Iconiq, go-to wealth adviser for tech’s elite, is putting billions into AI

Iconiq, the secretive wealth manager long associated with Silicon Valley elites, is pushing billions of dollars into artificial intelligence startups as it expands into venture capital. Documents and people familiar with the firm show Iconiq has roughly $100 billion in assets under management and poured more than $3 billion into AI companies in 2025 alone. The firm has invested about $4 billion in Anthropic and is reported to be one of the startup’s largest backers. Iconiq also organised a high-profile trip last year that brought Anthropic chief Dario Amodei to meet Gulf investors — including officials from Qatar’s sovereign wealth fund and Abu Dhabi-based MGX — with photos of Amodei alongside Mubadala Capital’s Ibrahim Ajami circulating widely.

“It’s been all AI, all the time,” Iconiq partner Matthew Jacobson said in an interview.

Expansion, clientele and track record

Iconiq, founded in 2011 by Divesh Makan with partners including Michael Anders and Chad Boeding, has long operated behind the scenes for wealthy clients. The firm’s roster has included Mark Zuckerberg, Satya Nadella and, according to people with knowledge of the situation, recently added Nvidia’s Jensen Huang. Entertainment figures cited by sources include Tom Cruise and Pharrell Williams. Iconiq declined to comment on its client list, its stake in Anthropic or fundraising plans.

• Assets under management: roughly $100 billion, per documents and a person familiar with the matter.
• AI investments: more than $3 billion in 2025.
• VC-specific capital: about $26 billion under management dedicated to venture investing.
• Most recent VC fund: $5.75 billion raised; Iconiq has been reported to have invested roughly $4 billion in Anthropic.
• Early fund performance: a $509 million fund from 2013 returned investors 2.6x; a $1.02 billion second fund delivered 4.2x as of the end of last year.

The firm’s style blends wealth management with dealmaking and access. Iconiq employees are instructed to provide highly personalised services—from arranging private jets to staging celebrity events—and to maintain strict discretion; the company has reportedly dismissed staff for leaks. London partner Seth Pierrepont described the firm’s approach as operating “on this mantra of giving twice before asking once.” Iconiq has used its network to introduce startups to potential customers and partners: ElevenLabs CEO Mati Staniszewski said Iconiq arranged meetings with Tom Cruise and hosted his company at the Grammys, adding, “For us, that space is so important, just to show the art of the possible.”

Iconiq has also expanded its public venture footprint: its first four venture funds rank among the top 25% of their peer groups, according to Cambridge Associates benchmarks cited in reporting, and the firm is preparing to raise additional billions for a new fund, according to a securities filing and people familiar with the matter. The company, whose median client reportedly has about $1 billion in assets and which generally targets clients with at least $25 million in net worth, continues to project a blend of concentrated client service and large-scale capital deployment.

Looking ahead, Iconiq’s leaders appear determined to increase their influence in AI financing even as some market participants voice concern about valuations. While the firm declined to comment on its fundraising or stake in Anthropic, its recent activity — and Jacobson’s emphasis on AI’s transformative potential — signal an intent to remain a major, if discreet, force in the sector as it raises fresh capital and seeks further stakes in the companies shaping generative AI.