Valuation
The Anthropic valuation journey, round by round
From an $850M Series A in 2021 to a reported $350B post-money in late 2025 — a roughly 400x mark-up in under five years. Private valuations are negotiated round terms, not market clearing prices.
Latest reported valuation
≈ $350B
Post-money, Nov 2025 strategic round
Total capital raised
≈ $36B+
All disclosed rounds combined
Run-rate revenue (reported)
≈ $7B
Press-reported annualised, late 2025
Legal structure
Public Benefit Corp
Delaware PBC, Long-Term Benefit Trust
Founded
2021
By former OpenAI research leadership
IPO status
No S-1 filed
No public registration statement on EDGAR
Valuation curve
Round detail
| Date | Round | Valuation | Raised | Lead investors | Source |
|---|---|---|---|---|---|
| 2021-05 | Series A | $0.85B | $0.124B | Jaan Tallinn, Dustin Moskovitz, Eric Schmidt | Company announcement |
| 2022-04 | Series B | $4B | $0.58B | Sam Bankman-Fried / Alameda, Caroline Ellison | Company announcement |
| 2023-05 | Series C | $5B | $0.45B | Spark Capital, Google, Salesforce Ventures | Company announcement |
| 2023-09 | Amazon strategic investment (initial) | $18.4B | $1.25B | Amazon | Amazon press release |
| 2024-03 | Amazon investment completed | $18.4B | $2.75B | Amazon (USD 4B total) | Amazon press release |
| 2025-03 | Series E | $61.5B | $3.5B | Lightspeed Venture Partners | Company announcement |
| 2025-09 | Series F | $183B | $13B | ICONIQ, Fidelity, Lightspeed | Company announcement |
| 2025-11 | Microsoft & NVIDIA strategic commitments | $350B | $15B | Microsoft (up to USD 5B), NVIDIA (up to USD 10B) | Reported by major financial press |
How to read this: a private valuation is set by whatever the marginal investor agreed to pay for preferred shares with liquidation preferences and protective provisions. Common stock — what IPO buyers get — is normally worth materially less per share. Treat the headline number as a ceiling, not a price.