[UPDATE] Anthropic Closes $65 Billion, Passes OpenAI in Value

When we first reported this round, the talk was of $30 billion at a $900 billion valuation. The final number is much bigger. Anthropic closed a $65 billion Series H on 28 May at a $965 billion post-money valuation, the company confirmed, a figure that now puts it ahead of OpenAI's reported $852 billion and makes it the most valuable private AI company in the world.

It is also, as Fortune noted, within touching distance of a milestone no private company has reached: a trillion-dollar valuation before going public. The round is widely read as Anthropic's last major private raise before an IPO.

Who put the money in

The Series H was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group and Coatue, with Baillie Gifford, Blackstone, Brookfield, DST Global and Fidelity among the institutional backers, according to TechCrunch. Notably, memory and chip makers Samsung, SK Hynix and Micron joined too, a reminder that the people who sell the hardware now want a seat at the table. Around $15 billion of the total came from previously committed investment, including $5 billion from Amazon announced in April.

What it pays for

Anthropic says the money will fund safety and interpretability research, more compute to meet demand for Claude, and the products and partnerships its customers depend on. The timing is hard to separate from the rest of the week. The raise closed the same day the company shipped Claude Opus 4.8, and it follows a run of enterprise wins including a deal to put Claude in front of KPMG's 276,000 staff.

The size of the jump, from a rumoured $30 billion to a closed $65 billion in a matter of weeks, says less about Anthropic specifically and more about how much capital is chasing a small number of frontier labs right now. Whether a $965 billion valuation for a company still measured in low billions of revenue is sober pricing or a sign of something overheated is the argument that will outlast this announcement.