Anthropic Series H: $965 Billion Valuation — The Largest AI Company in the World

On June 1, 2026, Anthropic closed the largest fundraising round in technology market history: $65 billion in Series H, at a $900 billion pre-money valuation, $965 billion post-money, surpassing OpenAI (valued at $780B in May 2026) and becoming the most valuable AI company in the world.

The Composition of the Round

The round featured three anchor investors representing the new geopolitical balance of AI:

• SoftBank Vision Fund 3: $25B, the largest single check — signaling that Masayoshi Son continues doubling down on AI
• Google LLC: $18B, deepening the strategic partnership (TPU v6 for Claude 5 training)
• Saudi Arabia Sovereign Fund (PIF): $15B, marking the aggressive entry of the Middle East into the race
• Other investors: $7B from a16z, Sequoia, Spark Capital, and sovereign funds from Singapore and the UAE

The Use of Funds

Anthropic announced that the funds will be used on three main fronts: building the "Project Atlas" datacenter in Arizona ($40B, capacity of 1 million GPU equivalent), developing Claude 5 with neuromorphic architecture, and strategic acquisitions to expand R&D capacity.

What This Means

The $965B valuation is difficult to justify by traditional metrics. Anthropic is projected to generate about $18B in revenue in 2026 — giving it a P/S ratio of 53x. This is not a technology company valuation; it is a bet on a new industrial era. The market is pricing in the belief that AI will be the dominant infrastructure of the global economy over the next decade. For incumbents, the message is grim: in 3 years, Anthropic went from a research startup to being worth more than most S&P 500 companies. The speed of this transformation is unprecedented.