What some of Anthropic’s backers are worth before its IPO

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.

First reported by TechCrunch. This page is a short excerpt; the full text is theirs.