In what is shaping up to be the defining corporate milestone of the AI era, Anthropic has closed a staggering $65 billion Series H funding round at a $965 billion post-money valuation — surpassing rival OpenAI’s $852 billion private market value for the first time and planting the company firmly at the doorstep of a trillion dollars. The round, confirmed on May 28, was co-led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with participation from an unusually broad coalition of institutional names including Blackstone, Fidelity, Baillie Gifford, and DST Global. Strategic chip partners Samsung, SK Hynix, and Micron also joined, signaling just how deeply Anthropic’s infrastructure ambitions are now intertwined with the global semiconductor supply chain.
The financing didn’t stop there. Just days after closing the round, Anthropic filed a confidential draft S-1 with the Securities and Exchange Commission on June 1, setting up what could be one of the most consequential technology listings in Wall Street history. Sources confirm the company is targeting an October 2026 debut on the NASDAQ, a timeline that would put it ahead of rival OpenAI in the race to go public. According to Fortune, Anthropic is expected to join SpaceX and OpenAI as the three landmark trillion-dollar listings of 2026 — a convergence of AI heavyweights that has no real precedent in market history.
The numbers underpinning that near-trillion-dollar valuation are, frankly, difficult to contextualize using any traditional benchmark. Anthropic’s annualized revenue run rate crossed $47 billion earlier this year, up from just $4 billion in mid-2025. The company projects $10.9 billion in revenue for Q2 2026 alone — more than double the $4.8 billion it posted in Q1, and more than its entire 2025 annual revenue compressed into a single quarter. We have learned that the company has told investors its run rate will exceed $50 billion by the end of July, representing what analysts are calling an 80-fold increase in annualized revenue over just two years. More than 1,000 business customers now spend at least $1 million annually with Anthropic, and eight of the Fortune 10 are Claude customers.
The engine driving this hypergrowth is Claude Code, the company’s enterprise coding assistant that has become the dominant product in a fiercely contested market. Claude Code had already surpassed $2.5 billion in its own annualized revenue run rate by February 2026, and it has continued to pull away from competitors including OpenAI’s Codex offering. Anthropic’s advances in coding and cybersecurity capabilities — including its closely-held Mythos model, which the company has released only to a select group of organizations due to its powerful capabilities — have rattled markets and drawn in a wave of enterprise customers in healthcare, legal, finance, and government who simply cannot tolerate the hallucinations that plague less safety-focused alternatives. That caution, once seen as a commercial liability, has become Anthropic’s most durable moat.
The IPO filing sets up a direct and very public showdown with OpenAI, which raised $122 billion at an $852 billion valuation earlier this year and is also preparing for a public listing in Q4 2026. OpenAI currently holds the consumer reach advantage — roughly 900 million weekly active users compared to Anthropic’s 134 million monthly actives — but Anthropic’s steeper growth curve and enterprise concentration give it a fundamentally different risk profile heading into the public markets. Goldman Sachs, JPMorgan, and Morgan Stanley are expected to compete for key roles on both listings, according to sources familiar with the matter. Whichever company steps onto the public stage first is likely to capture an outsized share of early investor momentum — and right now, that race belongs to Anthropic.
Originally reported by TechCrunch. Analysis by the FastCustomAI Editorial Team.