Anthropic’s $65B Series H at $965B Puts It Ahead of OpenAI’s Last Private Mark
Anthropic closed a $65B Series H at $965B post-money — ahead of OpenAI’s March private valuation — with run-rate revenue above $47B. Growth equity, sovereigns, hyperscalers, and chipmakers now fund frontier labs as infrastructure supply chains, not only as pure equity bets.
A near-trillion-dollar private mark is no longer just a brag — it is a signal that frontier fundraising blends growth equity with infrastructure supply-chain alignment. Anthropic’s round puts it ahead of OpenAI’s last disclosed private valuation from March.
Anthropic (May 28) announced a $65 billion Series H led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, valuing the company at $965 billion post-money. CFO Krishna Rao said the capital will fund safety and interpretability research, expand compute for Claude demand, and scale products and partnerships. Anthropic said run-rate revenue crossed $47 billion earlier in May.
Round structure#
- Size / valuation: $65B raised; $965B post-money.
- Leads: Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital.
- Co-leads: Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, XN.
- Other named participants: AMP PBC, Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed, MGX, NTTVC, NX1, Situational Awareness LP, T. Rowe Price entities, Temasek, and others.
- Chip partners: Micron, Samsung, SK hynix as strategic investors.
- Hyperscaler capital: $15B of previously committed investments, including $5B from Amazon.
Compute context#
Anthropic highlighted capacity deals: up to 5 GW with Amazon; 5 GW next-gen TPU capacity with Google and Broadcom; xAI Colossus GPU capacity (via the SpaceX Colossus partnership Anthropic has publicly described); Claude on AWS, Google Cloud, and Microsoft Azure, as described in the fundraising announcement.
Claims vs checks#
Valuation, round size, investor lists, and >$47B run-rate are Anthropic primary. “Ahead of OpenAI” is relative to OpenAI’s last disclosed private mark (March reporting) — OpenAI may have unmarked private marks since. The cited sources are company announcements, not an independent audit of revenue.
Limits#
- Post-money $965B is company-stated; secondary marks may differ.
- Run-rate revenue is unaudited PR metric.
- A private funding valuation does not establish an IPO date or public trading price.
Correction (October 14, 2026): Added the primary source for OpenAI’s $852 billion comparison and removed unsupported subsequent IPO context.