May reinforced the scale-first dynamic as frontier labs locked in compute, pursued M&A and IPOs, and absorbed sharper open-source price pressure. Anthropic raised $65B in a Series H at a $965B post-money valuation as Claude run-rate revenue surpassed $47B, while deepening infrastructure ties with Google and Amazon (reported commitments up to $40B and $25B). It expanded capacity via SpaceX (300MW and 220,000 Nvidia GPUs), incremental Google TPU supply, and a $1.8B seven-year Akamai cloud contract, and acquired Stainless plus Fractional AI via its Blackstone JV. In public markets, Cerebras listed at $185/share (implied $56.4B), while SpaceX targeted a June 12 IPO at ~1.77T valuation and a $75B raise overall for investors.
Financing totaled $90.9B across 166 transactions, concentrated in a handful of mega-rounds and late-stage leaders. Anthropic’s $65.0B raise dominated, followed by Anduril ($5.0B), Isomorphic Labs ($2.1B), and Moonshot AI ($2.0B). Infrastructure and enablement rounds included AMP ($1.3B), Helsing ($1.2B), Baseten ($1.0B), Cognition ($1.0B), River AI ($1.0B), and Sierra ($950M). The backdrop was intensifying model-layer competition: DeepSeek pursued a $7.4B round while cutting V4 Pro pricing, and Moonshot cited $200M+ ARR, reinforcing that capital is still underwriting compute, distribution, and defensible deployment despite pricing compression.