From OpenAI Spinoff to Near-Trillion Anthropic Valuation
Anthropic’s rise refers to the rapid growth of the Claude AI developer from a 2021-founded startup to a near-trillion-dollar company, driven by surging enterprise adoption, aggressive model improvements, and massive cloud compute agreements that together pushed the Anthropic valuation past rival OpenAI’s in roughly half the time. The company announced a USD 65 billion (approx. RM299.0 billion) Series H funding round that more than doubled its post-money valuation to USD 965 billion (approx. RM4.44 trillion), overtaking OpenAI’s USD 852 billion (approx. RM3.92 trillion) level. This AI funding round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, with additional backing from Capital Group, Coatue, D1 Capital Partners, GIC, Iconiq Capital, and XN. Founded by former OpenAI employees, Anthropic is now worth more than its predecessor, signaling a sharp reshaping of the AI pecking order as investors bet on its Claude enterprise adoption and infrastructure-first strategy.
Claude Enterprise Adoption Turns Revenue Into a Growth Engine
Anthropic’s ascent is anchored in Claude enterprise adoption rather than consumer hype. Eight of the Fortune 10 now use Claude, and businesses spending more than USD 1 million (approx. RM4.60 million) annually on Anthropic’s products have grown from a dozen to over 1,000. Customers spending more than USD 100,000 (approx. RM460,000) a year have increased sevenfold in the past year, and Ramp data across 50,000-plus firms shows Anthropic’s share of combined OpenAI–Anthropic spend rising from roughly 10% to over 65% in a little more than a year. According to OfficeChai, Anthropic is growing revenue at roughly 10x annually, with OpenAI at about 3x. That pace has pushed the company’s annual revenue run-rate from USD 1 billion (approx. RM4.60 billion) at the start of 2025 to USD 47 billion (approx. RM216.2 billion) earlier this month, redefining the OpenAI valuation comparison.
Claude Code, Cowork, and the Product Mix Behind the Numbers
The headline numbers hide a focused product strategy. Anthropic has turned Claude from a general chatbot into a suite of work tools that appeal to large organizations. Claude Code, its agentic coding platform, has become a breakout product since launching publicly in May 2025, contributing a significant share of recent growth and crossing USD 2.5 billion (approx. RM11.5 billion) in annualized revenue by February. Claude Cowork targets knowledge workers who need AI to draft, analyze, and summarize documents at scale. Claude’s paid subscriptions, both enterprise and non-enterprise, have more than doubled this year, and SensorTower data shows Claude’s share of global AI app downloads rising to 14%, while ChatGPT’s share has fallen. Krishna Rao, Anthropic’s chief financial officer, says Claude is “increasingly indispensable” for customers and that new funding will help keep the company at the “research frontier” while meeting historic demand.
AI Funding Round Tied to Massive Compute and Chip Deals
Anthropic’s Series H is as much an infrastructure play as a capital raise. The round folds in USD 15 billion (approx. RM69.0 billion) of previously committed investments from hyperscalers and is tightly linked to new compute agreements that secure the capacity needed to train and run frontier Claude models. Anthropic says it has signed deals with Amazon for up to five gigawatts of new capacity, and with Google and Broadcom for another five gigawatts of next-generation TPU capacity, plus access to SpaceX GPU resources in Colossus 1 and Colossus 2. Memory and chip makers Micron, Samsung, and SK hynix have joined as strategic infrastructure partners. Claude is now available across AWS, Google Cloud, and Microsoft Azure, with AWS as the primary cloud provider and training partner, turning Anthropic’s capital stack and compute footprint into a durable advantage over slower-moving rivals.
What Anthropic’s Lead Over OpenAI Signals for the AI Market
Anthropic surpassing OpenAI on valuation in about half the time highlights a structural shift in how value is created in AI. Investor attention is moving from consumer chatbot reach to repeatable enterprise spend, predictable revenue, and secured infrastructure. A March report cited by SiliconRepublic found Anthropic capturing more than 73% of first-time enterprise AI customers, with OpenAI at around 26%, a split that hints at future market share. At the same time, OpenAI’s 900 million weekly active users and 50 million consumer subscribers show that the battle is far from settled. Anthropic is planning an initial public offering, has launched Claude Opus 4.8 with better coding and honesty, and is teasing its Mythos model with advanced cybersecurity capabilities. The contest between Anthropic valuation strength and OpenAI’s consumer scale will likely define the next phase of AI competition.