Valuation
Anthropic valuation — every round, dated and sourced
Anthropic's most recent primary valuation is $965 billion post-moneyPost-money valuationA company's value including the money just raised in the round.Anthropic's Series H closed on 28 May 2026 at $965B post-money.FULL DEFINITION →, set by the $65 billion Series H that closed 28 May 2026.
Closed 28 May 2026, led by Altimeter, Dragoneer, Greenoaks and Sequoia.
Range cleared by mid-July 2026 secondary trades in existing shares. Not a priced primary round.
Financial Times, 14 Aug 2026 — paywalled, link pending. Investors' own modelling, not a company target: the FT reports executives have set no valuation target, even privately.
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.
The three marks stand in the rail above. 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 rangePrice rangeThe indicative per-share range published in an S-1/A before the offer is priced.Anthropic has published no range. Any per-share number circulating today is speculation, not a filed figure.FULL DEFINITION → exists.
| As of | Implied valuation | Basis | Verified | Source |
|---|---|---|---|---|
| 9 July 2026 | $1.2T | Reported transaction in existing shares | 2026-08-29 | finance.yahoo.com |
| Mid-August 2026 | ~$1.5T | Reported “as high as” — no named trade behind it | 2026-08-29 | finance.yahoo.com |
These are separate prints, not one moving number. Valuations implied by crypto tokens that track Anthropic exposure are excluded: they are not share transactions and do not belong on this ladder. Whether any of these marks is justified depends on the revenue base below — the bull case for Anthropic's valuation reads that growth as support for the higher marks.
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 | No company announcement; contemporaneous press reports, May 2021 |
| Series B | 2022-04-29 | Not public | $580M | Alameda Research | anthropic.com |
| Series C | 2023-05-23 | $4.1B | $450M | Spark Capital | anthropic.com |
| Series D | 2024-01-01 | $18.4B | — | Menlo Ventures | No company announcement; contemporaneous press reports, 2024 |
| Series E | 2025-03-03 | $61.5B | $3.5B | Lightspeed Venture Partners | anthropic.com |
| Series F | 2025-09-02 | $183B | $13B | ICONIQ, Fidelity, Lightspeed | anthropic.com |
| Series G | 2026-02-12 | $380B | $30B | — | anthropic.com |
| Series H | 2026-05-28 | $965B | $65B | Altimeter, Dragoneer, Greenoaks, Sequoia | anthropic.com |
Where a post-money valuation was never disclosed we write “Not public” rather than infer one from the raise.
WHAT ONLY THE S-1 DISCLOSES →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-rateRun-rateThe most recent period's revenue extrapolated to a full year.Anthropic's reported annualised run-rate passed $65B by the end of July 2026. It is a reported extrapolation, not audited annual revenue.FULL DEFINITION → 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.
| As of | Reported | Basis | Verified | Source |
|---|---|---|---|---|
| End 2025 | $9B | Annualised run-rate | 2026-08-27 | cnbc.com |
| February 2026 | $14B | Annualised run-rate | 2026-08-29 | anthropic.com |
| May 2026 | $47B | Annualised run-rate | 2026-08-27 | cnbc.com |
| Q1 2026 | $4.73B | Recognised revenue in the quarter | 2026-08-27 | axios.com |
| Q2 2026 | $10.9–11.5B | Recognised revenue in the quarter | 2026-08-27 | axios.com |
What is Anthropic's valuation vs OpenAI's?
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.
The quarter behind it is in the revenue table above.
WHAT ONLY THE S-1 DISCLOSES →Is there an Anthropic stock?Who owns AnthropicWhy Anthropic could be worth $2T — the bull caseThe case against the $2T numberWhat the press says about the Anthropic valuationEvery figure on this page as open data
EVERY FIGURE CHANGE ON THIS PAGE, DATED →One email the minute the S-1 hits EDGAR.
NO TRACKING · ONE-CLICK DELETE · PURPOSE: S-1 NOTIFICATION
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