Anthropic, the company behind the Claude AI model, closed a $65 billion Series H funding round on May 28, bringing its post-money valuation to $965 billion. That makes it the most valuable private company in the AI space, surpassing OpenAI and putting it within spitting distance of the trillion-dollar club.

The company simultaneously reported that its annualized revenue run rate surpassed $47 billion, a figure that jumped substantially from roughly $30 billion in earlier estimates.

Inside the round

The Series H was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia. The capital is earmarked for expanding cloud and compute partnerships, as well as scaling Claude for enterprise customers.

Anthropic also announced plans to secure multi-gigawatt TPU deals for compute capacity with Google and Broadcom, with delivery slated for 2027.

The unauthorized token problem

Where things get interesting for crypto audiences is the emergence of unauthorized tokenized equity products tied to Anthropic. Most notably, a token called ANTHROPIC appeared on the PreStocks platform, and secondary-market trading on venues including Hyperliquid has pushed implied valuations to roughly $1 trillion.

Anthropic has explicitly disavowed these products. The company voided unauthorized tokenized share transfers and issued warnings about exposure to these instruments.

What this means for crypto investors

Anthropic’s planned multi-gigawatt TPU deals with Google and Broadcom represent a massive new source of demand for both energy and semiconductor capacity, two resources that Bitcoin miners depend on. Some mining companies have already pivoted toward AI hosting precisely because AI workloads pay more per megawatt than Bitcoin mining.

The tension between legitimate RWA tokenization efforts and unauthorized equity products like the ANTHROPIC token is worth watching closely. If regulators crack down on the latter, the enforcement actions could set precedents that affect the former.