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

Early-stage and follow-on investors in the AI lab are already sitting on major paper returns. Anthropic’s public listing, which is expected this year at a valuation of as much as $2 trillion, is bound to be a windfall for both early-stage and later-stage investors. But even at the company’s latest private market valuation of $965 billion, the stakes held by many of those VCs and early backers already total billions. Coatue, which first backed Anthropic in 2025 at a $183 billion valuation and co-led the AI lab’s last two funding rounds, has poured a total of $4.75 billion into the company. That stake, based on the last round’s price, is now worth roughly $7.5 billion, according to a person familiar with the matter.

Coatue declined to comment. Below is what some other backers of Anthropic are worth based on the last round’s price, according to Bloomberg: Eric Schmidt: The former Google CEO invested in Anthropic’s Series A in 2021, when the startup was valued at $461 million, according to PitchBook data. Today, Schmidt owns about 1% of the company, and even at its current private valuation, his stake is worth nearly $10 billion. Iconiq: The investment outfit wrote a $6 billion check to Anthropic last year when the company was already valued at $183 billion. That massive late-stage bet is