Nine hundred and sixty-five billion
Anthropic raised 65 billion dollars in a Series H at a post-money valuation of 965 billion.
Why it matters
A private laboratory came within reach of a trillion, a mark public companies reached only after decades on the market.
The size of the round alone is larger than everything the field raised in any year before 2023. The valuation places the company alongside the largest public corporations, although it has no shares in circulation and no duty to publish accounts. This is the other side of the dependency measured through capital expenditure in 2025: compute costs so much that it has to be paid for with capital on this scale.