A Series H round worth $65 billion puts Anthropic at a post-money valuation of $965 billion. With that, the maker of Claude moves ahead of rival OpenAI for the first time, which was last valued at $852 billion. An overview of both rounds – and where they differ.

Anthropic announced the close of a Series H financing worth $65 billion on Thursday. The round brings the company to a post-money valuation of $965 billion – just short of the symbolic trillion-dollar mark. The financing was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

It is a remarkable jump in a short space of time: as recently as February, Anthropic was valued at $380 billion in its Series G, having raised $30 billion at the time. Within roughly three months, the valuation has therefore more than doubled.

The key figures of the round

Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN acted as co-leads. Among the other notable investors, Anthropic names a broad lineup of institutional backers: 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 Associates, T. Rowe Price Investment Management and Temasek.

The $65 billion includes $15 billion in investments previously committed by hyperscalers – among them $5 billion from Amazon. In April, Amazon had announced it would invest up to $25 billion in Anthropic; in return, the company committed to spending more than $100 billion on Amazon’s cloud technologies over the next ten years.

Also newly on board are three strategic infrastructure partners from the semiconductor sector: Micron, Samsung and SK hynix. According to Anthropic, their technologies for memory and logic chips are meant to help scale computing capacity reliably at the required pace.

The capital raised is to flow, according to the company, into safety and interpretability research, into the expansion of computing power, and into scaling products and partnerships. CFO Krishna Rao pointed to the “historic demand” the company is serving, and named the tools Claude Code and Cowork as central products that would be developed further.

Revenue and computing capacity

Anthropic puts its annualized revenue (run-rate) at more than $47 billion most recently – a figure the company says was crossed earlier this month. Measured against that, the new valuation implies a revenue multiple of around 21 – an order of magnitude that is being compared in the industry to Nvidia’s forward multiple, for instance. The Wall Street Journal also reported that the company expects revenue growth of around 130 percent and, with it, its first operating profit.

Alongside the financing, Anthropic has expanded its computing capacity: an agreement was struck 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. By its own account, Claude is the first frontier model available on all three major cloud platforms – Amazon Web Services, Google Cloud and Microsoft Azure. AWS remains the primary cloud provider and training partner.

On the investor side, the response was predictably positive. Altimeter founder Brad Gerstner sees Anthropic, on the back of its recent advances, in a position to “lead the next phase of AI innovation.” Dragoneer managing partner Marc Stad called the technological progress “breathtaking” and stressed that the industry is still in the earliest days of development and commercialization. Greenoaks founder Neil Mehta and Sequoia partner Alfred Lin pointed to the company’s culture and commercial momentum.

The comparison with OpenAI

The round shifts the balance of power at the top of the AI industry. At $965 billion, Anthropic now sits above the valuation of OpenAI, which was valued at $852 billion post-money in its most recent funding round in March. On valuation, Anthropic is therefore ahead – but not on the amount raised: in that round, OpenAI took in $122 billion in committed capital, almost double Anthropic’s $65 billion. It is by far the largest private financing ever assembled in the technology industry; originally announced at $110 billion, it was later increased.

The investor structure differs as well. The OpenAI round was led by three strategic partners – Amazon with the largest single amount, followed by SoftBank and NVIDIA; Microsoft participated without disclosing its sum. Co-leads included SoftBank, Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG and T. Rowe Price. The overlap on the institutional side is striking: backers such as D.E. Shaw Ventures, MGX, T. Rowe Price, Blackstone, Fidelity, Sequoia and Temasek appear in both rounds – an indication that large pools of capital are engaged in both rivals at once.

There is one step OpenAI took that Anthropic did not replicate in this round: for the first time, retail investors were also granted access. Through the channels of three large banks, around $3 billion was raised from individual investors; in addition, OpenAI shares are set to be included in several ARK Invest ETFs going forward. CFO Sarah Friar justified this with the aim of opening up access not only to the technology but also to the economic upside.

Both companies are heading toward an IPO

Both rounds fall in a phase in which the rivals are preparing for a stock market debut. For Anthropic, the Series H could be the last private financing before an IPO, which is expected later this year. According to consistent media reports, OpenAI is targeting an IPO in the fourth quarter of 2026 and has recently expanded its finance team. Fidji Simo, OpenAI’s CEO of Applications, announced plans to develop ChatGPT from a chatbot into a productivity tool and to focus more strongly on enterprise customers; the enterprise business, she said, already accounts for more than 40 percent of revenue.

That leaves the two leading AI providers competing on several fronts at once – on valuation, capital, computing capacity and the timing of their stock market debut. While OpenAI leads on financing volume and on opening access to retail investors for the first time, Anthropic has, with the Series H, secured the higher valuation and – by its own account – the higher annualized revenue level.