anthropic just lapped openai on valuation and it's filing for an IPO

Anthropic just closed a $65B Series H at a $965B valuation — which means it is now, officially, worth more than OpenAI ($852B). Not “catching up.” Past it.

For context: Anthropic was valued at $380B in February. That’s a near-tripling in roughly three months, and a 5x run from a company that didn’t exist six years ago.

The round was co-led by Altimeter, Dragoneer, Greenoaks, and Sequoia, with a supporting cast that reads like every major check-writer on Earth — Blackstone, Fidelity, Goldman-adjacent names, sovereign funds from Singapore and beyond. When GIC and Temasek are both in, you’re not a startup anymore.

The revenue story is real. Claude Code is the engine: Anthropic is reporting a $47B annualized revenue run rate, up from $30B earlier this year and $10B in annual revenue last year. That growth curve is why Altimeter led this thing.

And both companies are now in the IPO race. Anthropic quietly filed a confidential S-1 with the SEC on June 1. OpenAI followed a week later on June 8, targeting a valuation exceeding $1 trillion with Goldman and Morgan Stanley in tow.

So the actual competition isn’t the valuation number — it’s who rings the bell first. Anthropic filed earlier. OpenAI is targeting a higher price. The AI bubble is about to get a public market stress test whether it wants one or not.