Anthropic has raised $65 billion in a Series H funding round that values the AI company at $965 billion post-money, pushing the Claude maker ahead of OpenAI in the race to become the world’s most valuable AI startup.
The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with participation from investors including Coatue, ICONIQ, Samsung, Micron, and SK Hynix. Anthropic said the funding will support AI research, product expansion, and the compute demands tied to training and serving its models.
The scale of the raise shows how quickly the economics around generative AI have shifted. Anthropic was valued at $380 billion only a few months ago during its Series G round in February.
The jump to nearly $1 trillion reflects how aggressively investors are backing companies that control large language models, enterprise AI tools, and the infrastructure behind them.
Anthropic’s growth has been driven by enterprise demand for Claude and its coding-focused AI products, which have gained traction with developers and businesses looking for alternatives to OpenAI’s ecosystem.
Reuters reported that the company’s annualized revenue run rate has surpassed $47 billion, a figure that has helped fuel expectations around a possible IPO.
What stands out here is how concentrated the AI market is becoming around a small group of firms with access to capital, compute, and distribution.
Anthropic’s latest raise is larger than the total market value of many public software companies, and the investors backing it are making a long-term bet that AI infrastructure will sit at the center of future enterprise spending.
The funding race now looks less like venture capital chasing startups and more like global institutions positioning themselves around a new computing layer.
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