Anthropic, the US-based artificial intelligence company, has closed a $65 billion Series H funding round, lifting its post-money valuation to $965 billion — surpassing rival OpenAI in valuation terms. The announcement, made on 29 May, marks one of the largest single funding rounds in the history of the global AI industry.

Who Led the Round

The funding was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Co-investors include Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN, according to the company's official announcement. The round also incorporates $15 billion in previously committed investments from hyperscalers, including $5 billion from Amazon.

Revenue and Enterprise Adoption

Anthropic's annualised revenue run rate crossed $47 billion earlier this month, the company said, reflecting accelerating adoption of its AI assistant Claude across enterprises globally. Startups and large corporations are deploying Claude for complex workflows as well as everyday productivity tasks, with the platform increasingly embedded in core business operations across sectors.

What the Capital Will Fund

According to Anthropic, the fresh capital will be directed toward safety and interpretability research, expansion of computing capacity, and scaling of products and partnerships to meet rising demand for AI services. Krishna Rao, Chief Financial Officer at Anthropic, said the funding would help the company 'address growing demand, remain at the research frontier and expand Claude's availability across workplaces globally.'

'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,' Rao added.

Infrastructure Expansion

Anthropic has moved aggressively to secure compute capacity. The company has signed agreements with Amazon for up to five gigawatts of additional capacity and inked deals with Google and Broadcom for next-generation TPU capacity. It has also secured access to GPU infrastructure through SpaceX's Colossus 1 and Colossus 2 platforms. Strategic partnerships with memory and storage players Micron, Samsung, and SK hynix have been strengthened to support growing hardware demand.

What This Means for the AI Race

The valuation milestone places Anthropic ahead of OpenAI in paper valuation terms, a notable shift in a sector where OpenAI had long held the lead. This comes amid intensifying competition in the enterprise AI segment, where safety positioning and model reliability are increasingly cited as differentiators alongside raw capability. With its annualised revenue run rate now at $47 billion and infrastructure deals spanning Amazon, Google, Broadcom, and SpaceX, Anthropic is signalling that it intends to compete not just on research but on scale. The next test will be whether enterprise revenue growth can sustain a valuation approaching the trillion-dollar mark.