TL; DR
The king. Anthropic was worth $61.5 billion at Series E in March 2025. It is closing approximately $50 billion of primary capital at a post-money valuation of roughly $900 billion in May 2026. The Wall Street Journal reports that Anthropic is on track for its first profitable quarter in Q2 2026, with $559 million in operating profit on $10.9 billion in revenue, implying a 5.1% operating margin. The SpaceX S-1, filed May 20, 2026, disclosed that Anthropic could pay xAI up to $40 billion through May 2029 for the full 300 megawatts of capacity at the Colossus I data center and has an agreement for capacity at Colossus II. Musk later clarified the termination terms, leaving far less firmly committed than the headline suggested. By every operational and financial measure, Anthropic is king of the first agentic cycle.
The thesis. The trillion-dollar question now: can Anthropic defend the throne? Its success rests on its ability to successfully do thre…