Added to our archive on 1 October 2026. This report is dated to the day of the event.

Anthropic said on 28 May 2026 that it had raised USD 65 billion in a Series H round that valued the company at USD 965 billion with the new money included. Its previous round, in February, had priced it at USD 380 billion.

It was the largest private AI financing announced between April and the end of September, and it moved Anthropic past OpenAI on paper: OpenAI's last private price, set when it closed a USD 122 billion round on 31 March, was USD 852 billion. Much of the money will go on computing power, and almost a quarter of it had been committed earlier.

  • Deal: USD 65 billion Series H at a valuation of USD 965 billion, announced on 28 May 2026.
  • Led by: Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with six co-leads.
  • Why it matters: The biggest private AI round of the spring and summer, and the first time Anthropic was valued above OpenAI.

Who paid, and what came with strings

Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led the round, Anthropic wrote in its announcement. Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN co-led it, and the list of other investors runs from Baillie Gifford, Blackstone and Brookfield to Fidelity, General Catalyst, Jane Street, Lightspeed, MGX, T. Rowe Price and Temasek. Three memory makers, Micron, Samsung and SK hynix, joined as strategic infrastructure partners; Anthropic said their technologies play "a critical role in the world's supply of memory, storage, and logic chips". (Our report on Micron's record quarter shows why that supply is so tight.)

Not all of the USD 65 billion was fresh. The total "includes $15 billion of previously committed investments from hyperscalers, including $5 billion from Amazon", Anthropic said, using the industry's name for the largest cloud companies. Crunchbase put the new money at USD 50 billion and identified the rest as USD 5 billion from Amazon and USD 10 billion from Google. By Crunchbase's count the record still belonged to OpenAI, whose round announced in February was the largest raise ever.

That cloud money came from two April agreements, and both carry conditions. On 24 April Google agreed to invest USD 10 billion at a USD 350 billion valuation, with another USD 30 billion to follow if Anthropic meets performance targets, TechCrunch reported. The deal came with 5 gigawatts of Google Cloud computing capacity over five years, on top of an arrangement with Google and the chip designer Broadcom for 3.5 gigawatts starting in 2027. Days earlier Amazon had said it would invest up to USD 25 billion, Reuters reported, and Anthropic in turn agreed to spend more than USD 100 billion over ten years on Amazon's cloud. Only USD 5 billion of Amazon's money came at once; up to USD 20 billion more is tied to commercial milestones, Digital Music News reported. The investors and the suppliers are, in other words, often the same companies.

What the money buys

Anthropic said the funding "is expected to advance our safety and interpretability research, expand compute to meet growing demand for Claude, and scale the products and partnerships our customers rely on". It offered one number to support the price: its "run-rate revenue crossed $47 billion earlier this month". By our arithmetic, the USD 965 billion valuation is roughly 20 times that annualised revenue and about two and a half times what the same company was worth in February.

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.
Krishna Rao, chief financial officer, Anthropic, 28 May 2026

The lead investors framed it as a bet on corporate use. "Claude's latest advancements have driven large-scale adoption among the world's most demanding organizations," said Brad Gerstner of Altimeter Capital. TechCrunch described the round as possibly the company's last private fundraise.

The other big rounds of the season

None of the other large rounds of those months came close. Prometheus, the industrial AI company run by Jeff Bezos and Vik Bajaj, raised USD 12 billion at a USD 41 billion valuation on 11 June, SiliconANGLE reported. Europe's biggest came on 8 September, when Mistral AI raised EUR 3 billion at a valuation of more than EUR 21 billion in a round led by Samsung Electronics, the EQT managed Scaleup Europe Fund and PSG Equity; Mistral called it the largest equity fundraising round ever completed by a European technology company, TechCrunch reported. Crunchbase counted USD 205 billion of global startup funding in the second quarter and found that OpenAI and Anthropic together took USD 217 billion, or 43 percent, of everything startups raised in the first half of 2026.

What happened next

On 29 September Bloomberg reported that OpenAI was in talks to raise at least USD 30 billion at a valuation of about USD 1.4 trillion, TechCrunch wrote, describing the round as a bridge to a stock market debut expected in 2027. If it closes on those terms, OpenAI's valuation would again be above Anthropic's.