Anthropic Raises $65 Billion at $965 Billion Valuation, Surpassing OpenAI

Anthropic said Thursday it raised $65 billion in a Series H funding round, valuing the company at $965 billion post-money and underscoring the escalating cost of building and operating frontier AI models. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, alongside investors including Blackstone, Fidelity, Lightspeed Venture Partners, and Temasek. “Earlier this month, our run-rate revenue crossed $47 billion,” Anthropic wrote on X. “This growth has been driven by organizations across many industries deploying Claude in their core operations, and by a growing number of people using it for their everyday work.” The company said the funding will support safety and interpretability research while expanding the compute infrastructure required to train and run increasingly powerful AI models. At the same time, investors said the funding reflects growing demand for Anthropic’s Claude AI models among businesses. “Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations,” Altimeter Capital founder and CEO Brad Gerstner said in a statement. “This momentum positions Anthropic to lead the next phase of AI innovation.” Anthropic’s $965 billion valuation now tops the last disclosed valuation of its chief rival. In March, rival AI developer OpenAI announced a $852 billion valuation following a $122 billion funding round, saying demand for ChatGPT, enterprise AI tools, and computing power was accelerating worldwide. The news comes following several partnerships and investments from Amazon, Google, Broadcom, and SpaceX, respectively, with Anthropic aimed at expanding the computing power needed to train and run Claude. The funding announcement also comes amid an ongoing feud with the Trump administration, after Pentagon officials demanded AI contractors allow their models to be used for “any lawful use,” including military applications. In February, Anthropic, which already held a $200 million Defense Department contract, refused to remove safeguards blocking Claude from being used for mass domestic surveillance or fully autonomous lethal weapons. The company is also facing concerns from cybersecurity experts that its Claude Mythos model could make advanced cyberattacks easier to carry out. Despite these concerns, Anthropic said demand for Claude continues to surge among businesses and enterprise customers worldwide. “Claude is increasingly indispensable to our growing global community of customers, and we work tirelessly to make tools like Claude Code and Cowork more helpful, more powerful, and more adaptable to their needs,” said Krishna Rao, Chief Financial Officer of Anthropic. “This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens.”