Summary. In five years Anthropic went from a $124 million Series A for a safety research lab with no product to a $65 billion Series H at a $965 billion post-money valuation. The path ran on two engines at once: classic venture rounds, and strategic investments from the cloud and chip companies that sell it compute. With a public S-1 reportedly imminent, this is the moment to study how the cap table was built, using only what Anthropic and its investors have published themselves.
Why Anthropic: every priced round from Series A onward has a company announcement naming amount and lead, and the last three disclose post-money valuations, so the late-stage math can be checked rather than guessed. Runner-ups for future teardowns: Harvey (legal AI) and Glean (enterprise search).
Sourcing rule for this piece: every number below comes from an Anthropic, Amazon or lead-investor announcement. Anthropic did not disclose valuations for its Series A, B or C, so we do not state them, and we do not say when it first crossed $1B.
The timeline
Date | Round | Amount | Post-money (disclosed) | Lead(s) | Other notable investors | Source |
|---|---|---|---|---|---|---|
May 28, 2021 | Series A | $124M | Not disclosed | Jaan Tallinn | James McClave, Dustin Moskovitz, Center for Emerging Risk Research, Eric Schmidt | |
Apr 29, 2022 | Series B | $580M | Not disclosed | Sam Bankman-Fried (FTX) | Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, CERR | |
May 23, 2023 | Series C | $450M | Not disclosed | Spark Capital | Google, Salesforce Ventures, Sound Ventures, Zoom Ventures | |
Sep 25, 2023 | Strategic | Up to $4B | Not disclosed | Amazon (minority stake) | — | |
Nov 22, 2024 | Strategic | $4B (Amazon total: $8B) | Not disclosed | Amazon | — | |
Mar 3, 2025 | Series E | $3.5B | $61.5B | Lightspeed Venture Partners | Bessemer, Cisco Investments, D1, Fidelity, General Catalyst, Jane Street, Menlo, Salesforce Ventures | |
Sep 2, 2025 | Series F | $13B | $183B | ICONIQ; co-leads Fidelity, Lightspeed | Altimeter, Baillie Gifford, BlackRock funds, Blackstone, Coatue, GIC, Goldman Sachs Alternatives, QIA, TPG, T. Rowe Price | |
Nov 18, 2025 | Strategic commitment | Up to $10B (NVIDIA) + up to $5B (Microsoft) | Not disclosed | NVIDIA, Microsoft | — | |
Feb 12, 2026 | Series G | $30B | $380B | GIC, Coatue; co-leads D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, MGX | Accel, Altimeter, Sequoia, Temasek, Menlo, Lightspeed, part of the Microsoft and NVIDIA commitments | |
Apr 20, 2026 | Strategic | $5B now, up to $20B more tied to commercial milestones | Not disclosed | Amazon | — | |
May 28, 2026 | Series H | $65B (incl. $15B previously committed hyperscaler money, incl. Amazon's $5B) | $965B | Altimeter, Dragoneer, Greenoaks, Sequoia; co-leads Capital Group, Coatue, D1, GIC, ICONIQ, XN | Baillie Gifford, Blackstone, Brookfield, DST Global, Fidelity, Temasek; Micron, Samsung, SK hynix as strategic partners |
The Series D does not appear because Anthropic has published no announcement of one.
Not investment advice. The AI Cap Table is published for information only and is not investment, legal, or tax advice. Nothing in this newsletter is an offer or solicitation to buy or sell any security. Funding data comes from public sources we cite and verify, but errors are possible; do your own due diligence and consult a qualified adviser before making any investment decision.
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