Anthropic has closed a $65 billion Series H at a $965 billion post-money valuation, vaulting past OpenAI’s $852 billion mark and arriving within touching distance of the first thirteen-figure private company. Altimeter, Dragoneer, Greenoaks and Sequoia each wrote checks of more than $2 billion, according to people familiar with the matter cited by Bloomberg, with Capital Group, Coatue, D1, GIC, ICONIQ and XN joining as co-leads.

The headline number obscures the more interesting structural fact. Roughly $15 billion of the round is previously committed hyperscaler capital, including the $5 billion from Amazon disclosed in April. Chip-supply partners Micron, Samsung and SK hynix participated alongside Baillie Gifford, Blackstone, Brookfield, Fidelity, T. Rowe Price and Temasek. The cap table now reads as a coalition: cloud, silicon, sovereign, mutual fund.

The valuation arithmetic is its own story. February’s Series G priced Anthropic at $380 billion; the new mark nearly triples that in roughly three months. OpenAI’s $852 billion was set in March on a $122 billion raise. Anthropic has overtaken it on a round barely half that size, which is what happens when annualized run-rate revenue moves from about $30 billion earlier this year to past $47 billion in May.

CFO Krishna Rao said proceeds will fund safety and interpretability research, compute and product development, and described Claude as “increasingly indispensable” to enterprise customers. Cash-flow breakeven remains pegged to 2028, a target already slipped once as training costs climbed.

The Series H is widely expected to be the last private round before a filing in the coming months. The 2020 generation of foundation-model labs is graduating into the public markets at valuations that make the 1999 dot-com cohort look quaint.

Sources