Early Anthropic Backers See $10 Billion Windfall Before IPO

Eric Schmidt’s personal stake in Anthropic is valued at nearly $10 billion, a figure that highlights the staggering returns for early investors ahead of the company’s anticipated public offering. The AI leader is expected to list on public markets this year, with projections suggesting a valuation of as much as $2 trillion. Even at the firm’s most recent private market valuation of $965 billion, the holdings of various venture capital firms and individual backers already total several billion dollars.

Schmidt, the former chief executive of Google, first invested in Anthropic during its Series A round in 2021. At that time, PitchBook data indicated the startup had a valuation of $461 million. Today, his ownership stands at approximately 1% of the company. If the current private valuation is applied, his position is worth close to $10 billion, representing a substantial gain from his initial entry point.

Other major investors have also seen their positions grow significantly. Iconiq, an investment firm, wrote a $6 billion check to Anthropic last year when the company was valued at $183 billion. This late-stage investment is currently valued at $17 billion. Analysts suggest this figure could double if the company achieves the higher valuation expected at its initial public offering.

Menlo Ventures, which led the company’s Series D funding, has invested more than $1 billion into Anthropic over time. The firm’s accumulated stake is now worth $14 billion at the latest valuation. Meanwhile, Sequoia made its first investment in the AI lab earlier this year, joining at a valuation of $380 billion.

Sequoia’s $3 billion investment secured roughly 1% ownership in the company. Because the entry price was so high relative to current valuations, the firm has already more than doubled its investment. This marks a sharp contrast to earlier backers who entered at much lower price points.

Sound Ventures, a firm launched by Guy Oseary and actor Ashton Kutcher, also holds a significant position. The group invested $35 million in Anthropic’s 2023 Series C round. Since then, it has funneled an additional $400 million into the company. These combined investments have resulted in a stake worth billions of dollars. Kutcher left Sound Ventures earlier this year to launch a new venture capital firm.

Spark Capital holds the only known board seat at Anthropic among venture capital firms. The firm invested $75 million in the same 2023 Series C round, when the company was valued at $5 billion. That initial position has ballooned by more than ninetyfold, reaching a current value of $7 billion. This growth underscores the rapid appreciation of early stakes in the leading AI laboratory.

These figures illustrate the disparity in returns between early and late-stage investors. While later entrants like Sequoia have doubled their capital, early backers like Schmidt and Spark Capital have seen their investments multiply by orders of magnitude. As the company prepares for its public listing, these stakes will likely become even more valuable, cementing the financial success of those who backed Anthropic during its formative years.