Anthropic’s Pre-IPO Valuation Turns Early Backers Into Billiardaires

Anthropic is poised to execute a historic public listing this year, with expectations of a valuation reaching as high as $2 trillion. This upcoming event promises to be a massive financial windfall for both early-stage and later-stage investors. However, even before the official IPO, the stakes held by many prominent venture capitalists and early backers already total billions of dollars. According to data from Bloomberg, several major players have seen their positions in the leading AI lab appreciate significantly at the company’s latest private market valuation of $965 billion.

The numbers behind these gains are staggering. Eric Schmidt, the former Google CEO, invested in Anthropic’s Series A round in 2021 when the startup was valued at just $461 million. Today, Schmidt owns approximately 1% of the company. At the current private valuation, his stake is worth nearly $10 billion. Similarly, Iconiq, an investment outfit that wrote a $6 billion check to Anthropic last year when the company was valued at $183 billion, now holds a position worth $17 billion. This massive late-stage bet has the potential to double further once the IPO is completed.

Other major financial players have also reaped significant rewards. Menlo Ventures, which led Anthropic’s Series D, has invested more than $1 billion in the company over time. That cumulative investment has transformed into a stake now valued at $14 billion. Sequoia, a famed venture capital firm, entered the picture later this year, backing the AI lab when it was already valued at $380 billion. Their $3 billion investment secured them about 1% ownership, meaning their capital has already more than doubled since the deal was struck.

The list of wealthy backers includes firms that entered at various stages of the company’s growth. Sound Ventures, launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in Anthropic’s 2023 Series C round. They subsequently funneled an additional $400 million into the company, resulting in a stake that is now worth billions. It is worth noting that Kutcher left Sound Ventures earlier this year to launch a new venture capital firm, though the original investment remains a significant asset.

Perhaps the most dramatic return on investment belongs to Spark Capital. As the only VC firm known to hold a board seat at Anthropic, they invested $75 million in the same 2023 Series C round, when the company was valued at $5 billion. That initial position has since ballooned more than ninetyfold. Today, that stake is valued at $7 billion, highlighting the explosive growth of the AI sector.

The stakes for these investors are high as the market anticipates the official listing. While the $965 billion private valuation already places these backers in the billions, the projected $2 trillion IPO could further multiply their wealth. For New York and New Jersey readers watching the tech landscape, this pre-IPO snapshot illustrates the immense power of early and mid-stage positioning in the AI race. The coming weeks will determine just how much these fortunes grow as Anthropic transitions from a private giant to a public titan.