Anthropic completes $65 billion funding round at nearly $1 trillion valuation as enterprise AI spending faces ROI questions

Anthropic announced completion of a $65 billion raise at a nearly $1 trillion valuation, with major investors including Alphabet and Amazon. The company is preparing to release Mythos, a new model expected to arrive within the next week or two.

Companies like Microsoft are reducing Claude subscriptions and enterprise customers are questioning AI spending returns, even as big tech companies plan to invest 750 billion plus or minus a few hundred billion dollars into AI build-out in 2026. Gemini has raised prices, signaling potential movement toward profitability.

Analysts debate timing of rationality in AI markets: while spending patterns suggest ROI pressures are not yet forcing major changes in enterprise adoption, higher pricing will eventually need to justify valuations once private market funding slows and companies go public.