- Started in 2021, Anthropic was last valued at $380 billion.
- Reports say the AI firm is targeting a $60 billion raise, with the offering expected in October.
- ETFs such as KraneShares Artificial Intelligence & Technology ETF (AGIX) and Destiny Tech100 (DXYZ) hold Anthropic equity.
AI upstart Anthropic is moving decisively toward a public listing, with a new report suggesting it has already held talks with investment banks and could launch its IPO as early as October. The offering is shaping up to be part of a mega wave of listings this year that is also expected to include OpenAI and SpaceX.
Even before prospectuses are filed, some investors are getting ahead of the curve by gaining exposure through exchange-traded funds and private investment vehicles, products that have attracted significant interest over the past year.
Bloomberg reported, citing sources, that Goldman Sachs, JPMorgan, and Morgan Stanley might be hired managers for Anthropic's IPO, which could raise a staggering $60 billion.
Anthropic, founded by former OpenAI employees in 2021, is believed to be quickly closing the gap with OpenAI. According to reported internal projections, Anthropic expects to be profitable in 2028, while OpenAI expects $74 billion in operating losses that year.
Anthropic has also left a mark more recently with the launch of a series of agentic AI tools as part of its offering, Claude Cowork, which triggered a widespread sell-off in the shares of major software companies.
Although the IPO timeline could vary, picking up exposure to Anthropic before the event is possible through the following funds:
| Fund | Anthropic Exposure | Top 5 Holdings |
| KraneShares Artificial Intelligence & Technology ETF (AGIX) | 2.5% | Nvidia (5.1%), Microsoft (4%), Meta (3.9%), Alphabet (3.5%), Apple (3.3%) |
| Fundrise Innovation Fund (VCX) | 20% | Databricks (17.7%), OpenAI (9.9%), Anduril (6.9%), Ramp (5.1%), Tesla (5%) |
| ARK Venture Fund (ARKVX) | 3.8% | SpaceX (17.9%), Replit (4.9%), Figure AI (3.7%), Databricks (3.1%), Zipline (3%) |
| Destiny Tech100 (DXYZ) | Undisclosed | SpaceX (16.2%), Shield AI (4.1%), Databricks (4%), Beast Industries (3.5%), OpenEvidence (3.5%) |
Source: Funds’ disclosures.
Soaring Interest In Private Tech ETFs, Funds
For now, only two exchange-traded funds – the KraneShares Artificial Intelligence & Technology ETF (AGIX) and Destiny Tech100 (DXYZ) – offer direct exposure to Anthropic.
About 2.5% of AGIX's holdings is currently Anthropic equity, while DXYZ’s Anthropic holding is much smaller and not detailed by the fund.
ARK Venture Fund (ARKVX), a private fund that allows retail access, is another major source. About 3.8% of ARKVX’s portfolio is composed of Anthropic equity, in addition to large stakes in SpaceX, OpenAI, and several listed tech companies.
Meanwhile, the Fundrise Innovation Fund (VCX), another private fund with retail access, held roughly 20% exposure to Anthropic.
The funds are in high demand. Shares of the VCX have surged nearly 2,000% since listing last week, a key signal to investors in pre-IPO tech companies. ARKVX has returned 63% over the past year, sharply higher than the benchmark indices; DXYZ shares have declined 26% over the past 12 months.
The funds are already a hit with retail investors. Watchers on Stocktwits for VCX have increased 2,000% in a week, while those for DXYZ and ARKVX have increased 32% and 22%, respectively, over the past month.
Besides the funds, Amazon and Alphabet are among the largest investors with multi-billion-dollar stakes in Anthropic.
Anthropic Valuation Soars To $380B
Anthropic was valued at about $380 billion following a $30 billion funding round led by MGX that closed in February. The company counts Alphabet, Google, Amazon, Microsoft, and Nvidia among its partners, each of which has also taken an equity stake and supplied specialized chips and other technology under agreements worth tens of billions of dollars.
It’s been in the news recently over its fallout with the Pentagon over the use of AI in the defense business.
The U.S. government designated the AI firm a supply chain risk – meaning it can’t do business with the government or any of its contractors – after Anthropic refused to remove safety guardrails that prevent its Claude AI from being used for fully autonomous weapons or mass domestic surveillance.
On Thursday, Anthropic won a preliminary injunction, pausing the government’s plan to sever all ties with the company while the case is heard in the San Francisco federal court.
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