Valuation
Anthropic valuation — every round, dated and sourced
Anthropic's most recent primary valuation is $965 billion post-money, set by the $65 billion Series H that closed 28 May 2026.
Closed 28 May 2026, led by Altimeter, Dragoneer, Greenoaks and Sequoia.
Mid-July 2026 secondary trades. Not a priced primary round.
Discussed in press reports. Never confirmed by the company.
Reported to investors; not audited.
How much is Anthropic worth?
Anthropic is worth $965 billion on its last primary round, $1.05–1.15 trillion on implied secondary-market pricing, and around $2 trillion in reported IPO discussions.
Closed 28 May 2026, led by Altimeter, Dragoneer, Greenoaks and Sequoia.
Mid-July 2026 secondary trades. Not a priced primary round.
Discussed in press reports. Never confirmed by the company.
The $965 billion is a primary mark: investors with diligence access priced it and wired money against it. The $1.05–1.15 trillion is implied by secondary trades in existing shares, which are small, negotiated and often between parties with no diligence access. The $2 trillion is a discussed IPO number reported by the financial press, and it is the least evidential of the three until a filed price range exists.
Anthropic valuation history
Anthropic has gone from a $124 million Series A in 2021 to $965 billion post-money at the Series H that closed 28 May 2026; every priced round is listed below with its date, raise, lead investors and source.
| Round | Date | Post-money | Raised | Lead investors | Source |
|---|---|---|---|---|---|
| Series A | 2021-05-28 | Not public | $124M | Jaan Tallinn | crunchbase.com |
| Series B | 2022-04-29 | Not public | $580M | Alameda Research | crunchbase.com |
| Series C | 2023-05-23 | $4.1B | $450M | Spark Capital | crunchbase.com |
| Series D | 2024-01-01 | $18.4B | — | Menlo Ventures | crunchbase.com |
| Series E | 2025-03-03 | $61.5B | $3.5B | Lightspeed Venture Partners | crunchbase.com |
| Series F | 2025-09-02 | $183B | $13B | ICONIQ, Fidelity, Lightspeed | crunchbase.com |
| Series G | 2026-02-01 | $380B | $30B | — | bloomberg.com |
| Series H | 2026-05-28 | $965B | $65B | Altimeter, Dragoneer, Greenoaks, Sequoia | bloomberg.com |
Where a post-money valuation was never disclosed we write “Not public” rather than infer one from the raise. Post-money numbers also ignore liquidation preferences, ratchets and share class structure — none of which are public for Anthropic, and all of which first appear in the description of capital stock in a public S-1.
What is Anthropic's market cap?
Anthropic has no market capitalisation: market cap is share price times shares outstanding, and a private company has neither a public share price nor a public share count — the $965 billion post-money is the closest equivalent.
What is Anthropic's revenue?
Anthropic's annualised revenue run-rate is $65 billion as of July 2026, up from $47 billion in May 2026 and $9 billion in late 2025, with quarterly revenue of $4.73 billion in Q1 2026 and $11.5 billion in Q2 2026.
Reported to investors; not audited.
Preliminary figure shared with investors.
What is Anthropic valuation vs OpenAI?
Anthropic's $965 billion post-money passed OpenAI's last reported private mark in May 2026, the first time the two crossed over on primary valuation.
The crossover is a primary-round comparison only. It says nothing about relative revenue, cost base or share structure, and either company can be repriced by its next round.
Is Anthropic profitable or losing money?
Anthropic is reported to have posted its first adjusted operating profit in Q2 2026, but the amount, the definition of the adjustment and the net result are not public.
Anthropic is reported to have turned its first adjusted operating profit in Q2 2026. The amount is not public and first becomes verifiable in the financial statements of a public S-1.
Preliminary figure shared with investors.
What is not known: the adjustment itself, net income, cash burn, compute commitments and whether Q3 repeats it. Those are audited disclosures and they exist only in a public S-1.
Is there an Anthropic stock?Who owns AnthropicThe case against the $2T number
EVERY FIGURE CHANGE ON THIS PAGE, DATED →