Anthropic raised $65 billion in a Series H funding round at a $965 billion post-money valuation, making it the most valuable AI startup in history — surpassing OpenAI's valuation of approximately $852 billion. On June 1, 2026, the company confidentially filed a draft S-1 registration statement with the SEC in preparation for a future initial public offering.
The funding round
The Series H was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. Enterprise adoption of Claude for coding, research, and document processing has been the primary growth engine behind the valuation acceleration.
Revenue trajectory
Anthropic's annualized revenue run-rate reached approximately $47 billion as of May 2026, up from about $9 billion at the end of 2025. This pace has driven the historic valuation premium.
IPO context
The confidential S-1 filing initiates the standard IPO process. Under SEC rules, Anthropic can choose to make the filing public and begin a roadshow, or hold it privately until closer to a target listing date. The $965 billion figure reflects the company's private Series H valuation, not a set IPO valuation. No exchange or listing date has been announced, and the IPO is expected to be one of the largest technology listings in U.S. history.
Why it matters
The valuation overtaking OpenAI represents a significant shift in investor perception — driven by Anthropic's enterprise positioning, Claude's rapid adoption in professional environments, and the company's Constitutional AI approach, which has resonated with regulated industries and government clients.