Anthropic surpasses OpenAI with $965 billion valuation

Anthropic just did something that would have seemed absurd two years ago. It passed OpenAI in valuation.

The Claude-maker closed a $65 billion Series H funding round on May 28, 2026, pushing its valuation to $965 billion. That puts it comfortably ahead of OpenAI, which was last valued at $852 billion during its March 2026 raise. The gap between the two, roughly $113 billion, is larger than the market cap of most publicly traded companies.

What the “ecosystem index” actually means

Anthropic launched something called the Anthropic Economic Index back in February 2025, with its most recent major update published in March 2026. That tool analyzes millions of anonymized conversations with Claude to understand how people are using AI across the global economy. It tracks adoption patterns and economic integration, not competitive rankings against rival labs.

The investors lining up for the Series H tell their own story. Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital all participated.

The crypto angle, and its limits

Hyperliquid, the decentralized perpetual futures exchange, had previously listed synthetic trading markets for both “OPENAI” and “ANTHROPIC” tokens. These allowed traders to speculate on the relative fortunes of the two AI giants without owning equity.

Those markets were shut down on June 15, 2026. The closure removed the most direct crypto-based mechanism for expressing a view on the Anthropic-vs-OpenAI race. No direct crypto tokens associated with an Anthropic ecosystem index have been identified in public reporting.

Why the valuation flip matters beyond the number

Anthropic reaching $965 billion while OpenAI sits at $852 billion represents a $113 billion gap in favor of the company that has consistently marketed itself as the “responsible AI” option.

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