Anthropic announced a Series H funding round of $65 billion at a valuation of $965 billion, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The closing positions Anthropic above OpenAI in valuation, making it the most valuable artificial intelligence startup in the world.
The valuation almost triples Anthropic's value in February, when it was worth $380 billion. At that time, it closed its Series G. The fact that a company reaches a Series H is a fact in itself: few startups reach that stage. Discord, Facebook, and Slack are part of that historical group.
The round includes $15 billion in capital previously committed by hyperscalers, of which $5 billion corresponds to Amazon. Other participants include Capital Group, Coatue, Blackstone, Brookfield, Fidelity, GIC, Temasek, and D1 Capital Partners, among others. The pattern is clear: large institutional funds are taking positions before the IPO.
Anthropic's annualized revenue crossed $47 billion this month, compared to $14 billion in February during its Series G. The jump reflects the accelerated adoption of its tools, especially Claude Code among developers and technical teams.
To expand computing capacity, Anthropic signed agreements with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for an additional five gigawatts of next-generation TPU capacity, and with SpaceX for access to GPU capacity on Colossus 1 and Colossus 2.
This round is shaping up to be Anthropic's last private financing before its debut in the public markets. OpenAI, for its part, is also preparing to submit its pre-IPO documentation. Two of the most influential companies in the development of general AI are marching in parallel towards the stock market.
For the next+ team, the most relevant data is not the valuation figure but the speed. Anthropic tripled its value in 105 days. Its revenue grew more than three times in the same period. This does not describe a company in the construction phase, but one in full acceleration of business adoption. The race between Anthropic and OpenAI is no longer just technological or product-related: it is a dispute for institutional capital, computing infrastructure, and presence in global corporate workflows. Whoever reaches the public markets first with the strongest narrative will have an advantage that goes beyond the stock price on the first day.