A $65 billion Series H round has pushed Anthropic valuation ahead of OpenAI, but compute costs and revenue quality remain key questions.
Anthropic has raised $65 billion in Series H funding, lifting its post-money value to $965 billion and putting it ahead of OpenAI’s last reported private valuation.
The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, according to Anthropic valuation announcement. Reuters reported that OpenAI was last valued at $852 billion in March, making Anthropic the higher-valued private AI company for now.
The new Anthropic valuation reflects strong investor interest in Claude, especially among enterprise and developer customers. Anthropic said its run-rate revenue crossed $47 billion earlier in May 2026.
The company said the money will support safety research, interpretability work and more compute capacity. That last point is important. AI companies are now raising large sums not only for research, but also for servers, chips and cloud access.
Anthropic said the round includes $15 billion in previously committed investments from hyperscalers, including $5 billion from Amazon. It also said it had signed agreements for up to five gigawatts of new capacity from Amazon and five gigawatts of next-generation TPU capacity from Google and Broadcom.
There is a clear growth case. Ramp’s May 2026 AI Index said Anthropic passed OpenAI in business adoption, with Anthropic used by 34.4% of businesses on its platform, compared with 32.3% for OpenAI.
The harder question is whether private valuations can keep rising while compute costs rise too. Reuters reported that Anthropic has faced demand pressure in recent months, including usage limits during peak hours.
That does not weaken the company’s position. But it does show how expensive the AI race has become. More users mean more revenue. They also mean more chips, more power and more infrastructure deals.
The race is also wider than Anthropic and OpenAI. The AI Decode recently covered ByteDance’s Doubao 2.0 push into AI agents, another sign that large tech firms are chasing enterprise automation.
For now, Anthropic valuation has the lead. The next question is whether it can turn that lead into durable profit before public-market investors demand cleaner answers.
