Anthropic has not yet gone public, but investors can already gain exposure through Exchange Traded Funds. Bloomberg Intelligence data shows a wave of proposed funds tied to the AI startup, with filings dating back to March. These products fall into two distinct waves. The first wave offers investors access to Anthropic while it remains private. The second wave prepares to capitalize on the stock once it begins trading. This mirrors the playbook seen with Space X, though investors should be cautious of chasing IPO buzz. Space X surged roughly 20% in its first two trading sessions before giving back those gains. Bloomberg Intelligence analysts note that Anthropic could see a similar post-IPO fade. Historically, newly public companies often struggle after their IPOs as initial excitement fades. However, the average 2025 IPO was still up 23% a month after listing. The 2026 cohort was up 17%.
A key consideration involves the ETFs that already own Anthropic pre-IPO. These funds may lose appeal once investors can simply buy the stock publicly. However, Tema ETFs argues the value proposition is gaining entry at an earlier valuation. Anthropic makes up roughly 11% of the Tema Photonics & Optical ETF (LAZR), acquired at a $1.39 trillion valuation. If Anthropic lists at $1.75 trillion or $2 trillion, existing investors could benefit from that appreciation before public-market pricing takes over. Furthermore, ETFs use different methods to gain exposure. Some use special purpose vehicles holding preferred shares, while swap-based products generally expire when the company lists, without leaving investors with equity. The exclusivity of private-market exposure will diminish once shares are available to everyone.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing