Anthropic closed a $65 billion Series H round at a $965 billion post-money valuation on May 28, 2026, becoming the most valuable private AI company. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with strategic participation from memory chip suppliers Micron, Samsung, and SK hynix.
This structure resembles a vertically integrated supply agreement priced as equity, binding capital to physical memory and compute allocation. Anthropic's run-rate revenue hit $47 billion in May, up from $1 billion in early 2025.
The raise comes amid an AI arms race, with OpenAI closing $122 billion at an $852 billion valuation in March. The concentration of capital in frontier AI labs, supported by sovereign and crossover funds, signals that the most critical decisions about AI infrastructure are already being made in private deal rooms.