Anthropic has raised $65 billion in a Series H round, valuing the AI startup at $965 billion — surpassing OpenAI's $852 billion valuation from two months ago by $113 billion.
The company, founded in 2021 by siblings Dario and Daniela Amodei after leaving OpenAI, now commands a higher private-market valuation than its former employer.
How the $65B was raised
The round was led by Altimeter, Dragoneer, Greenoaks, and Sequoia, with participation from Capital Group, Coatue, D1, GIC, ICONIQ, and XN. But the most notable investors are memory chip makers Micron, SK Hynix, and Samsung — previously suppliers of HBM memory for Anthropic's compute clusters — now becoming shareholders. Cloud providers also contributed roughly $15 billion, with AWS alone putting in $5 billion.
Sequoia's Alfred Lin commented:
"Anthropic is building the bridge between where enterprise AI stands today and where it's headed."
Why $965B?
Anthropic's annualized revenue run-rate has reached $47 billion, up from $1 billion in early 2025. The company expects revenue to grow another 130% this year and to achieve its first operating profit.
| Metric | Value |
|---|---|
| This round | $65 billion |
| Post-money valuation | $965 billion |
| Annualized revenue run-rate | $47 billion |
| Revenue multiple | ~21x |
| OpenAI comparable valuation | $852 billion |
The 21x revenue multiple is roughly in line with Nvidia's forward multiple, suggesting the market prices Anthropic not as a money-losing AI startup but as an accelerating profit machine. CFO Krishna Rao attributed the round to "historic demand."
Money will be spent quickly
Most of the $65 billion is already earmarked: up to 5 gigawatts of compute capacity from Amazon, 5 gigawatts of TPUs from Google and Broadcom, and GPUs from SpaceX. The remainder goes to safety research, interpretability, products, and partnerships.
On the same day as the funding announcement, Anthropic released Claude Opus 4.8, which scored 74.2% on Terminal-Bench 2.1 (up 8.4 points), reduced erroneous code generation to one-fourth of the previous version, and introduced Dynamic Workflows — enabling hundreds of agents to collaboratively rewrite an entire application in another language.
Worth more than OpenAI, but not a win yet
While Anthropic's valuation is higher, OpenAI still has more total capital raised — $122 billion in discussed capital from its March round, nearly double Anthropic's $65 billion. Anthropic wins on unit valuation; OpenAI wins on cash reserves. The real test is whether Anthropic can turn compute into profit and deliver its promised first operating profit within six months.
Sources: As Anthropic launches Claude Opus 4.8, it raises $65B in new funding (SiliconANGLE); Anthropic Raises $65 Billion At $965 Billion Valuation, CocoLoop, Is Now Worth More Than OpenAI (OfficeChai); Anthropic Raises $65 Billion – and Overtakes OpenAI on Valuation (Trending Topics); Venture Capital & Startup Funding Roundup, May 28, 2026 (Tech Startups)