Anthropic's Pre-IPO Valuation Inflates Backer Stakes

Anthropic is preparing for a public offering that could value the artificial intelligence laboratory at as much as $2 trillion.

A listing of that scale would deliver substantial profits to the venture capitalists and individuals who backed the company during its earlier stages. This potential financial upside comes as the company’s valuation in private markets has already climbed to $965 billion. At that figure, the stakes held by several early and later-stage backers are already worth billions of dollars.

According to data from Bloomberg, Eric Schmidt, former chief executive of Google, holds a stake worth nearly $10 billion. Schmidt first invested in Anthropic's Series A funding round in 2021, when the company's valuation was $461 million, according to PitchBook data. He now owns approximately 1% of the company. Other investors have also seen their positions grow significantly. Iconiq, an investment firm, provided $6 billion to Anthropic last year. That investment, made when the company was valued at $183 billion, is now worth $17 billion. Menlo Ventures, which led Anthropic's Series D round, has invested more than $1 billion over time; that holding is now valued at $14 billion.

Recent investments in the company have also proven to be lucrative. Sequoia, a prominent venture capital firm, first backed Anthropic earlier this year when its valuation was $380 billion. The firm's $3 billion investment secured about 1% ownership, and that stake has already more than doubled in value. Sound Ventures, founded by Guy Oseary and actor Ashton Kutcher, invested $35 million in Anthropic's 2023 Series C round and has since added another $400 million, resulting in a stake now worth billions. Kutcher departed Sound Ventures this year to establish a new venture capital firm.

Spark Capital, the only venture capital firm known to have a board seat at Anthropic, also participated in that 2023 Series C round. Its $75 million investment, made when Anthropic was valued at $5 billion, has since grown to $7 billion, a more than ninetyfold increase.

The anticipated public listing is expected to occur this year, turning these private market valuations into public market figures and providing a clear view of the returns for the company's financial backers. The event would represent a significant milestone for the artificial intelligence sector and the investors who have financed its rapid expansion.

Attention is now turning to the specifics of the offering. The company has not yet announced a firm date for the public listing. The scale of the potential valuation and the resulting returns for investors will be closely watched as the event approaches.