Anthropic Hits $965B Valuation, Surpasses OpenAI in May 29 Funding

Anthropic closed a $65 billion Series H funding round on May 28, valuing the AI startup at $965 billion post-money. This surpasses OpenAI’s $730 billion valuation and makes Anthropic the world’s most valuable AI company. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with participation from Amazon, chip makers, and major financial institutions.

Record Valuation Jump in Three Months

Anthropic’s valuation nearly tripled from $380 billion in its Series G round in February 2026. The company raised $30 billion in that earlier round just 105 days ago. This latest $65 billion injection represents the single largest equity round ever raised by an AI lab. The company’s total funding since 2021 now stands at nearly $144 billion.

Revenue Growth Justifies the Price Tag

Anthropic’s run-rate revenue crossed $47 billion in May 2026, up from $1 billion in early 2025. The company’s Claude Code product, launched in May 2025, generated $500 million in annual recurring revenue within three months. That figure grew to $2.5 billion by February 2026. Anthropic now holds an estimated 40% market share of enterprise spending on large language models, up from 24% in 2024, while OpenAI’s share fell to 27% from 50%.

Chip Makers and Hyperscalers Join the Syndicate

The round included $15 billion in previously committed investments from hyperscalers, including $5 billion from Amazon Web Services. Strategic chip partners Samsung, SK Hynix, and Micron joined as investors, securing their role in Anthropic’s compute expansion. Capital Group, Coatue, D1 Capital Partners, GIC, and others co-led the round alongside major institutions like BlackRock, Fidelity, and T. Rowe Price.

What the Money Will Fund

Anthropic plans to use the capital to expand compute infrastructure to meet demand for Claude, advance safety and interpretability research, and scale products like Claude Code and Cowork. The company also aims to bring Claude to more enterprise work environments. CFO Krishna Rao stated the funding will help Anthropic serve historic demand while staying at the research frontier.

Final Thoughts

Anthropic’s $965 billion valuation now exceeds OpenAI’s, backed by $47 billion in run-rate revenue and 40% enterprise market share. With chip makers and hyperscalers aligned as shareholders, the company has secured both capital and infrastructure partners for its growth.

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