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Anthropic has closed a $65 billion Series H, pushing its post-money valuation to $965 billion and overtaking OpenAI — previously valued at $852 billion in its January fundraise — as the most valuable private AI lab on record.

The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with co-leads from Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. The full investor list extends to over 20 institutional names including Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed, MGX, T. Rowe Price, and Temasek.

$15 billion of the total represents previously committed investments from hyperscalers. Amazon’s $25 billion compute commitment announced earlier this month accounts for a significant portion of that figure.

The revenue base underneath the valuation

Run-rate revenue crossed $47 billion “earlier this month,” according to CFO Krishna Rao — up from the $30 billion annual run-rate reported in April. That trajectory: $1 billion ARR in early 2024, $4 billion by mid-2025, $30 billion by spring 2026, $47 billion by late May. At $965 billion valuation, Anthropic trades at roughly 20x trailing run-rate revenue — expensive by any pre-AI standard, but consistent with the multiples OpenAI commanded at its $852 billion round.

The growth engine is enterprise. Claude is deployed in core operations across industries, with Claude Code and Cowork cited as the two products driving “historic demand.” The $47 billion run-rate implies Anthropic has scaled enterprise revenue faster than any software company before it.

Infrastructure at gigawatt scale

The Series H coincides with Anthropic locking in compute commitments at a scale no AI lab has previously announced:

• Amazon: Up to 5 gigawatts of new capacity
• Google and Broadcom: 5 gigawatts of next-generation TPU capacity through a signed 5-year agreement
• SpaceX: GPU capacity across Colossus 1 and Colossus 2

Strategic infrastructure partners Micron, Samsung, and SK hynix — the three largest memory manufacturers globally — are joining this round. That is a structural signal: Anthropic is securing the memory supply chain at the source, not just buying compute from cloud providers.

Claude is now the only frontier model available on all three major cloud platforms: AWS (primary training partner), Google Cloud, and Microsoft Azure.

The competitive context

Anthropic’s $965 billion valuation puts it $113 billion above OpenAI’s last reported valuation. OpenAI confidentially filed for IPO earlier this year; a public offering would reset the comparison to market cap. Until then, Anthropic holds the headline number.

The Series G closed at approximately $900 billion in February. The 7% valuation increase in three months, against a $47 billion run-rate, signals investors are buying the revenue trajectory more than a valuation premium. At current growth rates, a $1 trillion valuation is not a forecast — it is an arithmetic outcome.

Key Numbers

• Round size: $65 billion (Series H)
• Post-money valuation: $965 billion
• OpenAI comparison: $852 billion (January 2026)
• Run-rate revenue: $47 billion (as of May 2026)
• Series G valuation: ~$900 billion (February 2026)
• Committed compute: 10+ gigawatts across Amazon, Google/Broadcom, SpaceX