Who's Set To Make a Fortune From Anthropic's IPO?

Anthropic's upcoming public listing, projected for a valuation of up to $2 trillion later this year, is poised to create enormous wealth for its investors. The scale of that wealth is already staggering; even before any shares are offered to the public, the stakes held by some of its backers are already worth billions of dollars based on the company's most recent private market valuation of $965 billion.

This figure represents the value of an investor's holdings at that last round's price, a level that already yields substantial returns for many. It also highlights a key dynamic: the potential for these fortunes to grow even larger. A $6 billion check written to Anthropic last year when it was valued at $183 billion, for example, is now worth $17 billion and could potentially double again if the company's IPO valuation reaches its high-end target.

The financial outcome for these investors is tied to when they entered the fray. Eric Schmidt, the former Google CEO, participated in Anthropic's Series A round in 2021, a time when the startup's valuation stood at $461 million. Holding approximately 1% of the company, his stake is now valued at nearly $10 billion. Similarly, Menlo Ventures, which led the Series D round and has invested over $1 billion over time, now holds a position worth $14 billion.

Investors who joined later are also seeing significant gains. Spark Capital, the only venture capital firm known to hold a board seat, invested $75 million during Anthropic's 2023 Series C round when the company was valued at $5 billion. That initial position has since ballooned more than ninetyfold to a value of $7 billion. Sound Ventures, launched by Guy Oseary and Ashton Kutcher, invested $35 million in that same 2023 round and has since added $400 million, resulting in a stake now worth billions. (Kutcher left Sound Ventures this year to launch a new VC firm.)

Some of the largest sums come from investments made more recently. Iconiq committed a $6 billion sum to Anthropic last year, a bet that has already appreciated to $17 billion. Menlo Ventures, which led Anthropic's Series D and has invested more than $1 billion over time, holds a stake currently valued at $14 billion.

The prospect of such a significant event has drawn interest from major players in the investment world. Sequoia Capital, a prominent venture capital firm, made its first investment in Anthropic earlier this year, a time when the company was valued at $380 billion. Its $3 billion investment resulted in it acquiring about 1% ownership, a stake that has already more than doubled in value.

The process of taking a company public involves a series of steps, beginning with the filing of a registration statement with regulators. This will be followed by a period where potential investors can evaluate the offering, leading to a pricing decision and the eventual trading of shares on a stock exchange. The final valuation and the resulting wealth for these investors will be determined by the market's appetite for the shares on that day.