Anthropic raises $65B at $965B valuation, tops OpenAI
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- Anthropic raised $65 billion in a Series H funding round at a $965 billion post-money valuation, described as one of the largest private funding rounds in tech history.
- The new valuation leapfrogs OpenAI, which was most recently valued at $730 billion, a roughly $235 billion gap.
- The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with proceeds earmarked for safety and interpretability research, expanded compute capacity, and scaling Claude products and partnerships.
- Anthropic said its run-rate revenue crossed $47 billion earlier this month, cited by CFO Krishna Rao as evidence of 'historic demand.'
- The round includes $15 billion of previously committed hyperscaler investments, including $5 billion from Amazon, with infrastructure partners such as Micron Technology — recently above a $1 trillion market cap — also contributing.
Why it matters: Anthropic's $965 billion valuation now sits roughly $235 billion above OpenAI's $730 billion, a reversal of the pecking order in frontier AI. The round's $15 billion in hyperscaler commitments and $47 billion run-rate revenue show that the capital and revenue gap has flipped: Anthropic is now both better-funded by its backers and pulling in more annualized revenue, reshaping the competitive map heading into its reported IPO window.
