Image: Anthropic Anthropic Raises $65 Billion at a $965 Billion Valuation
Anthropic closed a $65 billion Series H round on May 28, putting its post-money valuation at $965 billion and making it the most valuable private AI company in the world. Run-rate revenue has crossed $47 billion.
Anthropic closed a $65 billion Series H round on May 28, setting its post-money valuation at $965 billion. That puts Anthropic ahead of OpenAI, which had been valued at $852 billion, making Anthropic the most valuable private AI company in the world.
The company’s run-rate revenue crossed $47 billion earlier in May. For context: our Series G coverage from February put the valuation at $380 billion. That was three months ago. The revenue figure in February wasn’t disclosed, but industry estimates put it well below $10 billion at the time. The growth has been fast.
Who put money in
The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN.
Institutional investors including Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity participated. Hardware infrastructure partners Samsung, SK Hynix, and Micron joined as strategic backers.
Of the $65 billion, $15 billion comes from hyperscaler commitments that were already in place, including $5 billion from Amazon that was announced in April.
What the money is for
CFO Krishna Rao said: “This funding will help us serve the historic demand we are experiencing, stay at the research frontier.”
Anthropic spelled out three uses: safety and interpretability research, expanding compute to meet demand for Claude, and scaling products and partnerships. Claude Code and Cowork were named specifically as products the company is scaling.
On compute: Anthropic has locked in capacity across providers. Five gigawatts from Amazon, five gigawatts of Google and Broadcom TPU capacity, and GPU access from SpaceX. That’s an unusual supply chain for a software company, but training and serving frontier models at the scale Anthropic is now operating requires infrastructure commitments most organizations wouldn’t recognize as a normal tech expense.
The IPO question
Coverage from TechCrunch and CNBC framed this as what could be Anthropic’s final private fundraise. A $965 billion valuation creates pressure to go public, since the pool of private investors who can cut the next check shrinks considerably when you’re approaching a trillion dollars.
Anthropic hasn’t announced any IPO timeline. They’ve been careful not to. But the fundraise structure, the institutional investor base, and the scale of the revenue suggest the company is preparing for that possibility rather than treating it as a distant hypothetical.
How this connects to the developer tools picture
Claude Code is explicitly named as one of the products Anthropic is scaling with this capital. The company’s developer tools revenue is a meaningful part of what drove the valuation up from $380 billion to $965 billion in three months.
For developers, the practical implications are straightforward: Anthropic has the resources to keep Claude Code, the Claude API, and Claude.ai running at scale, invest in the underlying models, and continue shipping. The funding eliminates the near-term uncertainty about whether Anthropic can sustain the compute it needs.
Sources: Anthropic Series H announcement, TechCrunch, CNBC, Axios