Anthropic has raised US$65-billion at a post-money valuation of $965-billion, as it seeks to expand computing capacity to meet growing demand for chatbot Claude and scale its products.

The new valuation after the series-H funding round puts Anthropic ahead of rival OpenAI, which was last valued at $852-billion post-money in March.

“Since our series-G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47-billion earlier this month,” Anthropic said in a blog on its website. It was valued at $380-billion in February, after raising $30-billion.

Anthropic’s pursuit of private funding coincides with preparations for a public listing, according to investors and bankers familiar with the company.

Both Anthropic and OpenAI are planning to tap the public market, possibly as quickly as this year, to acquire the computational resources necessary to power their services and train new models.

Anthropic has struggled to meet demand in recent months, forcing it to institute usage limits during peak hours and incentivise off-peak use by offering more compute during those hours.

Its latest funding round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, with Coatue and Iconiq as co-leads, among others. Anthropic’s strategic infrastructure partners Micron, Samsung and SK Hynix also joined the investment round.

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The round comprises $15-billion of previously committed investments from hyperscalers, including $5-billion from Amazon. Amazon had said in April it would invest up to $25-billion in Anthropic, as the AI start-up commits to spending more than $100-billion over the next 10 years on Amazon’s cloud technologies. This is in addition to the $8-billion Amazon previously invested in the company. — Juby Babu and Deepa Seetharaman, (c) 2026 Reuters