Spark Capital’s $75M Anthropic bet is now worth about $7B

In May 2023, Spark Capital put $75 million into a two-year-old AI startup called Anthropic. That stake is now worth about $7 billion, according to a Bloomberg report published October 22, 2026.

That works out to a return of roughly 93x. Most venture funds would be thrilled to see that multiple across an entire portfolio, never mind a single check.

The timing matters. Anthropic is reportedly preparing to file for an IPO, and figures discussed for a potential public valuation run between $1.5 trillion and $2 trillion. Spark’s paper gain could get a lot less theoretical in the near future.

How a $75 million check became $7 billion

Spark’s original investment came during Anthropic’s Series C. Spark led that round, which raised $450 million at a valuation of around $5 billion.

That was May 2023. The AI market was still absorbing the shock of ChatGPT’s launch, and it was far from clear which challengers would survive.

Fast forward to May 2026. Anthropic closed a $65 billion Series H round that set its post-money valuation at $965 billion.

Spark did not stop at one check, either. The firm has invested roughly $777 million in Anthropic across six funding rounds. The $7 billion figure covers only the Series C piece, the earliest and cheapest entry point, which is why its multiple looks so dramatic.

The board seat and the rest of the cap table

Spark holds a distinction that money alone does not usually buy. It is the only traditional venture capital firm with a seat on Anthropic’s board, which is held by Spark partner Yasmin Razavi.

Iconiq is one of those other major backers. The firm has invested more than $6 billion in Anthropic, and its stake is valued at roughly $17 billion.

Background: a five-year sprint

Anthropic was founded in 2021. In about five years, it moved from startup to one of the most highly valued private companies discussed anywhere.

The funding history traces that arc in round numbers. A Series C in 2023 at around $5 billion gave way to a Series H in 2026 at $965 billion.

What this means

For Spark, the immediate question is liquidity. A $7 billion stake on paper is still a private mark, and private marks only become cash through a sale, a secondary transaction, or a public listing. An Anthropic IPO, if it happens, would be the most direct route to turning that number into distributions for Spark’s limited partners.

The discussed IPO range also matters for how the return could change. If a listing were to land anywhere between $1.5 trillion and $2 trillion, that would sit well above the current $965 billion private valuation.

The things to watch next are straightforward. First, whether Anthropic formally files for its IPO and what valuation it targets. Second, how early backers such as Spark and Iconiq handle their positions around a listing, including any lockups or partial sales. Third, whether the public market valuation validates the $1.5 trillion to $2 trillion figures that have been discussed.

For now, Spark’s 2023 bet stands as one of the cleaner examples of venture math working exactly as advertised. Seventy-five million dollars went in. About $7 billion is the current mark.