Anthropic closed a $65 billion funding round at $965 billion valuation with $47 billion run-rate revenue, making SpaceX's xAI segment look overvalued by comparison.

Anthropic raised $65 billion in funding at a $965 billion valuation and reported run-rate revenue of $47 billion, with plans to deliver its first quarterly operating profit of $559 million on $10.9 billion in revenue in the second quarter.

SpaceX is targeting a $2 trillion valuation and $75 billion in funding for its IPO, with a price-to-sales ratio of 100 based on trailing revenue of $19.3 billion over the last four quarters. Its AI segment (xAI) generated $818 million in revenue in the first quarter but posted a $2.5 billion loss.

Anthropic trades at a price-to-sales ratio of around 20 based on run-rate revenue, significantly lower than xAI (roughly 80 times run rate sales) and SpaceX overall, and Anthropic's revenue is more than doubling while SpaceX's first quarter revenue grew just 15%.