Anthropic is preparing for a closely watched IPO that could value the company at more than $2 trillion,1 above SpaceX’s $1.8 trillion valuation at its landmark June IPO.2
Anthropic’s annualized revenue run rate (ARR) exceeded $65 billion by the end of July 2026,3 up from approximately $9 billion at the end of 2025.4
Investors can gain pre-IPO exposure through public companies with an Anthropic stake, certain interval and mutual funds, or an ETF that can be bought and sold during market hours.
Anthropic, the company behind Claude, is drawing investor interest ahead of its widely anticipated IPO. For those asking how to invest in Anthropic before its IPO, multiple routes offer exposure. The main differences are the size of the Anthropic position, the fees involved, and how easily the investment can be bought and sold.
Why Anthropic Stands Out
Anthropic’s ARR rose more than sevenfold in seven months, from approximately $9 billion at the end of 2025 to more than $65 billion by the end of July 2026.
We view this growth as a sign of AI’s growing importance to the broader economy. It also helps explain the interest in Anthropic’s potential IPO, which would give public-market investors a new way to invest in the company.
Anthropic Revenues Continue to March Higher
Annualized revenue run rate ($ billion)
Can Investors Access Anthropic Pre-IPO?
Anthropic is still privately held, so investors cannot buy its shares on a public stock exchange. They can, however, gain exposure through some public companies (by proxy) and investment funds.
Buying a fund gives you a stake in its whole portfolio, including its Anthropic investment. Funds may access private companies through a special purpose vehicle (SPV), a separate legal entity set up to hold an investment. SPVs are an established way to hold private-company investments.
Four Ways to Invest in Anthropic Pre-IPO
| Route | How to access it | What to know |
|---|---|---|
| Public companies as a proxy | Buy shares of a public company with an Anthropic stake, such as Amazon. | Exposure is indirect. Many other variables will affect its share price. |
| Venture and interval funds | Available through certain investment platforms. | Some hold Anthropic alongside other companies. Access and minimums vary. Interval funds are closed-end funds with limited, scheduled repurchase offers. |
| Mutual funds | Some mutual funds hold Anthropic as part of a broader portfolio and can be bought through a fund provider or standard brokerage account. | Check the size of the Anthropic position. Mutual funds cannot be traded intraday. Minimums and fees vary by fund. |
| ETFs | Some ETFs hold Anthropic as part of a broader portfolio and can be bought through a standard brokerage account. | Check the size of the Anthropic position. ETFs can be bought and sold throughout market hours, giving investors more flexibility than mutual or interval funds. Their market price can be higher or lower than the value of their underlying holdings, known as net asset value (NAV).11 |
Which ETF Has the Most Anthropic Exposure?
Tema’s LAZR ETF had the largest Anthropic position by portfolio weight among U.S.-listed ETFs, with exposure held through an SPV. LAZR’s total expense ratio is 0.75%. Its Anthropic investment uses a “0/0/0” structure, with no incremental fees above its expense ratio, making it the lowest-cost access vehicle currently available.12
Get to Know LAZR
LAZR combines Anthropic exposure with investments in photonics and optical technologies that move data faster between chips, servers and data centers. We believe this gives investors a way to participate in both the AI models people use and the infrastructure needed to support them, providing one-ticker access to what we view as an exciting frontier in AI.
For investors considering Anthropic before its IPO, LAZR offers a substantial allocation through a familiar ETF structure that trades throughout market hours.