Five-year-old Claude Maker closes Series H on May 28, overtakes OpenAI in valuation and revenue, and is now projecting its first-ever quarterly operating profit of $559 million in Q2 2026.
At a Glance — Key Numbers
| Metric | Figure |
|---|---|
| Series H Raised | $65 Billion |
| Post-Money Valuation | $965 Billion |
| Annual Revenue Run-Rate | $47 Billion |
| Q2 2026 Projected Operating Profit | $559 Million |
| Revenue Multiple (ARR-based) | 21× |
| Total Funding Since 2021 | ~$144 Billion |
Anthropic closed a $65 billion Series H financing round at a $965 billion post-money valuation on May 28, 2026, led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. On the same day, Anthropic launched its new flagship model Claude Opus 4.8 and confirmed its annualised revenue run-rate has crossed $47 billion.
OpenAI, which last closed a $122 billion round in March at an $852 billion valuation, is now $113 billion behind its five-year-old rival on paper. That gap arrived in three months. Anthropic’s valuation stood at $380 billion at its Series G in February.
The Deal — Who Put In Money and How Much
- Lead investors: Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, each contributed more than $2 billion
- Co-leads: Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN
- Additional institutional investors: Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, General Catalyst, Insight Partners, Jane Street, Lightspeed Venture Partners, T. Rowe Price, Temasek, Baillie Gifford
- Hyperscaler tranche: $15 billion of the $65 billion total comes from previously committed cloud-provider investments, including $5 billion from Amazon.
- Infrastructure partners: Micron, Samsung, and SK hynix also participated, the only known instance of all three dominant high-bandwidth memory suppliers appearing on a single private company’s cap table simultaneously
- Total funding since founding (2021): Approximately $144 billion
- Round significance: Widely described as Anthropic’s likely final private fundraise before debuting on public markets
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Valuation Showdown — Anthropic vs. Rivals
| Company | Valuation | Round Size | Date |
|---|---|---|---|
| Anthropic | $965 Billion | $65B (Series H) | May 28, 2026 |
| OpenAI | $852 Billion | $122B | March 2026 |
| SpaceX / xAI (combined) | $1.25 Trillion | IPO Filed | May 2026 |
| Anthropic (Series G) | $380 Billion | $30B | Feb 2026 |
Revenue—From $9B to $47B in Under Six Months
| Period | Revenue | Growth |
|---|---|---|
| End of 2025 | $9B (ARR) | — |
| Feb 12, 2026 (Series G) | $14B (ARR) | +56% in ~6 weeks |
| Q1 2026 (Jan–Mar) | $4.8B (Quarterly) | — |
| Early April 2026 | $30B (ARR) | +114% from year-end |
| May 2026 (Series H) | $47B (ARR) | +422% vs. end-2025 |
| Q2 2026 Projection | $10.9B (Quarterly) | +130% vs. Q1 |
For context: Salesforce took roughly two decades to reach $30 billion in annual revenue. Anthropic crossed that mark from $9 billion in under four months. The quarterly revenue growth is running ahead of Zoom during the pandemic, Google before its IPO, and Facebook before its IPO.
The Headline Nobody Expected—Anthropic Is Turning a Profit
Last summer Anthropic told investors not to expect a full-year profit before 2028. That guidance is now obsolete.
- Q2 2026 projected revenue: $10.9 billion, up 130% from $4.8 billion in Q1
- Q2 2026 projected operating profit: $559 million — Anthropic’s first-ever quarterly operating profit
- Compute cost ratio Q1 2026: 71 cents per dollar of revenue. Q2 projection: 56 cents — a 15-cent improvement in a single quarter
- Why costs fell: Anthropic relies primarily on chips from Google and Amazon rather than Nvidia, and has made more conservative data-centre commitments than rival OpenAI
- Full-year profitability warning: Anthropic cautioned it may not sustain profitability for the full year given planned compute infrastructure spending increases.
⚠ Investor Caution: Anthropic’s “operating profit” figure excludes stock-based compensation, standard for pre-IPO companies but not full GAAP. The company has been explicit that profitability may not hold for the full year. Planned compute spending in late 2026 and 2027 is likely to swing operating results back into negative territory.
Q1 vs. Q2 Margin Comparison
| Metric | Q1 2026 (Actual) | Q2 2026 (Projected) | Change |
|---|---|---|---|
| Quarterly Revenue | $4.8 Billion | $10.9 Billion | +130% |
| Operating Profit | Negative | +$559 Million | First profit |
| Compute Cost per $1 Revenue | $0.71 | $0.56 | −21% improvement |
| Operating Margin | Negative | ~5% | First positive quarter |
Enterprise Adoption — The Engine Behind All of It
Eight of the Fortune 10 are now Claude customers. The number of businesses spending over $1 million annually on Claude has grown from a dozen two years ago to over 1,000 today. Customers spending over $100,000 annually have grown 7× in the past year alone.
- Market share shift (Ramp data, 50,000+ U.S. businesses): Anthropic’s share of combined OpenAI-Anthropic business spend went from ~10% at the start of 2025 to over 65% by February 2026
- Primary growth driver: Claude Code reached $2.5 billion in annualised revenue by February 2026, with enterprise use, including Netflix, Spotify, KPMG, L’Oréal, and Salesforce, representing over half of that revenue.
- Claude Opus 4.8 (launched May 28): Anthropic says it outperforms OpenAI’s GPT-5.5 and Google’s Gemini 3.1 Pro across agentic coding, reasoning, and financial analysis benchmarks, at the same price as Opus 4.7 ($5 per million input tokens, $25 per million output tokens)
- Mythos model: Anthropic says Mythos-class models, its most advanced AI with advanced cybersecurity capabilities, are expected to be released to all customers “in the coming weeks”
“Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organizations. This momentum positions Anthropic to lead the next phase of AI innovation.” — Brad Gerstner, Founder & CEO, Altimeter Capital
Infrastructure — 10+ Gigawatts and a Three-Cloud Lock-In
Anthropic says Claude is now the first western frontier AI model available on all three major cloud platforms, AWS, Google Cloud, and Microsoft Azure.
| Infrastructure Partner | Deal Type | Compute / Commitment |
|---|---|---|
| Amazon (AWS) | Cloud + Investor | 5 GW capacity; $5B in Series H |
| Google + Broadcom | Cloud + TPU Supply | 5 GW next-gen TPU (from 2027) |
| SpaceX / xAI | Data Centre Access | Colossus 1 & 2 GPU clusters |
| Micron | Memory Chip + Investor | HBM supply agreement |
| Samsung | Memory Chip + Investor | HBM supply agreement |
| SK hynix | Memory Chip + Investor | HBM supply agreement |
⟶ Next Trigger to Watch
Anthropic’s projected Q2 2026 operating profit of $559 million on $10.9 billion in revenue is an internal projection shared with investors, not an audited result. The quarter ends June 30, 2026.
The compute cost ratio, the move from 71 cents to 56 cents per dollar of revenue, is the single most consequential operating leverage data point in the AI industry this year. If that ratio holds or improves in Q3 as new infrastructure deals come online, the bear case on AI lab economics breaks permanently. If it reverts, Anthropic’s IPO prices very differently.
The S-1 filing is the moment. Everything before it is projection. The audited number is what the market will price off.
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FAQs
Q. How does Anthropic’s $965B valuation compare to OpenAI?
Anthropic now leads OpenAI by $113 billion. OpenAI was last valued at $852 billion following its $122 billion funding round in March 2026. OpenAI has filed its confidential IPO prospectus. Both are widely expected to list publicly in late 2026.
Q. What is Anthropic’s Q2 2026 projected operating profit?
Anthropic is set to announce a projected operating profit of $559 million for Q2 2026, on revenue of $10.9 billion, reflecting 130% growth from Q1. This would be its first-ever quarterly profit. Anthropic has cautioned this may not hold for the full year.
Q. What drove Anthropic’s revenue run-rate to $47 billion?
Claude Code is the primary engine. Enterprise adoption exploded; 8 of the Fortune 10 are now customers, $1M+ annual spenders jumped from ~12 to over 1,000, and Ramp data shows Anthropic capturing over 65% of combined OpenAI-Anthropic business spend by February 2026.
Q. When is Anthropic’s IPO expected?
This Series H is expected to be Anthropic’s last private raise before a potential IPO as early as October 2026. No date is officially confirmed. The S-1 filing will be the first public view into audited financials.
