Anthropic’s backers are on the brink of turning billions into tens of billions as the AI startup prepares for a possible $2 trillion public debut

Anthropic, the AI research lab valued at $965 billion in its last private round, is slated for an IPO that could fetch as much as $2 trillion, sending shockwaves through the venture capital world. Early investors—ranging from heavyweight funds to individual tech luminaries—now see stakes that were once modest become multi‑billion‑dollar assets, reshaping the landscape of AI financing.

Coatue’s $4.75 Billion Bet

• Entered Anthropic in 2025 at a $183 billion valuation.
• Total investment: $4.75 billion.
• Current worth (based on the latest round): roughly $7.5 billion.

"Coatue’s confidence in Anthropic reflects a broader belief that foundational AI models will dominate the next decade of tech," a source familiar with the fund’s strategy said.

Eric Schmidt’s One‑Percent Ownership

• Invested in the Series A round (2021) when Anthropic was valued at $461 million.
• Holds about 1 % of the company today.
• Estimated stake value: nearly $10 billion.

Iconiq’s $6 Billion Check

• Made a late‑stage investment last year at a $183 billion valuation.
• Stake now valued at $17 billion, with upside potential to double at IPO.

Menlo Ventures’ $1 Billion Commitment

• Led the Series D round and accumulated more than $1 billion across multiple rounds.
• Current stake value: $14 billion.

Sequoia’s Rapid Doubling

• Joined Anthropic this year at a $380 billion valuation with a $3 billion injection.
• Ownership of roughly 1 % has already more than doubled the original investment.

Sound Ventures’ Billion‑Dollar Rise

• Initial $35 million investment in the 2023 Series C, followed by an additional $400 million.
• Stake now worth "billions," according to insiders, despite founder Ashton Kutcher’s recent departure.

Spark Capital’s Board Seat Payoff

• Invested $75 million in the 2023 Series C when Anthropic was valued at $5 billion.
• Stake has ballooned more than ninety‑fold to $7 billion.

The Bigger Picture

Anthropic’s impending IPO is not just a headline; it’s a litmus test for how venture capital evaluates long‑term AI bets. The collective stakes of these investors exceed $70 billion, underscoring the magnitude of capital flowing into foundational AI research.

• Potential IPO valuation: up to $2 trillion.
• Private‑market valuation: $965 billion.
• Total known investor stakes: > $70 billion.

As the market watches, the outcomes for these backers will likely set benchmarks for future AI funding rounds, influencing how capital is allocated across the sector for years to come.