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Anthropic raises $65B in Series H funding at $965B post-money valuation
- isodude 4mo agoI wonder if the investors used Claude to see whether they should invest or not hmm..
- enraged_camel 4mo ago[flagged]
- NewJazz 4mo ago[flagged]
- Lionga 4mo agoWhat 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 4mo agoRevenue is not profit.
- InsideOutSanta 4mo ago*run-rate revenue Without more information, this number is impossible to interpret.
- Analemma_ 4mo agoThis 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.
- InsideOutSanta 4mo agoNo, it's not. We do not know how Anthropic calculates it, or even if they calculate each number they report identically, hence the number is impossible to interpret.
- vb-8448 4mo agoUnless you have access to Anthropics book your claim is as baseless as Ed Zitron's ...
- surgical_fire 4mo agoWith all that revenue, while being the most expensive model, they are still unprofitable without trickery. This really doesn't paint the good picture you seem to imply.
- heloqui 4mo ago[dead]
- GenerWork 4mo agoAs 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?
- jmathai 4mo agoI 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!
- re-thc 4mo agoYes, whatever you like
- dkdcdev 4mo agoI believe the canonical example is Databricks on round L
- nerdsniper 4mo agoI 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 4mo agoIt'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).
- boringg 4mo agoWhat happens when you make it to Z do they then start doing Z1 rounds or does it reset to AA like excel (though that would be confusing)? Hex?
- rvz 4mo ago[flagged]
- bensyverson 4mo agoAirtight logic
- goodbirb 4mo agoSome new form of mystic numerology/gematria-based investment logic?
- moralestapia 4mo ago9k karma, whew
- underyx 4mo agoyou also can't write openai without a pen
- Imustaskforhelp 4mo agoI 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 4mo agoProbably the bigger headline here is that they’ve blown past OpenAI in revenue and valuation, with OpenAI looking increasingly shaky and vulnerable.
- henry2023 4mo ago“Caballo que alcanza, gana”
- fontain 4mo agoI’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_ 4mo agoEvery 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 4mo agoWhat he means is the customers realizing they are spending too much on Anthropic.
- claytongulick 4mo agoI just finished talking to a dev manager friend of mine at a household name company. He told me they are massively pulling back on the AI stuff. Right now the lashback is about cost, because that's the most easily measured pain point. Soon, we'll start seeing a deeper understanding of the quality issues. At that point, it's likely this whole experiment gets firmly put in a bin of the toolbox where it belongs.
- Lionga 4mo agoBoys we got more subsidy for Claude Code Plans! Let the VC financed spending of 1000$ of datacenter cost for 200$ sales price continue!
- beavis000 4mo agogreat point. i haven't gotten over losing the Uber subsidy!
- deleted 4mo ago[deleted]
- parliament32 4mo agoI miss when my DoorDash was still subsidized.
- zeafoamrun 4mo ago2010's: VC subsidized burrito delivery 2020's: VC subsidized tokens
- kassner 4mo agoToken Now Pay Later coming soon then
- itsyonas 4mo ago$1,000? According to ccusage, I used around 3,200 USD worth of API credits last month, but I'm on a plan that only costs around 100 USD per month, and I'm not even a heavy user. At the end of each week, I have typically used about a third of my weekly Claude limit. So either their APIs are heavily overpriced, which seems rather unlikely, or they subsidise subscriptions to the tune of 100x or even more. Well, I will enjoy it while it lasts.
- HDThoreaun 4mo agoWhy do you think the API being overpriced is unlikely? Seems pretty likely to me that sub sells at cost and api is the massive markup they force on enterprises.
- whalesalad 4mo agoThey're going to run out of letters pretty soon.
- gruez 4mo agoAnyone in finance should know that excel doesn't run out of letters (for columns) either. It just rolls over to AA, AB, etc.
- onychomys 4mo agoThey eventually stop, Excel has a max column size of 16,384. Not sure what letter combo that would be (ZZZZZZZZZZ or something?), but it does eventually halt. https://support.microsoft.com/en-us/office/excel-specifications-and-limits-1672b34d-7043-467e-8e27-269d656771c3 https://support.microsoft.com/en-us/office/excel-specificati...
- HDBaseT 4mo agoNot even close, column 16,384 ends at XFD. [0]. [0] - https://learn.microsoft.com/en-us/answers/questions/4888467/why-does-an-excel-spreadsheet-end-at-1048576-and-x https://learn.microsoft.com/en-us/answers/questions/4888467/...
- iooi 4mo agoSo close to being the first kilocorn. A unicorn = 1 billion, this is almost 1k.
- someperson 4mo agoHasn't SpaceX achieved that though? And Saudi Aramco before they IPO'd
- Jblx2 4mo agoKibicorn has a nicer ring to it ($1,024 billion).
- 4ashga 4mo agoThat 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.
- techpression 4mo agoThe circulation of money in AI is deeply troubling (NVIDIA being one of the worst I believe), either the bubble doesn’t pop and corruption like this is considered legal (self-inflating money amongst friends) or it pops and the financial hurt will be felt for a decade.
- 8f2ab37a-ed6c 4mo agoSay 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.
- bix6 4mo agoWell presumably nobody investing in this current round expects anything less than a 3x
- hiddencost 4mo agoinflation I suspect we'll have our first $10T company in the next 2-3 years. That's only doubling.
- shreezus 4mo agoAnthropic is one of the few companies that will likely hit an infinite valuation if they succeed in their mission.
- nearlyepic 4mo ago“Infinite valuation”? Give me a break.
- stuxnet79 4mo agoTAM will go parabolic once bots are exchanging goods and services with other bots with us meat space humans sitting on the sidelines.
- singingtoday 4mo agoJokes aside, I do see potential of them hitting multiple trillions of valuation.
- epolanski 4mo agoIt's always a very borderline idea to hold equity in the company you work, argument being that if the company goes south or severely underperforms, you may find yourself laid off and with worthless equity. So you're assuming lots of risk and putting it all in the same basket. There's no shame in getting 100k $ worth of stock, selling it and putting it on some vanguard fund and diversifying, in fact it's statistically the best move you can do. Of course, you can be like those many googlers that did this and then regret in hindsight.
- aanet 4mo agoI'll have some of that joint they be smokin' /s
- mutator 4mo agoThis 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?
- jiveturkey 4mo agoThere was a secondary sale in April.
- topherPedersen 4mo agoAnthropic 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.
- onlyrealcuzzo 4mo ago> But that isn't what it is anymore, it's a dumping ground. We got "dumped" Google and Facebook, so... Those probably made up for all the other "dumps". We also got "dumped" TSLA, which is meme-ing in the trillions at the moment. You can short Anthropic at IPO if you want...
- NewJazz 4mo agoGoogle IPO 20 years ago, Tesla 15 years ago, facebook almost 15 years ago. Situations change.
- onlyrealcuzzo 4mo agoWhen did they change? 3 years and 4 months ago? 1 year ago? 8 years? Because when Facebook IPO'd everyone was saying the stock market was a dumping ground... Same with Google... Same with Pets.com and WebVan...
- Npovview 4mo agoFew Pheonix(s) rise from the ashes of many Unicorns.
- malthaus 4mo agonice, that's another 4 years of spacex data center usage runway!
- bix6 4mo agoThis is all getting a bit tiring. Show us the S1 already!
- maxnevermind 4mo agoWhat is this, Series for ants? It barely covers Andrej's sign-on bonus.
- dyauspitr 4mo agoTo put this into perspective, India has built 4000+ miles of new railway lines over the last five years including a Shinkansen style bullet train. That’s more than all the railway lines in the country of Switzerland for about $12 billion. The money being thrown around here is mind blowing.
- BobbyTables2 4mo agoIndeed! And the returns from such an investment in infrastructure will likely be profound. I feel AI is a bit different, as in there is a spectrum ranging from “utterly stupid” (early ChatGPT), “very helpful” (kinda now), “SkyNet 2.0” (what good are humans!). As algorithms and technology improve, AI will be both cheaper and more capable. Companies like Anthrophic wouldn’t be the vaulted celebrities as they are today. At that point, I’m not sure what value much of society can provide… At one time, blacksmiths had a valued place in general society. Today, not so much…
- dyauspitr 4mo agoWell, if everyone is out of a job, the government is going to have to do something so I’m not too worried about it. If I had to be an optimist about it, I would say that this might be the perfect catalyst to build out a lot of renewable energy (for data centers) and maybe actually implement UBI.
- mettamage 4mo agoI wish I could invest into it, I'd at the very least have invested in their Series F. It was a no brainer by that point. If anyone could teach me how to get into stuff like this, that'd be awesome. I'm from the Netherlands, so not American. Though I'm married to an American.
- outside1234 4mo agoDon't worry, it will be all dumped on the SP 500 as soon as it is at its hype peak.
- esafak 4mo ago[dead]
- pestatije 4mo agojust talk to your banker they sure know how to invest your money
- mettamage 4mo agoAaaaand it's gone!
- phil21 4mo agoI am not a financial advisor or even remotely an expert. I did look into this briefly long ago for SpaceX. There are ways for relatively small investors (and I do mean relatively!) to get into some of these companies equity pre-exit by buying shares from employees who currently hold them for those who want to reduce risk/need the cash now vs. later. You will likely need to have enough assets already with a single institution to have a private banking relationship with your bank. They would be the one to call to ask what options might be available. There are other options like EquityZen that make it more accessible, but I have not looked into those at all. You will also need to be either an accredited investor or a qualified investor ($1M/$5M minimum networth not counting your personal property) depending on how each company is setup, but again I'm not entirely sure on details there. I stopped looking into it when I was told that there was a $1M minimum buy-in at that time. More than I was looking to do at the time. I imagine it's much higher these days. These are of course highly risk investments and I am unsure of how tested these structures are - so I imagine there is some counterparty risk on top of all the usual stuff.
- wg0 4mo agoThat you all have to pay of course. With interest. Directly or indirectly. Through subscriptions or through pension funds and such.
- simonw 4mo ago> Since our Series G in February, adoption has continued to grow across global enterprise customers, and our run-rate revenue crossed $47 billion earlier this month. OK, so their self-reported run-rate revenue hit $47bn in early May. For comparison: Apr 6th 2026: https://www.anthropic.com/news/google-broadcom-partnership-compute https://www.anthropic.com/news/google-broadcom-partnership-c... - "Demand from Claude customers has accelerated in 2026. Our run-rate revenue has now surpassed $30 billion—up from approximately $9 billion at the end of 2025." So that's $30bn at the start of April. Feb 12th 2026: https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation https://www.anthropic.com/news/anthropic-raises-30-billion-s... - "Today, our run-rate revenue is $14 billion, with this figure growing over 10x annually in each of those past three years." That was $14bn on Feb 12th. And $9bn in December (according to the above April 6th link.)
- reactordev 4mo agoShhh, you’ll make the numbers not make sense…
- mgfist 4mo agoPretty unfathomable growth. I'm pretty sure I listened to Dario saying something along the lines of keeping Anthropic on track for 10x ARR growth (in December) and thinking that that was a bonkers idea for a $9B run-rate company, and now it's looking like that might be an underestimate ...
- cyanydeez 4mo agoirresponsible growth
- tailscaler2026 4mo agonot really. just a capacity planning issue on that side. much harder challenge is continuing to train better models.
- 4mo ago
- jameson 4mo agoDoes this mean no IPO this year? What are the likely chances a company at this stage needs two rounds of funding within a year?
- system2 4mo agoThey will have to IPO before the ai hype dies.
- eutropia 4mo agoWhat is run-rate revenue and how is it different than revenue (classic)?
- jmalicki 4mo agoRevenue is an integral over the past year or past quarter. Run-rate is taking a recent measurement and multiplying it out so it will span a year. Basically, it assumes they keep all of their current contracts, and don't gain any new ones. Forward-looking revenue is an estimate of what the integral will be from now to a year from now. For a growing company, run rate is between past revenue and estimates of future revenue. Forward-looking revenue estimates are often made up from whole cloth so are highly untrustworthy. But a run-rate is saying "we've already been making this much money, we just need to maintain where we are and that's how much we'll bring in". Backward-looking revenue for something like Anthropic is meaningless because almost all of their customer base is recently acquired - they're growing like crazy, not 20% per year.
- parliament32 4mo agoIs it qualified at all? Or can you measure anything and multiply it through to get whatever number you want at the end? Along the lines of "in the 4.75 hours starting at 02:35 yesterday we collected invoices worth $X so our run-rate revenue is now $Y"?
- jmalicki 4mo agoI'm not an accountant, but afaik run rate is not a GAAP recognized metric. Presumably investors who care want it to be more precisely defined. In practice usually I've seen it be extrapolating the previous month. E.g. if you have per month revenue, that's what you want to extrapolate - I've only really seen run rate with SaaS where you have recurring revenue. Occasionally it can be a snapshot if you've just completed a big contract - but it's what you expect to get per month if you're not growing or shrinking for the typical SaaS that charges per month (and assuming yearly pre-paid contracts renew etc.)
- 4mo ago
- fsuts 4mo agoEverything will be clearer after they IPO Until they IPO and the investors make their money, who knows what is behind the revenue stated
- jordemort 4mo agoI’m sorry, H? How much farther down the alphabet do they plan to go before anyone gets any of that money back?
- senordevnyc 4mo agoGod, I wish I was waiting to get some of my money back from an earlier round in Anthropic.
- jordemort 4mo agoThe person who put the first log on the bonfire gets exactly the same amount of wood back as the person that put the last
- jedberg 4mo agoDatabricks raised an L last year.
- jordemort 4mo agosounds like an L to me!
- crossroadsguy 4mo agoThere's Greek alphabet.. etc.
- mark_l_watson 4mo agoUntil Anthropic, OpenAI, and Tesla have IPOs and are then bound by some laws to be truthful, I don’t want to bother about their possible valuations. I do care about: how useful their products are vs. cost and how secure are their businesses. Actually I only care about the first thing since these services are hot swap-able with some effort.
- bitwize 4mo agoSeries H? Holy crap. I get the feeling they'll run it up to series ] before actually turning a profit though.
- dmix 4mo agoThey reported they were on track to be profitable this quarter. https://www.wsj.com/tech/ai/mind-blowing-growth-is-about-to-propel-anthropic-into-its-first-profitable-quarter-7edbf2f4?st=HwPZX6&reflink=desktopwebshare_permalink https://www.wsj.com/tech/ai/mind-blowing-growth-is-about-to-...
- diimdeep 4mo agoSelfish https://huggingface.co/Anthropic https://huggingface.co/Anthropic models 0 None public yet
- nullbio 4mo agoAnthropic is a toxic company. I'm surprised more people haven't figured this out yet.
- LeoPanthera 4mo agoI didn't know it went up to H.
- slashdave 4mo agoWhat happens when they run out of letters in the alphabet?
- adamfarhadi 4mo agoI’m biased but perhaps they can consider expanding to the Swedish alphabet and introducing series Å/Ä/Ö funding? Then they should have enough headway to be valued in the order of quadrillions of USD.
- jedberg 4mo agoSeries AA? Databricks raised an L round last year, so they'll have to solve it first.
- notarobot123 4mo agoWell the market clearly thinks most of us will be without software engineering jobs by the end of the decade. There's clearly enough proof that the trend is heading in that direction to justify huge capital investments.
- field_reader 4mo ago[flagged]
- petterroea 4mo agoInsane evaluation - Anthropic being around 50% of the Norwegian oil fund.
- shtopointo 4mo agoSmart move from Anthropic. They're the belle of the ball right now, everybody is talking about them, everybody wants to invest in them, so they can call the shots. Then they'll have money in the bank for a long time no matter what happens – IPO, market downturn, etc. Takes off lots of pressure so they can continue focusing on the product.
- king_zee 4mo agoyou talk like claude of course you're glazing them
- johnmorris100 4mo ago[dead]
- johnmorris100 4mo ago[dead]
- terekhindc 4mo ago[flagged]
- robinhood 4mo agoThe amount of dollars that exist in this economy is mindblowing. Ten years ago, we were talking millions, and this was already incredible when companies could raise a couple of them. Now, headlines are only about hundred of billions. I do not know what to think about that, apart from the fact that I wish that we were putting that money to enhance human lives in general. Of course, people will say that these tools will help humans in the future, but 1) at what costs, and 2) I would prefer, I don't know, bridges or infrastructure, or free healthcare, or food for everyone.
- Haven880 4mo agoDeepseek MiMo and Qwen are now dirt cheap and give out free as well with quality about 95% against the very best so called fable mythos. And all that is on Huawei 7nm Ascend. All those companies added up nowhere near 1T and they affect EVERY SINGLE American lives producing parts that Americans used either via patents or parts. And we throw money to Anthropic with almost no moats at best 6 mths ahead. While Chinese companies holding patents more than Google Microsoft combined and with market bigger than entire USA economy. I think maybe investors too are hallucinating like AI. Sound like mega Lehman Groupon in the making!
- port11 4mo agoWhat’s your point with the comparison? By your interpretation, investors should’ve never put money into any startup/scaleup/large business in other markets, since the Chinese market had more/bigger competitors. Investors are betting real money on a payout. It seems disingenuous to think that they’re all idiots.
- mxschumacher 4mo agohere's an article on DeepSeek's strategy that I found instructive. Cheap & good inference in order to boost the hardware makers: https://x.com/bookwormengr/status/2057909493250539891 https://x.com/bookwormengr/status/2057909493250539891