Eric Schmidt's 1% Anthropic Stake Could Yield Up to $20 Billion at IPO

Eric Schmidt, former Google CEO, stands to gain between $15 billion and $20 billion from Anthropic's anticipated initial public offering, according to multiple reports citing people familiar with his holdings. Schmidt owns approximately 1% of the AI company after investing tens of millions of dollars in its Series A funding round in May 2021, when Anthropic was valued at $461 million to $623 million. His early investment predated even Google's own major commitment to the startup by roughly 18 months.

Anthropics's valuation has grown substantially since Schmidt's initial backing. Following a private funding round in May 2026, the company reached a $965 billion valuation. Prospective investors have discussed IPO valuations ranging from $1.5 trillion to $2 trillion, though some market participants have suggested valuations closer to $1.5 trillion based on concerns about slowing revenue growth. At the upper end of that range, Schmidt's 1% stake would be worth approximately $20 billion; at the lower end, around $15 billion.

Schmidt's stake is notably substantial compared with other major stakeholders. Co-founder and CEO Dario Amodei holds approximately 2% of the company, making Schmidt's holding roughly half the size of the CEO's stake. The investment reflects Schmidt's broader pattern of early-stage tech backing since stepping down as Google CEO in 2011, with his capital deployed through multiple entities including Tomorrow Ventures, Innovation Endeavors Management, and his family office Hillspire. Other AI investments through these vehicles include stakes in Mistral, General Intuition, and Reflection AI.

Anthropics confidentially filed draft IPO papers with the US Securities and Exchange Commission on June 1, with a public filing expected as early as October 26 and a listing anticipated in mid-November. The company has demonstrated rapid revenue growth, reporting $16.8 billion in third-quarter revenue (a 45% quarterly increase) and profitability on an adjusted basis. Full-year 2025 revenue was approximately $4.6 billion.

Bloomberg reported that Schmidt's stake may remain entirely intact, though it is unclear whether he has sold any portion since his initial investment. A significant caveat to the potential windfall projections is that the ultimate outcome depends on investor appetite, Anthropic's financial performance at listing, and final IPO terms.