ICONIQ’s Anthropic bet: >$6B in, ~$17B stake at $965B private valuation

What’s the story? ICONIQ Capital led Anthropic’s Series F and is set for one of the largest dollar gains among traditional investors as the company heads public. Bloomberg reports ICONIQ has pumped more than $6 billion into Anthropic since first investing in 2025 at a $183 billion valuation — described as the largest deal in the firm’s history.

The stake. At Anthropic’s most recent $965 billion private-market valuation, ICONIQ’s position is worth approximately $17 billion, according to people familiar with the matter cited by Bloomberg (also summarised by TechCrunch and PitchBook). Coverage notes the paper value could rise further if the IPO prices nearer investor talk of up to about $2 trillion. These remain private marks, not a traded price.

Related: Anthropic’s S-1 coverage on Dealroom.

Sources: Bloomberg · TechCrunch · PitchBook · Anthropic S-1 (SEC)