How much Anthropic's biggest backers stand to make

The upcoming public listing of AI leader Anthropic promises to be a defining financial event for the venture capital world. With the company expected to go public later this year at a valuation that could reach as high as $2 trillion, the stakes for its investors are enormous. Even if the final price tag lands closer to the current private market valuation of $965 billion, the holdings of key backers already represent billions of dollars in value, according to data from Bloomberg.

This potential windfall applies to both those who took early risks on the startup and those who joined later at premium prices. The spread of returns highlights how rapidly the company's valuation has expanded over the last few years. For context, the company was valued at just $461 million during its Series A round in 2021, a figure that has since grown by hundreds of multiples.

One of the most notable early investors is Eric Schmidt, the former head of Google. He participated in that initial 2021 round, and according to PitchBook data, he currently owns approximately 1% of the company. At the latest private valuation, his stake is worth nearly $10 billion, a testament to the upside of entering a high-growth sector at an early stage.

Late-stage investors have also seen significant appreciation, though their entry points were much higher. Iconiq, an investment firm, wrote a $6 billion check to Anthropic last year when the company was already valued at $183 billion. That substantial bet is now worth $17 billion, with analysts suggesting it could double in value once the IPO occurs.

Menlo Ventures, which led the Series D funding round, has invested more than $1 billion into the company over time. Their current stake is valued at $14 billion. Similarly, Sequoia, one of the most prominent names in venture capital, backed the AI lab earlier this year. At that time, the company was valued at $380 billion. Sequoia’s $3 billion investment secured them about 1% ownership, meaning their position has already more than doubled its initial value.

Other firms have seen their positions grow from smaller initial investments. Sound Ventures, launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in the 2023 Series C round. They subsequently funneled an additional $400 million into the company. While Kutcher left Sound Ventures this year to start a new firm, the firm's combined stake is now worth billions. Note that this reflects the firm's holding, not necessarily Kutcher's individual portfolio value post-departure.

Perhaps the most dramatic multiple belongs to Spark Capital, the only venture 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 position has ballooned more than ninetyfold to a current value of $7 billion, illustrating the extreme leverage possible in the current AI market.

As the IPO date approaches, these figures are likely to shift further. The transition from private to public markets will provide liquidity for these investors and set a new benchmark for the value of AI infrastructure. For now, the numbers underscore just how central Anthropic has become to the broader technology investment landscape.