Anthropic raises $65B in Series H funding at $965B post-money valuation

https://www.anthropic.com/news/series-h

60•meetpateltech•1h ago

Comments

enraged_camel•48m ago

Revenue up to $47B. Looking forward to the Ed Zitron hot take on this one! No doubt he will fling more baseless accusations of fraud and other nonsense.

Lionga•30m ago

What do they then need another $65B for? To sell 200$ plans that cost them 1000$ to fullfill.

I can have $47B in revenue if I sell something that cost $80B to produce ez pz.

Maxatar•13m ago

Revenue is not profit.

InsideOutSanta•29m ago

*run-rate revenue

Without more information, this number is impossible to interpret.

Analemma_•18m ago

This has become a meme which is way out over its skis. Yes, run-rate is not the complete story, but "impossible to interpret" is way overstating the case.

vb-8448•18m ago

Unless you have access to Anthropics book your claim is as baseless as Ed Zitron's ...

GenerWork•44m ago

As someone who knows admittedly knows nothing about startup funding rounds, how many more rounds of funding can they do before an IPO? Is it effectively infinite?

re-thc•41m ago

Yes, whatever you like

dkdcdev•40m ago

I believe the canonical example is Databricks on round L

nerdsniper•35m ago

I believe Databricks series L round raised $4B in late 2025, but earlier this year they raised another $5B so technically they've maybe completed series M round and are "on" series N round now? The press releases are a bit confusing to me.

tomwheeler•32m ago

It's semantics, but the latest raise might have been a follow-on to Series M, not a new round (to be clear, I know nothing about their finances, just speaking from experience at another company).

jmathai•40m ago

I imagine there are ways for existing investors to achieve liquidity while still raising venture funding. But an IPO is "the" liquidity event and I imagine there will be pressure from investors for that.

I also imagine that venture funding rounds have a lower ceiling than the public markets - but at these rounds I'm not so sure!

rvz•40m ago

This is likely the last fund raise before going public.

You can't spell Anthropic or OpenAI without "IPO". You can remove the "c" in anthropic, reverse it and the first 3 letters is "ipo".

But you certainly can spell both of them without "AGI".

Therefore, "AGI" is a complete scam and it actually was meant to be a giant IPO.

bensyverson•26m ago

Airtight logic

moralestapia•23m ago

9k karma, whew

underyx•20m ago

you also can't write openai without a pen

Imustaskforhelp•8m ago

I think your conclusion might be right that AGI does just feel a bunch of hype but the reasoning in middle feels flawed...

like how 13^2=169 and 31^2=961 or 10^2+11^2+12^2=13^2+14^2

cmiles8•37m ago

Probably the bigger headline here is that they’ve blown past OpenAI in revenue and valuation, with OpenAI looking increasingly shaky and vulnerable.

fontain•26m ago

I’m not so sure. We only need to look at Uber’s example of companies realizing they’re spending way too much and trying to rein it in. Claude has excellent revenue but it is highly dependent on very rich technology companies continuing to spend lavishly without seeing returns. The music will stop at some point and Anthropic will be hit the hardest. OpenAI may have less revenue but it is distributed across many, many more customers and use cases, it’s resilient. And even if Anthropic do, somehow, manage to keep their customers spending huge amounts on Claude, they’re very vulnerable to being undercut by OpenAI given codex is pretty much at parity. Anthropic seems more vulnerable to me.

Analemma_•22m ago

Every week there's at least one post on the HN front page bitching about API errors from Claude because Anthropic doesn't have enough serving capacity. I really don't see any signs they're "spending too much", the actual evidence on the ground seems to be exactly the opposite: constant exasperation that they're not spending enough.

newaccountman2•18m ago

What he means is the customers realizing they are spending too much on Anthropic.

fontain•18m ago

I mean Anthropic’s customers are spending too much on Claude. Anthropic’s customers are encouraging tokenmaxxing amongst their employees; measuring employees by token usage. That’s great for Anthropic’s short term revenue numbers but terrible long term because at some point companies will realize tokenmaxxing is not good. OpenAI is much less exposed to tokenmaxxing, which is a good thing.

Lionga•33m ago

Boys we got more subsidy for Claude Code Plans! Let the VC financed spending of 1000$ of datacenter cost for 200$ sales price continue!

whalesalad•23m ago

They're going to run out of letters pretty soon.

gruez•17m ago

Anyone in finance should know that excel doesn't run out of letters (for columns) either. It just rolls over to AA, AB, etc.

iooi•21m ago

So close to being the first kilocorn. A unicorn = 1 billion, this is almost 1k.

someperson•12m ago

Hasn't SpaceX achieved that though?

And Saudi Aramco before they IPO'd

4ashga•6m ago

That announcement is a bit short on details. I suppose that, like in the previous rounds, there are some strings attached and they'll not get all of it at once.

Hynix is participating with a new circular deal. Hynix is also valued at $1 trillion now, which is positively insane.

This scam will implode harder that the housing bubble.

wina•39m ago

they can do as many as they want. but at some point investors need/want to exit their positions and push for an IPO. That point is different for every company.

ielillo•37m ago

usually you would go through seed funding, the series a,b, and possibly a1 and b1. If you entered c or d territory it meant that you still had a chance but vc would be following you very closely. After d, you could raise money, but it would be under very unfavorable conditions

tomwheeler•34m ago

Effectively infinite. Databricks is a good example. They're still private after 13 years and closed a Series L round last year. Stripe is similar.

Having been through an IPO before, it was good for employee liquidity, but bad for the culture and long-term success of the company.

charlie0•31m ago

Dead capital. There's no need for public funding until they are reasy to cash out at the top, if ever.

misiti3780•31m ago

so how do stripe employees get liquidity? can anyone sell their secondary shares?

clint•30m ago

Stripe might buy back the shares at a good price. They might be able to sell on secondary markets.

toomuchtodo•26m ago

Tender offers.

https://www.investor.gov/introduction-investing/investing-ba...

https://www.law.cornell.edu/wex/tender_offer

https://carta.com/learn/equity/liquidity-events/tender-offer...

https://hn.algolia.com/?dateRange=all&page=0&prefix=false&qu...

(secondary markets are sometimes an option, depending on stock restrictions)

tomwheeler•23m ago

I can't speak for the specific case of Stripe, but it's fairly common for private companies to have a "tender offer" in which employees have the opportunity to sell some portion of their equity. This is often done in conjunction with a new investment round.

newaccountman2•17m ago

Private/secondary markets.

rvz•28m ago

Depends on the investors if they see growth. The downside is dilution. Preferably they just want the Series I as the IPO in this case.

They cannot raise forever, SpaceX has done more rounds but the timing is most important.

Archonical•21m ago

I think it's somewhat guaranteed that the music will at least die down a little bit. We saw this with cloud companies being bitten by cloud cost optimization initiatives. I can't imagine we won't see the same with AI, especially as the workforce stops trying to tokenmaxx to save their role.

Gomotono•18m ago

If you look at the adoption curve of Claude, I don't think we have reached anything near peak.

ignoramous•23m ago

How? OpenAI and Antrophic are basically the Big 2 racing away at light speed; the others who can't get near them are may be shaky and vulnerable. And sure, there's a garden full of those.

cmiles8•18m ago

Because the market almost certainly can’t support two foundation model labs given the increasingly little difference across models and the massive sums of cash required to keep it all going. There is no big 2, just a race to survive and be the big 1.

solenoid0937•11m ago

Not sure this is true, both are coexisting fine today.

an0malous•6m ago

It probably can't support any because there's no moat and smaller, open source models are catching up. This is like investing $1T into mainframe computers in 1980.

dchftcs•6m ago

China will make sure they have a frontier lab, there's plenty of chance for Google to catch up once the compute crunch gets more serious.

alecco•6m ago

Anthropic is at the mercy of 3rd party datacenter contracts. AFAIK OpenAI will soon run mostly on on their own GPUs.

I don't like Altman and I am still upset about his memory deal last year but he prepared for the current shortages months before anybody else. Meanwhile, Anthropic seems to lack any plans besides third party contracting. IMHO they got very lucky with xAI and Google having spare capacity and willing to rent it. But what about next year?

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