Anthropic IPO Tests Investor Appetite for AI’s Biggest Backers
Only a handful of startups have garnered as much investor confidence as Anthropic. Supported by prominent figures in the technology and finance sectors, the AI company has experienced a significant increase in its valuation through a series of funding rounds. Its initial public offering now presents a significant examination of whether investors outside of Silicon Valley exhibit similar enthusiasm for the frontrunners of the AI boom. Amazon has committed a minimum of $13 billion to Anthropic and in April reached an agreement to potentially invest an additional $20 billion. Anthropic has also pledged to invest over $100 billion in the cloud services of the e-commerce giant over the next decade. Google has pledged as much as $40 billion to Anthropic, which includes an initial investment of $10 billion that was revealed in April. The partnership grants Anthropic cloud infrastructure and access to Google’s AI chips, utilised for training and operating Claude models.
Spark Capital spearheaded Anthropic’s $450 million Series C funding round in May 2023, securing a position on the board via general partner Yasmin Razavi. Lightspeed Venture spearheaded the $3.5 billion Series Partners E round in March 2025 and subsequently co-led the $13 billion Series F round at a valuation of $183 billion in September of that same year. Fidelity Management engaged in Series E and co-led the $13 billion Series F financing, achieving a valuation of $183 billion. The firm’s other investments include Databricks and CoreWeave. Salesforce Ventures took part in the $450 million Series C round as well as the $3.5 billion Series E financing. The software firm’s venture arm has also made investments in companies such as Cohere and Chainguard. ICONIQ Capital spearheaded the $13 billion Series F round, achieving a valuation of $183 billion, and subsequently co-led the $30 billion Series G financing. The venture capital firm’s portfolio encompasses OpenAI and the smart ring manufacturer Oura.
Singapore’s sovereign wealth fund spearheaded the $30 billion Series G round, achieving a valuation of $380 billion. GIC has also made an investment in the AI voice generation startup ElevenLabs. Coatue Management spearheaded the $30 billion Series G financing and subsequently co-led the $65 billion Series H round. The investment firm has also provided funding to companies such as Canva and CoreWeave. D1 Capital Partners made investments in various substantial financings, encompassing Series E, Series F, Series G, and Series H. The firm possesses investments in Cognition AI and SpaceX. Sequoia Capital played a pivotal role as an investor in Series G and emerged as one of the principal investors in the $65 billion Series H round, which was valued at $965 billion.
Altimeter Capital participated in the September 2025 $13 billion fundraise and took on the role of lead investor in the $65 billion Series H financing, which was conducted at a valuation of $965 billion. Skype co-founder Tallinn spearheaded Anthropic’s inaugural institutional financing, a $124 million Series A round in 2021. The angel investor has also provided funding to the open-source AI startup Zyphra and Rain AI. Former Google chief executive Eric Schmidt has personally endorsed Anthropic and stands as one of the company’s most prominent individual investors. Schmidt has also provided financial support for Yann LeCun’s Advanced Machine Intelligence. Menlo Ventures initiated its inaugural investment in Anthropic in 2023 during a Series C round and subsequently took the lead in Series D, which was valued at $18.4 billion in 2024. It also participated in the $3.5 billion Series E round at a valuation of $61.5 billion.
