Anthropic closed a $65 billion Series H at a $965 billion post-money valuation, with Sequoia Capital, Altimeter Capital, Dragoneer, and Greenoaks leading the round. The deal makes Anthropic the world’s most valuable AI startup, displacing rival OpenAI.
That’s a 154% step-up from the $380 billion valuation Anthropic secured in February’s Series G, when it raised $30 billion. The Series G was itself a 2x step from the $183 billion Series F last September. The round folds in $15 billion of previously committed hyperscaler capital, including a $5 billion commitment from Amazon announced in April.
Investors are buying exposure to Claude at $47 billion in run-rate revenue, a figure the company crossed earlier this month. Anthropic is also on track to post its first operating profit in Q2 2026, less than a year after giving investors guidance that implied no full-year profit until at least 2028.
At a $965 billion price against $47 billion in run-rate revenue, investors are paying roughly 20x sales. That’s a pre-IPO premium in everything but name. The investor list — Blackstone, Fidelity, T. Rowe Price, Temasek, GIC — reads like a crossover allocation that converts to a public float on listing day. CFO Krishna Rao didn’t call it a pre-IPO round, but the composition of capital suggests the market has already decided.
Funds go toward compute, safety research, and scaling Claude’s enterprise reach. No close date was disclosed.
— Diana Kowalski