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San Francisco — Anthropic Investors' Stakes Swell Ahead of IPO
Anthropic's backers are sitting on paper fortunes ahead of a public listing that could value the AI lab at as much as $2 trillion, according to figures reported by Bloomberg and relayed by TechCrunch. The gains are already substantial even at the company's most recent private-market valuation of $965 billion.
The disclosures cover a mix of early believers and late-stage check writers, illustrating how quickly valuations have moved since Anthropic's 2021 Series A, when the company was worth $461 million, according to PitchBook data cited by TechCrunch.
Who are the biggest individual winners
Former Google chief executive Eric Schmidt backed that Series A round and now owns roughly 1% of Anthropic, a position TechCrunch reports is worth close to $10 billion at the current private valuation. The stake stands out because it originated when the company's total worth was a small fraction of what it is today.
Which venture firms hold the largest positions
Iconiq wrote a $6 billion check last year when Anthropic was valued at $183 billion; that bet is now worth $17 billion and could double again if the IPO prices at the high end of expectations, per TechCrunch. Menlo Ventures, which led the company's Series D and has put more than $1 billion into Anthropic over time, holds a position now valued at $14 billion.
Sequoia Capital entered only this year, investing $3 billion when Anthropic was already valued at $380 billion. That purchase bought roughly 1% ownership and has more than doubled in value since, according to the report.
How did smaller early investors fare
Spark Capital, the only VC firm holding a board seat at Anthropic, put $75 million into the company's 2023 Series C round, when Anthropic was valued at $5 billion. TechCrunch reports that position has grown more than ninetyfold to $7 billion. Sound Ventures, the firm co-founded by Guy Oseary and actor Ashton Kutcher, invested $35 million in that same Series C and added roughly $400 million since; TechCrunch says the combined stake is now worth multiple billions, though an exact figure was not disclosed. Kutcher left Sound Ventures earlier this year to start a new venture firm, according to the report.
"Today, Schmidt owns about 1% of the company, and even at its current private valuation, his stake is worth nearly $10 billion," TechCrunch reported, citing Bloomberg data.
What happens to these stakes at IPO
None of the figures reported reflect a confirmed IPO price; they are based on Anthropic's last private round. An offering near the high end of the reported $2 trillion range would roughly double the current private-market valuation, which would in turn expand every stake listed above, though TechCrunch did not provide a post-IPO estimate for each investor.
Investor Stakes at a Glance
| Investor | Entry Point | Reported Current Value |
|---|---|---|
| Eric Schmidt | 2021 Series A ($461M valuation) | ~$10 billion |
| Iconiq | 2025 check ($183B valuation) | $17 billion |
| Menlo Ventures | Series D lead, $1B+ invested | $14 billion |
| Sequoia Capital | 2026 entry ($380B valuation) | $3B invested, more than doubled |
| Spark Capital | 2023 Series C ($5B valuation) | $7 billion |
Full reporting, including Sound Ventures' position: TechCrunch.
Questions
How much is Eric Schmidt's Anthropic stake worth?
TechCrunch reports Schmidt's roughly 1% ownership stake is worth nearly $10 billion at Anthropic's current private valuation of $965 billion.
Which VC firm has the largest reported Anthropic position?
Iconiq's $6 billion investment is now worth $17 billion, the largest figure TechCrunch reported among named investors.