After its $65B Series H, Anthropic is valued at $965B post-money, the most valuable private AI company in the world. Here's the full funding history and what's behind the number.
Figures as of October 2026. Valuation is the most recent post-money round; run-rate is an annualized company figure.
Anthropic's most recent post-money valuation is $965B, set by the $65B Series H that closed in May 2026. That is the figure most people are after when they search for its market cap. A true market cap only exists once a company's shares trade publicly, which won't happen until Anthropic's IPO.
Every disclosed round, newest first, with the post-money valuation it set.
| Round | Date | Raised | Post-money | Lead investors |
|---|---|---|---|---|
| Series H | May 2026 | $65B | $965B | Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital |
| Google strategic commitment | April 2026 | $10B | $350B | Alphabet (Google) |
| Series G | February 2026 | $30B | $380B | GIC, Coatue |
$65B raised · led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital
Co-led by Capital Group, Coatue, D1 Capital, GIC, ICONIQ, and XN. Includes $15B of previously committed hyperscaler investment ($5B from Amazon). Likely the last private round before an IPO.
$10B raised · led by Alphabet (Google)
Up to $40B committed: $10B immediate at a $350B valuation, with $30B contingent on performance targets.
$30B raised · led by GIC, Coatue
More than doubled valuation versus prior round.
Before the rounds above, Anthropic raised money in smaller venture rounds and in staged strategic deals with Amazon, Google, Microsoft and Nvidia. Amounts include tranches paid over time.
| Round | Date | Raised | Post-money | Lead investors | Notes |
|---|---|---|---|---|---|
| Microsoft & Nvidia | November 2025 | $15B | Not disclosed | Microsoft, Nvidia | Up to $5B from Microsoft and up to $10B from Nvidia, alongside Anthropic's $30B Azure commitment. Part of it was later counted in the Series G. |
| Series F | September 2025 | $13B | $183B | ICONIQ, Fidelity, Lightspeed Venture Partners | Three times the Series E valuation, six months later. |
| Series E | March 2025 | $3.5B | $61.5B | Lightspeed Venture Partners | Run-rate revenue was in the low billions at the time. |
| Amazon | November 2024 | $4B | Not disclosed | Amazon | Doubled Amazon's total to $8B; AWS also became the primary training partner. |
| Series D | February 2024 | $750M | $18.4B | Menlo Ventures | Reported rather than announced; the valuation comes from press reports at the time. |
| October 2023 | $2B | Not disclosed | Alphabet (Google) | $500M up front and $1.5B over time, on top of an earlier, smaller stake. | |
| Amazon | September 2023 | $4B | Not disclosed | Amazon | $1.25B up front and $2.75B more in March 2024. AWS became Anthropic's primary cloud provider. |
| Series C | May 2023 | $450M | Not disclosed | Spark Capital | Google, Salesforce Ventures and Zoom Ventures also took part. |
| Series B | April 2022 | $580M | Not disclosed | FTX (Sam Bankman-Fried) | FTX supplied $500M of it. After FTX collapsed, its bankruptcy estate sold the stake in 2024 for about $884M, mostly to investors in the UAE. |
| Series A | May 2021 | $124M | Not disclosed | Jaan Tallinn, Dustin Moskovitz | The founding round, a few months after the founders left OpenAI. |
Who these investors are, and what they own today, is on the investors page.
Annualized run-rate revenue, the metric Anthropic reports publicly.
Anthropic's valuation went from $61.5 billion in its Series E in March 2025 to $965B post-money in May 2026. Almost all of that rise tracks revenue. Annualized run-rate revenue grew from the low billions to tens of billions over the same stretch, so the price investors pay for each dollar of revenue has fallen even as the headline valuation climbed.
At $965B on a run-rate of $65B, Anthropic is valued at about 15 times annualized revenue. Treat that as a rough yardstick: a run-rate annualizes a recent month, and the valuation is a post-money figure from a private round.
Investors are paying for growth and for position. Claude Code and enterprise contracts have produced one of the fastest revenue ramps in software history, and Anthropic is one of only a handful of labs able to train frontier models. Its backers also count on the reported move to adjusted operating profit in 2026 holding as revenue keeps growing.
The multiple can fall as fast as it rose. Slower growth, a price war with OpenAI and Google, or a compute bill that grows faster than revenue would all cut what investors are willing to pay, and private valuations tend to adjust in sudden steps at the next round rather than gradually.
The two leading private AI labs are valued on very different revenue multiples. Anthropic is now both more valuable and trading on a lower multiple of revenue, a reversal from a year earlier.
| Company | Valuation | Revenue run-rate | Implied multiple | As of |
|---|---|---|---|---|
| Anthropic (this page) | $965B | $65B | ~15× | July 2026 |
| OpenAI | $852B | $40B | ~21× | July 2026 |
Sources: latest post-money rounds and Sacra reporting. Private valuations are set at funding events, not by a live market.
More on OpenAI's valuation, IPO, and how to invest is available at OpenAI Stock.
A private company's valuation is the price agreed in its latest funding round, applied to all its shares. The post-money figure includes the money just raised. It is negotiated between the company and a small group of investors, not set by a market that trades every day.
Different deals quote different bases. The Series G valued Anthropic at $350 billion before the new money and $380 billion after it, and both the employee tender offer in February 2026 and Google's April 2026 investment used the $350 billion figure. Late-round investors also usually receive preferred shares with protections that ordinary shareholders don't get, which is one reason a headline valuation can overstate what common stock is worth.
Between rounds, shares in private companies change hands on secondary markets and through special-purpose vehicles, usually only for accredited or professional investors. Those prices can sit well above or below the last round and are not an official valuation.
Once Anthropic lists, its value will be set every trading day by the share price times the number of shares: its market capitalization. Press reports in September 2026 described a target of around $2 trillion for the offering, but the final price depends on demand during the roadshow and can change in the weeks before pricing.
The comparison with today's figure will be less direct than it looks. The public share count will include employee equity and any new shares sold in the IPO, and different share classes may carry different votes.
Follow the listing on the IPO page.