Billion-Dollar Windfall: Inside the $10 Billion Stake of Anthropic Backers

The impending public listing of Anthropic is poised to create one of the most significant wealth transfers in recent venture capital history. With the company expected to go public later this year at a valuation that could reach $2 trillion, the stakes for its investors are nothing short of staggering. Even before the official exchange listing, the private market valuation of $965 billion has already transformed early and late-stage bets into multi-billion-dollar holdings, according to data reviewed by Bloomberg.

The disparity in entry points among Anthropic’s backers illustrates the extreme volatility and rapid appreciation of the AI sector. While some investors entered when the startup was valued in the hundreds of millions, others joined the cap table only after the company had already grown into a corporate giant. At the current private price, the stakes held by these venture capitalists and angel investors total billions of dollars, a figure that could double upon the completion of the initial public offering.

One of the most prominent figures to benefit from this surge is Eric Schmidt, the former CEO of Google. Schmidt participated in the company’s Series A round in 2021, a period when PitchBook data indicated the startup’s valuation stood at just $461 million. That early conviction has paid off exponentially. Today, Schmidt holds approximately 1% of the company, a stake that is currently valued at nearly $10 billion based on the latest private market pricing.

Late-stage institutional investors have also secured massive positions in the AI lab. Iconiq, an investment firm, wrote a $6 billion check to Anthropic last year, a time when the company was already valued at $183 billion. That significant late-stage bet has appreciated to a current value of $17 billion. Analysts suggest this position has the potential to double again once the IPO is finalized, further cementing Iconiq’s position as a major beneficiary of the AI boom.

Menlo Ventures, which led the company’s Series D funding round, has invested more than $1 billion over the course of the company’s growth. This sustained commitment has resulted in a stake now worth $14 billion. The firm’s leadership role in that specific round underscores the deep ties between traditional venture capital powerhouses and the leading AI laboratories shaping the industry.

Sequoia, another famed venture capital firm, entered the picture much later in the narrative. The firm backed Anthropic for the first time only earlier this year, when the company’s valuation had already reached $380 billion. Sequoia’s $3 billion investment secured it approximately 1% ownership. Despite the high entry price, the investment has already more than doubled in value, reflecting the relentless upward trajectory of the company’s market cap.

Sound Ventures, a firm co-founded by Guy Oseary and actor Ashton Kutcher, took a different approach with its investment strategy. The firm initially invested $35 million in the 2023 Series C round and has since funneled an additional $400 million into the company. This cumulative investment has resulted in a stake 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 intact.

Perhaps the most dramatic multiplier effect is seen in the position held by Spark Capital. The firm, which is the only VC known to hold a board seat at Anthropic, 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, reaching a current value of $7 billion. This trajectory highlights the extraordinary returns available to those who secured positions during the company’s earlier, less expensive funding rounds.

As the IPO date approaches, the financial stakes for these key backers continue to rise. The combination of a massive public valuation and existing private market growth creates a unique financial landscape. For the investors named here, the coming months will determine whether their portfolios can sustain the current valuation or if the public market will drive their stakes to even higher levels, potentially reshaping the wealth rankings of the tech industry.