Anthropic just closed one of the largest private funding rounds in history. The company behind the Claude models raised $65 billion in its Series H at a $965 billion post-money valuation. That figure now eclipses OpenAI. It also places the five-year-old startup among the most valuable private companies on the planet. Investors poured in at a pace that reflects raw confidence in enterprise AI demand. Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led the round. They were joined by Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and a deep bench that includes Fidelity, Blackstone, General Catalyst, T. Rowe Price, Temasek and others. The deal incorporated $15 billion of previously committed capital from hyperscalers, including a $5 billion piece from Amazon. New strategic partners arrived too. Micron, Samsung and SK hynix signed on. Their chips and memory technology sit at the heart of the compute race. But the money tells only part of the story.…