Key Takeaways
- • Spark Capital's $75M investment in Anthropic in 2023 has reportedly grown to a stake worth about $7B at the latest private valuation, a return of roughly 100x, according to Bloomberg as cited by 36Kr.
- • Menlo Ventures invested $750M in Anthropic's 2024 Series D round, bringing total investment above $1B, with the stake now valued at about $14B.
- • Iconiq's shareholding is reportedly worth about $17B against more than $6B invested, based on a $965B private valuation, and could double if the IPO reaches the $2T valuation the market expects.
- • Anthropic's 2025 revenue was about $4.6B against $7.3B in computing and infrastructure spending, with operating losses widening from $2.98B in 2024 to $8.06B.
- • Google, Amazon and NVIDIA act as both Anthropic's cloud and chip suppliers and its equity investors, a structure the article describes as circular financing.
Summary
According to a 36Kr article drawing on Bloomberg's reporting on Anthropic's shareholder register, the company's IPO, which is expected in the coming weeks, has produced outsized returns for early and late investors alike. The article reports that Spark Capital invested $75M in 2023, when Anthropic had little revenue, and that the stake is now worth about $7B. Spark is described as the only known venture firm with a board seat at Anthropic. Menlo Ventures reportedly began engaging with Anthropic in 2023 and led the 2024 Series D with a $750M commitment, bringing its total above $1B; the stake is now valued at about $14B. Sound Ventures, co-founded by Ashton Kutcher, reportedly invested $35M in 2023 at a $5B valuation and later raised its investment to $400M.
Late entrants have also reported large paper gains. Iconiq first invested in 2025 at a $183B valuation, has committed more than $6B, and holds a stake reportedly worth about $17B at a $965B private valuation. HSG reportedly acquired about 1% for roughly $3B at the start of this year, now worth nearly $10B. Singapore's GIC has invested more than $4.5B for about 1%. The article notes that in August, Anthropic formed a strategic partnership with GIC and Macquarie Asset Management to build data centers. It argues that the entry cost for frontier AI venture investing has risen sharply.
The article also describes a circular financing model. Amazon has pledged up to $33B and Google up to $40B in investment, while Anthropic has committed to large cloud purchases from both. NVIDIA has pledged up to $10B, alongside its role as a chip supplier. The article cites analysts who describe a cycle in which money flows from chips to cloud and returns as equity.
The article also notes historical investors, including Sam Bankman-Fried's Alameda Research, which led a 2022 Series B investment of $500M for about 8%, a stake later sold by FTX's bankruptcy liquidator for about $1.3B in 2024. Eric Schmidt reportedly invested in the 2021 Series A through several vehicles. The article closes with a caution: Anthropic's 2025 revenue was about $4.6B, while computing and infrastructure spending reached $7.3B, and operating losses grew from $2.98B to $8.06B, with computing costs at 1.6 times revenue. The article warns that public-market investors may bear this risk, though these figures come from the article and have not been independently verified here.
Late entrants have also reported large paper gains. Iconiq first invested in 2025 at a $183B valuation, has committed more than $6B, and holds a stake reportedly worth about $17B at a $965B private valuation. HSG reportedly acquired about 1% for roughly $3B at the start of this year, now worth nearly $10B. Singapore's GIC has invested more than $4.5B for about 1%. The article notes that in August, Anthropic formed a strategic partnership with GIC and Macquarie Asset Management to build data centers. It argues that the entry cost for frontier AI venture investing has risen sharply.
The article also describes a circular financing model. Amazon has pledged up to $33B and Google up to $40B in investment, while Anthropic has committed to large cloud purchases from both. NVIDIA has pledged up to $10B, alongside its role as a chip supplier. The article cites analysts who describe a cycle in which money flows from chips to cloud and returns as equity.
The article also notes historical investors, including Sam Bankman-Fried's Alameda Research, which led a 2022 Series B investment of $500M for about 8%, a stake later sold by FTX's bankruptcy liquidator for about $1.3B in 2024. Eric Schmidt reportedly invested in the 2021 Series A through several vehicles. The article closes with a caution: Anthropic's 2025 revenue was about $4.6B, while computing and infrastructure spending reached $7.3B, and operating losses grew from $2.98B to $8.06B, with computing costs at 1.6 times revenue. The article warns that public-market investors may bear this risk, though these figures come from the article and have not been independently verified here.
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