Anthropic's $965B Valuation: More Than OpenAI?

Anthropic has raised $65 billion in Series H funding, valuing the company at $965 billion. This makes Anthropic, known for Claude, technically more valuable than OpenAI, the creator of ChatGPT. OpenAI's most recent valuation was $852 billion. What's interesting is that these valuations come with some caveats. Critics point out that AI as a core business is unproven for long-term profitability. Anthropic claims to have turned an operating profit for one quarter, but there are questions about its accounting methods and future profitability given its vast computing needs. The company has committed hundreds of billions of dollars to various companies over the next decade and $1.5 billion per month to SpaceX. However, Anthropic's revenue reportedly surged around the start of 2026 due to new enterprise clients. Announcements about its Claude Code product have also significantly impacted the stock market. The bottom line is that while Anthropic currently holds the valuation lead, the landscape for these private AI companies is rapidly evolving.