Anthropic raises $65B at $965B valuation, topping OpenAI

Anthropic's $65 billion Series H catapults the AI startup to a $965 billion valuation, more than double its February price tag and surpassing rival OpenAI.

Anthropic raised $65 billion in Series H funding at a $965 billion post-money valuation, more than doubling its February price tag and vaulting past OpenAI as the world's most valuable private AI company.

"Since our series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month," Krishna Rao, chief financial officer of Anthropic, said.

The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with co-lead participation from Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN. It includes $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon. Strategic infrastructure partners Micron Technology, Samsung and SK Hynix also joined as investors.

The funding shows investor appetite for AI infrastructure remains insatiable, with Anthropic committing to massive compute expansion. The company signed agreements with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for five gigawatts of next-generation TPU capacity, and with SpaceX for GPU capacity in its Colossus data centers. Anthropic was valued at $380 billion in February after raising $30 billion.

A $15 Billion Hyperscaler Backstop

The round's $15 billion in previously committed hyperscaler investments — anchored by Amazon's $5 billion — reflects the deepening interdependence between cloud providers and AI labs. Amazon Web Services remains Anthropic's primary cloud provider and training partner, while Claude is also available on Google Cloud and Microsoft Azure. The involvement of memory chip makers Micron, Samsung and SK Hynix as strategic infrastructure partners signals that AI model training demand is reshaping the semiconductor supply chain, with high-bandwidth memory becoming a critical bottleneck.

Compute Capacity Becomes the Moat

Anthropic has expanded its compute capacity through agreements with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for five gigawatts of next-generation TPU capacity, and with SpaceX for GPU capacity in Colossus 1 and Colossus 2. The company said the funding will advance safety and interpretability research, expand compute capacity to meet demand for Claude, and scale products and partnerships. Other notable investors in the round include Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity Management & Research Company, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, MGX, NTTVC, T. Rowe Price and Temasek.

The valuation leap from $380 billion to $965 billion in three months — a 154 percent increase — reflects a market pricing AI infrastructure as the most scarce resource in technology. Anthropic's $47 billion run-rate revenue, if sustained, would place its revenue multiple at roughly 21x, comparable to Nvidia's forward sales multiple. The compute buildout, however, means capital expenditures will consume a significant portion of revenue for the foreseeable future, a dynamic familiar to investors in hyperscaler cloud businesses.

This article is for informational purposes only and does not constitute investment advice.