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 ahead of expected IPO processes. 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 capital funds 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, with AWS as primary training partner.
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. Wire confirmation (Reuters, TechCrunch, WSJ) tracks the announcement; independent audit of run-rate is not public.
Limits
- Post-money $965B is company-stated; secondary marks may differ.
- Run-rate revenue is unaudited PR metric.
- IPO timing remains optional until a public S-1 (confidential draft followed June 1).
Sources
- Anthropic: “Anthropic raises $65B in Series H funding at $965B post-money valuation” (May 28, 2026). Primary figures, investors, revenue run-rate, compute partnerships.
- Reuters, TechCrunch, WSJ contemporaneous reporting (May 28–29, 2026) on valuation vs OpenAI’s prior round.