Anthropic IPO Could Value AI Lab at $2 Trillion, Minting VC Fortunes
Anthropic’s $965 billion valuation has minted multibillion-dollar VC stakes, with a 2026 IPO potentially valuing the AI company at as much as $2 trillion.
Summary
As of October 23, 2026, Anthropic is expected to list this year at a valuation of up to $2 trillion, versus its latest private valuation of $965 billion. Former Google CEO Eric Schmidt invested in its 2021 Series A at a $461 million valuation; his roughly 1% holding is now worth nearly $10 billion. Iconiq invested $6 billion last year at a $183 billion valuation, producing a $17 billion stake that could double at the IPO. Menlo Ventures led Series D and has invested more than $1 billion over time, building a position worth $14 billion.
Sequoia first backed Anthropic earlier in 2026, investing $3 billion at a $380 billion valuation for about 1%; the position has already more than doubled. Sound Ventures, launched by Guy Oseary and actor Ashton Kutcher, invested $35 million in the 2023 Series C and another $400 million afterward, creating a stake worth billions; Kutcher left in 2026 to start a new VC firm. Spark Capital invested $75 million in the same Series C at a $5 billion valuation. Its position has risen more than ninetyfold to $7 billion, and Spark is the only VC firm known to hold an Anthropic board seat.
Positives
- Eric Schmidt’s roughly 1% Anthropic stake is worth nearly $10 billion after he invested during the 2021 Series A.
- Iconiq’s $6 billion investment has grown to $17 billion and could double if Anthropic lists near $2 trillion.
- Menlo Ventures has turned more than $1 billion of cumulative investment into a stake worth $14 billion.
- Sequoia’s $3 billion investment earlier in 2026 has already more than doubled despite its late entry.
- Spark Capital’s $75 million Series C position has increased more than ninetyfold to $7 billion.
Risks & concerns
- Anthropic’s $2 trillion IPO figure is an upper expectation, leaving final timing and pricing uncertain.
- Sound Ventures’ stake is described only as worth billions, without an exact valuation or ownership percentage.
- Sequoia entered at a $380 billion valuation and Iconiq at $183 billion, far above Anthropic’s earlier $461 million and $5 billion rounds.
- Ashton Kutcher left Sound Ventures in 2026 to launch a new VC firm after helping establish the Anthropic backer.