Anthropic closed a $65 billion Series H round on Thursday, valuing the company at $965 billion post-money. The raise makes Anthropic the most valuable AI startup in history, surpassing OpenAI’s $852 billion valuation from its $122 billion round in March.
The Round
The Series H was co-led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with co-leads Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN, according to Anthropic’s announcement. Institutional investors including Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity Management & Research, General Catalyst, and Temasek also participated.
The round includes $15 billion in previously committed hyperscaler investments, including $5 billion from Amazon announced in April. Strategic infrastructure partners Samsung, SK Hynix, and Micron joined as well.
The valuation nearly triples Anthropic’s $380 billion mark from its Series G in February, according to CNBC.
Revenue Acceleration
Anthropic reported a $47 billion run-rate revenue crossing earlier this month. That figure was $30 billion earlier in 2026 and $10 billion in annual revenue last year, per CNBC. The Wall Street Journal reported the company expects a 130% revenue surge to deliver its first operating profit, according to TechCrunch.
Enterprise adoption of Claude Code has been the primary revenue driver. “Claude is increasingly indispensable to our growing global community of customers,” CFO Krishna Rao said in the announcement. Anthropic plans to use the funds 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.”
Compute Buildout
Anthropic has signed agreements for up to five gigawatts of new capacity with Amazon, five gigawatts of next-generation TPU capacity with Google and Broadcom, and GPU access in SpaceX’s Colossus 1 and Colossus 2 data centers, according to its announcement. Claude is now available on all three major cloud platforms: AWS, Google Cloud, and Microsoft Azure.
The IPO Race
The round landed the same day Anthropic released Claude Opus 4.8, its latest flagship model with enhanced agentic capabilities and a Dynamic Workflows feature for coordinating parallel subagent swarms. The company also signaled broader availability of Claude Mythos Preview, a cybersecurity-focused model previously limited to select enterprise customers.
Three AI companies are now on a collision course toward public markets. SpaceX (merged with xAI) filed its S-1 targeting a $2 trillion valuation and plans to raise over $75 billion, per TechCrunch. OpenAI is preparing to file its confidential IPO prospectus in coming weeks with a September target, according to CNBC. Anthropic is also preparing its IPO, though timing remains fluid.
“Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations,” said Brad Gerstner, founder and CEO of Altimeter Capital, in the announcement. “This momentum positions Anthropic to lead the next phase of AI innovation and capture the enormous opportunity ahead.”