American technology firm Anthropic has climbed to the top of the artificial intelligence startup ecosystem to become Silicon Valley’s most valuable player, following its success in raising an additional $65 billion in funding.

This latest funding round pushed the company’s market valuation to $965 billion, enabling it to surpass all of its competitors, most notably its chief rival OpenAI, the developer of ChatGPT.

Anthropic’s value has nearly tripled since its previous valuation of $380 billion back in February. In comparison, rival OpenAI—which triggered the current AI boom in 2022 with the release of ChatGPT—was recently valued at approximately $730 billion following its own funding round.

A major driver behind this exceptional growth is the surging demand for Anthropic’s Claude AI product lineup, particularly its coding assistant known as “Claude Code.”

The company confirmed that it is currently generating $47 billion in annualised revenue. This marks a substantial increase from the $30 billion reported earlier this year, and the approximately $10 billion in annualized revenue recorded last year.