Analysis: Anthropic valued at ~$965B, about 20x its ~$47B run rate

A breakdown debunks a viral chart claiming Anthropic is worth $2 trillion: its May 2026 Series H valued it at about $965B on a ~$47B run rate. That is roughly 20x revenue versus a 3.4x median for public SaaS, while OpenAI sits at ~$852B on ~$40B revenue.

• Anthropic: ~$965B valuation, ~$47B run rate, ~20x multiple
• OpenAI: ~$852B valuation, ~$40B run rate, ~21x multiple
• Median public SaaS multiple in 2026 is about 3.4x revenue
• Anthropic burns ~$3B on ~$4.2B recognized revenue in 2026