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 an initial public offering.
The funding round
The Series H was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. The round brings Anthropic's total capital raised to over $100 billion since founding in 2021. 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 $9 billion at end-2024 and $30 billion in April 2026. The company expects to exceed $50 billion in annualized revenue by end of June — roughly $4 billion in incremental monthly revenue. 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 IPO is expected to be one of the largest technology listings in U.S. history. No exchange or listing date has been announced.
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.