Early Backers of Anthropic See Stakes Reach Billions Ahead of Expected Listing

Anthropic is poised for a public debut later this year, with market expectations suggesting the listing could value the artificial intelligence firm at up to $2 trillion. Even before that potential windfall, the stakes held by early and late-stage investors have grown substantially. At the company's most recent private market valuation of $965 billion, several venture capital firms and individual backers already possess positions worth billions of dollars, according to data compiled by Bloomberg.

Eric Schmidt, the former chief executive of Google, entered the company's cap table during its Series A round in 2021. At that time, the startup was valued at $461 million, according to PitchBook records. Today, Schmidt holds approximately one percent of the company. Even at the current private valuation, that modest ownership slice translates to a stake worth nearly $10 billion.

Iconiq, an investment firm that made a significant late-stage bet on the AI lab, wrote a $6 billion check to Anthropic last year. That investment came when the company was already valued at $183 billion. The position has since appreciated to $17 billion. Observers note that this stake has the potential to double in value if the company achieves the higher valuation targets projected for its initial public offering.

Menlo Ventures has been a long-standing supporter of the firm, having led the Series D funding round. The venture capital firm has invested more than $1 billion into Anthropic over time. At the latest private valuation, Menlo Ventures holds a stake valued at $14 billion. This figure represents a substantial return on the cumulative capital deployed by the firm in the AI lab.

Sequoia joined the investor base more recently, backing the company earlier this year when Anthropic was valued at $380 billion. The firm invested $3 billion in that round, securing approximately one percent ownership. Despite the late entry relative to the company's history, Sequoia has already more than doubled its investment. The position reflects the rapid appreciation in the AI lab's value over a short period.

Sound Ventures, a firm launched by Guy Oseary and actor Ashton Kutcher, also holds a significant position in Anthropic. The firm initially invested $35 million in the 2023 Series C round. It subsequently funneled an additional $400 million into the company. These combined investments have resulted in a stake worth billions of dollars at the current valuation. Kutcher left Sound Ventures this year to establish a new venture capital firm, though the original investment remains in the portfolio.

Spark Capital holds the only known board seat at Anthropic among venture capital firms. The firm invested $75 million in the 2023 Series C round when the company was valued at $5 billion. That initial position has grown more than ninetyfold. At the latest private valuation, Spark Capital's stake is worth $7 billion. This represents one of the most dramatic increases in value among the identified backers.

The growth in these stakes underscores the extraordinary appreciation in Anthropic's value since its early funding rounds. Investors who entered at valuations in the hundreds of millions now hold positions worth billions. As the company moves toward a public listing, these paper gains are set to become realized equity for many of these backers. The upcoming IPO is expected to be one of the largest in recent history, potentially reshaping the landscape for artificial intelligence investors.