What some of Anthropic’s backers are worth before its IPO

In the latest private round, Anthropic was priced at $965 billion, and that price tag translates into staggering paper gains for its backers. Coatue, which entered the deal in 2025 at a $183 billion valuation and has since contributed $4.75 billion, now sees its holding at roughly $7.5 billion. Former Google chief Eric Schmidt, a Series A participant in 2021, controls about 1 % of the company, a slice worth close to $10 billion at today’s valuation. Iconiq’s $6 billion injection last year has ballooned to $17 billion, with the potential to double if the IPO reaches the $2 trillion ceiling. Menlo Ventures, the Series D lead, has poured over $1 billion and now commands a $14 billion stake. Sequoia’s $3 billion purchase for roughly 1 % of the firm has already more than doubled, while Sound Ventures’ combined $435 million commitment and Spark Capital’s $75 million have swelled to multi‑billion‑dollar positions, the latter reaching $7 billion after a ninety‑fold increase.

These figures illustrate how the AI funding ecosystem has shifted from modest seed checks to multi‑billion‑dollar bets within a few years. Anthropic, founded in 2020, has attracted capital from traditional tech veterans and celebrity‑linked funds, reflecting a broader trend where deep‑pocketed investors chase “foundational models” as strategic assets. The company’s valuation trajectory mirrors that of peers like OpenAI, which also commands private market caps near $1 trillion, underscoring a market that rewards perceived safety‑critical AI capabilities. Yet the sheer scale of these investments also highlights a concentration of risk: a handful of LPs now hold stakes that could eclipse the market caps of many public AI firms, tying their fortunes to Anthropic’s IPO pricing and post‑listing performance.

Looking ahead, the IPO will test whether the private‑market exuberance can survive public scrutiny. Analysts will watch the pricing band, lock‑up expirations, and the company’s ability to monetize its Claude models against rivals. Any post‑IPO volatility could erode the massive paper gains and trigger a re‑pricing of AI valuations across the board. Moreover, the involvement of high‑profile backers may invite regulatory attention, especially as governments scrutinize large‑scale AI models. Investors should monitor the filing details, the proportion of shares offered versus those retained by insiders, and Anthropic’s roadmap for revenue generation to gauge the durability of the current upside.