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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 now worth $17 billion and has the potential to double at the IPO.

Menlo Ventures: The VC firm led Anthropic's Series D and has invested more than $1 billion in the company over time, a stake now worth $14 billion.

Sequoia: The famed VC firm backed the AI lab for the first time only earlier this year, when the company was already valued at $380 billion. The $3 billion investment gave it about 1% ownership, which means it has already more than doubled its investment.

Sound Ventures: The firm, launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in Anthropic's 2023 Series C round and has since funneled an additional $400 million into the company, resulting in a stake that's worth billions now. (Kutcher left Sound Ventures this year to launch a new VC firm.)

Spark Capital: The only VC firm known to hold a board seat at Anthropic invested $75 million in that same 2023 Series C round, when it was valued at $5 billion. That position has ballooned more than ninetyfold to $7 billion.

Updated to include Coatue's returns.