Anthropic Raises $65B at $965B Valuation
Anthropic (anthropic.com) has raised $65 billion in Series H funding at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The round was co-led by Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. The raise, announced on Anthropic's blog, comes just three months after the company closed a $30 billion Series G at a $380 billion valuation and makes Anthropic the most valuable private AI company in the world.
The round almost triples Anthropic's valuation from February, when it was worth $380 billion. OpenAI was valued at $852 billion in late March after closing a record-breaking $122 billion funding round.
The round could mark the AI startup's final private fundraise before a highly anticipated IPO.
Bloomberg reported in March that Anthropic is considering going public as soon as October, and OpenAI is preparing to file its confidential IPO prospectus in the coming days or weeks and is looking to go public as soon as September.
Anthropic's run-rate revenue crossed $47 billion earlier this month, up from $14 billion at the time of its Series G. According to financial projections reviewed by The Wall Street Journal, the company is on track to post its first operating profit in the second quarter of 2026, with projected revenue of $10.9 billion for the June quarter and operating income of $559 million. The company plans to use the new capital to expand compute infrastructure, advance safety and interpretability research, and scale products like Claude Code and Cowork.
Significant investors in the round include AMP PBC, 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, and Temasek.
The round also includes $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon.
Strategic infrastructure partners Micron, Samsung, and SK hynix also joined the round, reflecting the growing entanglement between AI labs and the semiconductor supply chain.
On the compute side, the company has been locking in capacity at a rapid pace. Anthropic signed agreements 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 Colossus 1 and Colossus 2. Claude remains the only frontier AI model available on all three major cloud platforms: AWS, Google Cloud, and Microsoft Azure.
"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."
— Krishna Rao, CFO of Anthropic
The round comes the same day Anthropic released its new Claude Opus 4.8 model, which the company says offers stronger performance across coding, agentic tasks, and professional work. Anthropic has been shipping at a rapid pace: Opus 4.5 launched in November 2025, followed by Opus 4.6 in February 2026 and Opus 4.7 in April.
As TechCrunch reported, the company had initially been targeting around $50 billion for this round, with investors clamoring to get on the cap table. One institutional investor had even pledged as much as $5 billion just to get a meeting with CFO Krishna Rao.
The competitive dynamics in frontier AI fundraising have reached a new scale. SpaceX acquired xAI in February in an all-stock transaction that valued the combined entity at $1.25 trillion, and is preparing for its own IPO, with the Financial Times reporting the company is looking to raise up to $50 billion at a valuation as high as $1.5 trillion. With all three companies expected to go public in the coming months, investors are about to get their first opportunity to directly own shares in frontier AI labs.