Anthropic closes $65B Series H at $965B valuation as Claude revenue hits $47B run-rate

Anthropic raised $65 billion in a Series H round led by Altimeter, Dragoneer, Greenoaks, and Sequoia, pushing its post-money valuation to $965 billion. The company says run-rate revenue crossed $47 billion this month, up sharply since the Series G in February, driven by enterprise deployments of Claude and adjacent products like Claude Code and Cowork. The round also folds in $15 billion of previously committed hyperscaler investment, including $5 billion from Amazon.

The capital is earmarked for safety and interpretability research, compute expansion, and product scaling. Anthropic recently signed compute deals for up to five gigawatts each with Amazon and with Google/Broadcom (next-gen TPUs), plus access to GPU capacity in SpaceX’s Colossus 1 and 2. Claude is now offered across AWS, Google Cloud, and Azure, with AWS remaining the primary training partner. Memory and chip suppliers Micron, Samsung, and SK hynix joined as strategic infrastructure partners.

The scale of the raise and the near-trillion-dollar valuation underscore how concentrated frontier-model economics have become around a small set of labs with privileged access to compute, capital, and cloud distribution. The hyperscaler co-investment pattern also continues to blur the line between customer, supplier, and shareholder in the AI infrastructure stack.