Many investors stand to win big when Anthropic goes public. Stakes held by firms including Menlo Ventures, Sequoia, Sound Ventures, and Spark Capital are expected to return billions.

Yet according to Anthropic’s S-1, none of those VC firms owns 5%, the threshold for being included in the principal stockholders’ table. That’s highly unusual. In a typical tech IPO, lead venture investors hold double-digit-percentage stakes in the startups they backed. The reason is Anthropic’s size. At its $965 billion private valuation, a 1% stake is worth nearly $10 billion, so, for example, Menlo’s roughly $14 billion position is only about 1.5% of the company, according to recently reported Bloomberg figures.

While the venture firms may lack sizable percentage stakes, Anthropic sold large stakes to strategic partners, companies that are also its business partners. Indeed, Amazon is likely the single largest financial beneficiary of the IPO.

Amazon first backed Anthropic in 2023 with a commitment to invest up to $4 billion in the AI company. Since then, Amazon has poured billions more into Anthropic. Instead of taking stock upfront, Amazon structured much of its investment as convertible notes, a type of debt that converts into shares upon an IPO or sale.

2 billion in principal outstanding as of June 30. That is Anthropic’s entire debt load. But as Anthropic’s valuation soared across successive funding rounds, the shares those notes will convert into became far more valuable. 9 billion as of June 30.

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