Anthropic Backers See Massive Gains

As Anthropic prepares for a public listing expected later this year at a valuation of up to $2 trillion, the financial windfall for its investors is becoming increasingly tangible. Even before the stock market debut, the stakes held by venture capital firms and early backers have already accumulated to billions of dollars at the company’s most recent private valuation of $965 billion. The prospect of an IPO could further amplify these returns, particularly for those who entered at lower valuations.

The disparity in entry points creates a distinct hierarchy among the company’s supporters. Eric Schmidt, the former Google CEO, represents the earliest tier of this group. He participated in Anthropic’s Series A in 2021, a round that valued the startup at just $461 million. According to PitchBook data, Schmidt’s stake has grown to approximately 1% of the company. At the current private valuation, this holding is worth nearly $10 billion, a substantial increase from his initial investment.

Other major players entered the market at significantly higher valuations but still secured massive returns. Iconiq Capital wrote a $6 billion check to Anthropic last year when the company was already valued at $183 billion. That late-stage investment is now valued at $17 billion, with the potential to double if the IPO price reaches the upper end of expectations. Menlo Ventures, which led the Series D round, has invested more than $1 billion over time. Their stake is currently valued at $14 billion, reflecting the steady appreciation of the company’s equity.

More recent entrants have also seen rapid appreciation, though their profit margins differ. Sequoia Capital backed the AI lab for the first time only earlier this year, when the valuation had already climbed to $380 billion. Their $3 billion investment secured roughly 1% ownership, meaning the firm has already more than doubled its initial outlay. Sound Ventures, launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in the 2023 Series C round and has since added another $400 million. Their combined stake is now worth billions, although Kutcher left the firm this year to launch a new venture capital entity.

Perhaps the most striking return belongs to Spark Capital, the only venture firm known to hold a board seat at Anthropic. The firm invested $75 million in the 2023 Series C round when the company was valued at $5 billion. That position has since ballooned more than ninetyfold to $7 billion. As the company moves toward the public markets, these figures will likely be re-evaluated, but the current trajectory suggests a historic payout for those who bet on the AI leader early on.

The upcoming IPO will serve as the final test for these valuations. While private market prices have already reflected significant growth, public market dynamics may introduce new variables. Investors will watch closely to see if the $2 trillion valuation holds, as it would cement Anthropic’s status as one of the most valuable companies in history and provide a definitive exit strategy for its backers.