Anthropic Overtakes OpenAI in Valuation After $65 Billion Series H Round Lifts It to $965 Billion

San Francisco, May 29: Anthropic has surpassed OpenAI to become Silicon Valley’s most valuable artificial intelligence company, after closing a $65 billion Series H financing round on Thursday at a post-money valuation of $965 billion comfortably ahead of OpenAI’s $852 billion valuation set in March following a record-breaking $122 billion fundraise. The milestone marks a striking reversal of fortune in the AI arms race, with Anthropic’s valuation now nearly tripling from the $380 billion at which it raised capital as recently as February.

The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with Coatue and ICONIQ serving as co-leads. Strategic infrastructure partners Micron, Samsung and SK Hynix also joined the round. Embedded within the total raise is $15 billion of previously committed investments from hyperscalers, including a $5 billion tranche from Amazon part of the e-commerce giant’s broader pledge, announced in April, to invest up to $25 billion in Anthropic as the startup commits to spending more than $100 billion over the next decade on Amazon’s cloud infrastructure. That commitment is on top of Amazon’s earlier $8 billion investment in the company.

The fundraise reflects Anthropic’s explosive revenue trajectory. The company said its annualised revenue run rate crossed $47 billion earlier this month up sharply from a $30 billion run rate at the start of 2026 and from $10 billion in annual revenue just last year. Much of that growth has been powered by Claude Code, its AI coding assistant, which has become a breakout product in the developer market. “Since our Series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month,” the company said in a blog post.

The capital will primarily go toward expanding computing capacity, which has become a bottleneck for the company. Anthropic has been forced to impose usage caps during peak hours in recent months and has been offering users additional compute during off-peak times as an incentive to spread demand. “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,” said Chief Financial Officer Krishna Rao.

Thursday also saw Anthropic release Claude Opus 4.8, its latest flagship model. The company has additionally drawn Wall Street attention with Claude Mythos Preview, a model with advanced cybersecurity capabilities available only to a select group of enterprise customers. “Claude is increasingly indispensable to our growing global community of customers, and we work tirelessly to make tools like Claude Code and Cowork more helpful, more powerful, and more adaptable to their needs,” Rao added.

Both Anthropic and OpenAI are understood to be preparing for public listings, potentially as early as this year, as the need for computational resources at scale pushes frontier AI companies toward the public capital markets. The IPO pipeline for AI firms is growing: Elon Musk’s SpaceX, parent of his AI venture SpaceXAI formed after Musk merged the rocket company with his AI startup in February at a combined valuation of $1.25 trillion filed its IPO prospectus with the Securities and Exchange Commission last week.

Sources:

• https://www.cnbc.com/2026/05/28/anthropic-open-ai-startup-value.html
• https://www.reuters.com/business/anthropic-raises-65-billion-now-valued-965-billion-2026-05-28/