TL;DR
Anthropic said it closed a $65 billion Series H round at a $965 billion post-money valuation on May 28, 2026. The financing is being framed less as a standard valuation story than as a compute-capacity bet, with Micron, Samsung and SK hynix named as strategic infrastructure partners.
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 it the world’s most valuable private company and place compute supply at the center of its next phase of growth.
The round values Anthropic above OpenAI’s reported $852 billion valuation from March 2026, according to the source material. The company’s valuation has risen from $61.5 billion in March 2025 to $965 billion in May 2026, a 15.7-fold increase over roughly 14 months.
The announcement also said Anthropic had reached $47 billion in run-rate revenue as of May 2026, up from $14 billion in February. On those figures, the company’s revenue multiple fell from about 27 times at its Series G valuation of $380 billion to about 20.5 times at the Series H valuation.
The source material says the more material development is not only the size of the financing but the infrastructure behind it. Anthropic named Micron, Samsung and SK hynix as strategic infrastructure partners and described more than 10 gigawatts of committed compute capacity tied to over $200 billion in announced multi-year compute spending.
Why It Matters
The financing shows how frontier AI companies are increasingly being valued around access to physical computing capacity, not only software revenue or model performance. If Anthropic can turn committed infrastructure into paying enterprise usage, the round could support a major expansion of Claude across corporate customers and cloud platforms.
The deal also points to a new pressure point in AI: memory chips, power, data centers and long-term supply agreements. By naming major memory makers alongside cloud and infrastructure partners, Anthropic is signaling that capacity constraints may shape how fast it can serve demand.
The risk is also large. A roughly 20.5-times revenue multiple remains high by historical software standards, and the source material says profitability is still expected to be about two years away. The bet depends on demand arriving as new capacity comes online.
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Background
Anthropic’s valuation path has accelerated sharply since March 2025, when it was valued at $61.5 billion. The company later reached a $380 billion post-money valuation in February 2026 after a $30 billion Series G round, according to the source material.
The May 2026 Series H more than doubles that valuation in less than four months. The source material frames the round as a capacity financing because the capital raise sits against a much larger compute bill, including multi-year infrastructure commitments.
Anthropic’s cloud and infrastructure relationships include Amazon, Google, Broadcom, Microsoft, Nvidia, SpaceX and Fluidstack, according to the provided material. The addition of Micron, Samsung and SK hynix highlights the role of memory supply in scaling large AI systems.
“strategic infrastructure partners”
— Anthropic announcement, according to the source material
“This is a capacity round.”
— Thorsten Meyer AI source material
“would make him bankrupt”
— Dario Amodei, as cited in the source material
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What Remains Unclear
Several details remain unclear. The source material does not specify the full investor list, the exact equity terms, how much of the $65 billion is primary capital versus other structures, or the timing of each compute commitment.
It is also unclear how much reported revenue reflects direct software sales compared with cloud-reseller pass-throughs. That distinction matters because pass-through revenue can lift reported top-line growth while carrying lower margins.
The largest open question is whether Anthropic can fill more than 10 gigawatts of committed capacity with durable, profitable demand over the next 18 to 24 months.
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What’s Next
Investors, customers and competitors will watch how quickly Anthropic brings the committed compute capacity online and whether revenue growth continues as infrastructure spending rises. The next milestones are likely to be capacity deployment dates, customer adoption data, margin disclosures and any update on the company’s path to profitability.
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Key Questions
What did Anthropic announce?
Anthropic said it closed 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 ties the financing to more than 10 gigawatts of compute commitments and names Micron, Samsung and SK hynix as strategic infrastructure partners, suggesting capacity is a central constraint.
Is Anthropic now worth more than OpenAI?
According to the source material, Anthropic’s $965 billion valuation is above OpenAI’s reported $852 billion valuation from March 2026.
What remains uncertain?
The full financing terms, investor mix, profitability timeline, revenue quality and utilization of the committed compute capacity remain unclear from the provided material.
Source: Thorsten Meyer AI
