Anthropic Valuation Statistics 2026: Round-by-Round History, Revenue Multiples and IPO Pricing Talk

Last updated: November 2026

Anthropic’s last private valuation was $965 billion post-money, set by its $65 billion Series H on May 28, 2026, according to the company release published by GIC. IPO talk has since moved down: potential investors discussed $1.1 trillion to $1.3 trillion on November 6, 2026, versus $1.5 trillion to $2 trillion earlier that month, Investing.com reported citing Bloomberg. Below is how Anthropic’s valuation got here and what its S-1 numbers support.

Full round-by-round dataset: every Anthropic funding round, tender, reported talk and IPO filing, each with its source, plus a free CSV download.

Key Takeaways

• Anthropic was valued at $965 billion post-money after its Series H on May 28, 2026 (Anthropic release via GIC).
• Anthropic’s valuation rose from $61.5 billion in March 2025 to $965 billion in May 2026, about 15.7 times higher (TechCrunch; GIC; our calculation).
• Potential IPO investors discussed $1.1 trillion to $1.3 trillion for Anthropic on November 6, 2026 (Investing.com citing Bloomberg).
• Anthropic’s Series H valued the company at about 20.5 times its $47 billion May 2026 run-rate revenue (our calculation).
• Anthropic’s revenue reached $33,242 million in the first nine months of 2026, up from $2,545 million a year earlier (S-1/A).
• Anthropic’s rising valuation produced a $94,324 million non-cash charge in the first nine months of 2026 (S-1/A).

What is Anthropic’s valuation right now?

Anthropic’s most recent priced valuation is $965 billion post-money, set by its $65 billion Series H on May 28, 2026, according to the Anthropic release published by GIC. Anthropic’s S-1/A, filed November 2, 2026, leaves the IPO price range blank.

Public-market talk sits higher but is falling. Potential investors discussed $1.1 trillion to $1.3 trillion for Anthropic on November 6, 2026, down from $1.5 trillion to $2 trillion earlier in November, Investing.com reported citing Bloomberg. Investing.com also reported that market expectations for Anthropic had dropped by about 15% to 40%, depending on the benchmark, after an AI stock selloff.

Quote the IPO numbers as discussed ranges, not valuations. Only the $965 billion Series H figure comes from a closed transaction.

How has Anthropic’s valuation changed since 2025?

Anthropic’s valuation rose from $61.5 billion in March 2025 to $965 billion in May 2026 across four priced rounds, according to TechCrunch, PYMNTS and the Series H release.

Anthropic’s Series E set a $61.5 billion valuation in March 2025, TechCrunch reported. Anthropic’s Series F set $183 billion in September 2025, and the Series G set $380 billion post-money in February 2026, per PYMNTS. The Series H set $965 billion post-money in May 2026.

Talks and closings often differ. TechCrunch reported in July 2025 that Anthropic was nearing a deal at a $170 billion valuation; the Series F closed at $183 billion. When you compare Anthropic with other recently funded AI startups, check whether each figure is a reported talk or a closed round.

How much did each funding round raise Anthropic’s valuation?

Each Anthropic funding round since March 2025 at least doubled the prior valuation, by our calculation from the reported figures: 2.98 times at Series F, 2.08 times at Series G and 2.54 times at Series H.

Measured end to end, Anthropic’s valuation rose about 15.7 times between the March 2025 Series E and the May 2026 Series H, by our calculation. Over a similar span, Anthropic’s nine-month revenue rose from $2,545 million in 2025 to $33,242 million in 2026, about 13.1 times, per the S-1/A and our calculation. Valuation grew slightly faster than sales.

The time between Anthropic’s rounds also shrank, from about six months between Series E and F to about three and a half months between Series G and H. Investors paid more, sooner, each time.

For founders, the lesson is about leverage. Anthropic could raise larger rounds at higher prices because revenue was compounding underneath each one; the next section shows by how much.

What revenue supports Anthropic’s valuation?

Anthropic reported revenue of $33,242 million for the nine months to September 30, 2026, up from $2,545 million in the same period of 2025, according to the S-1/A. Anthropic’s third-quarter 2026 revenue was $17.0 billion, per the same filing.

Run-rate revenue is Anthropic’s annualized snapshot: usage fees from the trailing 28 days multiplied by 13, plus monthly subscription fees multiplied by 12, per the S-1/A definition. Anthropic said its run-rate revenue crossed $47 billion in May 2026, in the Series H release. The S-1/A leaves Anthropic’s latest run-rate figure blank.

By our calculation, the $965 billion Series H valued Anthropic at about 20.5 times its $47 billion run-rate revenue. Anthropic’s trailing twelve-month revenue to September 30, 2026 was $35,282 million (2025 revenue, minus the first nine months of 2025, plus the first nine months of 2026). Against that, the $1.1 trillion to $1.3 trillion IPO talk equals about 31.2 to 36.8 times sales. Writers comparing Anthropic with listed B2B SaaS companies should use the same revenue basis for both, or the multiples will not line up.

Why does Anthropic report huge losses as its valuation rises?

Anthropic’s net loss of $104,039 million for the nine months to September 30, 2026 included a $94,324 million charge for changes in the fair value of convertible notes, derivative liabilities and SAFEs, according to the S-1/A. The filing says these changes were driven mainly by increases in Anthropic’s enterprise valuation.

A SAFE, or simple agreement for future equity, and a convertible note both turn into shares later. When Anthropic’s value rises, what it owes those holders rises too, and the increase is booked as a loss even though no cash leaves the company. Anthropic’s operating loss for the same nine months was only $1,260 million, and its adjusted operating income was $4,081 million.

The pattern repeats every year in the S-1/A. Anthropic’s fair-value charge was $1,045 million in 2023, $5,434 million in 2024 and $34,308 million in 2025. A higher valuation produced a bigger paper loss each time.

What could change Anthropic’s valuation at IPO?

Anthropic’s largest valuation risk is its spending commitments: about $895.4 billion of purchase and lease agreements, substantially all for compute and infrastructure, with $69.8 billion due in the 12 months after September 30, 2026, according to the S-1/A.

Anthropic’s commitments come close to its $965 billion Series H valuation. Against them, Anthropic held $131,845 million of cash, cash equivalents and short-term investments at September 30, 2026, per the S-1/A.

Growth is the counterweight. Anthropic’s third-quarter 2026 revenue rose 1,127% year over year while compute and infrastructure expenses rose 382%, per the S-1/A. Anthropic’s net revenue retention was about 900% at September 30, 2026; net revenue retention divides existing customers’ revenue in the latest three months by their revenue in the same three months a year earlier.

UK investors can take part directly, because Anthropic’s offering includes a UK public offering, according to the S-1/A. The filing lists no local offering in India.

FAQ

How much is Anthropic worth?

Anthropic was valued at $965 billion post-money after its $65 billion Series H on May 28, 2026, according to the Anthropic release published by GIC. Potential IPO investors discussed $1.1 trillion to $1.3 trillion on November 6, 2026, Investing.com reported citing Bloomberg.

What will Anthropic’s IPO valuation be?

Anthropic’s IPO valuation is not set, and the S-1/A filed November 2, 2026 leaves the price range blank. Reported investor talk fell from $1.5 trillion to $2 trillion earlier in November 2026 to $1.1 trillion to $1.3 trillion on November 6, 2026, per Investing.com citing Bloomberg.

How much was Anthropic valued in 2025?

Anthropic was valued at $61.5 billion after its Series E in March 2025, TechCrunch reported. Anthropic’s Series F in September 2025 set a $183 billion valuation, according to PYMNTS.

Is Anthropic worth more than OpenAI?

PYMNTS reported that a valuation above $900 billion would push Anthropic past OpenAI as the most valuable AI startup. Anthropic’s $965 billion Series H in May 2026 cleared that level, according to PYMNTS.

Can I buy Anthropic stock?

Not yet: Anthropic has applied to list Class A shares on the Nasdaq Global Select Market under the ticker ANT, according to its S-1/A filed November 2, 2026. The offering includes public offerings in the UK, Australia, Canada, Japan, Switzerland and certain EEA states.

Sources

1. U.S. SEC: Anthropic, PBC, Form S-1/A (Amendment No. 1), filed November 2, 2026
2. Anthropic release published by GIC: Anthropic raises $65B in Series H funding at $965B post-money valuation, May 28, 2026
3. PYMNTS: Anthropic becomes world’s most valuable AI startup at $965 billion, May 28, 2026
4. TechCrunch: Anthropic reportedly nears $170B valuation with potential $5B round, July 29, 2025
5. Investing.com: Anthropic IPO targets November debut as valuation expectations fall, November 9, 2026