ANTHROPIC TOPPLES OPENAI AS MOST VALUABLE AI STARTUP — $65 BILLION RAISE PUTS THE COMPANY AT $965 BILLION AND IPO LOOKS INEVITABLE Anthropic just rewrote the power rankings in AI. The company closed a $65 billion Series H round at a $965 billion post-money valuation, officially overtaking OpenAI, which had raised $122 billion in March but sat at a lower $852 billion valuation. Anthropic’s round was co-led by Altimeter Capital, Sequoia, Dragoneer, Greenoaks, and others, with strategic chip partners including Samsung, SK Hynix, and Micron joining for the ride. The numbers behind this raise are not theoretical. Anthropic has crossed $47 billion in annualized revenue, up from $30 billion earlier this year, and $10 billion in actual revenue last year. That growth rate is what’s driving valuations that once seemed absurd. The company’s Claude Code product, an agentic coding assistant aimed at enterprise developers, has been the rocket fuel. This is almost certainly the last private round before Anthropic lists publicly. The IPO window is wide open, the numbers justify a public debut, and investors who got in at $40 billion two years ago are ready to cash out. The question is no longer if Anthropic goes public. It’s when. The company that was supposed to be OpenAI’s ethical shadow is now worth more and growing faster than the company it was built to challenge. Keywords: Anthropic IPO valuation, Anthropic $65 billion funding, AI startup valuation, Claude Code revenue