in a blog post on thursdayAnthropic wrote that it “has raised $65 billion in Series H financing led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, valuing the company at $965 billion post-money.” The most recent blog post along similar lines from OpenAI places its valuation at 852,000 million dollars.
That means the top of the rankings has changed. Among AI-first tech companies, Claude’s Anthropic is now technically more valuable than ChatGPT’s OpenAI.
However, there are some mitigating factors to consider about these assessments. First of all, as critics like Ed Zitron point eagerly and constantly (as well as more serious and mainstream critics like HSBC), AI as a core business is, so to speak, unproven as a strategy for long-term profitability. Anthropic claims to have made operating profits for one quarter, as the Wall Street Journal reportedbut that story also notes that “it is unclear what accounting methods Anthropic has used to account for revenue and costs” and that “the company may not remain profitable throughout the year as it plans to increase spending due to its massive IT needs.”
Therefore, it would be a stretch to say that Anthropic is a profitable company. The aforementioned “vast computing needs” are no secret. has committed hundreds of billions of dollars to companies like Amazon, Google and Broadcom over the next decade, and has made a short-term commitment to 1.5 billion dollars a month to SpaceX.
Investors are certainly aware of all that spending, but they’re also aware of Anthropic’s revenue. exploded at the beginning of calendar year 2026 due to the influx of business clients. Vibe coding is apparently the norm now, creating a narrative in which companies supposedly I no longer need young programmers do minor jobs thanks to Claude Code, along with competing products like OpenAI’s Codex. Announcements of small changes to Anthropic’s Claude Code product have begun to have enormous impacts on the stock market, particularly in the Software as a Service (SaaS) Company Reviews.
Instead of leading lately, OpenAI is seen as playing catch-up.
Another thing to note about Anthropic being the new valuation champion, however, is that OpenAI’s most recent valuation was calculated based on a funding round two months prior to Anthropic’s. This is a bit like when a sports team overtakes a rival in the league standings after having played one game more than the other. There is still more ball to come.
Since OpenAI and Anthropic are, for now, private companies, price discovery is scattered and a bit incomplete, especially since the companies do not yet have to publicly report their profits and expenses. For what it’s worth, Anthropic’s valuation of Forge Global, a secondary market for private stocks It surpassed OpenAI last month, with Anthropic’s estimated value at around $1 trillion and OpenAI’s at $880 billion.
Want an even more incomplete estimate? Polymarket places the Chances are Anthropic has a higher valuation than OpenAI at the end of June at 89% at the time of writing this article.
Some degree of clarity is probably on the way. on May 20 New York Times article Citing “two people with knowledge of the matter,” OpenAI was expected to file for an initial public offering “in the coming weeks.” In fact, there may be filed confidentially on May 22. Meanwhile, Forbes says Anthropic’s IPO could happen “as soon as October.”
So maybe in the fall there will be a clearer winner in this contest. By then, the stock price of OpenAI and Anthropic will be publicly available in real time. If people question that one publicly traded AI company is “worth more” than the other, they can, and probably will, launch an app like Robinhood and vote with your life savings. And then, well, God help them.
