On May 28, local time, AI company Anthropic announced it had closed a $65 billion Series H funding round, pushing its post-money valuation to $965 billion. That officially surpasses OpenAI’s $852 billion valuation, making Anthropic the highest-valued AI startup on the planet.
If you stack that up against S&P 500 companies, Anthropic would now rank as the 13th-largest company in the United States. For context, Nvidia leads the pack at $5.18 trillion, followed by Google, Apple, and Microsoft. Anthropic’s valuation has already blown past Intel and Walmart, landing just behind Berkshire Hathaway.
The investor lineup for this round is nothing short of a who’s-who: Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital took the lead, plus a previously committed $15 billion from major cloud providers—with Amazon chipping in $5 billion of that. Memory-chip heavyweights Micron, Samsung Electronics, and SK Hynix also made the investor list.
In a statement, Anthropic said the fresh capital will go toward advancing AI safety and interpretability research, expanding computing infrastructure to keep up with surging demand for its Claude model, and growing its product and partner ecosystem.
From being overlooked by mainstream VCs when it launched in 2021 to now knocking on the trillion-dollar door—Anthropic has done a stunning turnaround in just five years. Behind it all is a perfect storm of capital, technology, and commercial momentum, and a clear sign of just how much the global AI race is being reshuffled.
Looking back at Anthropic’s funding history, its seed round raised only $124 million. Back then, the industry mostly wrote it off as a high-risk, hard-to-monetize “safety idealism” project, while OpenAI was already sitting on $1 billion in funding.
The turning point came in 2023 when Google jumped in with $300 million, kicking off a wave of big-tech involvement. In September 2025, Anthropic closed a $13 billion Series F, vaulting its valuation to $183 billion. Then in February 2026, a $30 billion Series G pushed it to $380 billion—doubling in just six months. And from $380 billion to $965 billion? That took only three months.
Revenue numbers are the real backbone of that sky-high valuation. As of April 2026, Anthropic’s annualized operating revenue had crossed $47 billion, up more than 50% from the $30 billion it reported at the time of the Series G in late February. That’s an average of over $5 billion in new revenue every single month. The vast majority comes from enterprise API calls across finance, legal, tech, and other sectors—high-ticket, sticky customers.
Unlike OpenAI, which serves both consumers and businesses, Anthropic zeroes in on the enterprise market. Its Claude model, with a massive 200K token context window, strong security, and powerful reasoning, has become the go-to choice for many companies building out their AI deployments.
Alongside the funding news, Anthropic also said it’s made rapid progress on developing “stronger safety measures” and plans to release a model with Mythos-level capabilities to all customers within weeks. Earlier, the company had said Mythos was too dangerous to open to the public. The full name is Claude Mythos Preview—Anthropic’s most powerful large language model, launched this past April.
On top of that, Anthropic rolled out a new version of its Claude Opus model, called Claude Opus 4.8, which brings multiple benchmark improvements over Opus 4.7 and better collaboration efficiency. The new version is available now, at the same price.
There’s also word that Apollo Global Management and Blackstone are looking to bring in more investors for a roughly $36 billion debt financing deal to help Anthropic build out its AI infrastructure. The debt, reportedly, will be used to buy Google’s custom TPUs (tensor processing units), which Anthropic will then lease back. Sources say Broadcom, which helped Google develop those chips, is backing the largest portion of the deal. Investors have been asked to submit subscription interest this week, with the deal expected to close next week. That said, talks are still ongoing and details could shift.
Anthropic also recently teamed up with Elon Musk’s SpaceX, agreeing to pay nearly $45 billion over three years for computing resources to support its Claude AI software. Earlier this month, Anthropic announced a deal to tap into more than 300 megawatts of computing power from SpaceX’s Colossus 1 data center in Memphis—though the dollar amount wasn’t disclosed at the time. Since then, the partnership has expanded to include capacity from SpaceX’s second data center.
On April 20, Anthropic locked in up to 5 gigawatts (GW) of computing power from Amazon’s current and next-gen Trainium chips. That same day, Amazon invested $5 billion in Anthropic, with the option to add up to $20 billion more depending on commercial progress. Anthropic committed to spending over $100 billion on AWS technology over the next decade, covering Amazon’s current and future custom AI chips (Trainium) and tens of millions of Graviton CPU cores.
All these fast-paced business moves have let Anthropic build a full-stack ecosystem spanning computing, storage, models, and applications. But it still faces three big challenges. First, profitability pressure: massive computing investments mean ongoing losses—analysts don’t expect positive cash flow until 2027. Second, intensifying competition: Google Gemini and xAI Grok are accelerating fast, and OpenAI is doubling down on the enterprise market with a close fight. Third, regulatory risk: multiple countries are rolling out AI regulations, and with a valuation this high, compliance costs are skyrocketing.
Market chatter suggests OpenAI is preparing to file for an IPO in the next few weeks and is planning to go public sometime in the fall. As OpenAI’s main rival, Anthropic has also been quietly doing IPO prep work, though the timing hasn’t been set yet.
