Anthropic passed OpenAI

Anthropic took the lead. Anthropic’s $965B Series H pulled $65 billion, nearly triple February’s $380 billion mark and past OpenAI’s $852 billion. The same day, it shipped Claude Opus 4.8, with fast mode now 3x cheaper at 2.5x speed. Run-rate revenue crossed $47 billion, and more than 1,000 enterprise customers now spend over $1 million a year — likely its last private raise before an IPO. The valuation crown and the price cut arrived together.

The enterprise tape is reading the same signal. Snowflake’s $6B AWS deal landed alongside Q1 revenue of $1.39 billion, up 33%, EPS of $0.39 against $0.32 expected, and a sharp after-hours surge — full-year guidance now sits at $5.8 billion. It’s also buying MCP platform Natoma. Meanwhile Quantinuum’s quantum IPO, a first for a full-stack quantum company, filed to raise $1.05 billion at a $12.7 billion valuation. The IPO window is cracking open across the stack.

The guardrails are arriving in volume. California’s 30 AI bills mostly cleared the May 29 crossover deadline — covering surveillance, child chatbot safety, and healthcare — and now head to the opposite chamber before the Legislature’s summer recess, setting up Governor Newsom to face a stack of AI law by fall. The platforms are moving too: YouTube’s auto-labeling will apply AI disclosures itself when creators don’t, without touching monetization or recommendations, with challenges handled in Studio. Disclosure is being pushed into the stack from two directions at once.