The $900 Billion Giant: How Anthropic Got So Big, So Fast

Andrew here. Anthropic is now more valuable than OpenAI, something Silicon Valley wouldn’t have expected a year ago. We go behind the numbers — and outline the risks the new leader in A.I. faces.

Also: Lauren Hirsch has a scoop on deal talks between iHeartMedia and SiriusXM, which were put on pause. And Dell’s stock is flying, raising new questions about President Trump’s investments in the computer giant.

The numbers behind Anthropic’s rise

A year ago, the biggest and buzziest artificial intelligence start-up around was undoubtedly OpenAI. That’s no longer the case.

Anthropic has taken that crown with its $65 billion fund-raising round. How the company went from also-ran to 900-pound gorilla is a reflection of the current state of the A.I. race, and it raises questions about what comes next.

Article source: https://www.nytimes.com/2026/05/29/business/dealbook/anthropic-ai-openai.html