Here's who stands to make money from the Anthropic IPO

Anthropic ( ANTH.PVT ) is preparing to go public later this fall in a debut that will come as a crucial test for the artificial intelligence boom .

The initial public offering could mint riches for the AI model maker's unusually broad base of private investors, while putting its intertwined financial relationships with some of its biggest investors on full display.

From tech giants and Wall Street money managers to hedge funds, sovereign wealth funds, and over a hundred Silicon Valley venture capital firms, Anthropic has raised $130 billion from 300 institutional investors, according to PitchBook data.

The exact size of their potential windfalls won't be clear until Anthropic's IPO paperwork becomes public in the coming weeks , but existing corporate filings and private-market data already offer a useful glimpse into who has billions riding on the listing.

Anthropic notched a $965 billion valuation in May. It hasn't disclosed its financials. The terms and timing for the listing could still shift. Bankers, however, have discussed a deal that could surpass SpaceX's ( SPCX ) June listing as the world's largest, according to an August Wall Street Journal report , with the company raising as much as $100 billion at a $2 trillion valuation.

The mega listing is also facing a moment where data center backlash and AI safety concerns have been building, and calls to rein in the industry have been growing louder ahead of November's US midterm elections.

The most recent safety concerns arose earlier this week when an Anthropic researcher quit over concerns that the AI race is pushing the company and its competitors to build systems they won't be able to control, putting humanity in jeopardy. In July, hundreds of AI agents belonging to Anthropic rival OpenAI ( OPAI.PVT ) went rogue and broke into external systems , including the AI open-source model platform Hugging Face.

So far, the growing scrutiny doesn't appear to have dented investor appetite.

"As of now, it continues to be, and has been for the last year, one of the hottest companies we've ever seen," said Greg Martin, managing director with Rainmaker Securities, when asked about institutional demand for Anthropic.

He added, "We've never seen anything like this."

Some of Anthropic's biggest investors are already sitting on stakes that have increased by several billion dollars, according to Pitchbook data.

Amazon ( AMZN ) and Alphabet ( GOOG , GOOGL ) are the largest publicly traded companies with disclosed stakes in Anthropic.