Anthropic closed a $65 billion Series H on May 28 at a $965 billion post-money valuation, per the company. The round was led by Altimeter, Dragoneer, Greenoaks, and Sequoia, and it nearly triples the $380 billion mark Anthropic carried in February. Run-rate revenue crossed $47 billion earlier this month. TechCrunch reports this is likely the last private round before an IPO.
The investor list is the tell. Alongside the financial leads, the round folds in $15 billion of previously committed money from infrastructure partners, including $5 billion from Amazon and strategic checks from Micron, Samsung, and SK hynix. Three of those are memory makers. They sell the high-bandwidth memory that goes into the GPUs Anthropic rents by the billion. When your suppliers are buying equity in your company, the capital is starting to move in a circle, and the question for later-stage investors is whether they are funding growth or funding their own order book.
At $965 billion post-money, the entry multiple is roughly 20x run-rate revenue. That is not insane for a company doubling the way Anthropic is, but it prices in years of continued doubling. For employees holding common stock, the IPO math matters more than the headline. A $965 billion private mark sets a floor that a public listing has to clear, or early liquidity gets awkward fast.
Bottom Line
At 20x run-rate and with its own suppliers on the cap table, Anthropic's last private round prices perfection. The IPO is where the public market gets to vote on whether 20x holds.