Anthropic, an AI company preparing for an IPO expected this year with a valuation possibly reaching $2 trillion, is generating significant returns for its investors even before going public. Its current private valuation stands at $965 billion, and several early and late-stage backers have stakes now worth billions. Coatue, one of the earliest and most substantial investors, committed $4.75 billion starting at a $183 billion valuation in 2025, with that investment now valued around $7.5 billion.

Notable individual and institutional investors include Eric Schmidt, the former Google CEO, who joined during the company’s Series A in 2021 when Anthropic was valued at $461 million. Schmidt’s roughly 1% stake is now worth close to $10 billion. Iconiq, a major backer who invested $6 billion last year at the $183 billion valuation, currently holds shares valued at $17 billion, with potential upside at the IPO. Menlo Ventures and Sequoia Capital have also made significant investments, with Menlo’s stake now valued at $14 billion and Sequoia’s $3 billion investment in 2026 doubling in worth.

Additional investors such as Sound Ventures, which includes entertainment entrepreneur Ashton Kutcher, and Spark Capital, the only firm with a board seat, have also seen impressive paper gains. Sound Ventures invested $435 million in total, with current holdings now valued in the billions, while Spark Capital’s $75 million 2023 Series C investment has ballooned to roughly $7 billion based on the most recent valuations. Kutcher departed Sound Ventures this year to form a new venture capital firm.

As Anthropic moves closer to its public listing, these backers stand to realize significant profits, reflecting the surging investor enthusiasm for AI startups. The company's rapid valuation growth and hefty funding rounds underscore the booming market for artificial intelligence technology and the scale of capital flows reshaping the industry landscape.