Anthropic just closed a $65B round at a $965B valuation, and the cap table reveals something closer to industrial policy than a venture deal - Silicon Canals

Anthropic closed a $65 billion Series H round on 28 May 2026 at a $965 billion post-money valuation. The round vaulted the company to the most valuable private AI company and brought it close to a $1 trillion private mark. The round was led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital, and is expected to be the last fundraising before an IPO. The cap table includes crossover and sovereign-adjacent institutions such as Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN, with participation from Blackstone, Brookfield, Fidelity, and Temasek. Micron, Samsung, and SK hynix joined as strategic infrastructure partners, linking equity financing to allocation of high-bandwidth memory for AI accelerators.

"Anthropic closed a $65 billion Series H round on 28 May 2026 at a $965 billion post-money valuation, the company confirmed in its own announcement, vaulting past OpenAI to become the most valuable private AI company in the world and bringing it within striking distance of a $1 trillion private mark."

"Beyond the lead investors, the round was co-led by a roster of crossover and sovereign-adjacent institutions, including Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ, and XN, with participation from the likes of Blackstone, Brookfield, Fidelity, and Temasek. More telling is the strategic layer. Micron, Samsung, and SK hynix - the three companies that together supply essentially all of the high-bandwidth memory used in AI accelerators - joined as strategic infrastructure partners rather than confining themselves to the usual commercial supply agreements."

"What distinguishes this from a typical strategic investment is the alignment of equity with physical supply. In a conventional strategic round, a chip supplier might take a small minority stake to signal partnership while negotiating supply contracts separately. Here, the memory manufacturers, hyperscale cloud providers, and the model developer are bound into the same financing at the same moment that allocations for HBM3E and HBM4 are being contested across the industry."

"The structure resembles a vertically integrated supply agreement priced as equity: capital flows in, memory and compute allocation flow out, and the upside is shared rather than renegotiated annually. Anthropic framed the memory makers' role in s"

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