How Investors Can Gain Access to Anthropic Shares Before the IPO
Anthropic's IPO may take place on November 19 with a valuation exceeding $1.4 trillion, but private funds and platforms have already provided investors access to its shares.
Before Anthropic's stock market debut, investors could gain indirect access to its shares through mutual funds, ETFs, and private equity funds. Among the instruments holding Anthropic stakes are the Tema Photonics & Optical ETF, Tema Electrification ETF, Alger Concentrated Equity ETF, KraneShares Public-Private AI & Technology ETF, and iShares A.I. Innovation and Tech Active ETF. However, some of these funds do not hold shares directly but through special purpose vehicles (SPVs).
Direct participation in private company transactions is typically available to accredited investors. According to SEC rules, this requires an individual income of $200,000, joint income of $300,000, or net worth of at least $1 million excluding the primary residence. Through platforms like Caplight, Sydecar, and Augment, such investors can access SPVs, though the deal structure may include multiple layers and fees.
Another option is platforms trading shares of private companies, including Forge Global, EquityZen, Notice, Caplight Technologies, and Clarity. Terms and minimum investment amounts vary by platform and offering, and private company shares may be illiquid. Investors should therefore consider the investment horizon, sale opportunities, and fees.
Some brokerage clients will be able to apply for shares during the IPO itself. Anthropic plans to allocate shares to clients of Charles Schwab, Fidelity, Robinhood Financial, SoFi, and E-Trade. Access depends on the specific broker's rules, and an application does not guarantee receipt of shares or a specific volume.
