Anthropic Backers Hold Stakes Worth Billions Before IPO

Ninety. That is the approximate multiple by which one early investor’s stake has ballooned, highlighting the staggering windfall awaiting backers of Anthropic as the company races toward a public listing. The AI giant is expected to go public later this year, with valuations potentially reaching as high as $2 trillion. Even at the current private market valuation of $965 billion, the stakes held by venture capitalists and early supporters already amount to billions of dollars, according to data from Bloomberg.

The most dramatic increase is seen at Spark Capital, the only venture firm known to hold a board seat at the company. They invested $75 million during the 2023 Series C round, back when Anthropic was valued at just $5 billion. That position has since surged to a value of $7 billion, representing a gain of more than ninetyfold. This early bet has proven exceptionally lucrative compared to later entry points.

Other prominent figures have also reaped significant rewards. Eric Schmidt, the former Google CEO, entered the picture in 2021 during the Series A round when the startup was valued at $461 million. Today, his ownership stands at approximately 1% of the company. At the latest private valuation, that slice of the pie is worth nearly $10 billion, a testament to the company’s rapid growth over the past five years.

Late-stage giants are seeing their massive checks multiply as well. Iconiq wrote a $6 billion check last year when Anthropic was already valued at $183 billion. That investment is now valued at $17 billion and could double if the IPO hits its projected highs. Similarly, Menlo Ventures, which led the Series D, has invested over $1 billion in total. Their current stake is valued at $14 billion, reflecting the heavy capital poured into the lab’s development.

Even those who joined recently are seeing quick returns. Sequoia first backed the AI lab earlier this year, investing $3 billion when the valuation had already climbed to $380 billion. This purchase secured them about 1% ownership, meaning their investment has already more than doubled in value in a matter of months. It underscores how quickly valuations are shifting in the AI sector.

Sound Ventures, launched by Guy Oseary and actor Ashton Kutcher, also holds a significant position. They initially put $35 million into the 2023 Series C and have since added another $400 million. Their combined stake is now worth billions. Notably, Kutcher left Sound Ventures this year to launch a new venture capital firm, leaving his former firm to enjoy the appreciation of its Anthropic holding.

While these figures represent substantial paper wealth, the final returns will depend on the outcome of the upcoming IPO. If the listing proceeds at the top end of the expected range, these holdings could see further exponential growth, cementing the financial success of those who backed Anthropic from its early days through to its current dominance in the AI landscape.