Anthropic raises $30B Series G at $380B post-money — second-largest venture deal in history; ElevenLabs raises $500M D at $11B
Anthropic closed a $30 billion Series G at a $380 billion post-money valuation — the second-largest private venture deal in history, behind only OpenAI's $122B round earlier in May. ElevenLabs raised $500M in a Series D at $11B. The pattern is consistent: capital concentrates in the top frontier labs at valuations that price in the IPO assumption.
The Anthropic raise is the more strategically interesting deal. Anthropic's recently disclosed annualized revenue is nearly $45B — well above OpenAI's $20B annualized figure. At a $380B valuation, Anthropic is trading at roughly 8.4× annualized revenue, while OpenAI's $852B valuation against $20B annualized revenue is roughly 42.6× — a 5× multiple gap that reflects the IPO expectations rather than current operating metrics.
The ElevenLabs raise — $500M Series D at $11B — is the secondary signal. Voice and audio generation has been one of the fastest-monetizing AI verticals, with consumer and enterprise demand visible across content production, accessibility, and dubbing. The $11B mark establishes voice as a tier-2 AI category with its own capital flow, separate from the frontier-LLM category and the agentic-runtime category that have absorbed the majority of 2025-2026 funding.
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