Anthropic, the Seattle-area artificial intelligence company behind the Claude model, has closed a $65 billion Series H funding round at a post-money valuation of $965 billion, in what the company is signalling could be its last major private fundraise before a public market debut.
The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue, and D1 Capital Partners, with institutional participation from Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, and Fidelity Management and Research. Strategic infrastructure partners including Samsung, SK Hynix, and Micron also joined the round. Of the $65 billion total, $15 billion represents previously committed investments from cloud hyperscalers, including the $5 billion Amazon investment announced in April, which also included a commitment from Anthropic to spend more than $100 billion on AWS over the next decade.
The scale of investor demand exceeded even optimistic projections. TechCrunch reported last month that Anthropic was close to closing a $50 billion round, with one institutional investor reportedly pledging $5 billion simply to secure a meeting with Anthropic CFO Krishna Rao. The final round came in $15 billion larger.
Anthropic said the proceeds will be used to advance safety and interpretability research, expand compute capacity to meet growing demand for Claude, and scale the products and partnerships its enterprise customers depend on. The round was announced on the same day Anthropic released Claude Opus 4.8, a new model with enhanced capabilities in agentic tasks, advanced coding, and a focus on honesty and self-correction. The company is also reportedly planning a broader rollout of models with capabilities on par with its powerful but closely restricted cybersecurity model Mythos, which has so far only been made available in limited fashion due to safety concerns.
The company’s financial trajectory has accelerated sharply since its last funding round. Anthropic said its annualised run rate revenue crossed $47 billion earlier this month, driven largely by enterprise adoption of Claude Code. The Wall Street Journal reported that the company expects a 130% revenue surge to carry it to its first operating profit.
Brad Gerstner, founder and CEO of Altimeter Capital, said the momentum behind Claude justifies the valuation. “Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations. This momentum positions Anthropic to lead the next phase of AI innovation and capture the enormous opportunity ahead,” Gerstner said.
The round places Anthropic in direct competition with OpenAI on the path to public markets. OpenAI raised $122 billion in March at an $852 billion post-money valuation. Elon Musk’s SpaceX, which merged with xAI earlier this year, is targeting a $2 trillion valuation in its pending IPO and seeking to raise more than $75 billion.
At $965 billion, Anthropic is now approaching the trillion-dollar threshold that would make it one of the most valuable companies in the world, public or private, built on the back of a model that competes directly with the largest technology platforms on earth.
