Anthropic valuation history: every funding round from 2021 to 2026
As of mid-October 2026, the most recent valuation Anthropic has announced is $965 billion post-money, set by a $65 billion Series H announced on May 28, 2026. That figure caps a climb from $61.5 billion in March 2025 to $183 billion in September 2025 and $380 billion in February 2026. Anthropic has also confidentially submitted a draft S-1 to the SEC, so the next valuation marker may come from a public listing rather than a private round.
This page lists every round and major strategic investment Anthropic has announced on its own newsroom since 2021, with amounts, lead investors and, where the company disclosed it, the valuation.
Anthropic valuation history at a glance
Anthropic's own announcements did not state valuations before its 2025 rounds. The four post-money figures it has disclosed are:
- March 2025, Series E: $61.5 billion
- September 2025, Series F: $183 billion
- February 2026, Series G: $380 billion
- May 2026, Series H: $965 billion
Measured from round to round, the valuation roughly tripled between the Series E and Series F, about doubled by the Series G and grew about 2.5 times by the Series H. From March 2025 to May 2026 it rose close to sixteenfold.
Anthropic funding rounds timeline, 2021 to 2026
May 2021: Series A, $124 million
Anthropic's first announced round was led by Skype co-founder Jaan Tallinn. Named participants included Dustin Moskovitz, Eric Schmidt, James McClave and the Center for Emerging Risk Research. The company did not publish a valuation.
April 2022: Series B, $580 million
The Series B was led by Sam Bankman-Fried, then CEO of the crypto exchange FTX. No valuation was disclosed. FTX collapsed later that year, which is why this round is often mentioned in coverage of the exchange's bankruptcy.
May 2023: Series C, $450 million
Spark Capital led the Series C, with Google, Salesforce Ventures, Sound Ventures and Zoom Ventures among the participants. Again, Anthropic's announcement did not state a valuation. Google has since put more money into Anthropic, but those later investments were reported by the press rather than announced on Anthropic's newsroom, so they are not itemized here.
September 2023 and November 2024: Amazon, $8 billion in total
In September 2023 Anthropic said Amazon would invest up to $4 billion for a minority stake, with AWS becoming its primary cloud provider for mission-critical workloads. In November 2024 Amazon added another $4 billion, bringing its total to $8 billion while remaining a minority investor. AWS also became Anthropic's primary training partner, and the two companies agreed to work together on Trainium chips.
March 2025: Series E, $3.5 billion at $61.5 billion
The Series E was the first round whose announcement stated a post-money valuation. Lightspeed Venture Partners led it, with Bessemer, Cisco Investments, D1 Capital Partners, Fidelity, General Catalyst, Jane Street, Menlo Ventures and Salesforce Ventures among the participants.
September 2025: Series F, $13 billion at $183 billion
ICONIQ led the Series F, with Fidelity and Lightspeed as co-leads. Anthropic said its run-rate revenue had grown from roughly $1 billion at the start of 2025 to more than $5 billion by August 2025, and that Claude Code alone was above $500 million in run-rate revenue.
November 2025: Microsoft and Nvidia, up to $15 billion
Under strategic partnerships announced in November 2025, Nvidia committed to invest up to $10 billion and Microsoft up to $5 billion. In the same deal Anthropic committed to buy $30 billion of Azure compute capacity.
February 2026: Series G, $30 billion at $380 billion
GIC and Coatue led the Series G, with D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX as co-leads. Anthropic put its run-rate revenue at $14 billion, with Claude Code above $2.5 billion.
May 2026: Series H, $65 billion at $965 billion
The Series H was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN as co-leads. Two details matter when reading the headline number:
- The $65 billion includes $15 billion of previously committed investments from hyperscalers, $5 billion of it from Amazon, so not all of it was new money raised in May.
- Memory makers Micron, Samsung and SK hynix joined as strategic investors; Anthropic did not give their amounts.
Anthropic said its run-rate revenue had passed $47 billion earlier in May 2026. The announcement also covered compute: up to five gigawatts of new capacity from Amazon, five gigawatts of TPU capacity from Google and Broadcom, and GPU capacity from SpaceX's Colossus 1 and Colossus 2 clusters.
The IPO filing
On June 1, 2026, Anthropic said it had confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission for a proposed initial public offering. In that announcement the company said the number of shares and the price had not been set, that a listing could follow once the SEC completes its review, and that the offering would depend on market conditions and other factors. Any listing date reported in the press should be treated as unconfirmed until Anthropic or the SEC filing says otherwise.
Anthropic valuation vs OpenAI
OpenAI held the higher private valuation through 2025 and into 2026. OpenAI's last completed primary round, closed in March 2026, valued it at $852 billion post-money, according to our OpenAI valuation history. Anthropic's $965 billion Series H in May 2026 put it above that mark on a post-money basis.
A few caveats apply to any side-by-side comparison:
- Post-money figures from different months reflect different market conditions and deal structures.
- Both companies have taken large commitments from cloud and chip partners that are tied to compute purchases, which makes headline round sizes hard to compare directly.
- Reported talks about new rounds or share sales are not the same as completed transactions.
Both companies are structured as public benefit corporations, which affects how their boards weigh shareholder returns against their stated missions.
How to read these numbers
A post-money valuation is the price per share in a round multiplied by all shares outstanding after the new money comes in. It reflects what the lead investors agreed to pay for preferred stock, which often carries protections that common shareholders do not get, so it is not the same as a public market capitalization. Run-rate revenue, the metric Anthropic has cited in each recent round, annualizes recent revenue and is not audited annual revenue. Nothing on this page is investment advice.
For more coverage of large private rounds, see our Funding section, and for company and market news on AI labs, the AI Business section.
Frequently asked questions
What is Anthropic's current valuation?
As of mid-October 2026, Anthropic's latest announced valuation is $965 billion post-money, from its $65 billion Series H on May 28, 2026.
How much money has Anthropic raised in total?
Adding up the rounds and strategic commitments Anthropic announced itself gives more than $100 billion, but the total depends on how overlapping hyperscaler commitments are counted. For example, $15 billion of the Series H was previously committed hyperscaler money, including $5 billion from Amazon.
Who led Anthropic's funding rounds?
Jaan Tallinn led the Series A, Sam Bankman-Fried the Series B, Spark Capital the Series C and Lightspeed the Series E. ICONIQ led the Series F, GIC and Coatue the Series G, and Altimeter, Dragoneer, Greenoaks and Sequoia the Series H.
Has Anthropic filed for an IPO?
Anthropic announced on June 1, 2026 that it had confidentially submitted a draft Form S-1 to the SEC. At the time it said the share count and price had not been set, and it has not announced a listing date since.
Is Anthropic valued higher than OpenAI?
On last completed private rounds, yes: Anthropic's $965 billion post-money valuation from May 2026 is above OpenAI's $852 billion from March 2026. Reported talks about newer rounds could change that comparison.