Anthropic valuation history: every round since 2025, from $61.5B to $965B

Every round since March 2025

Post-money means the valuation including the new money. Each round was two to three times the one before. Round prices are for preferred stock, which converts to common stock at an IPO, so a round price and a market share price aren't the same thing.^[5]

What Anthropic says about its revenue

Run-rate revenue annualizes a recent period; it isn't the revenue a company booked over a year. CNBC reported in August that Anthropic told investors its run-rate had reached $65 billion in July; Anthropic hasn't published that figure itself.^[7] A draft prospectus Reuters saw put 2025 revenue at nearly $4.6 billion.^[8]

The numbers beyond the last round

• IPO reports: the Wall Street Journal reported investors expected about $2 trillion, and Reuters said the IPO could value Anthropic above $2 trillion.^[9][8]
• The PreStocks token: about $1.74 trillion implied on 28 Sep 2026, scaling the last round by the token price.^[10]
• Pre-IPO perpetual futures: near $1,998 on 29 September, which reads as about $2 trillion.^[12]

Which valuation counts

Only the rounds are valuations Anthropic set. If it lists, the next will be the IPO price, set with its underwriters once the public S-1 gives a range: the Anthropic IPO tracker follows it, and Anthropic stock price, explained shows how each of the other numbers is measured.