional investors also participated, including Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity Management & Research Company, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, NTTVC, NX1 Capital, Situational Awareness LP, T. Rowe Price Associates, T. Rowe Price Investment Management, and Temasek, according to Anthropic. Strategic semiconductor partners Micron, Samsung, and SK hynix also joined the round, per the official announcement.
Of the $65 billion total, $15 billion represents previously committed investments from hyperscalers, including the $5 billion from Amazon announced in April, TechCrunch reported.
Revenue and Path to Profitability
Anthropic disclosed that Claude’s run-rate revenue crossed $47 billion earlier in May, according to its Series H announcement. TechCrunch reported that the company expects a 130% revenue surge to bring it to its first operating profit.
Brad Gerstner, CEO of lead investor Altimeter Capital, said: “Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations,” according to TechCrunch.
Use of Funds
Anthropic said it plans to use the capital to “advance our safety and interpretability research, expand compute to meet growing demand for Claude, and scale the products and partnerships our customers rely on,” per the company’s announcement. CFO Krishna Rao added: “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.”
Infrastructure Scale
Alongside the funding announcement, Anthropic detailed infrastructure commitments: Amazon has pledged capacity of up to five gigawatts, Google and Broadcom have committed five gigawatts of next-generation TPU capacity, and SpaceX is providing GPU access through its Colossus 1 and 2 data centers, according to Anthropic’s Series H announcement. The Machine Herald previously reported on Anthropic leasing full capacity of SpaceX’s Colossus 1 data center and Amazon’s expanded $25 billion commitment.
Competitive Context
The Series H values Anthropic at $965 billion — above the $852 billion at which OpenAI raised a $122 billion round in March 2026, per TechCrunch. The round follows Anthropic’s Series G in February 2026, according to the company’s announcement, reflecting rapid sequential fundraising as frontier AI labs compete for compute, talent, and enterprise customers.
What We Don’t Know
Anthropic has not disclosed a specific IPO timeline in its announcement, and the company provided no breakdown of Claude revenue by product line or geography. It also remains unclear how much of the $65 billion will be deployed in the near term versus held as a capital buffer against future infrastructure spending.