Table of Contents
Anthropic is preparing for an initial public offering slated for November 19, with a potential valuation on a fully diluted basis exceeding $1.4 trillion. While this upcoming listing offers many retail investors their first opportunity to own the artificial intelligence giant, share allocations at brokerages will be limited, though various alternative avenues exist to acquire shares of private companies much earlier.
Investing Through Mutual Funds and ETFs
Certain mutual funds and ETFs acquire stakes in private companies well before they go public. Chester Spatt, a finance professor at Carnegie Mellon University’s Tepper School of Business, as reported by US Top News and Analysis (cnbc.com), noted that investors must evaluate the entire portfolio rather than just the single pre-IPO asset. Prominent examples include SpaceX, Anthropic, and OpenAI.
Fidelity Contrafund outlines in its prospectus that it may invest assets in newly public or private securities, having bought into SpaceX in 2015 when its valuation sat near $10 billion. Similarly, Ron Baron’s Partners Fund holds SpaceX as its top asset. Spatt advised that investors should carefully weigh fund fees and redemption terms, pointing out that options like The Private Shares Fund charge a 1.9% management fee while permitting quarterly tenders.
Numerous ETFs include Anthropic in their portfolios, such as the Tema Photonics & Optical ETF, Tema Electrification ETF, Alger Concentrated Equity ETF, Alger AI Enablers & Adopters ETF, Alger 35 ETF, KraneShares Public-Private AI & Technology ETF, and iShares A.I. Innovation and Tech Active ETF. Major institutions like Capital Group, T. Rowe Price, and Fidelity Investments also hold significant Anthropic positions across multiple funds, according to Morningstar data cited by US Top News and Analysis (cnbc.com).
Special Purpose Vehicles and Online Platforms
Fund managers and accredited investors often utilize special purpose vehicles to access late-stage start-ups. Emily Zheng, a senior venture capital analyst at Pitchbook, told US Top News and Analysis (cnbc.com) that accredited investors can engage with SPV opportunities directly via online platforms including Caplight, Sydecar, and Augment, or through wealth managers. According to alternative investments manager TSG Invest, SPVs comprise roughly 40% to 50% of secondary market transactions because they often feature lower minimums.
Accredited investors seeking exposure to private companies not yet ready to list can also utilize online private stock trading platforms like Forge Global, EquityZen, Notice, Caplight Technologies, and Clarity. Zheng explained to US Top News and Analysis (cnbc.com) that while platform minimums can still be high, they remain considerably lower than traditional venture investments.
Publicly available closed-end funds focused on venture capital or private equity present another pathway, with roughly two dozen options listed on Morningstar Direct. Platforms like SoFi provide access to vehicles such as the ARK Venture Fund and the Destiny Tech100 Closed End Fund, both of which own stakes in Anthropic and OpenAI. However, these specialized funds often carry high expense ratios, such as the Robinhood Ventures Fund I at 3.13%.
Brokerage Allocation Limits for the IPO
Retail investors seeking direct participation in the upcoming public offering may find access through select brokerage firms without needing accredited status. Anthropic disclosed in a regulatory filing that it reserved IPO shares for clients of Charles Schwab, Fidelity, Robinhood Financial, SoFi, and Morgan Stanley’s E-Trade.
Individual brokerages enforce varying eligibility criteria, such as SoFi requiring specific account types with no minimums, while Fidelity mandates at least $25,000 in retail assets. Interested clients submit an indication of interest, though fulfillment is not guaranteed. Robinhood noted on its website that limited share supplies mean customer demand frequently exceeds available allocations.
