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#AnthropicValuationHits965BillionDollars
Anthropic Closes a $65 Billion Series H Round, Reaching a $965 Billion Valuation — Surpassing OpenAI as the World’s Most Valuable AI Startup
On May 28, 2026, Anthropic announced the completion of its $65 billion Series H funding round, bringing its post-money valuation to $965 billion. This round is one of the largest private financings in technology history and marks a definitive shift in the AI startup power structure: Anthropic has overtaken OpenAI — which was last valued at $852 billion post-money after a $122 billion round in March 2026 — becoming the most valuable private AI company on the planet.
From $183 Billion to $965 Billion in Eight Months
This valuation trajectory is extraordinary. Anthropic’s Series F in September 2025 valued the company at $183 billion. Series G in February 2026 raised $30 billion with a post-money valuation of $380 billion, with an annualized revenue run-rate of roughly $14 billion. Three months later, Series H reached $965 billion — with an annualized revenue run-rate breaking $47 billion in early May, up from $10 billion in annual revenue the previous year. That’s about a fivefold increase in valuation and more than a threefold increase in revenue in roughly eight months.
Round Structure: Traditional VC Tactics Meet Hyperscaler Commitments
Series H was led by Altimeter Capital, Dragoneer Investment Group, Greenoaks, and Sequoia Capital, with Coatue Management and ICONIQ serving as co-leads. The total $65 billion included $15 billion from hyperscaler investments that had been committed previously, of which $5 billion came from Amazon. This $5 billion is part of Amazon’s broader commitment of up to $25 billion announced in April 2026. In return, Anthropic pledged to spend more than $100 billion on AWS cloud infrastructure over the next 10 years — one of the largest cloud procurement commitments in history.
Chip Makers Enter the Shareholder Roster: From Suppliers to Strategic Stakeholders
The most structurally significant detail in this round isn’t who led it, but who joined for the first time: Micron Technology, Samsung, and SK Hynix. These three companies are the only high-bandwidth memory (HBM) manufacturers in the world, and their simultaneous appearance on the shareholder list of an AI company is unprecedented. Anthropic describes them as “strategic infrastructure partners,” stating that their technology plays a vital role in the global supply of memory, storage, and logic chips, and that this relationship will help Anthropic scale its computing capacity reliably at the pace its customers need.
As companies that physically manufacture the silicon used by AI begin writing checks rather than simply placing orders, the nature of competition has shifted downward — from software contests to an industry-level race. The bottleneck is no longer research talent or training methodologies. It is computing, power, and silicon supply.
Anthropic’s infrastructure footprint now reflects that shift. The company has signed agreements for five gigawatts of new capacity with Amazon, five gigawatts of next-generation TPU capacity with Google and Broadcom, and a compute access deal with SpaceX for its Colossus clusters — worth $1.25 billion per month through May 2029, with a total potential exceeding $40 billion. The unit of measurement for frontier AI labs now matches the one used for power grids: gigawatts.
Product Milestones Emerge in Parallel
The funding announcement coincided with the launch of Claude Opus 4.8, which outperformed all publicly available AI systems on vibecoding benchmarks. Anthropic confirmed that the next-generation model, Mythos, will be released in the coming weeks. Claude is now available across all three major cloud platforms — AWS, Google Cloud, and Microsoft Azure — a deployment reach that functions as strategic redundancy in a constrained infrastructure environment, not just a convenience feature.
A Capacity Crunch Behind the Capital
Anthropic’s revenue surge comes with operational pressure. Soaring demand for Claude has forced the company to impose usage caps during peak hours and encourage off-peak usage through pricing. This $65 billion fundraising, in part, is a direct response to this bottleneck — Anthropic needs to acquire more compute, build more data centers, and expand infrastructure to meet demand. But scaling infrastructure takes time, and developers relying on the Claude API may continue to face speed limitations during working hours for the foreseeable future.
IPO Questions Grow Louder
Both Anthropic and OpenAI are reportedly preparing for public listings, possibly as soon as this year. Every funding round of this scale makes an IPO more inevitable and more complicated — a $965 billion private valuation creates unprecedented pricing challenges for the public market. Anthropic CFO Krishna Rao said this capital will help the company serve what he calls “history,” remain at the forefront of research, and bring Claude to more places where work is happening.
A Paradox at the Core
Anthropic was founded as a safety laboratory — the entire premise behind its founders was caution, interpretability, and patient study of systems not yet fully understood. Now it has become one of the most valuable private companies in human history, growing at a pace that makes maintaining intentional caution difficult. The market has decided that safety and scale are not enemies. Whether that judgment is correct remains an unanswered question.
With a valuation of $965 billion, Anthropic stands just one step away from the trillion-dollar club. The story is no longer only about valuation — it is about whether the supply chain for compute, industry-grade infrastructure, and safety-first narratives can coexist at this scale. The chip manufacturers on the shareholder list indicate that this race will be decided not by which model is the smartest this quarter, but by which infrastructure can stay online when everyone arrives at the same time.