Anthropic has done what many once thought improbable. The AI company founded by former OpenAI executives has raised $65 billion in a Series H round that values it at $965 billion post-money. That figure pushes it ahead of OpenAI, whose most recent valuation stood at $852 billion. The announcement landed on May 28 alongside the release of Claude Opus 4.8. Momentum no longer feels gradual. It feels decisive. Revenue tells part of the story. Anthropic’s run-rate crossed $47 billion earlier in May. That compares with OpenAI’s $25 billion reported earlier this year. Growth like this explains why investors lined up. Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital led the round. Capital Group, Coatue, D1 Capital Partners, GIC, ICONIQ and XN co-led. The list of participants reads like a who’s who of technology and finance. It includes Amazon, Google, Broadcom, SpaceX and memory giants Micron, Samsung and SK hynix. Hyperscalers alone committed $15 billion of previously pledged capital.…