APREX · EST. 2026
Anthropic, the company behind the AI assistant Claude, has completed what is likely its last major private funding round. According to TechCrunch, the Series H round has closed with a total raise of $65 billion, giving the company a post-money valuation of $965 billion.
From Startup to Near-Trillion-Dollar Value in Record Time
The growth in Anthropic's valuation has been striking. As recently as September 2025, the company was valued at $183 billion. By February 2026, that figure had risen to $380 billion. Now, just three months later, it is approaching the trillion-dollar mark — and in the secondary market, there is already speculation that the company may have surpassed the psychological threshold of one trillion dollars, according to a research note reviewed by 24AI.
For comparison, OpenAI was valued at $852 billion in a funding round in March 2026, where the company raised $122 billion. Anthropic has thus surpassed its closest competitor — at least on paper.
Revenue Growth Is Equally Remarkable
The valuation is not without basis in actual figures. According to available market data, Anthropic had an annualized revenue run rate of approximately $9 billion at the end of 2024. By February 2026, it had reached $14 billion, and in April, $30 billion. In May 2026, it surpassed $47 billion.
OpenAI, by comparison, reported an annualized revenue run rate of $25 billion as of February 2026, and the company's CFO Sarah Friar confirmed $20 billion in total revenue for the entirety of 2025.
However, it is worth noting an important methodological difference: According to an analysis by Ethan Choi, partner at Khosla Ventures, Anthropic reports its revenues from AWS and Google Cloud partnerships on a gross basis — that is, including the hyperscalers' share. OpenAI reports corresponding partner revenues from Microsoft Azure on a net basis. A direct comparison of the raw figures therefore provides a somewhat skewed picture.
The Enterprise Market as a Driving Force
Much of Anthropic's growth is linked to a clear focus on the enterprise market, particularly through products like Claude Code. Market data shows that Anthropic has increased its share of the US enterprise AI market from under 8 percent in April 2025 to 34.4 percent in April 2026 — and during the same period, OpenAI's share marginally fell to 32.3 percent.
OpenAI, on the other hand, has a much stronger consumer footprint, with ChatGPT reaching 900 million weekly active users in March 2026. But the company's enterprise segment is expected to grow sharply, and according to forecasts, it could reach parity with the consumer segment by the end of 2026.
IPO in Sight
The recent funding round is widely described as Anthropic's last private capital raise before an IPO. No date has been announced, but the signals are clear: With a valuation approaching one trillion dollars and explosive revenue growth, the foundation for an IPO is largely in place.
Both Anthropic and OpenAI are currently operating with significant deficits due to the enormous costs associated with training and operating large language models. OpenAI is not expected to break even until the early 2030s at the earliest, according to available forecasts, while Anthropic reportedly expects to achieve profitability sooner.
Together with OpenAI and Google, Anthropic controls nearly 90 percent of the global enterprise market for general large language models — a market estimated at $37 billion at the end of 2025.