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Anthropic has announced it raised $13 billion in a Series F round at a post-money valuation of $183 billion. The company says the investment will expand its capacity to meet growing demand for its products as it continues to build “reliable, interpretable, and steerable” AI systems. The company is also looking to deepen its safety research and continue its efforts to expand internationally.
Anthropic launched its flagship model, Claude, in March 2023. Just six months ago, the firm was valued at $61.5 billion after a March Series E round led by Lightspeed Venture Partners. Reported run-rate revenue climbed from $1 billion in January 2025 to more than $5 billion last month, and the Series F implies a valuation at roughly 37x that figure.
These are extraordinary figures for valuation and run-rate revenue, even by big tech standards. As a comparison, Nvidia, the most valuable public company by market cap, is worth about $4 trillion on roughly $200 billion in annualized revenue, or ~20x. The comparison is not one-to-one: both figures use equity value rather than enterprise value, Anthropic’s run rate is management-reported and private, and Nvidia’s number is public. The firms also differ in profitability and cost structure, which limits direct comparison, but this gap suggests investors are willing to pay a premium for Anthropic’s potential growth relative to a mature, profitable peer like Nvidia.
All aboard the AI money-go-round. (Source: Shutterstock)
In a statement, CFO Krishna Rao said demand for Anthropic’s products is rising across organizations of all sizes: “We are seeing exponential growth in demand across our entire customer base. This financing demonstrates investors’ extraordinary confidence in our financial performance and the strength of their collaboration with us to continue fueling our unprecedented growth.”
Beyond the financing, Anthropic has moved on policy, product, and public sector work in recent weeks. Last week, the company updated its consumer terms and privacy policy to add an option that lets users allow or decline use of their chats to improve Claude and strengthen its abuse safeguards. The change applies to consumer plans (Claude Free, Pro, and Max) and does not cover services under commercial terms. Users can adjust the setting at any time, the company said, asserting that participation will help reduce false positives in safety filters and improve the model’s skills in coding, analysis, and reasoning.
Separately, Anthropic is deepening its engagement with government and national security. The firm has created a National Security and Public Sector Advisory Council to increase ties with Washington as AI takes a larger role in defense and strategy. The council includes former senator Roy Blunt, former CIA deputy director David S. Cohen, and Richard Fontaine of the Center for a New American Security, along with ex-officials from defense, intelligence, energy, and justice. It will advise on integrating AI into sensitive government operations and help shape standards for security, ethics, and compliance, with focus areas in cybersecurity, intelligence analysis, and scientific research. Anthropic plans to expand the group as partnerships grow, and the move follows a $200 million Pentagon agreement to develop AI tools, highlighting the company’s widening public-sector role as Washington seeks to preserve an edge over China and Russia.
Product cadence also remains fast-moving. In August, Anthropic released Claude Opus 4.1, an upgrade to Opus 4 aimed at agentic tasks, real-world coding, and reasoning. It is available to paid users in Claude Code, via the API, and through Amazon Bedrock and Google Cloud’s Vertex AI. Later in the month, the company expanded Claude Sonnet 4 to a 1 million-token context window on its API that can handle entire codebases or thousands of pages in a single request, reducing the need to split large problems into smaller chunks for analysis.
This week’s Series F round was led by Iconiq and includes Fidelity, Lightspeed, Qatar Investment Authority, Blackstone, Coatue, and others. Divesh Makan, partner at Iconiq, said: “Anthropic is on an exceptional trajectory, combining research excellence, technological leadership, and relentless focus on customers. We’re honored to partner with Dario and the team, and our lead investment in their Series F reflects our belief in their values and their ability to shape the future of responsible AI.”