In 2021, Eric Schmidt wrote a personal check worth tens of millions of dollars to a young AI startup called Anthropic. Five years later, that check may be the best investment of his career.
Bloomberg reported on October 19, 2026, that the former Google CEO owns a near 1% stake in Anthropic PBC. With the company’s IPO approaching, that sliver could be worth somewhere between $10 billion and $20 billion, depending on how public markets price the debut.
From Series A to blockbuster IPO
Schmidt got in early. He bought his position during Anthropic’s 2021 Series A round, which valued the company at $461 million.
In May 2026, Anthropic closed a Series H round that raised $65 billion at a post-money valuation of $965 billion.
Big backers in that round included Amazon and Google/Alphabet. Google alone holds roughly 14% of the company.
Investor discussions ahead of the listing have floated valuations ranging from $1.5 trillion to $2 trillion.
At the $965 billion private mark, his roughly 1% would be worth around $10 billion. At a $2 trillion valuation, it could reach as much as $20 billion. The return on that higher scenario would be approximately 4,300 times his original investment.
Neither Schmidt nor Anthropic has said much about the specifics of his holdings. So the exact size of the position, and whether any of it has changed hands since 2021, remains unconfirmed.
The IPO timeline and the numbers behind it
Marketing for the offering is expected to begin as early as November 9, 2026, with trading potentially starting before US Thanksgiving or by the end of the year.
Anthropic’s revenue for the third quarter of 2026 reached $16.8 billion, representing sequential growth of about 45% to 46% over the prior quarter.
There have also been hints that the company has reached adjusted profitability.
What this means for investors and the AI market
For public market investors, the Anthropic IPO will be less about Schmidt and more about price discovery. The gap between $965 billion and the $1.5 trillion to $2 trillion range being discussed is substantial.
The revenue figures give bulls something concrete to point to. Sequential growth in the mid-40% range on a $16.8 billion quarter is the kind of number that supports big multiples.
There is also the question of what early holders do after the listing. Shareholders like Schmidt, along with corporate backers such as Amazon and Google, collectively control large blocks of stock.
The key dates to track are November 9, when marketing could begin, and the weeks leading into Thanksgiving, when trading may start. The final pricing will determine whether Schmidt’s 2021 bet lands closer to $10 billion or closer to $20 billion.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.