Anthropic closes $65bn Series H at a $965bn valuation, files for IPO
The largest single equity round attributed to an AI lab; run-rate revenue crosses $47bn and a confidential S-1 follows days later
Summary
Anthropic closed a $65bn Series H on 28 May 2026 at a $965bn post-money valuation, the largest single equity round attributed to an AI lab, led by Altimeter, Dragoneer, Greenoaks and Sequoia. Run-rate revenue crossed $47bn, up from ~$10bn at end-2025. Anthropic shipped Claude Opus 4.8 alongside the raise and promised Mythos-class models "in the coming weeks"; those models (Fable 5/Mythos 5) launched 9 June and were pulled three days later under a US export-control directive. On ~1 June Anthropic filed confidentially for an IPO at the $965bn mark, days before OpenAI's own confidential S-1. The round pairs with ~10GW of reserved compute across Amazon, Google/Broadcom and SpaceX.
By the numbers
- $65bn, Series H size.
- $965bn, post-money valuation.
- $47bn, run-rate revenue, up from ~$10bn at end-2025.
- 28 May 2026, round announced; ~1 Jun, confidential IPO filing.
- Altimeter, Dragoneer, Greenoaks, Sequoia, lead investors.
Why it matters
A $965bn private valuation places Anthropic ahead of OpenAI on headline price and underwrites an enormous compute build-out. The simultaneous IPO filing puts two frontier labs into the public-market pipeline at once. The Fable 5/Mythos 5 recall days after launch shows the capital and the regulatory risk are now scaling together.
What to watch
- Whether the confidential S-1 converts to a public listing in 2026.
- Disclosed margins against the $47bn run-rate and compute liabilities.
- Whether Mythos-class access is restored after the export-control review.