Early Anthropic Backers Hold $10 Billion Stakes Ahead of $2 Trillion IPO

For ordinary investors watching the artificial intelligence sector, the upcoming public listing of Anthropic represents a significant shift in market dynamics. As the company prepares to go public this year with a potential valuation reaching $2 trillion, the financial implications for its early and later-stage backers are becoming tangible. Even before the stock exchange debut, the stakes held by major venture capital firms and individual investors total billions of dollars at the company’s current private valuation of $965 billion. This windfall illustrates the massive returns generated by early exposure to leading AI labs, a trend that is reshaping expectations for similar tech ventures.

The most significant individual gain among the reported backers belongs to Eric Schmidt, the former Google CEO. According to PitchBook data, Schmidt invested in Anthropic’s Series A round in 2021 when the startup’s valuation was merely $461 million. Today, his ownership stands at approximately 1% of the company. At the current private market price, that modest percentage translates to a stake worth nearly $10 billion, a dramatic increase from the initial investment period.

Late-stage institutional investors have also seen substantial appreciation in their holdings. Iconiq, an investment firm, wrote a $6 billion check to Anthropic last year when the company was valued at $183 billion. That massive bet is now valued at $17 billion, with analysts suggesting it could double again upon the IPO. Similarly, Menlo Ventures, which led the Series D funding round and has invested more than $1 billion over time, currently holds a stake worth $14 billion.

Sequoia, a renowned venture capital firm, entered the landscape later this year when the company’s valuation had already climbed to $380 billion. Their $3 billion investment secured roughly 1% ownership, meaning the firm has already more than doubled its initial capital in a relatively short timeframe. This late entry still yielded significant returns, underscoring the rapid growth trajectory of the AI sector throughout 2026.

Other notable investors include Sound Ventures, the firm founded by Guy Oseary and actor Ashton Kutcher. They initially invested $35 million in the 2023 Series C round and have since added another $400 million, resulting in a stake now worth billions. It is worth noting that Kutcher left Sound Ventures this year to launch a new venture capital firm. Meanwhile, Spark Capital, the only VC firm known to hold a board seat at Anthropic, has seen the most explosive growth relative to its initial outlay.

Spark Capital invested $75 million in that same 2023 Series C round, a time when the company was valued at $5 billion. That position has since ballooned more than ninetyfold to a current value of $7 billion. These figures highlight the extreme volatility and potential for high returns in the private AI market, setting a high bar for what investors might expect when Anthropic’s shares eventually begin trading on public exchanges later this year.