Anthropic funding: Every round, investor, and valuation (2026)

Anthropic makes Claude, a family of AI models that businesses use to write code, analyze documents, and run agents that carry out multi-step work on their own. Most of its revenue comes from companies that pay for each use of Claude through its API or through Amazon's and Google's cloud marketplaces. The rest comes from subscriptions to the Claude apps and to Claude Code, its coding tool.

Anthropic has raised more than $120 billion in equity across eight lettered rounds and 10 strategic investments from tech companies. Its latest round, a $65 billion Series H in May 2026, valued the company at $965 billion.

Its biggest backers are Amazon, Google, Microsoft, and Nvidia, the tech giants that sell Anthropic its computing power. A growing list of venture firms, sovereign wealth funds, and asset managers has joined them. Let's dive into Anthropic's funding history.

Anthropic's funding falls into three eras: early money from wealthy backers of AI safety research, a run of cloud investments from Amazon and Google, and the mega rounds that began in 2025. Each era matched a jump in what it cost to train the next Claude model.

Anthropic was founded in 2021 by Dario and Daniela Amodei and a group of researchers who left OpenAI. Its first round came from wealthy individuals, several of them long-time funders of AI safety work. Skype co-founder Jaan Tallinn led it, and Facebook co-founder Dustin Moskovitz and former Google CEO Eric Schmidt joined.

The Series B a year later was led by Sam Bankman-Fried, and most of it came from FTX and its sister firm Alameda. FTX collapsed seven months later. Its bankruptcy estate sold most of the stake in March 2024 for $884 million, with a Mubadala-backed fund, ATIC Third International, buying the largest piece.

Claude launched in March 2023, and training bigger models required chips that only a few cloud companies could supply. Google invested first, taking about 10% of the company, and joined the Spark-led Series C that May. It then committed up to $2 billion more in October.

Amazon invested three times between September 2023 and November 2024, bringing its total to $8 billion. All three deals used convertible notes, debt that turns into shares later, and the last one made AWS Anthropic's primary cloud and training partner.

Menlo Ventures led the Series D in early 2024, alongside the cloud deals. It also set up a $100 million fund with Anthropic, the Anthology Fund, to back startups building on Claude.

Lightspeed led the Series E in March 2025, when Anthropic's run-rate revenue was climbing from about $1 billion at the start of the year. It passed $5 billion by August, when Anthropic raised the Series F.

In November 2025, Microsoft and Nvidia joined with a combined commitment. Part of that money went into the Series G in February 2026, led by Singapore's sovereign fund GIC and Coatue. Anthropic had a $14 billion run rate at the time.

April 2026 brought two more cloud deals, each with a smaller upfront payment and a larger amount to follow. Amazon's extra money depends on commercial milestones, and Google's on performance targets.

The Series H closed on May 28, 2026. It folded in $15 billion that cloud providers had committed earlier, including Amazon's $5 billion, and added memory chipmakers Micron, Samsung, and SK hynix as strategic investors.

Anthropic also borrows through a revolving credit line it opened with seven banks in May 2025. It was finalizing an expansion to about $15 billion in September 2026, ahead of its IPO.

Anthropic's valuation rose about 235-fold in three years, from the Series C in May 2023 to the Series H in May 2026. Each increase followed a new revenue milestone.

The price roughly tripled between the Series E and Series F, doubled again by the Series G, and rose about 2.5 times to the Series H. The gaps between rounds shrank from about a year to about three months. Run-rate revenue went from about $1 billion at the start of 2025 to more than $47 billion by the Series H.

Employees had a chance to sell shares in early 2026 at a price below the Series G. Bloomberg reported that investors lined up to buy as much as $6 billion of stock, but fewer employees sold than buyers wanted.

Reuters reported in September 2026 that the IPO target would more than double the Series H price. Because Anthropic is a public benefit corporation with a trust that elects part of its board, how Anthropic's ownership is split matters as much as the headline valuation.

Anthropic's biggest investors are also its biggest suppliers. Amazon, Google, Microsoft, and Nvidia each tied their money to a deal for computing power.

Amazon is Anthropic's largest strategic investor. It has put in $13 billion across four deals since 2023, with up to $20 billion more tied to milestones. Fortune reported that Amazon valued its holding at $74.2 billion in an April 2026 filing, split between convertible notes and nonvoting preferred stock.

Amazon's money came with a cloud contract: Anthropic has committed more than $100 billion over 10 years to AWS for up to 5 gigawatts of new capacity, running on Amazon's Trainium chips. More than 100,000 customers run Claude on Amazon Bedrock, which keeps Amazon's cloud business on both sides of the relationship.

Google has invested since 2023 and reportedly held about 14% before its 2026 deal. Its stake is capped at 15%, and the up to $40 billion committed in April 2026 is its largest bet on Anthropic so far.

Anthropic agreed in October 2025 to use up to 1 million of Google's TPU chips, and in April 2026 it signed for about 5 gigawatts of next-generation TPU capacity with Google and Broadcom. Google also competes with Claude through its own Gemini models, so it earns from Anthropic as an investor and supplier while fighting it for customers.

Google's founder-controlled ownership lets it make long bets like this one. Larry Page and Sergey Brin hold about 51% of the voting power.

Microsoft and Nvidia joined in November 2025, committing up to $5 billion and up to $10 billion. In return, Anthropic committed to buy $30 billion of Azure computing, and Claude became available on Microsoft Foundry and in Microsoft's Copilot products.

The Nvidia deal includes joint engineering work and up to 1 gigawatt of its Grace Blackwell and Vera Rubin systems. As with its OpenAI stake, Nvidia's money helps a customer buy more chips, a loop at the heart of Nvidia's chip-selling business.

Spark Capital led the Series C, and its partner Yasmin Razavi joined the board. Menlo Ventures led the Series D and has joined most rounds since.

Lightspeed, ICONIQ, GIC, and Coatue each led or co-led at least one of the Series E, F, G, and H rounds. Other repeat names include Fidelity, General Catalyst, Jane Street, Dragoneer, Qatar Investment Authority, MGX, Sequoia, Altimeter, and Salesforce Ventures. Coatue, Fidelity, Dragoneer, MGX, Sequoia, and Altimeter also appear in OpenAI's funding rounds, so they back both leading labs at once.

Anthropic spends its funding on computing power, research talent, and a handful of acquisitions. Computing power takes the largest share by far.

Anthropic rents most of its capacity from the same companies that invest in it. Its IPO prospectus, reviewed by Reuters, lists $518 billion of cloud, computing, and infrastructure obligations over the coming years, about 80% of which cannot be canceled. In 2025, Anthropic spent $7.33 billion on compute and infrastructure, more than half of its total operating expenses.

The suppliers include AWS, Google, Microsoft, Broadcom, and xAI, now part of SpaceX, whose Colossus clusters Anthropic began renting in 2026. Anthropic is also building its own sites: in November 2025, it announced a $50 billion data center program in Texas and New York with Fluidstack.

Most of the rest pays for the researchers and engineers who train and ship each Claude model. Anthropic released Opus 4.6 in February 2026 and Opus 5.5 in September. Part of their pay comes in stock, which the early 2026 tender offer let them sell without Anthropic raising new money.

Anthropic buys small teams that strengthen its developer tools. It acquired Bun, a JavaScript runtime, in December 2025, when Claude Code reached a $1 billion run rate, and Stainless, which builds software development kits for APIs, in May 2026.

The prospectus shows an operating loss of $8.06 billion in 2025, up from $2.98 billion in 2024. The reported net loss of about $42 billion was larger because it included a roughly $34 billion non-cash charge tied to financing that can turn into shares, such as the cloud providers' convertible notes.

Anthropic had $20.28 billion in cash and short-term investments at the end of 2025, before the Series G and Series H. The revenue side of that equation is covered in how Anthropic makes money.

Anthropic's run-rate revenue reached $65 billion at the end of July 2026, driven by business customers through API usage, enterprise contracts, and Claude Code, and it is expanding abroad through new offices in Tokyo, Seoul, Bengaluru, and Europe. The product line is moving toward agents that handle whole tasks: Cowork launched in January 2026 to bring Claude Code's abilities to knowledge work, and Opus 5.5 arrived in September, cheaper to run than Opus 5.

Anthropic confidentially submitted a draft registration statement for its IPO on June 1, 2026, and Morgan Stanley, Goldman Sachs, JPMorgan, and Citi are working on the offering. Reuters reported that the listing could slip past the November 2026 US midterm elections. Whether the Series H money is enough depends on revenue keeping pace with compute contracts that run into the 2030s.

The prospectus shows that two unnamed customers each made up 12% of 2025 revenue, and that 47% of sales ran through Amazon and Google, which are investors, suppliers, and rivals at once. Anthropic also settled an authors' copyright lawsuit for $1.5 billion, and a federal judge blocked the Pentagon's blacklisting of the company in August 2026.

Anthropic has raised more than $120 billion in equity since 2021. Most of it came in three rounds: $13 billion in September 2025, $30 billion in February 2026, and $65 billion in May 2026. It also has a $2.5 billion revolving credit facility that it was expanding to about $15 billion in September 2026.

Anthropic's largest investors are Amazon, Google, Microsoft, and Nvidia. Other backers include Spark Capital, Menlo Ventures, Lightspeed, ICONIQ, GIC, Coatue, Fidelity, General Catalyst, Altimeter, Dragoneer, Greenoaks, Sequoia, Qatar Investment Authority, MGX, Salesforce Ventures, and SK Telecom.

Anthropic was valued at $965 billion after its $65 billion Series H closed in May 2026. Reuters reported in September 2026 that it is targeting an IPO valuation of more than $2 trillion.

No. Anthropic is private. It confidentially submitted a draft IPO filing in June 2026, and a listing was expected around or after the November 2026 US midterm elections.

No single investor controls Anthropic. Amazon and Google hold the largest outside stakes, with Google capped at 15%, while the founders, employees, and dozens of funds own the rest. A Long-Term Benefit Trust holds a special class of shares that lets it elect a growing share of the board.