Anthropic had been founded by former OpenAI employees in 2021, and it’s already worth more than the company they’d left.
The AI safety company has closed a Series H funding round of $65 billion, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, at a post-money valuation of $965 billion. OpenAI, which raised $122 billion at an $852 billion valuation just two months ago, is now the second most valuable AI company in the world — at least on paper.
The round attracted a wide coalition of institutional capital, with co-leads including Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN. It also includes $15 billion in previously committed investments from hyperscalers, among them $5 billion from Amazon. Joining as strategic infrastructure partners are Micron, Samsung, and SK hynix, whose memory and chip technologies will help Anthropic scale compute to meet surging demand.
A Revenue Story That Backs The Valuation
Anthropic’s run-rate revenue crossed $47 billion earlier this month — a staggering trajectory for a company that was at $1 billion in annualized revenue at the start of 2025. That growth has been driven by global enterprises embedding Claude into their core operations, and by a rapidly expanding base of everyday users.
Enterprise adoption, in particular, has been the engine. Ramp data from April showed Anthropic’s share of paying U.S. businesses surging from 24% to 30% in a single month, narrowing its gap with OpenAI to just 4.6 percentage points. Products like Claude Code and Cowork have been significant contributors, pulling in enterprise customers who once defaulted to OpenAI.
Compute At Scale
The funding comes alongside a major expansion of Anthropic’s compute infrastructure. The company has signed agreements with Amazon for up to five gigawatts of new capacity, with Google and Broadcom for five gigawatts of next-generation TPU capacity, and with SpaceX for GPU access across Colossus 1 and Colossus 2.
Claude is now the only frontier AI model available on all three of the world’s largest cloud platforms — AWS, Google Cloud, and Microsoft Azure — a distinction Anthropic has held since its Series G in February. AWS remains its primary cloud and training partner.
What The Investors Are Saying
The investor commentary around this round is notably substantive. Sequoia’s Alfred Lin framed Claude’s enterprise traction as something more structural than a product cycle: “Anthropic is building the bridge between where enterprise AI stands today and where it’s headed.” Greenoaks’ Neil Mehta pointed to Anthropic’s rare alignment of culture, mission, and commercial momentum as the reason for deepening their position.
Brad Gerstner of Altimeter Capital was direct: “Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations.”
The OpenAI Comparison
The valuation milestone carries obvious symbolism. Anthropic was founded in 2021 by Dario Amodei, Daniela Amodei, and other former OpenAI executives who departed over disagreements about the direction of AI safety research. The company they built now commands a higher private market valuation than the one they left.
OpenAI is not standing still — it raised $110 billion at a $730 billion valuation earlier this year, and ChatGPT remains the dominant consumer AI brand. But the gap has closed faster than most expected. OpenAI has also reportedly missed some of its own internal user and revenue targets, adding pressure as it moves toward a potential IPO.
At $965 billion, Anthropic is not just catching up. It has, for now, pulled ahead.