Anthropic Hits $965B Valuation, Surpasses OpenAI in Series H, May 30

Anthropic closed a $65 billion Series H funding round on May 28, 2026, at a $965 billion post-money valuation, making it the world’s most valuable private AI company. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Anthropic now ranks $113 billion higher than OpenAI, which valued at $852 billion in March. The company’s annualized revenue run-rate has crossed $47 billion, and it projects its first quarterly operating profit of $559 million in Q2 2026.

The Largest AI Funding Round Ever

Anthropic raised $65 billion in Series H, making it the single largest equity round ever attributed to an AI lab. The round closed only 105 days after the company’s $30 billion Series G in February, when its valuation stood at $380 billion. Lead investors Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital each contributed more than $2 billion. Co-leads included Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. Of the $65 billion total, $15 billion came from previously committed cloud-provider investments, including $5 billion from Amazon.

Revenue Surge and Profitability Timeline

Anthropic’s annualized revenue run-rate crossed $47 billion, up sharply from $9 billion just six months earlier. The company projects its first-ever quarterly operating profit of $559 million in Q2 2026. On May 28, Anthropic also launched Claude Opus 4.8, its new flagship model. Since its founding in 2021, the company has raised approximately $144 billion in total funding, making this round its likely final private fundraise before going public.

Overtaking OpenAI on Valuation

Anthropic’s $965 billion valuation now exceeds OpenAI’s $852 billion post-money from March 2026, a $113 billion gap that emerged in three months. The valuation ranks Anthropic higher than major public companies including Walmart at $921 billion, JP Morgan Chase at $799 billion, Oracle at $639 billion, and Visa at $628 billion. Anthropic’s revenue run-rate crossed $47 billion, justifying the valuation jump. For comparison, Indian startups raised a combined $54.9 billion between 2022 and May 2026, making Anthropic’s single round 18% larger than all venture capital invested in India’s startup ecosystem over that period.

Investor Syndicate and Infrastructure Partners

The round attracted major institutional investors including Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, T. Rowe Price, Temasek, and Baillie Gifford. Notably, infrastructure partners Micron, Samsung, and SK hynix all participated, marking the first known instance of all three dominant high-bandwidth memory suppliers appearing on a single private company’s cap table. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with roughly 6.7% dilution for new capital.

Final Thoughts

Anthropic’s $965 billion valuation and $47 billion revenue run-rate position it as the most valuable private AI company, ahead of OpenAI. With an expected October 2026 IPO, the company’s path to public markets appears clear, signaling the maturation of frontier AI as an investment category.

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