Anthropic closes $65B Series H at $965B, overtaking OpenAI as most valuable private AI company

Anthropic closed a $65 billion Series H funding round in late May 2026 at a $965 billion post-money valuation, making it the world's most valuable private AI company—surpassing OpenAI's $852 billion valuation from its $122 billion raise earlier in the year. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with participation from capital groups including Blackstone, Brookfield, D.E. Shaw, and existing backers like Google, Amazon, Microsoft, and NVIDIA. Total funding to date now exceeds $132 billion, a seismic milestone for any startup.

Anthropic's run-rate revenue crossed $47 billion (up from $14 billion at the time of its February Series G), and the company is projecting its first operating profit of ~$559 million for Q2 2026. Claude Opus 4.6 and Haiku 4.5 were released; a Colossus compute partnership with SpaceX was announced on May 6. The valuation jump from $380 billion (February) to $965 billion in four months reflects aggressive investor appetite and Anthropic's demonstrated product-market fit: Claude is the most-used AI assistant after ChatGPT and commands enterprise market share that rivals or exceeds OpenAI in some verticals.

Anthropic's IPO is in active discussion with Goldman Sachs, JPMorgan, and Morgan Stanley—a potential October 2026 listing would make it a landmark public debut. The $965B valuation means Anthropic likely won't need another private round, so this is functionally its final raise before going public. With $47B run-rate revenue and path to profitability already visible, Anthropic has moved past the venture-scale risk category into the public-company-scale execution phase. The funding velocity (from $380B to $965B in four months) and revenue scale put Anthropic in rare territory: it's no longer fundraising to survive; it's raising to scale at a different magnitude.