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Anthropic said on May 28, 2026, that it closed a $65 billion Series H round at a $965 billion post-money valuation. The funding is being framed not only as a valuation milestone, but as a major compute capacity push tied to more than 10 gigawatts of commitments and partnerships with Micron, Samsung and SK hynix.
Anthropic said Thursday, May 28, 2026, that it closed a $65 billion Series H round at a $965 billion post-money valuation, a financing that would make the AI company the most valuable private company in the world and signals a large bet on securing compute capacity for future demand.
According to the company’s announcement, Anthropic’s valuation has risen from $61.5 billion in March 2025 to $965 billion in May 2026. The company also reported a $47 billion revenue run rate as of May 2026, up from $14 billion in February.
The announcement named Micron, Samsung and SK hynix as “strategic infrastructure partners,” a detail that points beyond ordinary equity financing. Anthropic also itemized more than 10 gigawatts of compute commitments and more than $200 billion in announced compute spending across multi-year contracts, according to the source material.
The company’s valuation multiple appears to have compressed since its prior round. Based on the figures provided, Anthropic’s Series G valuation of $380 billion against a $14 billion run rate implied about 27 times revenue, while the Series H valuation of $965 billion against a $47 billion run rate implies about 20.5 times revenue.
Why It Matters
The round matters because it shows how frontier AI companies are increasingly competing for physical infrastructure, not only customers or model performance. By naming memory chipmakers alongside cloud and technology partners, Anthropic is indicating that access to chips, data centers, electricity and long-term compute contracts may be central to its growth plans.
For investors, the numbers cut in two directions. The revenue growth reported by Anthropic is far faster than normal enterprise software growth, and the valuation multiple is lower than it was three months earlier. At the same time, a 20-times revenue multiple remains high by historical software standards, and the company’s ability to turn compute commitments into profitable demand is still unproven.
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Background
Anthropic’s latest round follows a sharp valuation climb across five financing rounds in roughly 14 months. The company was valued at $61.5 billion in March 2025 and $380 billion in February 2026 before reaching $965 billion in the new Series H round, according to the source material.
The new valuation also places Anthropic ahead of OpenAI’s reported March 2026 valuation of $852 billion. Anthropic’s Claude models are available through major cloud platforms, and the company has been expanding through enterprise AI demand, cloud partnerships and long-term infrastructure deals.
“strategic infrastructure partners”
— Anthropic announcement
“$65B raised · $965B post-money · the largest private financing in history”
— Source material
“would make him bankrupt”
— Source material citing Dario Amodei
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What Remains Unclear
Several points remain unclear. Anthropic has not detailed how much of the compute capacity is already live, how much depends on future data-center buildouts, or how the $200 billion-plus in compute commitments is structured. It is also unclear how much of the reported revenue is gross cloud-reseller activity rather than direct high-margin software revenue.
The largest open question is whether demand will meet the capacity being contracted. The source material says profitability is still about two years away, and the outcome depends on whether the new compute supply can be filled with paying enterprise usage as it comes online.
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What’s Next
The next test will come over the next 18 to 24 months as Anthropic’s committed compute capacity comes online. Investors, customers and competitors will be watching whether the company can convert infrastructure spending into sustained revenue growth and a clearer path to profit.
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Key Questions
What did Anthropic announce?
Anthropic announced a $65 billion Series H round at a $965 billion post-money valuation on May 28, 2026.
Why is the round being described as a compute bet?
The announcement named Micron, Samsung and SK hynix as strategic infrastructure partners and referenced more than 10 gigawatts of compute commitments, tying the financing to future capacity needs.
Is Anthropic now more valuable than OpenAI?
Based on the figures in the source material, Anthropic’s $965 billion valuation is above OpenAI’s reported March 2026 valuation of $852 billion.
What is still unknown?
The exact structure of the compute commitments, the timing of capacity delivery, the margin profile of reported revenue and the timeline to profitability remain unclear.
Source: Thorsten Meyer AI
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