Anthropic Nears $1 Trillion Valuation as IPO Looms

Anthropic carries a valuation of nearly $1 trillion ahead of its hotly anticipated stock market debut, and the roster behind that number reads like a who's-who of Big Tech and global finance. The IPO will now test whether investors beyond Silicon Valley share the conviction that Amazon, Google and a dozen venture firms have already put on the table. A Reuters photo dated October 26, 2026 shows a screen on the New York Stock Exchange floor displaying news of Anthropic's revenue.

The AI company behind the Claude models has raised capital through successive rounds that escalated from $124 million to $65 billion. Its valuation climbed from $18.4 billion in 2024 to $965 billion in its most recent financing. Few startups have attracted this level of investor conviction.

Who has poured the most money into Anthropic?

Amazon leads the pack. The e-commerce giant has invested at least $13 billion in Anthropic, and in April it agreed to invest up to an additional $20 billion. The relationship runs both ways: Anthropic committed to spend more than $100 billion on Amazon's cloud services over 10 years.

Alphabet's Google has committed up to $40 billion, including an initial $10 billion investment announced in April. That partnership gives Anthropic cloud infrastructure and access to Google's AI chips, which train and run Claude models.

Which venture firms led the big rounds?

Spark Capital led Anthropic's $450 million Series C round in May 2023 and gained board representation through general partner Yasmin Razavi.

Lightspeed Venture Partners led the $3.5 billion Series E round in March 2025. It later co-led the $13 billion Series F round in September that year at a $183 billion valuation.

Fidelity Management & Research participated in Series E and co-led the $13 billion Series F financing at the same $183 billion valuation. The firm's other bets include Databricks and CoreWeave.

ICONIQ Capital led the $13 billion Series F round and later co-led the $30 billion Series G financing. ICONIQ's portfolio also includes OpenAI and smart ring maker Oura.

Coatue Management led the $30 billion Series G financing and later co-led the $65 billion Series H round. Coatue has also financed Canva and CoreWeave.

Sequoia Capital was a significant investor in Series G and became one of the lead investors in the $65 billion Series H round at a $965 billion valuation — the round that pushed Anthropic close to the trillion-dollar mark.

Altimeter Capital invested in the September 2025 $13 billion fundraise and returned as a lead investor in the $65 billion Series H financing at a $965 billion valuation.

What did the earlier rounds look like?

Menlo Ventures made its first Anthropic investment in 2023 as part of the Series C round. It then led Series D at an $18.4 billion valuation in 2024 and participated in the $3.5 billion Series E round at a $61.5 billion valuation.

Salesforce Ventures participated in both the $450 million Series C round and the $3.5 billion Series E financing. The software firm's venture arm has also invested in Cohere and Chainguard.

D1 Capital Partners spread its bets across multiple large financings — Series E, Series F, Series G and Series H. The firm holds positions in Cognition AI and SpaceX.

Which sovereign wealth and institutional money is in?

GIC, Singapore's sovereign wealth fund, led the $30 billion Series G round at a $380 billion valuation. GIC has also invested in AI voice generation startup ElevenLabs.

Who were the earliest believers?

Skype co-founder Jaan Tallinn led Anthropic's first institutional financing, a $124 million Series A round in 2021. The angel investor has since funded open-source AI startup Zyphra and Rain AI.

Eric Schmidt, the former Google chief executive, has backed Anthropic personally and ranks among the company's best-known individual investors. Schmidt has also funded Yann LeCun's Advanced Machine Intelligence.

What does the IPO actually test?

The debut measures whether enthusiasm for AI boom leaders extends past Silicon Valley's inner circle. Institutional giants, a Singapore sovereign fund and two of the world's largest tech companies have already priced that conviction at $965 billion — public markets now get to render their own verdict.