$965bn
Latest valuation
Series H, 29 May 26
$65bn+
Run-rate revenue
reported 17 Aug 26
14.8x
EV / run-rate
Series H val. vs latest run-rate
94%
IPOs before OpenAI
Polymarket, live
62%
IPO lands Oct 2026
Polymarket, live
109
Days since last round
Series H, confirmed
Morning brief
written by Claude from the panels below
- Compute picture moved: a second 2027 TPU order is now reported, taking disclosed forward commitments past $100bn. Read-across is to Broadcom and Google Cloud, not to the near-term burn. Reuters, Bloomberg
- Series H ($65bn at $965bn post-money, 29 May) is now the reference valuation; secondary market chatter implies $1.05–1.2tn, a 9–24% premium to the primary mark. Anthropic, press reports
- Ramp AI Index shows Anthropic gaining share of paying US businesses for the fourth month; OpenAI's share is flat. Ramp
- Polymarket implies 94% odds Anthropic IPOs before OpenAI and 62% it lands in October; Kalshi is roughly in line at ~93%. Polymarket, Kalshi
- Run-rate revenue has nearly doubled since the Series H close: $47bn in May to $65bn+ by 17 Aug, per TechCrunch and Axios. TechCrunch, Axios
Financials & valuationLive
private company, reported figures — sourced 15 Sep 26
| Round | Date | Raised | Post-money |
|---|---|---|---|
| Series HCURRENT | 29 May 26 | $65bn | $965bn |
| Series G | 12 Feb 26 | $30bn | $380bn |
| Series F | 2 Sep 25 | $13bn | $183bn |
| Series E | Mar 25 | — | $61.5bn |
Newest round first. Older rounds are historical context, not current figures — see "Latest valuation" above for today's number.
17 Aug 26
$100–120bn2026 exit run-rate, investor guidancenot company-confirmed
via Axios
$1.05–1.2tnSecondary market implied valuationmedium confidence
Sep 26, press reports
1 Jun 26Confidential S-1 filedhigh confidence
no public EDGAR filing yet
NasdaqListing venueBloomberghigh confidence
13 Sep 26
Prediction marketsLive
Polymarket · loading…
Loading live odds…
Compute commitmentsSample
as disclosed, overlaps unresolved
| Counterparty | What | Size | Delivery |
|---|---|---|---|
| Google Cloud | TPUs, up to 1m chips, over 1 GW | tens of $bn | 2026 |
| Microsoft Azure | Compute on Nvidia GB and VR systems | $30bn | multi-year |
| Fluidstack | US data centres, Texas and New York | $50bn | 2026 onward |
| Amazon | Trainium2, Project Rainier | ~1m chips | live |
| Broadcom | TPU orders, reported | ~$21bn | 2027 |
Spend signalsSample
public spend and adoption data
18.4%Ramp AI Index share of US businesses paying for AI, vs OpenAI 41.2% / Google 9.8%
Aug 26
27%Ramp, Anthropic share of new AI subscriptions
Aug 26
32%, #1Menlo Ventures enterprise LLM spend share
31%OpenRouter token share, 7 days
VoicesSample
awaiting Grok feed — see data-feeds/voices-anthropic.json
Brad GerstnerConstructiveThu, 41:12BG2Segment on frontier-lab economics and whether compute deals are pre-revenue leverage or moat
Gavin BakerNeutralTue, 18:40Invest Like the BestModel commoditisation vs enterprise distribution, Anthropic named as the coding-share case
David SacksScepticalSat, 1:02:30All-InPolicy segment on frontier-lab regulation and the labs' Washington posture
NewsSample
tier-1 only, last 72 hours
Anthropic in talks on further TPU capacity for 2027, people familiar say
Bloomberg · 2h
Claude enterprise seats pass a new milestone, per sources
The Information · 6h
Anthropic publishes model safety report for latest release
Anthropic newsroom · 9h
Investors weigh Series H terms as secondary asks rise
Reuters · 1d
Policy & regulationSample
filtered to frontier labs
Commission opens consultation on updating the GPAI code of practice
EU · closes 30 Sep
Senate committee schedules frontier-model oversight hearing
US · 23 Sep
AISI publishes pre-deployment evaluation summary
UK · 2d
BenchmarksSample
Anthropic vs best rival, headline metrics
| Metric | Anthropic | Best rival |
|---|---|---|
| LMArena, text | #1 | Google #2 |
| SWE-bench verified | 84% | OpenAI 81% |
| Artificial Analysis index | 72 | OpenAI 74 |
| Terminal-bench | 61% | OpenAI 58% |
Internal researchSample
requires SharePoint connection — not yet available
This section will pull SharePoint research notes, Third Bridge calls, and bank research once a SharePoint connector is set up.
Alanda ViewSample
requires SharePoint connection — not yet available
This section will pull our own mark, forecast, and position from SharePoint investment decks once connected. Treat as sensitive once populated.