Anthropic's cap table: angel-led early rounds, late venture entry before IPO
Overview
Newcomer reports that no venture firm owns more than 2% of Anthropic ahead of its expected IPO. Early rounds were led mainly by wealthy individuals, including Jaan Tallinn (Series A) and Sam Bankman-Fried (Series B).
Spark Capital led the 2023 Series C, and later rounds involved Menlo Ventures, Lightspeed and Iconiq. Newcomer also reports that special purpose vehicles became a point of contention across several rounds, coming to a head after the Series D, when Anthropic hired Krishna Rao as CFO.
According to Anthropic's S-1 filing, as reported by TechCrunch, Amazon holds convertible notes with $6.2 billion in principal outstanding as of June 30 and invested $10 billion in nonvoting preferred stock, about $18 billion in total. Amazon's filings valued those note holdings at $97.9 billion as of June 30. Anthropic has committed to spend at least $110 billion on AWS over 10 years. The filing shows no venture firm at the 5% threshold for the principal stockholders' table, though Menlo Ventures and Sequoia are expected to return billions.
Written by AI from the articles below · updated Oct 27, 10:08 PM ET
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Developments
2 developments
- Oct 27, 9:15 PM ET · 1 articleAnthropic's S-1 shows Amazon and Google holding large stakes ahead of IPOTechCrunch · AI: Amazon stands to gain more than VCs from Anthropic's IPO, per S-1 filing
- Oct 22, 11:53 AM ET · 1 articleAnthropic's cap table and funding rounds reported ahead of planned IPONewcomer: Anthropic's cap table: how VCs came late to its funding rounds
Article timeline
The articles in this story. Times are ET.
- TechCrunch · AINewsAmazon stands to gain more than VCs from Anthropic's IPO, per S-1 filing
AIAccording to Anthropic's S-1, Amazon holds convertible notes with $6.2 billion in principal and invested $10 billion in nonvoting preferred stock, for about $18 billion in total. Amazon's filings valued its note holdings at $97.9 billion as of June 30, and Anthropic has committed at least $110 billion to AWS over 10 years. Venture firms like Menlo Ventures and Sequoia are expected to return billions but own under 5% each, according to the filing.
- NewcomerBlogAnthropic's cap table: how VCs came late to its funding rounds
AINewcomer reports that no venture firm owns more than 2% of Anthropic ahead of its expected IPO, a highly unusual position for a tech company going public. Early backing came mainly from wealthy individuals, including Jaan Tallinn, who led the Series A, and Sam Bankman-Fried, who led the Series B. Spark Capital led the Series C in 2023, and later rounds involved Menlo Ventures, Lightspeed, and Iconiq, with disputes over special purpose vehicles.
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