Anthropic is planning an initial public offering as early as mid-November, according to ChainCatcher. Market discussion has placed the artificial intelligence company’s IPO valuation at about $1.5 trillion, roughly 55% above the $965 billion valuation from its May financing this year.
How major investors would look at a $1.5 trillion valuation
Using that potential valuation, Spark Capital’s 2023 investment of $75 million could now be worth about $10.9 billion. Anthropic was valued at about $5 billion when Spark invested, and the firm secured a board seat at the time. The report said Spark remains the only known venture capital firm with a board seat.
Sound Ventures made an initial investment of $35 million and later added another $400 million. The firm, co-founded by Guy Oseary and Ashton Kutcher, entered in 2023. Its stake would now be worth several billion dollars under the same valuation framework.
Menlo Ventures has invested more than $1 billion in total, including a $500 million Series D round, and its stake could be worth about $21.8 billion. Menlo first invested in May 2023.
Iconiq entered in 2025 and has invested more than $6 billion in total. Its stake could be worth about $26.4 billion. Anthropic was already valued at $183 billion when Iconiq made its first investment.
Sequoia Capital began investing this year and has put in about $3 billion in total. The report said it owns about 1% of Anthropic, implying a stake worth about $15 billion at a $1.5 trillion valuation. ChainCatcher also noted that Sequoia had previously invested in OpenAI and xAI.
Singapore sovereign wealth fund GIC first invested in 2025 and has invested more than $4.5 billion in total. It is described as holding about 1% of Anthropic, also worth about $15 billion at the discussed valuation.
Former Google CEO Eric Schmidt invested tens of millions of dollars in 2021 and is said to own about 1% of the company. That stake would also be worth about $15 billion under the same pricing assumption.
FTX already exited its Anthropic position in 2024
FTX invested $500 million in Anthropic in 2021. Its original stake was 13.56%, which had been diluted to 7.84% by 2024. After entering bankruptcy liquidation, FTX sold all of its Anthropic shares and recovered about $1.3 billion, for an actual gain of about $800 million.
If that undiluted 7.84% stake were instead valued against a $1.5 trillion market capitalization, the theoretical value would be about $117.6 billion, or about $116.3 billion above the actual sale price. The report said that estimate does not account for dilution from later financing rounds.
FTX sold its entire Anthropic position in batches during 2024. The first transaction, worth about $884 million, involved 24 buyers. Among them, ATIC, an affiliate of Abu Dhabi sovereign wealth fund Mubadala, bought about $500 million. Jane Street bought $100 million, and a Fidelity-affiliated fund bought $45 million.
Other investors named in the report
Lightspeed holds less than 2% of Anthropic, according to the report. Google, Amazon, Nvidia, Microsoft, as well as Founders Fund, Coatue, and Altimeter, have also invested.
Still, public position data remains incomplete, and the report said it is not possible to calculate returns accurately for every investor.