Challenging the largest IPO in history! Anthropic's valuation is eyeing $2 trillion. Which ETFs have already positioned themselves?

AI giant Anthropic's IPO process is heating up further.

On June 1 this year, Anthropic confidentially filed its S-1 registration statement for an IPO with the U.S. Securities and Exchange Commission (SEC). According to the Financial Times, Anthropic could officially list as early as October this year, with some investors expecting its IPO valuation to reach $2 trillion or even higher. If it lists at this valuation, it will surpass SpaceX's $1.77 trillion valuation at listing, challenging the record for the largest IPO in global history.

Entering August, market attention on Anthropic's IPO has intensified further. The latest news shows that as of the end of July, the company's Annualized Run Rate (ARR) has exceeded$65 billion, representing a growth of approximatelysevenfold。

Meanwhile, Anthropic's revolving credit facility is expanding rapidly, with multiple major banks competing to participate, totaling over$10 billion. Rapidly growing commercial scale, combined with a series of capital maneuvers prior to the listing, is strengthening market expectations for its IPO.

With Anthropic on the verge of going public, how can investors gain indirect exposure in advance?

Since Anthropic is not yet publicly listed, it is difficult for the market to directly participate in its equity investment through public markets. However, some publicly traded funds have already gained relevant exposure through direct investments, Special Purpose Vehicles (SPVs), or co-investment vehicles.

According to public disclosures, several funds have currently disclosed holdings related to Anthropic:

Symbols

In terms of portfolio weight, $Destiny Tech100 (DXYZ.US)$and $Fundrise Innovation Fund (VCX.US)$stands out the most, with Anthropic-related holdings accounting for over 15% of the portfolio weight.。

However, it is important to note that a fund holding Anthropic does not necessarily mean it holds Anthropic's common stock directly; some interests are held through structures such as SPVs and co-investment vehicles. Therefore, assessing the impact of an IPO on the fund requires considering factors such as holding cost, share class, investment structure, and lock-up periods.

DXYZ: Anthropic is one of its core private equity assets

$Destiny Tech100 (DXYZ.US)$ is a closed-end fund listed on the NYSE, focusing on high-growth technology companies such as SpaceX and Anthropic.

As of March 31, 2026, its economic exposure related to Anthropic accounted for approximately18.1%of the portfolio, corresponding to the economic interests in Anthropic Series B preferred shares held through SPVs.

If Anthropic ultimately goes public, DXYZ's related assets will gain a new public market valuation benchmark, which is also a key reason why the market is paying attention to DXYZ.

VCX: A "private tech portfolio" in the public markets

$Fundrise Innovation Fund (VCX.US)$ This refers to the Fundrise Innovation Fund, listed on the NYSE in March 2026, primarily investing in private technology companies in sectors such as AI, machine learning, data infrastructure, and software.

As of March 31, 2026, Anthropic was its largest holding, accounting for [percentage] of the fund's net assets.16.5%OpenAI, Databricks, and others are also among the top holdings.

Therefore, the significance of an Anthropic IPO for VCX lies not only in the appreciation of a single asset but also potentially serves as an important window for the repricing of its entire private tech portfolio.

Apart from DXYZ and VCX, other funds have relatively lower exposure percentages, but each has distinct investment logic.

$BlackRock Science and Technology Trust II (BSTZ.US)$ This is a technology-themed closed-end fund under BlackRock, with Anthropic part of its private tech portfolio.

$Tema Photonics & Optical ETF (LAZR.US)$ This is a photonics and optics ETF under Tema. While its core focus is AI data center optical communication and related infrastructure, it also holds pre-IPO exposure to Anthropic.

$Alger AI Enablers & Adopters ETF (ALAI.US)$、 $Alger Concentrated Equity ETF (CNEQ.US)$ This belongs to Alger's actively managed ETFs, primarily positioned in AI, technology, and growth companies, with Anthropic being part of its private tech exposure.

$Kraneshares Public Private AI And Technology ETF (AGIX.US)$ Simultaneously invest in both listed and unlisted AI/tech companies, including firms like Anthropic and SpaceX in the portfolio.

ATVF, $T. Rowe Price Technology ETF (TTEQ.US)$ 、$iShares A.I. Innovation and Tech Active ETF (BAI.US)$ The weighting of Anthropic is relatively lower, making it more suitable as a supplementary sample for observing how different active funds allocate to private AI assets.

Anthropic IPO: What should be the key focus next?

For the market, the more noteworthy aspect of the Anthropic IPO lies in its underlyingwhether AI commercialization capabilities can support high valuations。

After the official IPO disclosure, investors need to closely monitor:

First, whether revenue growth can be sustainedClaude, Claude Code, and enterprise-grade AI applications are becoming important pillars of Anthropic's commercialization. However, whether this rapid growth can continue is key to sustaining its valuation.

Second, whether profitability can improveAI model training, inference, and computing power investments all require substantial capital expenditures. Rapid revenue growth does not necessarily translate into synchronized improvements in profitability. In the future, gross margins, cash flow, and computing costs will become key indicators for IPO pricing.

Third, how the competitive landscape evolves.Anthropic faces competition not only from OpenAI but also from Google, Meta, and other AI model companies. Post-IPO, market pricing for Anthropic will gradually shift from an "AI narrative" to quantitative comparisons of its business model, competitive moats, and profitability.

Fourth, the final IPO pricing.This is likely the answer the market is most eager to see.

While there is market chatter about valuations reaching $2 trillion or even higher, these are merely market expectations and should not be equated with Anthropic's confirmed IPO valuation. The company has not yet announced the final offering price, number of shares, or specific listing terms.

Conclusion

From a $65 billion funding round to a post-money valuation of $965 billion, and with annualized revenue run rate surpassing $65 billion, Anthropic is gradually stepping into the spotlight of the public capital markets.

Before the IPO officially lands, publicly traded funds such as DXYZ and VCX, which already have exposure to Anthropic, offer a unique window to observe this potential mega-IPO.

Looking ahead, beyond identifying which funds hold positions, key factors to watch include:the valuation at which it ultimately lists, and how the related private assets held by these funds will be repriced after the IPO pricing is finalized. As the S-1 filing is subsequently made public, clearer answers to these questions will gradually emerge.

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