Anthropic closed a $30 billion Series G in February at a $380 billion valuation — up from $183 billion in September 2025 — as the company's annualized revenue crossed $14 billion.
The velocity problem for skeptics
The numbers that matter are the deltas. Anthropic ended 2025 at roughly $9 billion in run-rate revenue; by February it was $14 billion and climbing at a pace that would make the Series G valuation look conservative within a quarter. Skeptics of AI-lab valuations have spent two years arguing the revenue was pilot-driven and would churn. Anthropic's enterprise-heavy mix — API contracts, Claude Code seats, and regulated-industry deployments — is the counter-evidence investors keep citing.
Where the money goes
Anthropic's stated priorities for the round were familiar: compute, compute, and compute, alongside international expansion and safety research. The company shipped a major Claude release roughly every two weeks through early 2026, a cadence that is itself a capital expenditure story — training and serving frontier models at that tempo is what $30 billion buys.
The context
February's round made Anthropic, briefly, the most highly valued private AI company besides OpenAI. That footnote would not survive the spring — but the Series G established the trajectory that made May's far larger round possible.