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Anthropic IPO: Spark's $75m stake reportedly worth $7bn
Bloomberg says Anthropic is preparing to file its IPO paperwork within days, with some investors eyeing up to $2 trillion. Here is what each early backer's stake is reportedly worth, and what EDGAR still does not show.
Key takeaways
- Spark Capital's $75 million bet on Anthropic in 2023 is reportedly worth about $7 billion, according to Bloomberg reporting cited by TechCrunch on Oct. 23, 2026.
- Iconiq's stake is reportedly worth about $17 billion and Menlo Ventures' about $14 billion, both measured at Anthropic's latest private valuation of $965 billion.
- Bloomberg reported on Oct. 22 that Anthropic is preparing to file its IPO paperwork publicly "in the coming days", and some investors expect a listing valuation of up to $2 trillion.
- As of Oct. 23, SEC EDGAR shows no public S-1 from Anthropic. The company confirmed only a confidential draft S-1, submitted on June 1, 2026.
- All stake values are paper gains. They depend on the final IPO price, and early holders are normally bound by lock-up agreements after listing.
The Anthropic IPO would crown huge paper gains for early backers: Spark Capital's $75 million stake is reportedly worth about $7 billion, Iconiq's about $17 billion and Menlo Ventures' about $14 billion at the $965 billion private valuation. No public S-1 has been filed yet.
The figures come from a Bloomberg report published on Oct. 22 and summarised by TechCrunch on Oct. 23. Both reports measure each stake at the price of Anthropic's last funding round, not at a market price. Anthropic has not commented publicly on these numbers.
Anthropic IPO: what is reported and what is confirmed
Three things are on the record. First, Anthropic, PBC said on June 1, 2026 that it had confidentially submitted a draft registration statement on Form S-1 to the SEC. The announcement said that "the number of shares to be offered and the price have not yet been set." Second, the company raised $65 billion at a $965 billion valuation in late May, according to Bloomberg. Third, a full-text search of EDGAR on Oct. 23 found no S-1 filed by Anthropic. The only S-1 documents that mention "Anthropic, PBC" belong to other companies, including Nscale, SpaceX and Figma.
Several other details have been reported but not confirmed. Bloomberg said Anthropic is preparing to file publicly within days. TechCrunch described the listing as expected this year. Neither report named underwriters, an exchange or a share price. The $2 trillion figure is what some market participants expect, not a price range set by the company.
Timing is limited by SEC procedure. A company that starts with a confidential draft must file its registration statement publicly at least 15 days before it begins its roadshow, so investors would see the full prospectus first. Our guide to how an IPO works, from the S-1 to the first trade explains each step.
What Anthropic's early backers' stakes are reportedly worth
The table below shows each backer's reported entry point next to the reported value of its stake. Where a report gives no number, the cell says so. Multiples are Bullquill calculations from the reported figures.
| Backer | Reported investment | Entry round and valuation | Reported stake value at $965bn | Approx. multiple |
|---|---|---|---|---|
| Spark Capital | $75 million | 2023 Series C, about $5bn valuation | About $7bn | About 93x |
| Iconiq | More than $6bn | First invested in 2025 at $183bn (led the Series F) | About $17bn | About 2.8x |
| Menlo Ventures | More than $1bn over time | Led the Series D (valuation not given in the reports) | About $14bn | Up to about 14x |
| Sequoia Capital | About $3bn | First backed in 2026 at $380bn | About 1% ownership; more than doubled, per TechCrunch | More than 2x |
| Eric Schmidt | Not disclosed | 2021 Series A, $461m valuation (PitchBook via TechCrunch) | About 1% ownership; "nearly $10 billion" | Not calculable |
| Sound Ventures | $35m in 2023, plus about $400m later | 2023 Series C, about $5bn valuation | "Billions"; no exact figure reported | Not calculable |
| GIC | Multibillion-dollar commitments | Co-led the $30bn Series G at $380bn (Feb. 2026) | About 1% ownership, per Bloomberg | Not calculable |
Sources: Bloomberg via Investing.com (Oct. 22, 2026), TechCrunch (Oct. 23, 2026), Anthropic, Orrick. Data as of Oct. 23, 2026, 12:00 UTC.
Why Spark's return is the largest
Spark Capital came in early, when the valuation was low. According to TechCrunch, it is also the only venture firm known to hold a board seat at Anthropic. Its reported multiple of about 93 times is roughly half the rise in Anthropic's valuation from about $5 billion to $965 billion, which is about 193 times. The likely reason for the gap is dilution: each later round issued new shares, which shrank the ownership share of every earlier holder.
Why the biggest dollar gains went to later, larger checks
Iconiq's multiple is far smaller, but its reported stake is the largest in dollar terms, because it invested billions rather than millions. Iconiq led the $13 billion Series F at $183 billion in September 2025. Sequoia and GIC came in later still, at $380 billion or above. For them, the IPO price matters more than the entry price.
How Anthropic's valuation got to $965 billion
| Round | Date | Amount raised | Valuation | Lead investors (as reported) |
|---|---|---|---|---|
| Series A | 2021 | Not used here | $461m (PitchBook, via TechCrunch) | Not used here |
| Series C | 2023 | Not used here | About $5bn (Bloomberg) | Spark Capital |
| Series F | Sept. 2, 2025 | $13bn | $183bn post-money | Iconiq; co-leads Fidelity and Lightspeed |
| Series G | Feb. 2026 | $30bn | $380bn post-money | GIC and Coatue |
| Latest round | May 28, 2026 | $65bn | $965bn including new money | Altimeter, Dragoneer, Greenoaks, Sequoia |
Sources: Anthropic, Orrick, Bloomberg Law, TechCrunch. "Not used here" marks figures Bullquill could not confirm from a reliable source.
What a $2 trillion listing would mean for the stakes
A $2 trillion valuation is about 2.07 times $965 billion. If the IPO priced there and no new shares were issued, each stake above would roughly double. Bloomberg said Iconiq's investment could double in that case. That is a simple scaling, not a forecast. An IPO normally issues new shares, which slightly dilutes existing holders, and the final price depends on investor demand during the roadshow.
The listing also matters beyond venture funds. Bloomberg reported that seven co-founders are billionaires and that thousands of employees stand to gain. Anthropic's financial results will face close scrutiny once a prospectus is public: as Bullquill reported, a draft filing reportedly showed an $80.7 billion first-half net loss, mostly a non-cash charge.
What it means
For now, every figure in this article is a paper value. None of the backers has sold, and the numbers rest on a private funding price rather than a traded share. After an IPO, early shareholders are usually barred from selling for a set period under lock-up agreements, and the SEC's Investor.gov notes that most lock-ups bar sales for 180 days.
The public S-1 is the next event to watch. It would confirm actual ownership percentages, the share structure and the risk factors, and replace the reported estimates with filed numbers. The race with OpenAI adds pressure: CNBC has reported that OpenAI is seeking a $30 billion raise at a $1.25 trillion valuation. Meanwhile, Anthropic keeps shipping products such as its Claude Duet background agent app, which investors will weigh against its losses.
Until the filing appears on EDGAR, timing, price and the final valuation remain unconfirmed.
Frequently asked questions
When is the Anthropic IPO?
No date has been set. Bloomberg reported on Oct. 22, 2026 that Anthropic is preparing to file its IPO paperwork publicly in the coming days, and TechCrunch said the listing is expected this year. Anthropic has confirmed only a confidential draft S-1 submitted on June 1, 2026.
Has Anthropic filed a public S-1?
Not as of Oct. 23, 2026. A full-text search of SEC EDGAR found no S-1 filed by Anthropic. Under SEC procedures, a company that starts with a confidential draft must file publicly at least 15 days before its roadshow.
What is Anthropic's valuation before the IPO?
Anthropic's latest private valuation is $965 billion, set when it raised $65 billion in May 2026, according to Bloomberg. Some market participants expect a listing valuation of up to $2 trillion, but the company has not published a price range.
Which Anthropic investor has made the biggest return?
By multiple, Spark Capital: its $75 million 2023 investment is reportedly worth about $7 billion, roughly 93 times. By dollar value, Iconiq's stake is reportedly the largest of those named, at about $17 billion on more than $6 billion invested.
Sources
- TechCrunch: What some of Anthropic's backers are reportedly worth before its IPO (Oct. 23, 2026)
- Investing.com: Anthropic IPO set to generate massive gains for early backers, citing Bloomberg (Oct. 22, 2026)
- Seoul Economic Daily: Spark Capital's $75 million Anthropic bet now worth $7 billion (Oct. 23, 2026)
- Anthropic: Confidential submission of a draft S-1 to the SEC (June 1, 2026)
- SEC EDGAR full-text search: "Anthropic, PBC" in S-1 filings (checked Oct. 23, 2026)
- SEC Division of Corporation Finance: Draft registration statement processing procedures
- Anthropic: Anthropic raises $13B Series F at $183B post-money valuation (Sept. 2, 2025)
- Orrick: Anthropic raises $30B Series G at $380B post-money valuation (Feb. 2026)
- Bloomberg Law: Anthropic raises at $965 billion valuation, eclipsing OpenAI (May 28, 2026)
- SEC Investor.gov: Initial public offerings, lockup agreements
This article is for information only and is not investment advice.
