Anthropic’s $5B round looked unwinnable in 2023; it’s now a $965B company
r0ck3t23 · x · 2026-07-28
Brad Menezes argues that Anthropic’s early $450M round at a $5B valuation looked “uncompetitive” in May 2023 because many assumed OpenAI had already won.
- Spark led the round with a $75M check, reportedly its largest at the time.
- Anthropic is now valued at about $965B and has filed to go public, implying roughly a 190x increase in three years.
- The post’s core point is that consensus can suppress genuine opportunities: the round was not crowded because the market had already repeated a verdict.
- Menezes frames Yasmin Razavi’s return as a reward for being right when others were still certain she was wrong.
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