Anthropic Secures $450M Series C Investment Led By Spark Capital At $5 Billion Valuation

Anthropic is reportedly preparing for an IPO that could value the AI company at roughly $2 TRILLION, up from its latest private valuation of $965 billion. If it reaches that level, it could become one of the largest IPOs in history. But years before Claude became one of the world's most important AI platforms, a small group of investors backed Anthropic at a fraction of that value. In 2021, Jaan Tallinn led Anthropic’s $124M Series A, with Dustin Moskovitz, Jim McClave, Eric Schmidt and others participating. In 2022, Sam Bankman-Fried led the Series B, alongside Caroline Ellison, Nishad Singh, Jaan Tallinn, Jim McClave and others. FTX ultimately invested roughly $500M in Anthropic before the bankruptcy estate later sold the position. Then in May 2023, Yasmin Razavi of Spark Capital led Anthropic’s $450M Series C at roughly a $5B valuation, alongside Google, Salesforce Ventures, Sound Ventures/Guy Oseary, Zoom Ventures and others. Spark’s initial $75M Anthropic investment, plus follow-ons, was later worth at least $3B. Sound Ventures also made an early bet, investing $35M at around a $5B valuation, highlighting how dramatically Anthropic’s value has compounded since 2023. Using a potential $2T IPO valuation, the implied company valuation growth from these rounds is staggering: Series A: ~2,000X from a ~$1B reference valuation Series B: ~500X from ~$4B Series C: ~400X from ~$5B These are company valuation multiples from the respective financing rounds to a hypothetical ~$2T IPO, not realized investor returns. From a $124M Series A in 2021 to potentially one of the biggest IPOs ever just five years later. The Anthropic cap table could become one of the most valuable collections of early venture bets ever assembled.