Anthropic Is Going Public Near $1 Trillion. The VCs Got In at $124M. Anthropic was valued at $124 million at its Series A in 2022. It files for IPO today at $965 billion. That's a 7,700x return for the earliest checks. The public markets get whatever's left. This is the part of the AI boom that doesn't get talked about enough. By the time a generational company like Anthropic reaches retail investors, the compounding is basically over. Sequoia, Google, Amazon, Spark Capital — they've already made their fortunes. The IPO is where they start thinking about the exit. Public investors are buying the story at the price where insiders are beginning to sell. That's not unique to Anthropic. It's how every major tech IPO works. But the gap here is extraordinary. The Series H alone — $65B at $965B valuation — was co-led by Altimeter, Dragoneer, Greenoaks, and Sequoia. These are sophisticated allocators buying in at the last private round, betting the public market will price Anthropic above $1 trillion. Maybe it will. But their cost basis is still a fraction of what retail pays on day one. The Bloomberg headline said it plainly: retail investors are already chasing Anthropic exposure through secondary markets and funds, lured by the same fortunes that made early crypto holders rich. That hunger is real and understandable. My read: Anthropic is a genuinely remarkable business. The revenue growth is not fabricated. But $965B is a valuation where you're paying for everything going right, with no margin for a model that loses ground, a regulatory shock, or a hyperscaler deciding to compete directly. Is this the access moment retail has been waiting for, or the moment to let it go? Share your thoughts in the comments 👇 #AnthropicFilesForIPO $ANTHROPIC $OPENAI $NVDA