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Anthropic overtakes OpenAI at $965B and files for IPO 🤑 💼
TL;DR
Anthropic raised $65 billion in a Series H round at a $965 billion post-money valuation, pushing it ahead of OpenAI's $852 billion. Days later, the Claude maker confidentially filed for an IPO, signaling one of the most-watched public debuts in tech history.
Key Takeaways
The Series H round, announced alongside the release of Claude Opus 4.8, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia, with participation from Amazon, Google, Broadcom, SpaceX and memory giants Micron, Samsung and SK hynix. Hyperscalers committed $15 billion of previously pledged capital.
Anthropic's run-rate crossed $47 billion earlier in May, nearly double OpenAI's reported $25 billion. Revenue momentum explains why investors lined up.
The company confidentially filed its S-1 on Monday, giving it the option to go public after SEC review. Timing, share count and pricing remain undetermined.
Funds will go toward three priorities: safety and interpretability research, expanding compute capacity, and scaling products like Claude Code and Cowork.
A confidential filing typically precedes a public debut by six to nine months, placing Anthropic alongside OpenAI and SpaceX in a heavyweight IPO wave.
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Why It Matters
The repricing at the top of the AI market is happening fast. Anthropic crossing $965 billion on the back of Claude Code's enterprise dominance shows that coding workflows have become the clearest monetization path in AI right now. For builders, this validates a thesis many already act on: the developer and agentic layer is where revenue concentrates first.
The IPO filing matters beyond bragging rights. Public markets will finally force AI's unit economics into the open, and the scrutiny that follows could reset valuations across the entire sector. If Anthropic, OpenAI, and SpaceX all debut within the same window, 2026 becomes the year retail investors get direct exposure to the AI boom, and the year the business models behind the hype get tested in daylight.
What People Say on the Web
OpenAI CEO Sam Altman downplayed the rivalry, telling CNBC that "going public is a financing event, and I don't think that's one that we're focused on the timing of." He added he's confident the AI landscape won't end up winner-takes-all.
📰 In the News
Headlines & Launches 📣
OpenAI notified beta advertisers that conversion-optimized campaigns roll out June 5, with a hard cutoff: any account without a conversion event flowing through the JavaScript Pixel or Conversions API by June 1 loses early access. The company also quietly activated cost-per-action ads, letting brands pay only when users click through, sign up, or purchase. The measurement architecture, captured via a privacy-preserving oppref identifier, closely mirrors Meta's Conversions API. For marketers, ChatGPT just became a real performance channel.
Saris closed a $28.8 million Series A for its agentic workflow platform built for banks and credit unions. The funds will scale deployments and strengthen integrations with partners like Fiserv, Encompass, and MeridianLink. CEO Danial Jameel framed the vision as humans and AI working side by side, giving staff leverage rather than replacing them. Vertical agentic AI for regulated industries continues to attract serious capital.
Paris-based Olyzon raised $10 million in Series A, bringing in Sir Martin Sorrell's S4S Ventures alongside Cassius Capital, Ventech and Eurazeo. Its AI agents help brands like McDonald's and DoorDash define audiences and generate media plans that map to shows via demand-side platforms like Amazon and The Trade Desk. The pitch deck states the ambition plainly: become the operating system that decides where global TV budgets get deployed. The round follows a $5 million seed last year.
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Hot New Tools 🧰
Mistral's 22nd launch is Vibe, an agent built for long-running, multi-step tasks across Work and Code modes. It ships with a dedicated Vibe VS Code extension, putting Mistral directly into the agentic coding race dominated by Claude Code. A solid open-ecosystem alternative for builders who want flexibility beyond the big two.
Tokenwise is an OpenAI-compatible proxy that learns from your real requests and shows exactly where you're overpaying. It validates quality on your own traffic, not public benchmarks, then lets you apply fixes in one click while verifying savings in real dollars. For solopreneurs watching API costs climb, this is a practical drop-in.
Stepfun's Apache 2.0 open-weight Flash model combines vision, coding, search and tool use with a 256K context window and roughly 11B active params, hitting up to 400 tokens per second. It's free and aimed at real-world agents. Worth a look for anyone building fast, self-hosted agentic workflows.
Miscellaneous 🎁
NVIDIA is officially becoming a consumer PC chipmaker this fall with the RTX Spark, an Arm-based chip with 20 CPU cores, 6,144 GPU cores, and 128GB of memory. Microsoft, Asus, HP, MSI, Lenovo, and Dell already have RTX Spark laptops lined up, including a Surface Laptop Ultra. The bigger story for builders is local AI compute: running models on-device instead of paying for costly cloud inference.
Microsoft heads to Build with new AI models in Windows, a fresh reasoning model from Microsoft AI, and a distraction-free Windows 11 developer experience with pre-installed tools and scripts. Expect a heavy focus on local models running on Windows via Nvidia's RTX Spark silicon. With developer trust in Windows and GitHub low, this is Microsoft's reconnection play.
Google's "24/7" AI agent Gemini Spark can handle multi-step tasks in the background, and The Verge found it shockingly capable in hands-on testing. Google emphasizes that it's "always under your direction" and checks before taking major actions. The open question is whether the financial cost and privacy tradeoffs justify the convenience for everyday users.
Thanks for reading,
— Cagri Sarigoz
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