What's rarer than a unicorn? Anthropic didn't just join the Series H club, it almost became the first $1 trillion private company ever | Fortune

Anthropic announced a rare Series H funding round, raising $65 billion at a $965 billion valuation. The valuation is described as approaching the scale of a trillion-dollar private company and is framed as larger than Switzerland’s GDP, the combined market cap of U.S. airlines, and the entire U.S. defense budget. Series H rounds are uncommon and typically involve well-known companies. Anthropic is expected to pursue an IPO soon, alongside OpenAI, which is expected to file a confidential prospectus. Anthropic reported run-rate revenue above $47 billion, up from about $7 billion in calendar 2025, and expects to be cash-flow positive by 2028 despite rising compute and training costs.

"The AI startup raised $65 billion at a $965 billion valuation, eclipsing its rival OpenAI in the race to own the technology of the century. Its value is roughly the GDP of Switzerland, more than the combined market cap of every U.S. airline, or more than the entire U.S. defense budget."

"Series H rounds are so rare that most of the companies that have raised them are recognizable names: Facebook, Lyft, Discord, Slack. Databricks just hit a $134 billion valuation in February after grinding through Series I, J, and K in roughly two-and-a-half years. Stripe made it to Series I in 2023, but only to raise $6.5 billion the company said it didn't need-the round existed so employees could cash out and pay their tax bills, the company said."

"Anthropic almost surely won't need a Series I. The company is reportedly preparing for an IPO in the coming months, alongside rival OpenAI, which is expected to file its confidential prospectus within weeks. Anthropic's run-rate revenue crossed $47 billion earlier this month, the company said, up from a reported $7 billion in calendar 2025."

"The company has said it expects to be cash-flow positive by 2028, a target it pushed back earlier this year as compute and training costs continued to climb-even as businesses gorge themselves on tokens in the race to implement AI into their strategies."

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