Anthropic reaches $965B valuation in $65B Series H, surpassing OpenAI
Anthropic closed a $65 billion Series H round at a $965 billion valuation, more than doubling its $380 billion February mark and surpassing OpenAI's $852 billion valuation.
Anthropic closed a $65 billion Series H round at a $965 billion valuation this week, more than doubling the $380 billion figure from February and pushing past OpenAI's most recent $852 billion mark. The round is the largest single financing event in AI history, eclipsing the $40 billion OpenAI raised in its last round. Annual recurring revenue crossed $47 billion, suggesting enterprise adoption of Claude has accelerated sharply since February, when the company was reportedly generating under $20 billion in annualized revenue.
The valuation leap reflects the market's confidence in frontier model economics. While OpenAI and Anthropic compete on closed API offerings, the open-weight community continues to close capability gaps with models like Llama 3.3, Qwen2.5, and DeepSeek-V3. Enterprise buyers are increasingly weighing API convenience against the cost predictability of self-hosted open weights. Anthropic's $47 billion ARR suggests that for now, the API model still commands premium pricing among large customers willing to pay for perceived safety and reliability guarantees.
