Anthropic bests OpenAI in valuation race, hitting $965B with Series H - PitchBook

The two competitors have been duking it out over the past few months, seesawing in the race to become the most valuable AI company.

Anthropic has officially become the world's most valuable startup after announcing it raised a $65 billion Series H at a $965 billion post-money valuation, surpassing chief rival OpenAI, which is currently valued at $852 billion.

The new funding ups the ante as the two large language model makers race to go public first. They are reportedly planning IPOs that could rival SpaceX's listing later this month, which could value the company at as much as $2 trillion.

Altimeter Capital, Dragoneer, Greenoaks, and Sequoia all led the round, which comes just three months after the company's $30 billion Series G. Other investors in the round include Capital Group, Coatue, D1 Capital Partners, GIC, Iconiq, XN, AMP PBC, Baillie Gifford, Blackstone, Brookfield Asset Management, DE Shaw Ventures, DST Global, Fidelity Management & Research Company, General Catalyst, Insight Partners, Jane Street, Lightspeed, MGX, NTTVC, NX1 Capital, Situational Awareness LP, T. Rowe Price Associates, T. Rowe Price Investment Management and Temasek. The round also includes $15 billion previously committed by Amazon and other hyperscalers.

Despite raising less cash than OpenAI, Anthropic now claims to be ahead in revenue -- an area the two have squabbled over. The Claude-maker disclosed Thursday that its annualized revenue crossed $47 billion in May, up from $14 billion in February. The Information recently reported that OpenAI's is around $30 billion.

Anthropic has also prioritized building out its computing capacity, which was recently questioned by OpenAI in a leaked investor memo. Amazon is committing up to 5 gigawatts of AWS compute capacity, while Google and Broadcom have agreed to supply 5 gigawatts of TPU chips. Anthropic has signed an agreement to access GPU capacity from SpaceX's Colossus data centers.