Data as of 2 November 2026 ยท from the S-1 and Anthropic’s own statements
In short
Anthropic’s last private round, a $65 billion Series H in May 2026, valued it at $965 billion post-money, according to Anthropic. That is about 15.7 times the $61.5 billion of the Series E in March 2025 (our arithmetic). The S-1 shows the price per preferred share rising from $11.2261 in the 2023 Series C to $589.0095 in the 2026 Series H-1, about 52 times (our arithmetic).
Rounds A to C and E to H are the amounts in Anthropic’s own announcements. We did not find an Anthropic announcement of the Series D; its size comes from the S-1, which records $1.2 billion of Series D-1 and D-3 preferred stock sold from January to May 2024. The announced rounds plus the S-1 Series D add up to about $113.9 billion (our arithmetic).
Anthropic funding announcements (Series A, B, C, E, F, G, H); Anthropic Form S-1 (SEC EDGAR, filed 26 Oct 2026) (Series D). Our arithmetic: total $113.9B; (30 + 65) / 113.9 = 83%.
Valuation at each priced round
Anthropic’s announcements state a post-money valuation from the Series E onwards. Each was a lower multiple of the run-rate revenue Anthropic stated at the time: about 37 times at the Series F ($183 billion over “over $5 billion”), about 27 times at the Series G ($380 billion over $14 billion) and about 21 times at the Series H ($965 billion over “over $47 billion”), all our arithmetic.
Anthropic announcements: Series F (2 Sep 2025), Series G (12 Feb 2026), Series H (28 May 2026). Multiples are our arithmetic: 183/5, 380/14, 965/47.Anthropic Form S-1 (SEC EDGAR, filed 26 Oct 2026), Certain Relationships and Related Person Transactions. Our arithmetic: 589.0095 / 11.2261 = 52.5x.
How we source this page. Anthropic is private until its IPO, so the primary sources are its Form S-1 (filed with the SEC on 26 October 2026) and its own announcements on anthropic.com. Figures that only the press has reported are labelled “reported by” with the outlet named. Ratios, sums and multiples are our arithmetic from those figures and are labelled as such. Every quote below was checked against its source on 2 November 2026.
The strategic money: Amazon and Google
Alongside the equity rounds, Anthropic took money from the two clouds it buys compute from. Amazon agreed to invest up to $4 billion in September 2023 and a further $4 billion in November 2024, and in April 2026 invested $5 billion with up to $20 billion more to come, according to Anthropic. Google agreed to buy up to $2.0 billion of convertible notes in September 2023 and about $1.3 billion more in August 2024, according to the S-1.
The announced rounds match the S-1 once the non-voting shares are counted. The related-person section lists only Series G-1 ($23.45 billion) and H-1 ($45.73 billion), but the financial-statement notes add the non-voting G-2 and H-2 shares: Series G-1 and G-2 sold in January and February 2026 at $259.1364 a share for $30.2 billion gross, a further $15.0 billion of Series G-2 in the second quarter, and Series H-1 and H-2 at $589.0095 a share for $65.2 billion gross in the second quarter of 2026.
Valuations before the Series E. Anthropic’s own Series A, B and C announcements do not state a valuation, and we found no Series D announcement. Press estimates exist; we leave them out.
The IPO valuation is not set. CNBC reported in October 2026 that Anthropic was heading for what could be a $2 trillion listing; that is reported, not filed, and the S-1 price range is blank.
Who bought the rest of the Series G and H. The S-1 lists purchases by related persons only; it does not name every buyer in the passages we read.
Frequently asked questions
What is Anthropic's valuation?
$965 billion post-money at its $65 billion Series H on 28 May 2026, according to Anthropic. Its IPO price had not been set when the S-1 was filed.
How much money has Anthropic raised?
About $113.9 billion across the Series A to H equity rounds, by our arithmetic from Anthropic’s announcements and the S-1 Series D, plus strategic investments from Amazon and Google.
Who has invested in Anthropic?
Round leads named by Anthropic include Lightspeed (Series E), ICONIQ (Series F), GIC and Coatue (Series G), and Altimeter, Dragoneer, Greenoaks and Sequoia (Series H); Amazon and Google are strategic investors.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
