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Anthropic Nears $1T Valuation And Leapfrogs OpenAI On Unicorn Board With $65B Funding Round

AI

Anthropic raised $65B in Series H, doubling its valuation to $965B and surpassing OpenAI's $840B valuation.

Anthropic Nears $1T Valuation And Leapfrogs OpenAI On Unicorn Board With $65B Funding Round
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The Big Picture

Anthropic announced a $65 billion Series H funding round, boosting its post-money valuation to $965 billion and overtaking OpenAI's $840 billion valuation from February. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with co-leads including Capital Group, Coatue, and others. It includes $15 billion from hyperscalers like Amazon, which also invested in OpenAI's recent round. This follows Anthropic's $30 billion Series G three months prior, bringing total funding to nearly $144 billion since 2021. The company reports $47 billion in run-rate revenue and growing enterprise adoption of its Claude AI models. CFO Krishna Rao stated the funds will meet demand, advance research, and expand Claude's capabilities.

Why It Matters

Anthropic's $65B raise and $965B valuation signal that the AI arms race is accelerating, with investors betting heavily on foundational models as the next platform shift. Surpassing OpenAI in valuation shows that enterprise adoption and revenue growth (now $47B run-rate) are key differentiators, not just hype. This also underscores hyperscalers like Amazon hedging bets across multiple AI leaders, indicating that the market expects multiple winners in the generative AI space.

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Generative AI company Anthropic announced on Thursday that it has raised $65 billion in a Series H funding round, more than doubling its post-money valuation to a staggering $965 billion.

That means the San Francisco-based startup has now surpassed its closest rival, OpenAI, in terms of valuation. In February, OpenAI announced it had closed a $110 billion round at an $840 billion post-money valuation. That financing marked the largest raise ever, according to Crunchbase data.

Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led Anthropic’s latest raise. Capital Group, Coatue, D1 Capital Partners, GIC, Iconiq Capital and XN co-led the round. The financing also included $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon, which, interestingly, also participated in OpenAI’s most recent round of funding.

Anthropic’s massive round comes just over three months after the startup raised $30 billion in a Series G that valued it at $380 billion post-money. It has now raised nearly $144 billion since its 2021 inception, per Crunchbase.

Since that round, Anthropic says it has grown its enterprise customer base. Its run-rate revenue crossed $47 billion earlier this month, according to the company.

“Claude is increasingly indispensable to our growing global community of customers, and we work tirelessly to make tools like Claude Code and Cowork more helpful, more powerful, and more adaptable to their needs,” said Krishna Rao, chief financial officer of Anthropic, in a blog post. “This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens.”

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Illustration: Dom Guzman

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