AI unicorn Anthropic is reportedly going public with an IPO in October. How can one indirectly invest to get in early?

As one of Silicon Valley's hottest AI unicorns, Anthropic has truly stood out recently.

Not only has it experienced explosive growth in both technology and revenue, but its IPO plans are also advancing rapidly. According to reports by Bloomberg and other media, Anthropic is evaluating an IPO launch as early as October 2026, with a fundraising target potentially exceeding $600 billion, while its valuation has already reached a staggering $3.8 trillion.

Faced with this upcoming AI capital feast, although ordinary investors cannot directly participate in primary market financing, they can still seize the opportunity through 'indirect investment.'

1. Fundamental Explosion: Why is Anthropic Highly Pursued by the Market?

Before discussing how to invest, we need to understand why Anthropic can justify such a high valuation. Based on the latest information, its core competitiveness lies in the following three dimensions:

1. Exponential revenue growth:Anthropic's annualized revenue has exceeded$30 billion, increasing more than threefold compared to $9 billion at the end of 2025. Currently, over 1,000 enterprise customers spending more than $1 million annually on its platform have doubled since February this year, demonstrating strong commercialization capabilities.

2. Strong computing power moat:Behind AI is the competition for computing power. Anthropic has signed major computing agreements with Broadcom and Google. The three parties have expanded their strategic cooperation to ensure Anthropic secures approximately 3.5 gigawatts of computing resources starting from 2027. Broadcom is developing chips based on Google’s TPU to provide Anthropic with an alternative to NVIDIA, with supply guarantees extended until 2031.

3. Unfathomable technical potential:Anthropic recently developed an undisclosed super AI model called 'Mythos.' Due to its overwhelming capabilities, there are currently no plans to release it to the public. For this reason, Anthropic launched the 'Project Glasswing' joint initiative, inviting tech giants Amazon, Apple, and Microsoft for internal testing to identify cybersecurity vulnerabilities in advance and prioritize its use for defensive purposes.

II. How can investors indirectly invest in 'getting on board early'?

Since Anthropic's official IPO is still some time away (expected in October), regular investors who want to benefit from this wave of gains can refer to two key indirect investment routes: strategic investment giants and relevant thematic ETFs.

1. Strategic tech giants behind the investments

Anthropic's growth has relied heavily on the financial and resource support of tech giants. Investing in these listed companies that are deeply tied to Anthropic presents a good indirect investment opportunity:

$Amazon (AMZN.US)$： As Anthropic's core investor and cloud service partner, Amazon plays a pivotal role in Anthropic's ecosystem and is also involved in the latest 'Project Glasswing' test.

$Alphabet-A (GOOGL.US)$：Google is another major backer of Anthropic, not only providing substantial funding but also entering into a long-term strategic partnership with Anthropic and Broadcom through 2031 for the latest TPU computing chips.

$Microsoft (MSFT.US)$& $NVIDIA (NVDA.US)$： Although Microsoft is the primary supporter of OpenAI, as the dominant leader in AI infrastructure and a participant in 'Project Glasswing,' Microsoft, together with NVIDIA, invested $15 billion in Anthropic last year.

2. Buy ETFs covering Anthropic

$Fundrise Innovation Fund (VCX.US)$ This fund focuses on investing in top-tier private technology companies and AI unicorns, offering a popular channel to access star AI enterprises in the primary market. In VCX’s portfolio, Anthropic accounts for up to 20.7%.

Source: VCX Official Website

$KraneShares Artificial Intelligence and Technology ETF (AGIX.US)$ It is currently one of the very fewstandard ETFs that directly hold shares in private companies. It does not go through an SPV (Special Purpose Vehicle) but is directly listed on Anthropic’s shareholder registry. Although the management fee is relatively high (0.99%), its liquidity and price discovery mechanism are better than traditional closed-end funds. Currently, Anthropic accounts for approximately 3%.

Source: AGIX official website

$Destiny Tech100 (DXYZ.US)$ A closed-end fund directly listed on the NYSE. Earlier this year, it completed a significant $100 million investment in Anthropic via an SPV (Magnitude ANC III), making it one of the most aggressive market instruments with exposure to Anthropic.

Source: DXYZ official website

$BlackRock Science and Technology Trust II (BSTZ.US)$ A closed-end tech term trust issued by Blackrock. It employs a hybrid strategy of public and private offerings. As of Q3 2026 data, Anthropic accounts for about 2.42%。

Source: BSTZ official website

Summary

Although investing through technology giants or thematic ETFs allows early positioning for Anthropic's IPO benefits, 'indirect investments' are not guaranteed profits. Ordinary investors must be mindful of the following three major risks before jumping in:

1. ETF Premium Risk:For closed-end funds (CEFs) like DXYZ, which aim to invest in pre-IPO unicorns, their secondary market trading prices often deviate significantly from their net asset value (NAV). During periods of market exuberance, investors may face premiums of several dozen percent or even multiples. This means you might spend $2 to buy an asset that is actually worth $1. Once market sentiment cools or post-IPO expectations are realized, the premium could narrow substantially, and even if Anthropic performs well, investors who bought at high premiums may still face losses.

2. Earnings Dilution and Low Correlation:Investing in Anthropic indirectly through buying shares of Amazon or Google is the most prudent approach, but these tech giants have enormous business scales (each with market caps of trillions of dollars). The revenue growth or valuation increase of Anthropic contributes only a very small proportion to the overall financial performance of these giants. Thus, the stock price movement of these giants depends more on their core businesses rather than the performance of a single investment target.

3. Valuation Bubbles and Inverted Risks Between Primary and Secondary Markets:Anthropic’s valuation has soared to $380 billion after its Series G funding round. High valuations in the primary market (private market) are sometimes not fully recognized in the secondary market (public market). If the IPO pricing this October falls short of expectations, or macroeconomic conditions lead to a correction in tech stock valuations, related funds and portfolios that bet early on high valuations will bear the brunt, facing significant net value drawdowns.

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