This places the artificial intelligence firm among the world’s most valuable private technology companies ahead of a possible stock market debut.

The Series H round drew backing from investment firms including Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue and D1 Capital Partners.

Investors such as Baillie Gifford, Blackstone, Brookfield, DST Global and Fidelity Management & Research also joined the round.

The funding package also includes $15 billion in previously committed investments from large cloud companies, including $5 billion from Amazon announced earlier this year.

Samsung, SK Hynix and Micron joined the round as strategic infrastructure partners.

With the funding, Anthropic plans to expand computing capacity, grow its Claude products and continue research into safety and interpretability.

The company announced the funding on the same day it released Claude Opus 4.8, its latest model focused on coding, advanced reasoning and what it described as stronger honesty and self-correction abilities.

Anthropic has expanded rapidly since its last fundraising round in February, helped by rising demand from business customers using Claude Code and other enterprise tools. The company said its annualised revenue run rate passed $47 billion earlier this month.

“Claude is increasingly indispensable to our growing global community of customers, and we work tirelessly to make tools like Claude Code and Cowork more helpful, more powerful, and more adaptable to their needs,” said Krishna Rao, chief financial officer of Anthropic.

“This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens.”

The company also said it recently signed new agreements with Amazon, Google, Broadcom and SpaceX to secure more computing power as demand for Claude grows.

Under those agreements, Amazon will provide up to five gigawatts of additional capacity, while Google and Broadcom will supply next-generation TPU infrastructure. SpaceX will also provide access to GPU capacity through its Colossus systems.

Anthropic revealed that Claude is now available across Amazon Web Services, Google Cloud and Microsoft Azure, with AWS remaining its main cloud and training partner.

“Claude’s latest advancements have driven large-scale adoption among the world’s most demanding organisations. This momentum positions Anthropic to lead the next phase of AI innovation and capture the enormous opportunity ahead,” said Brad Gerstner, founder and CEO of Altimeter Capital.

Marc Stad, managing partner at Dragoneer, said, “The technological progress we are seeing right now is breathtaking. And we believe that we are still in the earliest days of both the development and commercialisation of this technology.”

Neil Mehta, founder and managing partner at Greenoaks, added, “Rarely has a company’s culture, mission, and commercial momentum reinforced each other so completely. We are honoured to deepen our partnership.”

With competition increasing among leading artificial intelligence companies seeking more users, stronger computing infrastructure and fresh investment before entering public markets, Anthropic’s latest raise will strengthen its place.

Earlier this year, OpenAI secured a funding round valued at $852 billion after investment, while Elon Musk’s xAI, now merged with SpaceX, has reportedly targeted a $2 trillion valuation ahead of a future public offering.

The company disclosed the raise alongside updates on its growth, revenue, user base and partnerships with global investors and technology firms.

OpenAI said the round drew support from strategic partners including Amazon, NVIDIA and SoftBank, with continued backing from Microsoft. Other participants included firms such as Andreessen Horowitz, D. E. Shaw Ventures, TPG and T. Rowe Price Associates.

Part of the capital also came through bank channels, with more than $3 billion raised from individual investors.

OpenAI added that its shares will be included in exchange-traded funds managed by ARK Invest, expanding access to the company’s equity ahead of a potential public listing.

The company also expanded its revolving credit facility to about $4.7 billion, supported by a syndicate of global banks. OpenAI said the facility is still undrawn.

In its statement, OpenAI pointed to rapid growth in revenue and usage. It reported monthly revenue of $2 billion and weekly active users exceeding 900 million across consumer AI products, alongside more than 50 million subscribers.

The company said, “We are now generating $2B in revenue per month. At this stage, we are growing revenue four times faster than the companies who defined the Internet and mobile eras, including Alphabet and Meta.”

OpenAI also noted adoption across both consumer and enterprise segments. It said enterprise customers now account for more than 40% of revenue, with expectations that this could match consumer revenue by the end of 2026.

Usage across its tools is increasing, with the company reporting commendable engagement in search, which it said has nearly tripled over the past year. It also stated that its advertising pilot has generated more than $100 million in annual recurring revenue within six weeks of launch.

On the developer side, OpenAI said its APIs process over 15 billion tokens per minute, while its coding tool Codex now serves over 2 million weekly users, with usage rising quickly in recent months.

The firm also referenced its latest model, GPT-5.4, which it said is driving higher engagement across agent-based workflows and enterprise applications.

Compute capacity is foremost to its expansion. OpenAI said its infrastructure strategy now spans multiple cloud providers and chip partners, including Oracle, CoreWeave and Google Cloud on the cloud side, and additional hardware collaborations beyond its long-standing reliance on NVIDIA systems.

The company described its approach as building a wider infrastructure base to support demand, rather than depending on a single provider.

OpenAI also outlined its comprehensive product direction, referring to plans to integrate its tools into a unified AI system. It said it is working towards a combined platform that brings together ChatGPT, Codex, browsing and agent features into a single interface.

The company stated that its long-term aim is to make AI tools easier to use across both personal and workplace settings, while allowing developers and businesses to build on top of its systems.

OpenAI added that its growth shows a mix of consumer adoption, enterprise deployment, developer usage and compute capacity, which together support continued expansion of its products and services.

The $122 billion funding round is one of the largest private capital raises in the technology sector and enables OpenAI to scale further as it prepares for greater market developments.

The project is still in its early stages but people familiar with the matter say it may take months before it is ready.

Engineers at OpenAI began exploring the idea after repeated service disruptions on GitHub in recent months disrupted their work. Those outages forced internal teams to reassess how much they rely on external platforms.

From what has been reported, OpenAI has discussed offering the repository as a paid service to its existing customers. That would place it in direct competition with GitHub, which is owned by Microsoft.

Neither OpenAI nor Microsoft has publicly confirmed the plan. The companies did not respond to requests for comment at the time of publication.

If OpenAI moves forward, the decision would test its relationship with Microsoft. The software giant is one of OpenAI’s biggest backers and also controls GitHub, which serves more than 100 million developers worldwide. A competing product from OpenAI would be a rare overlap in their commercial interests.

In February 2026, OpenAI closed a $110 billion funding round that valued the company at $840 billion. Investors in that raise included Amazon, Nvidia and SoftBank.

The deal stands among the largest private capital raises to date and places OpenAI ahead of competitors such as Anthropic and Inflection in valuation terms.

For now, the proposed platform is still under development, with OpenAI still weighing whether to build more of its own infrastructure rather than depend on tools owned by partners.

The company said users on paid plans like Plus, Pro, Business, Enterprise and Education, will not see adverts. 

The test applies only to logged-in users and is not running for accounts linked to people under 18.

OpenAI said the ads are clearly marked and kept separate from responses, also noting that they do not change how ChatGPT answers questions and advertisers cannot see user conversations or personal details. 

Only overall figures, such as how many people viewed or clicked an advert, are shared.

In a statement, the company said: “Ads do not influence the answers ChatGPT gives you, and we keep your conversations with ChatGPT private from advertisers.”

The aim is to support free and low-cost access by helping to cover the cost of running the service. Individuals who do not want to see ads can upgrade to a paid plan or opt out on the Free tier, with fewer daily messages as a trade-off.

During the test, ads are chosen based on the topic of a conversation and past interactions with ads. For example, someone asking about cooking may see adverts linked to food shopping or meal services. 

The company said ads will not appear alongside topics such as health, mental health or politics.

Users can dismiss adverts, give feedback, see why a particular advert appeared, delete their ad data and adjust personalisation settings at any time, according to OpenAI.

This comes as the company looks for new revenue streams to support the growing use of its chatbot. Competitors have criticised the idea publicly, arguing that advertising could disrupt the user experience. 

OpenAI has rejected that view and says the trial is about learning from feedback before making any wider changes.

OpenAI also noted it will expand the programme only as safeguards improve, adding that privacy and safety will remain important as the test continues.