Anthropic hits $965B valuation with $65B Series H, surpassing OpenAI

Anthropic, the San Francisco-based AI company behind the Claude model family, has secured $65 billion in Series H funding at a $965 billion valuation, overtaking OpenAI ($852B) as the world's most valuable private AI company. The company's valuation more than doubled from $380 billion in February 2026, fueled by extraordinary commercial momentum. Anthropic's run-rate revenue crossed $47 billion, with revenue compounding at roughly 10x annually for three consecutive years—an unprecedented pace in enterprise software. Claude Code, the AI-powered coding assistant launched in May 2025, now accounts for 54% of the enterprise AI coding market (more than double OpenAI's 21%) and is estimated to drive 4% of all public GitHub commits. Overall, Anthropic holds 40% of enterprise large language model spend, with eight of the Fortune 10 as customers and over 1,000 companies spending more than $1 million annually.

Beyond large enterprises, Anthropic is deliberately extending AI access to smaller businesses through its May 2026 launch of 'Claude for Small Business.' This package provides pre-built connectors and ready-to-run workflows integrated into Microsoft 365, Google Workspace, PayPal, QuickBooks, HubSpot, Canva, and DocuSign. Small business owners can now automate payroll, financial closes, invoice chasing, sales campaigns, and contract management—tasks that previously required expensive staff or third-party services. Co-founder Daniela Amodei noted that small businesses make up nearly half the American economy but have never had the resources of bigger companies. AI, she argued, is the first technology that can finally close that gap. This democratization push, combined with Anthropic's commanding enterprise position, signals a fundamental shift in who can harness frontier AI.