The $10 Billion Stake: How Early Anthropic Backers Are Positioning for a Historic IPO

A single early check into an AI startup has now yielded a personal holding valued at nearly $10 billion. For Eric Schmidt, the former Google CEO, the decision to join Anthropic’s Series A in 2021 has transformed a modest entry into one of the most lucrative positions in the current tech landscape. According to PitchBook data, Schmidt invested when the company was valued at just $461 million. Today, his approximately 1% ownership stake is worth close to $10 billion based on the firm’s latest private market valuation of $965 billion. This figure represents a significant milestone for an individual investor in the generative AI sector.

The trajectory of Anthropic’s valuation has been steep, creating substantial returns for various stages of investment. In 2023, the company was valued at $5 billion during its Series C round. By 2024, that figure had climbed to $183 billion, and by the start of this year, it reached $380 billion. The company is now expected to go public later this year with a valuation that could reach as high as $2 trillion. This rapid appreciation has turned early and mid-stage bets into multi-billion-dollar assets, even before the potential boost from a public listing.

Several major venture capital firms have seen their positions swell in value alongside the company’s growth. Menlo Ventures, which led the Series D round, has invested more than $1 billion into Anthropic over time. At the current private valuation, that cumulative investment is now worth $14 billion. Similarly, Iconiq made a significant late-stage bet last year, writing a $6 billion check when the company was valued at $183 billion. That specific investment has already grown to a value of $17 billion, with analysts suggesting it could double again once the IPO is finalized.

Newer entrants into the cap table have also seen immediate appreciation. Sequoia, a prominent venture capital firm, first backed Anthropic only earlier this year. At that time, the company was valued at $380 billion. Sequoia’s $3 billion investment secured roughly 1% ownership, meaning the firm has already more than doubled its initial capital outlay in a matter of months. This demonstrates that even late-stage investors can capture substantial gains during periods of hyper-growth in the artificial intelligence sector.

Other notable players include Spark Capital, the only VC firm known to hold a board seat at Anthropic. The firm invested $75 million in the 2023 Series C round. That position has since ballooned more than ninetyfold, reaching a current value of $7 billion. Meanwhile, Sound Ventures, co-founded by Guy Oseary and actor Ashton Kutcher, has funneled over $435 million into the company since its 2023 Series C investment of $35 million. While Kutcher left Sound Ventures earlier this year to launch a new venture capital firm, the original investment remains a significant multi-billion-dollar asset.

Looking ahead, the anticipated IPO this year could further amplify these figures. If the company lists at the projected $2 trillion valuation, the stakes held by these early and later-stage investors will see another significant increase. The windfall will likely redistribute wealth among the founding team, employees, and the venture capital firms that bet on the technology early. As the AI industry continues to consolidate power around a few key players, Anthropic’s listing will serve as a critical benchmark for the valuation of private AI companies across the nation.

The concentration of value in these specific holdings highlights the outsized impact that early access to leading AI models has on financial portfolios. As the market prepares for the public offering, the focus will shift from private mark-ups to public trading dynamics. The outcome of the IPO will not only determine the final windfall for backers like Schmidt and the firms listed but will also set the tone for future investment in the artificial intelligence space.