In May 2026, Anthropic closed its Series H at a $965B post-money valuation, surpassing OpenAI as the most valuable private AI company. That is up from $380B at the February 2026 Series G (led by GIC and Coatue) — a roughly 16× increase in about 15 months, from $61.5B in early 2025 — driven by reported ARR growing to approximately $30B.
For employee modelling, use the latest closed primary — $965B — as the headline valuation. Note that per-share value still depends on the fully-diluted share count, which Anthropic does not publicly disclose, so treat any per-share figure as an estimate.
The per-share math
Anthropic grants RSUs to employees, so there is no strike price to subtract — every vested share is worth the current implied fair value. At $965B, the per-share price depends on the fully-diluted share count, which Anthropic does not publicly disclose. Secondary market trades on Hiive remain the most reliable per-share signal for employees.
Vesting status by cohort
Anthropic was founded in May 2021. Standard vesting is 4 years / 1-year cliff. Here's roughly where each cohort stands today (May 2026):
- Founding team and 2021 hires: 100% vested. Fully eligible for any tender offer.
- 2022 hires: 100% vested.
- 2023 hires: 75–100% vested depending on month.
- 2024 hires: 25–75% vested.
- 2025 hires: 0–25% vested. Many haven't yet reached the 1-year cliff.
RSU liquidity reality
Unlike option holders, RSU recipients owe ordinary-income tax on the value at vesting — even if they cannot yet sell. This creates the 'RSU liquidity trap': at $965B, even small grants generate significant tax obligations at each vesting event. Anthropic has not publicly run a tender offer. Many employees are waiting for a larger liquidity event.
If you're at Anthropic and have substantial vested RSUs, talk to a tax advisor before each vesting tranche. At current valuations, even a 0.01% stake triggers six-figure tax obligations at vesting.