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

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

80•meetpateltech•1h ago

Comments

enraged_camel•56m 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•38m 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•21m ago

Revenue is not profit.

InsideOutSanta•37m ago

*run-rate revenue

Without more information, this number is impossible to interpret.

Analemma_•26m 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•25m ago

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

GenerWork•52m 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•48m ago

Yes, whatever you like

dkdcdev•48m ago

I believe the canonical example is Databricks on round L

nerdsniper•43m 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•40m 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•48m 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•48m 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•34m ago

Airtight logic

moralestapia•30m ago

9k karma, whew

underyx•27m ago

you also can't write openai without a pen

Imustaskforhelp•16m 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•45m 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•34m 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_•30m 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•26m ago

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

fontain•26m 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•40m 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•31m ago

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

gruez•25m 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•29m ago

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

someperson•19m ago

Hasn't SpaceX achieved that though?

And Saudi Aramco before they IPO'd

4ashga•14m 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.

8f2ab37a-ed6c•12m ago

Say you join Anthropic now as an employee. What are the chances of your equity appreciating in value? I don't think we have any historical precedents to this.

aanet•11m ago

I'll have some of that joint they be smokin'

mutator•8m ago

This did round involve a secondary? If yes, any data to suggest that these secondaries are leading to increased spending outside of housing and propping up the local economy?

topherPedersen•3m ago

Anthropic has a great product, but what's going on in the stock market is astonishing. Companies waiting to be valued at a trillion dollars before going public? (I'm writing this comment with the assumption that they will go public soon and the valuation will be higher than this $965 billion dollar private valuation) The stock market used to be a place for companies to raise money from investors. But that isn't what it is anymore, it's a dumping ground. Venture capitalists & private investors are sucking all of the possible growth and future upside from these companies and then dumping them on retail investors when there's nothing left. There is no growth or upside left by the time these companies go public. If you invest in these IPOs you are buying the absolute peak with all potential future profits baked into the price, with nowhere left to go but down.

wina•46m 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•45m 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•42m 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•39m ago

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

solenoid0937•9m ago

How do investors cash out? Do they sell to new round investors?

misiti3780•39m ago

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

clint•38m ago

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

toomuchtodo•34m 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•31m 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•25m ago

Private/secondary markets.

rvz•36m 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.

solenoid0937•5m ago

> at some point companies will realize tokenmaxxing is not good

Why? Have we figured out the limits of what agents can do?

> OpenAI is much less exposed to tokenmaxxing

I don't think this is true, from my own experience & chatting with my acquaintances.

Archonical•29m 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•26m ago

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

ignoramous•31m 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•26m 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•19m ago

Disagree, both are coexisting fine today.

an0malous•14m 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•14m 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.

andriy_koval•5m ago

Google likely has its market share too, you can track how fast Cloud revenue increased.

alecco•14m 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?

thereitgoes456•10m ago

Stargate is not real.

It is not clear that running one's own datacenter is a competitive advantage. Why do you think OpenAI can handle that?

lumost•9m ago

Which also leaves OpenAI vulnerable to NVidia's aggressive pricing. To my knowledge Anthropic is relatively well positioned across multiple compute vendors/hardware providers.

wslh•8m ago

This business and financial race is probably the craziest in human history, so zig-zags are expected. One company may take advantage on one curve while another is stuck in the pits.

Aurornis•3m ago

Their valuations differ by about 13%. That's close enough that I wouldn't call it "blown past".

Things change fast in this space. Anthropic had a big boost from having the premier coding model for a while, but GPT-5.5 has closed that gap at a time when a lot of Anthropic customers are looking for cheaper alternatives.

Anthropic is coming off of a recent change to their enterprise billing that substantially changed the pricing for many users. They were smart to do the fundraising before the effects of that change could fully propagate.

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Comments

Claude Opus 4.8

Just Use Postgres for Durable Workflows

About LLMs at Zig Days

Show HN: Continue? Y/N: A 60-second game about AI agent permission fatigue

The Permanent Upper Crow

Indoor Wi-Fi Roaming with OpenWRT

Google Hates You

Show HN: Ktx – Open-source executable context layer for data agents

Nitpicking the shell history scene in 'Tron: Legacy'

News about Raspberry Pi 6 and Microcontroller Development

I hated writing–until I learned there's a science to it(2024)

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

US's big bet on quantum computing may not be legal

EU fines Temu €200M for allowing sale of illegal products

Using Tailscale with an OrbStack VM on macOS

Trivial Pursuits

Boston and Bermuda

Bitburner, programming-based incremental game

Show HN: Hallucinate – Massively Multiplayer Online Rave

Legislation Killed Would Have Effectively Blocked Police LPR, Including Flock

Dynamic Workflows in Claude Code

YouTube to automatically label AI-generated videos

Show HN: Open-Source AI Racing Harness

Bttf is a command line datetime Swiss army knife

I'm Getting into Mesh Networks (Meshtastic, MeshCore, and Reticulum)

What Apple and Google are doing to push notifications

RamAIn (YC W26) Is Hiring

Hold on for Dear Life

Thornton Wilder's Last Play Vanished into Thin Air. Or Did It?

Show HN: TapToyPia