Anthropic raises $65bn Series H at $965bn valuation

Anthropic closed a $65 billion Series H funding round at a $965 billion post-money valuation, the company’s largest single raise to date. The round was co-led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with participation from institutional investors including Baillie Gifford, Blackstone and Fidelity, and from strategic partners Samsung, SK Hynix and Micron. Roughly $15 billion of the total came from existing hyperscaler commitments already on the books, including $5 billion from Amazon as part of its April compute-partnership expansion.

Anthropic said the valuation reflected run-rate revenue that had recently crossed $47 billion, and reporting on the round described the company as anticipating strong revenue growth and approaching its first operating profit. The $965 billion figure put Anthropic’s valuation above OpenAI’s $852 billion mark from a $122 billion raise two months earlier, a reversal of the two companies’ relative private-market standing. Anthropic said the funds would go toward safety and interpretability research, expanding compute capacity to meet demand for Claude, and scaling its products and commercial partnerships.

The round was reported as likely to be Anthropic’s last as a private company before a stock market listing, though no IPO timeline was disclosed alongside the announcement. The raise came roughly five weeks after Anthropic’s expanded compute deal with Amazon and underlined how heavily the round’s investor base overlapped with the infrastructure providers — Amazon among them — that frontier labs depend on for the compute their valuations assume they will keep buying.