Last Updated: October 31, 2026
Summary: Anthropic's valuation is $965 billion after its $65 billion Series H in May 2026, up from $61.5 billion in March 2025 and about $500 million at its 2021 Series A. Its IPO, expected in November 2026 under the ticker ANT, could value the company at $1.5 trillion to $2 trillion, according to the Wall Street Journal.
How does a company go from a half-billion-dollar research lab to one of the most valuable private companies in history in five years? The short answer is revenue: Anthropic's audited first-half 2026 revenue was $16.29 billion, roughly 14 times the same period a year earlier. The longer answer, covered below, is a mix of enterprise demand, Claude Code, and an investor base willing to pay for growth that has not slowed yet.
This page tracks every Anthropic valuation milestone, what drives the number, how it compares to OpenAI, and who actually owns the company, as of October 2026.
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What Is Anthropic's Valuation Right Now?
Anthropic's valuation is $965 billion post-money, set when it closed a $65 billion Series H in May 2026. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, according to Orrick, the law firm that advised Anthropic on the deal. That number will be replaced by a public market price once the IPO prices.
Measure | Figure | Source |
|---|---|---|
Latest private valuation | $965 billion (post-money) | Series H, May 2026 |
Series H size | $65 billion | |
IPO valuation talk | $1.5 to $2 trillion | WSJ, reported Oct 2026 |
Revenue, H1 2026 (audited) | $16.29 billion | S-1 |
Annualized run rate (July 2026) | $65 billion+ | Bloomberg |
Ticker / exchange | ANT / Nasdaq | S-1 |
The gap between $965 billion and the IPO talk is the market's bet on what happened after May. Revenue kept climbing through the summer, and the company reported its first operating profit in Q2 2026, which makes a higher public price easier to argue.
Anthropic Valuation History: Every Round
Anthropic's valuation has grown in sharp steps, with each round priced well above the last. From about $500 million in 2021, it reached $61.5 billion in March 2025, then $183 billion, $380 billion and $965 billion in three rounds over the following 14 months.
Date | Round | Amount raised | Post-money valuation | Lead investor(s) |
|---|---|---|---|---|
May 2021 | Series A | $124 million | About $461 to $550 million (reports vary) | Jaan Tallinn |
April 2022 | Series B | $580 million | Not disclosed | FTX's Sam Bankman-Fried |
May 2023 | Series C | $450 million | About $5 billion (reported) | Spark Capital |
February 2024 | Series D | $750 million | About $18.4 billion (reported) | Menlo Ventures |
March 2025 | Series E | $3.5 billion | $61.5 billion | Lightspeed Venture Partners |
September 2025 | Series F | $13 billion | $183 billion | ICONIQ |
February 2026 | Series G | $30 billion | $380 billion | GIC and Coatue |
May 2026 | Series H | $65 billion | $965 billion | Altimeter, Dragoneer, Greenoaks, Sequoia |
Round details come from Longterm Wiki's Anthropic funding record, Nasdaq's report on the Series E, Bloomberg's coverage of the Series F, Orrick's announcement of the Series G, and Bloomberg's report on the Menlo-led Series D. Early-round valuations were not officially disclosed and are based on press and PitchBook reports.
Alongside these rounds, Amazon and Google made large strategic investments that do not appear as lettered rounds. Those are covered in the ownership section below.
How Fast Has Anthropic's Valuation Grown?
Anthropic's valuation grew about 15.7 times in 14 months, from $61.5 billion in March 2025 to $965 billion in May 2026. The steepest jump came in early 2026, when the valuation went from $380 billion in February to $965 billion in May, about 2.5 times in roughly three months.
Period | Start | End | Multiple |
|---|---|---|---|
Series E to Series F (6 months) | $61.5B | $183B | 3.0x |
Series F to Series G (5 months) | $183B | $380B | 2.1x |
Series G to Series H (3 months) | $380B | $965B | 2.5x |
Series E to Series H (14 months) | $61.5B | $965B | 15.7x |
What stands out is that the valuation roughly tracked revenue rather than running far ahead of it. The run rate went from about $1 billion at the end of 2024 to $47 billion in May 2026, so the price investors paid per dollar of revenue stayed in a similar range even as the headline number exploded.
What Will Anthropic Be Worth at Its IPO?
Anthropic could be valued at $1.5 trillion to $2 trillion at its IPO, according to the Wall Street Journal, as reported by The Next Web. The offering could raise $100 billion or more. The S-1 filed October 26, 2026 gives no target valuation or price range yet.
Valuation | Multiple of July run rate ($65B) | Multiple of Q2 annualized revenue (~$46B) |
|---|---|---|
$965 billion (Series H) | ~15x | ~21x |
$1.5 trillion (low end of IPO talk) | ~23x | ~32x |
$2 trillion (high end of IPO talk) | ~31x | ~43x |
Those multiples are high but not unheard of for a company growing this fast. The real question for public investors is how long growth at this pace can last, because a 30x revenue multiple prices in several more years of very strong expansion. For the full listing timeline, see our Anthropic IPO guide.
What Justifies Anthropic's Valuation?
Anthropic's valuation rests on revenue growth that its S-1 now confirms: $16.29 billion in the first half of 2026 versus $1.16 billion a year earlier, plus a $974 million operating profit in Q2. Enterprise and API customers drive about 80% of revenue, which investors treat as stickier than consumer subscriptions.
Revenue growth. The annualized run rate passed $65 billion at the end of July 2026, per Bloomberg, up from $9 billion at the end of 2025.
Enterprise share. Anthropic held 40% of enterprise LLM API spending at the end of 2025 versus OpenAI's 27%, according to Menlo Ventures, up from 32% versus 25% in mid-2025.
Claude Code. The coding agent became one of the fastest-growing software products ever, covered in our Claude Code statistics.
Improving unit economics. Reported compute costs fell from about 72% of revenue in Q1 2026 to about 48% in Q2.
The counterweight is cost. The S-1 shows an $80.7 billion first-half net loss, mostly a $72.4 billion non-cash charge on convertible notes, and named compute commitments of at least $114.5 billion with Google and $110 billion with Amazon.
Anthropic vs OpenAI Valuation
Anthropic's $965 billion valuation passed OpenAI's $852 billion in May 2026, making it the more valuable private AI company. OpenAI has since ruled out a 2026 IPO and is reportedly raising a bridge round at about $1.4 trillion, while Anthropic heads to public markets first.
Metric | Anthropic | OpenAI |
|---|---|---|
Last closed private valuation | $965 billion (May 2026) | $852 billion (March 2026) |
Latest valuation talk | $1.5 to $2 trillion (IPO) | About $1.4 trillion (bridge round) |
IPO status | Public S-1 filed Oct 26, 2026 | Ruled out for 2026; 2027 expected |
Q2 2026 revenue | $11.6 billion | $6.7 billion (reported, net) |
Annualized run rate | $65 billion+ (July 2026) | Nearing $50 billion net (end of Sept 2026) |
Users | 245 million monthly (Claude) | 1 billion+ weekly (ChatGPT) |
The biggest difference is profitability: Anthropic reported a Q2 operating profit while OpenAI's operating loss widened to $12.3 billion. Revenue comparisons need care, because OpenAI reports net revenue and says Anthropic counts cloud-partner sales gross. Our OpenAI statistics and OpenAI IPO guide cover the other side.
Who Owns Anthropic? The Cap Table
Anthropic is owned by its founders, employees and a large group of investors, and its exact cap table is private. Google holds an estimated 13 to 15 percent stake, Amazon has invested at least $8 billion, and the latest rounds added Altimeter, Dragoneer, Greenoaks, Sequoia, GIC, Coatue, Lightspeed and ICONIQ, among others.
Google: an estimated 13 to 15 percent stake, per Longterm Wiki, and a major cloud and compute partner.
Amazon: at least $8 billion invested across tranches in 2023 and 2024, with AWS as a primary training partner.
Founders and employees: Anthropic was founded in 2021 by Dario Amodei and Daniela Amodei with former OpenAI researchers. The IPO is expected to make many employees very wealthy on paper.
Governance: Anthropic is a public benefit corporation. A Long-Term Benefit Trust elects members of its board to protect the company's stated mission.
Some early backers are now sitting on huge paper gains. Based on the last round's price, TechCrunch reported, citing Bloomberg and PitchBook:
Backer | What they put in | Reported value now |
|---|---|---|
ICONIQ | $6 billion (at $183B valuation) | About $17 billion |
Menlo Ventures | Over $1 billion (led Series D) | About $14 billion |
Eric Schmidt | Series A (2021) | Nearly $10 billion (~1% stake) |
Coatue | $4.75 billion | About $7.5 billion |
Spark Capital | $75 million (2023 Series C) | About $7 billion |
Sequoia | $3 billion (at $380B valuation) | More than doubled (~1% stake) |
Retail investors cannot buy in until the listing, and Anthropic says unapproved SPV and tokenized offers are void. Our guide to Anthropic stock explains how to buy ANT once it trades.
What Could Change Anthropic's Valuation?
Anthropic's valuation could move sharply in either direction after listing. The biggest swing factors are whether revenue growth holds, whether compute costs keep falling as a share of revenue, and how public markets treat AI stocks in general.
Upside drivers | Downside risks |
|---|---|
Run rate keeps climbing past $65 billion | Growth slows from Q2's pace |
More quarters of operating profit | Hundreds of billions in compute commitments |
Enterprise share gains vs OpenAI | Regulation and export controls |
Claude Code and agents expand spending | Broader AI market correction |
Whether today's AI valuations hold up at all is a live debate, which we cover in our look at the AI bubble.
Frequently Asked Questions (FAQ)
What is Anthropic's current valuation?
Anthropic's current valuation is $965 billion post-money, set by its $65 billion Series H in May 2026. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. A public market valuation will replace it once Anthropic lists on the Nasdaq as ANT, expected in November 2026.
How much will Anthropic be worth at its IPO?
The Wall Street Journal reported that a valuation of $1.5 trillion to $2 trillion has been discussed for Anthropic's IPO, with a raise of $100 billion or more. The S-1 filed October 26, 2026 does not give a target, and the final price will be set by investor demand.
How fast has Anthropic's valuation grown?
Anthropic's valuation rose from $61.5 billion in March 2025 to $965 billion in May 2026, roughly 15.7 times in 14 months. It more than doubled between its February 2026 Series G at $380 billion and its May 2026 Series H.
Is Anthropic worth more than OpenAI?
On closed private rounds, yes. Anthropic's $965 billion Series H valuation in May 2026 passed OpenAI's $852 billion. OpenAI is reportedly raising a bridge round at about $1.4 trillion, while Anthropic's IPO talk is $1.5 trillion to $2 trillion.
Who owns Anthropic?
Anthropic is owned by its founders, employees and investors. Google holds an estimated 13 to 15 percent stake, Amazon has invested at least $8 billion, and the Series H was led by Altimeter, Dragoneer, Greenoaks and Sequoia. A Long-Term Benefit Trust elects board members to protect its public benefit mission.
How much money has Anthropic raised?
Anthropic's lettered rounds alone total more than $113 billion, led by the $65 billion Series H and $30 billion Series G. Including strategic investments from Amazon and Google, total funding is often estimated at around $125 billion.
Conclusion
Anthropic's valuation is $965 billion after its May 2026 Series H, up roughly 15.7 times since March 2025 and roughly 2,000 times since its 2021 Series A. The jump has been driven by audited revenue growth, with $16.29 billion in the first half of 2026, and a first operating profit in Q2. The next number to watch is the IPO price: the Wall Street Journal reports talk of $1.5 trillion to $2 trillion for a November listing on the Nasdaq under the ticker ANT. We will update this page when the IPO prices.
Anthropic IPO 2026: S-1 numbers, ticker, timeline and what to watch before listing.
Anthropic Stock (ANT): how to buy on IPO day, pre-IPO options and scams to avoid.
Anthropic Statistics 2026: revenue, users, enterprise share and the full data picture.
Biggest AI Companies: where Anthropic ranks among the most valuable AI companies.
Claude AI Statistics: Claude's users, models and growth.
Written by the AI Business Weekly Editorial Team. Reviewed, edited and published by Sameer Khan.
This article was AI-assisted, then reviewed by Sameer Khan before publishing.