Anthropic has overtaken OpenAI in valuation, marking a major shift in the race between the world’s leading AI labs.

The Claude maker raised $65 billion in a Series H funding round on May 28, valuing the company at $965 billion post money. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.

The new valuation puts Anthropic ahead of OpenAI, which was valued at $852 billion during its March funding round. The gap between the two companies is about $113 billion, larger than the market value of many major public companies.

The raise shows how aggressively investors are still funding frontier AI companies despite the massive capital needs of model training, inference, and data center infrastructure. Anthropic has positioned itself as one of the main challengers to OpenAI, with Claude becoming a core product for enterprises, developers, and coding workflows.

Anthropic also has another piece of infrastructure behind its narrative: the Anthropic Economic Index. Launched in February 2025, the index uses anonymized Claude conversations to study how AI is being used across occupations and the broader economy.

The index is not a ranking system for AI labs. It tracks adoption patterns, task categories, and how people use Claude in real work settings. Its purpose is to give researchers and policymakers a clearer view of how AI is spreading through the economy.

That data matters because Anthropic’s valuation depends on more than model benchmarks. Investors are underwriting the idea that Claude is becoming embedded in enterprise workflows, software development, research, writing, and business operations.