Anthropic Overtakes OpenAI in Private Valuation, Then Files for IPO at $965 Billion

On May 28, 2026, Anthropic announced a $65 billion Series H funding round that valued the company at $965 billion post-money, officially overtaking OpenAI's $852 billion last private round. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with each lead investor contributing more than $2 billion. Storage giants Micron, Samsung, and SK Hynix also took equity stakes for the first time, a signal that chip supply chains now view AI labs as strategic customers.

The flip reflects where enterprise AI dollars actually went. According to Ramp, Bloomberg, and the Wall Street Journal, Anthropic's share of enterprise AI spend rose from about 10 percent at the start of 2025 to more than 65 percent by April 2026, while OpenAI's share slipped from 67 percent to 56 percent. Anthropic's annualized revenue run-rate climbed from $14 billion in February to $47 billion in late May, a more than threefold jump in under four months.

The most striking number, however, is on the income statement. Anthropic is projected to post an operating profit of roughly $559 million on $10.9 billion of revenue in the second quarter of 2026, the first positive quarter in its history. That defies the long-standing pattern in which frontier AI labs combine soaring revenue with ever-deeper losses, and it puts Anthropic on track to break even well before OpenAI, which is still expected to remain unprofitable through 2030.

On June 1, 2026, Anthropic made a confidential filing for an initial public offering with the SEC, a move made public on J une 17. The filing follows a remarkable quarter for AI listings: Cerebras jumped 68 percent on its Nasdaq debut in mid-May, and SpaceX's combined entity closed its first trading day on June 12 with a market capitalization of $1.77 trillion. Together these events mark the first time public markets are seriously pricing the AI supercycle.