Anthropic backers’ stakes reach billions before planned IPO

Several early and late investors in Anthropic now hold multibillion-dollar positions at the AI company’s reported latest private valuation of $965 billion. Bloomberg’s estimates come as Anthropic is expected to pursue a public listing this year at a valuation of as much as $2 trillion.

The figures illustrate how a succession of funding rounds, from an early 2021 Series A to much later investments at far higher valuations, has created markedly different paper returns. They remain estimates based on the latest private-market price and are not realised proceeds from a public offering.

Early investors hold large paper gains

Eric Schmidt, the former Google chief executive, invested in Anthropic’s 2021 Series A when PitchBook data put the startup’s valuation at $461 million. Bloomberg reports that he now owns about 1% of Anthropic, a stake worth nearly $10 billion at the current private valuation.

Spark Capital invested $75 million in Anthropic’s 2023 Series C, when the company was valued at $5 billion. The firm, described as the only venture capital investor known to hold a board seat, has seen that position grow more than 90-fold to an estimated $7 billion.

Sound Ventures invested $35 million in the same 2023 Series C round and later added $400 million. Its resulting holding is now valued in the billions, Bloomberg reported. The firm was launched by Guy Oseary and Ashton Kutcher; Kutcher left this year to start a new venture firm.

Later rounds also produced substantial positions

Menlo Ventures led Anthropic’s Series D and has invested more than $1 billion in total. Its stake is now estimated at $14 billion. Iconiq invested $6 billion last year, when Anthropic was valued at $183 billion; that investment is valued at about $17 billion and could double if the reported IPO valuation is achieved.

Sequoia first backed Anthropic earlier this year, at a reported $380 billion valuation. Its $3 billion investment delivered about 1% ownership, meaning the position has already more than doubled at the latest private price.

The investor outcomes follow a rapid escalation in the company’s financing scale, with Anthropic’s $65 billion pre-IPO financing placing a $65 billion raise near a $1 trillion pre-IPO valuation in the context of Anthropic’s capital requirements. A listing would establish a public market price, but private valuation marks and prospective IPO valuations should not be treated as cash returns.

What the estimates mean for businesses

For companies tracking the AI market, the story is less about a single investor’s headline gain than about the capital concentration behind a leading model developer. Procurement and partnership teams should distinguish reported valuations from operating commitments, and evaluate vendors on product fit, pricing, reliability and contractual terms rather than on IPO expectations alone.