The $10 Billion Return: How Early Anthropic Backers Are Winning Big

The most striking figure in the current landscape of artificial intelligence investment is not the company’s projected $2 trillion public listing price, but the nearly $10 billion value of a single individual’s stake. This sum belongs to Eric Schmidt, the former CEO of Google, who invested in Anthropic’s Series A round in 2021 when the startup was valued at just $461 million. According to PitchBook data, Schmidt owns approximately 1% of the company. Even at the firm’s latest private market valuation of $965 billion, his holding represents a massive financial windfall, illustrating the extraordinary returns available to those who entered the market early.

This valuation surge benefits a wide range of investors, from early-stage venture capitalists to later-stage institutional funds. The company’s anticipated initial public offering this year is expected to amplify these gains, but the current private market prices have already placed many backers in the multi-billion dollar tier. Bloomberg data provides a detailed look at the worth of these positions at the most recent funding round, highlighting how rapidly the value of these assets has appreciated over the last few years.

Among the largest holders is Iconiq, an investment firm that made a significant late-stage bet on the AI lab. Last year, Iconiq wrote a $6 billion check when Anthropic was valued at $183 billion. That investment has since grown to a value of $17 billion. With the upcoming IPO, analysts suggest this position has the potential to double again, further cementing Iconiq’s place as one of the most profitable investors in the sector.

Menlo Ventures also holds a substantial position, having led Anthropic’s Series D round. The firm has invested more than $1 billion in the company over time. At the current private valuation, Menlo’s stake is worth $14 billion. Similarly, Sequoia, a renowned venture capital firm, joined the investor roster earlier this year. It invested $3 billion when the company was valued at $380 billion, securing roughly 1% ownership. This move has already resulted in a more than doubling of Sequoia’s initial capital.

Other notable participants include Sound Ventures, co-founded by Guy Oseary and actor Ashton Kutcher. The firm initially invested $35 million in the 2023 Series C round and has since added another $400 million to its position. While Kutcher left Sound Ventures this year to launch a new venture capital firm, the original investment has grown into a stake worth billions. The most dramatic multiple belongs to Spark Capital, the only VC firm known to hold a board seat at Anthropic. It invested $75 million in the same 2023 round when the valuation was $5 billion. That position has now ballooned more than ninetyfold to a value of $7 billion.

These figures underscore the intensity of the current AI investment cycle. For non-experts, it is important to understand that these values are based on private market transactions and are subject to change. However, the consistency of the high valuations across multiple rounds indicates strong confidence in Anthropic’s trajectory. As the company moves toward its public debut, these early and mid-stage investors stand to realize some of the largest gains in recent technology history.