Anthropic Tops OpenAI With $965B Valuation As AI Funding Race Resets

Anthropic raised $65B at a $965B valuation, moving past OpenAI and tightening the contest for enterprise artificial intelligence.

Anthropic said May. 28 that it closed a $65B Series H round led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.

The company said the financing valued it at $965B after the new money.

That figure puts Anthropic ahead of OpenAI’s previously cited $730B valuation and close to the $1 trillion mark, giving the Claude maker a stronger claim to the top private AI ranking.

The round also shows how investors now judge frontier AI companies on more than model quality. Capital access, enterprise distribution and the ability to secure enough computing power have become part of the same contest.

Anthropic’s revenue run rate has crossed $47B, according to Chief Financial Officer Krishna Rao. That number suggests Claude is moving beyond tests and pilot programs into daily workplace use.

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Rao said the new capital would help Anthropic meet heavy demand, stay near the research frontier and bring Claude to more workplaces. The statement points to three likely priorities, compute capacity, model development and enterprise deployment.

The round also drew support from cloud and infrastructure players. About $15B reportedly came from hyperscalers, including $5B from Amazon, which has tied Claude more closely to AWS.

That backing matters because advanced AI systems require large and costly compute resources. Cloud providers need major AI workloads, while enterprise customers want platforms that can move from demos into business operations.

The deal also reportedly included Micron Technology, linking Anthropic’s funding to the memory and chip supply chain behind AI infrastructure. That makes the valuation relevant for more than software investors.

For OpenAI, the result raises the bar. The company remains one of the central forces in generative AI, but Anthropic now has the valuation, enterprise story and infrastructure support to challenge the idea of a fixed leader.

The shift follows a funding cycle in which OpenAI set the pace for much of the generative AI boom. Anthropic’s new valuation shows that private-market confidence can move quickly when enterprise demand and infrastructure backing appear to align.

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