Anthropic's valuation hit $965 billion Thursday after the company closed a $65 billion Series H funding round, making it the most valuable AI company in the world. The round was led by Altimeter Capital alongside Dragoneer, Greenoaks, and Sequoia Capital. OpenAI's current valuation stands at $852 billion post-money.
The shift puts Anthropic ahead of the company it was spun out of. For developers, enterprise teams, and investors now choosing between Claude and ChatGPT, the gap is no longer just about product; it is about who controls the most capital and infrastructure in AI.
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The Revenue Story Behind the Valuation Surge
Anthropic's revenue run rate crossed $47 billion this month. Six months ago, that figure wasn't part of any serious discussion about the company. Enterprise adoption drove the spike, particularly through Claude Code. The AI coding tool has reshaped how software teams operate across the US and in emerging markets.
Anthropic also reported its first operating profit last quarter. The Wall Street Journal noted the company may not hold that position through the full year, given its spending commitments and vast computing needs.
The company has more than doubled the $380 billion valuation it posted in February, when it raised $30 billion.
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Claude Is Eating ChatGPT's Download Share
ChatGPT held 67% of global AI app downloads in Q2 2025. That share has since fallen to 47% in the same period this year, according to SensorTower data reported by Forbes. Claude now holds 14% of global downloads in Q2 2026 - up from 1% in each quarter of last year.
That is a category shift, and it is moving fast enough to threaten OpenAI's consumer dominance. For businesses building on AI APIs, market share shifts change pricing power, product investment, and which platform gets the newest features first.
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The Caveats Worth Taking Seriously
Anthropic's valuation comes with real costs attached. The company has committed hundreds of billions of dollars to Amazon, Google, and Broadcom over the next decade. It also secured a deal with Elon Musk's SpaceX to access the Colossus supercomputer for AI training and to improve capacity for Claude Pro and Max subscribers.
These are not hypothetical costs; they are active obligations that dwarf what most traditional tech companies carry at comparable revenue stages. The company spends at a scale that makes "profitable" a complicated word.
Anthropic is also fighting the US government in court. The company refused to give the Pentagon unrestricted access to its AI models, citing concerns about government-sponsored mass surveillance and automated weapons development. The Defense Department responded by declaring Anthropic a national security supply chain risk. Investors wired $65 billion knowing all of this.
What Comes Next
OpenAI has reportedly filed confidentially for an IPO and could go public within weeks. Anthropic's own IPO may arrive as soon as October, according to Forbes. When both companies begin trading publicly, the valuation comparison shifts from funding rounds to what markets actually believe each company is worth. For now, Anthropic holds the top spot.
