Anthropic closed a $65 billion Series H on Thursday at a $965 billion post-money valuation, which is now the largest sticker any private AI company has worn. The round was led by Altimeter, Dragoneer, Greenoaks, and Sequoia, with Capital Group, Coatue, D1, GIC, ICONIQ, and XN co-leading. Roughly $15 billion of the check came from hyperscalers, including $5 billion from Amazon. The OpenAI valuation comp, set at $852 billion in March, is now a number Anthropic has lapped.
Two things on the round are more interesting than the headline number. First, the revenue run rate. Anthropic disclosed $47 billion annualized as of May, up from a roughly $30 billion run rate earlier in the year and $10 billion at the end of 2025. That is approximately a 4.7x year over year. Claude Code is the engine. The Stainless acquisition and Karpathy hire announced in the last fortnight read very differently against that line. Second, the new investor list includes Samsung, SK Hynix, and Micron, the three companies that ship the high-bandwidth memory inside every GPU Anthropic rents. This is not a passive index fund position. SK Hynix’s investment was reportedly tied to preferred-supplier status for HBM4 and HBM4E into Anthropic’s expanding data center footprint. The memory layer has officially graduated from commodity input to strategic equity holder.
Anthropic also shipped Claude Opus 4.8 the same day. The model is priced at $5 per million input tokens and $25 per million output, the same as 4.7, and Anthropic says it is around four times less likely to miss flaws in its own code. Some external evaluators noted Opus 4.8 scores worse on adversarial benchmarks and feels more cautious in use. That tradeoff is the most legible signal yet that Anthropic is willing to ship models that benchmark slightly lower in exchange for cleaner alignment behavior in production. The buyers in the procurement portals are not optimizing for adversarial-suite SOTA. They are optimizing for not getting sued.
Mythos remains preview-only and gated. Anthropic said the wide release is in the coming weeks. The Bedrock listing from Friday is still the only path most enterprises have to it. The IPO timeline, which everyone has been politely not asking about, lives somewhere downstream of the next two model launches and the next four quarterly compute bills.