A handful of AI rounds can move a quarter's whole total

The record

OpenAI's own announcement, published 31 March 2025, stated that the company had raised $40 billion in new funding at a $300 billion post-money valuation, in partnership with SoftBank Group. Less than a year later, Anthropic's own announcement of its Series G, published 12 February 2026, stated $30 billion raised at a $380 billion post-money valuation, led by GIC and Coatue. Roughly three months later, Anthropic's Series H announcement, dated 28 May 2026, stated $65 billion raised at a $965 billion post-money valuation, more than double the Series G mark set that February.

What the sources establish

Each announcement is the company's own account of its round: a dollar amount, a post-money valuation, and named lead investors, stated in the company's own words rather than a third party's estimate. What none of the three states in full is a set of terms: liquidation preference, board composition, and the split between primary capital and any previously committed capital are not fully spelled out. The Series H post does disclose that $15 billion of the $65 billion was "previously committed" investment from hyperscalers, including $5 billion from Amazon, a distinction the Series G post does not need to make. Separately, Carta's own platform data gives a sense of scale: its 2024 review of AI fundraising, published 2 July 2025, found that AI-labeled startups raised about a third of all capital recorded on Carta that year and close to half of all late-stage capital.

Scope and revision

Carta's AI concentration figures describe its own cap-table population, which by its nature does not include OpenAI's or Anthropic's financings; the two data points illustrate the same trend at very different scales rather than the same measurement. A single quarter's aggregate venture total, as tracked by any provider, can move sharply based on whether one or two rounds of this size closed within it, which is distinct from a broad rise or fall in the number of companies funded. None of the sources cited here states a deal count for the broader market in the same period, so this record does not establish what share of all dollars these rounds represented industry-wide.

The decision in front of you

Editorially: when a quarterly or annual total is reported as growing or shrinking, it is worth checking whether one or two outsized rounds are doing most of the moving before treating the change as a signal about the broader market.

• Does the reported total include or exclude financings above roughly $1 billion?
• Would the period-over-period change persist if the largest single round were removed?
• Does the announcement separate new capital from previously committed capital?

A company's own funding announcement is a reliable primary source for what it states, size, valuation, investors, and an unreliable one for what it omits. Two companies' rounds, orders of magnitude larger than a typical seed-stage financing, can carry an entire quarter's growth story on their own.