Anthropic's Pre-IPO Backers: Who's Set to Profit

As a highly anticipated public listing for the artificial intelligence company approaches, some of its early and late-stage backers are poised for significant returns. The company's public debut is expected later this year and could value the firm at as much as $2 trillion. While that figure remains a projection, the stakes held by many of its investors are already substantial. Even at its most recent private market valuation of $965 billion, the positions of several venture capital firms and individual backers are worth billions. The following details what some of the company's investors are worth based on that latest private round's price.

Eric Schmidt, the former Google CEO, was an early believer. He invested during the company's Series A funding round in 2021, a time when the startup was valued at just $461 million. Today, his involvement has grown into a significant holding of about 1% of the company. At the current private valuation, his stake alone is valued at nearly $10 billion, representing a massive return on his initial investment.

Later-stage investors have also made substantial bets on the company's future. Iconiq, an investment outfit, wrote a $6 billion check last year when the company's valuation had already climbed to $183 billion. This large, late-stage investment is now valued at $17 billion. Similarly, the venture capital firm Menlo Ventures, which led the Series D round and has invested more than $1 billion over time, now holds a stake worth $14 billion. These figures illustrate the significant wealth being generated for investors who joined the company as it grew into a multi-billion-dollar entity.

Even investors who joined more recently are already seeing their capital appreciate. Sequoia, a well-known venture capital firm, made its first investment in the company earlier this year, when it was valued at $380 billion. The firm's $3 billion investment gave it about 1% ownership, a position that has already more than doubled in value. Sound Ventures, the firm launched by Guy Oseary and actor Ashton Kutcher, first invested $35 million in 2023 and has since added $400 million, with its stake now worth billions. Kutcher left Sound Ventures this year to start a new firm.

Spark Capital provides another striking example of investment growth. The firm, which is the only venture capital company known to hold a board seat at the company, invested $75 million during a 2023 funding round when the firm's valuation was $5 billion. That position has ballooned more than ninetyfold, now valued at $7 billion. The company's public listing, which is expected this year, is bound to be a windfall for both early-stage and later-stage investors. With the potential for a valuation of as much as $2 trillion, the stakes held by many of those backers could grow even larger.

The company's public listing is anticipated to be a major event for the financial markets, marking a significant moment for the artificial intelligence sector. For investors, it represents the culmination of years of backing a company that has grown rapidly in both size and influence. The figures associated with these stakes underscore the scale of the financial activity surrounding the company. As the planned offering draws near, attention will be on how the market values the company and what it means for those who have held on since its earliest days.