AI giant’s backers sit on billions ahead of public listing

Investors in the prominent artificial intelligence lab Anthropic are staring down a potential windfall that could redefine recent venture capital history. The company is expected to go public later this year, with analysts projecting a valuation that could reach as high as $2 trillion. Even if the final public price settles lower, the stakes held by key backers are already valued in the billions at the company’s most recent private market assessment of $965 billion. This upcoming listing represents a significant liquidity event for both early-stage founders and later-stage institutional investors who have been riding the wave of AI growth.

The trajectory of Anthropic’s value has been nothing short of meteoric over the last five years. To understand the current stakes, it is necessary to look back at the specific entry points of the major players involved. The journey began in earnest during the Series A round in 2021, when the startup was valued at just $461 million. From that modest starting point, the company has grown into a behemoth that now commands a private valuation nearly two thousand times higher than its early price tag.

One of the most notable early entries was made by Eric Schmidt, the former CEO of Google. According to PitchBook data, Schmidt invested in that 2021 Series A round. At the time, the investment was part of a smaller ecosystem of AI startups, but today his position looks vastly different. He currently holds approximately 1% of the company. Based on the current private valuation of $965 billion, his personal stake is worth nearly $10 billion, a figure that reflects the explosive appreciation of the asset since his initial entry point.

On the other side of the spectrum, late-stage giants have also locked in massive gains. Iconiq, an investment firm, wrote a check for $6 billion last year. At that time, Anthropic was already valued at $183 billion. This substantial late-stage bet has since appreciated to a value of $17 billion. If the IPO proceeds as anticipated with a $2 trillion valuation, this specific position has the potential to double in value again, highlighting the compounding nature of the company's recent growth trajectory.

Menlo Ventures has been a long-term partner in this ascent. The firm led the Series D round and has collectively invested more than $1 billion in the company over various rounds. This sustained commitment has resulted in a stake that is currently valued at $14 billion. Menlo’s position underscores the strategy of many venture firms that prefer to deepen their holdings in proven leaders rather than just taking early, high-risk shots.

Sequoia, another renowned venture capital firm, joined the fold more recently, first backing the AI lab only earlier this year. At that point, the company was already valued at $380 billion. Sequoia’s $3 billion investment secured them roughly 1% ownership. Despite the late entry, the math is already in their favor, with their investment having more than doubled in value since the capital was deployed. This suggests that even late entrants are seeing rapid returns in the current market environment.

Sound Ventures, a firm launched by Guy Oseary and actor Ashton Kutcher, has also seen significant growth in its holdings. The firm initially invested $35 million in the 2023 Series C round. Since then, they have funneled an additional $400 million into the company. This cumulative investment has resulted in a stake worth billions today. It is worth noting that Kutcher left Sound Ventures earlier this year to launch a new venture capital firm, meaning his direct involvement in this specific holding has shifted, though the firm’s position remains intact.

Perhaps the most dramatic multiple in the group belongs to Spark Capital. This was the only venture firm known to hold a board seat at Anthropic during the 2023 Series C round. At that time, the company was valued at $5 billion, and Spark invested $75 million. That position has since ballooned more than ninetyfold to a current value of $7 billion. This outlier return illustrates the extreme upside potential for those who secured positions before the most recent valuation spikes.

Looking ahead, the focus now shifts to the timing and pricing of the IPO. If the company lists at the projected $2 trillion mark, these valuations will jump significantly, creating a new tier of wealth for these specific investors. The market will be watching closely to see if the public appetite for AI stocks matches the private market’s enthusiasm. For now, the stakeholders are in a holding pattern, waiting for the formal announcement that will trigger the next phase of this historic financial event.

As the listing approaches, the implications for the broader tech sector cannot be overstated. The success of this IPO will likely set the tone for other high-growth AI companies seeking public capital. The stakes are high, and the numbers are staggering, but for the investors named here, the wait is finally nearing its end. The next few months will determine whether these private market valuations can be sustained in the more scrutinized environment of the public stock market.