Anthropic's Pre-IPO Valuation Turns Backers' Bets Into Billions

Anthropic's anticipated public offering, which is expected this year at a valuation of up to $2 trillion, is poised to generate enormous returns for its backers. Yet even before the company goes public, the stakes held by many of its investors have already grown substantially in value, according to Bloomberg.

At Anthropic's latest private market valuation of $965 billion, the holdings of several prominent venture capital firms and individual investors are already worth billions. Eric Schmidt, the former Google CEO, invested in Anthropic's Series A in 2021, when the startup was valued at $461 million, according to PitchBook data. Today, Schmidt owns about 1% of the company, and at its current private valuation, his stake is worth nearly $10 billion.

Later-stage investors have also seen significant gains. Iconiq, an investment outfit, committed $6 billion to Anthropic last year when the company was valued at $183 billion. That late-stage investment is now valued at $17 billion and has the potential to double at the IPO. Similarly, Menlo Ventures, a VC firm that led Anthropic's Series D and invested more than $1 billion over time, holds a stake now worth $14 billion.

Some investors entered the market more recently. The VC firm Sequoia backed the AI lab for the first time earlier this year, when the company was already valued at $380 billion. Its $3 billion investment gave it about 1% ownership, which means it has already more than doubled its investment.

Other firms have seen their positions grow dramatically over a longer period. Spark Capital, the only VC firm known to hold a board seat at Anthropic, invested $75 million in the company's 2023 Series C round, when it was valued at $5 billion. That position has since ballooned to $7 billion. Sound Ventures, the firm launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in the same 2023 Series C round and has since added $400 million, resulting in a stake now worth billions.

The substantial valuations mark a significant financial milestone for Anthropic's backers as the company moves toward its public listing. The anticipated IPO would represent a major liquidity event for these investors, realizing the gains accumulated from both early-stage and later-stage commitments to the AI lab.

As the company's public offering approaches, the valuation figures for its investors underscore the rapid financial growth within the AI sector. The transition to a public market could further increase the value of these holdings, with some investments potentially doubling.