Anthropic has raised $65 billion in a Series H funding round, valuing the artificial intelligence company at $965 billion post-money — a figure that underscores the escalating cost of building and operating frontier AI models.
The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with additional participation from 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 new capital will support safety and interpretability research while expanding the compute infrastructure required to train and run increasingly powerful AI models.
Investors described the funding as a reflection of surging enterprise demand for Anthropic's Claude AI models. "Claude's latest advancements have driven large-scale adoption among the world's most demanding organizations," said Altimeter Capital founder and CEO Brad Gerstner in a statement. "This momentum positions Anthropic to lead the next phase of AI innovation."
Anthropic's $965 billion valuation now surpasses the last publicly disclosed valuation of its chief rival. In March, OpenAI announced an $852 billion valuation following a $122 billion funding round, citing accelerating worldwide demand for ChatGPT, enterprise AI tools, and computing power.
The announcement follows a series of partnerships and investments from Amazon, Google, Broadcom, and SpaceX, all aimed at expanding the computing capacity needed to train and run Claude.
The funding news also arrives amid an ongoing dispute with the Trump administration, after Pentagon officials demanded that 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 that block Claude from being used for mass domestic surveillance or fully autonomous lethal weapons.
The company is additionally facing concerns from cybersecurity experts that its Claude Mythos model could make advanced cyberattacks easier to execute.
Despite these challenges, Anthropic says demand for Claude continues to grow strongly 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."
The valuation milestone coincides with the company's release of Claude Opus 4.8, the latest version of its flagship AI model. Anthropic also indicated that the controversial cybersecurity-focused Claude Mythos model could become publicly available within weeks, as the company works to strengthen safeguards around the system.
Why it matters
Anthropic's $965 billion valuation now exceeds OpenAI's last publicly disclosed valuation of $852 billion, shifting the competitive standing between the two leading frontier AI developers.
The company already holds a $200 million Defense Department contract, and its refusal to remove safeguards blocking Claude from mass domestic surveillance or fully autonomous lethal weapons use puts it in direct tension with Pentagon demands — a dynamic that could affect future government contracts.
The imminent public release of the cybersecurity-focused Claude Mythos model, which experts have flagged as potentially lowering the barrier to advanced cyberattacks, adds a concrete safety dimension to Anthropic's expansion at this scale.
