As generative AI company Anthropic remains private, exchange-traded funds and closed-end funds are drawing attention as routes for retail investors to access pre-listing stakes. Because these products do not invest directly in Anthropic, investors need to weigh the share of their money that is allocated to Anthropic, as well as costs and liquidity.

Cryptopolitan, a blockchain media outlet, reported on Aug. 25 that Anthropic’s annualised revenue had exceeded $65 billion as of late July. It also reported that the company submitted preliminary S-1 paperwork for an initial public offering in June.

Anthropic’s late-stage private funding rounds are currently being conducted mainly among venture capital firms, institutional investors, founders and employees, and high-net-worth individuals. That is why retail investors find it difficult to gain direct access to Anthropic shares. As a result, investing in listed ETFs or closed-end funds that hold Anthropic is effectively seen as a key route for now.

Among listed ETFs, the iShares A.I. Innovation and Tech Active ETF, the T. Rowe Price Technology ETF and the KraneShares Artificial Intelligence & Technology ETF were presented as products that hold Anthropic stakes.

The Alger 35 ETF, the Alger AI Enablers & Adopters ETF and the Alger Concentrated Equity ETF, managed by Fred Alger Management, are also cited as indirect ways to invest in Anthropic.

Investing via ETFs requires recognition that the amount invested in Anthropic is limited. Even the Alger Concentrated Equity ETF, which has the largest Anthropic weighting among the cited products, has an Anthropic allocation of less than 4 percent. For example, even if an investor puts $1,000 into the ETF, not all of that $1,000 is invested in Anthropic shares. Only part is allocated to Anthropic, while the rest is invested in other assets held by the ETF.

Closed-end funds are also presented as an alternative. Ark Invest’s Ark Venture Fund, led by Cathie Wood, is a closed-end fund that can be invested in from a minimum of $500, unlike typical ETFs. Its net expense ratio is 2.9 percent. As a closed-end fund, it has liquidity constraints. Even if some liquidity is provided, it is not structured in a way that lets investors freely dispose of their entire holdings whenever they want.

A product that can be accessed with a smaller amount is the Fundrise Innovation Fund. Fundrise said the fund invests in multiple private startups, including Anthropic, and can be invested in from a minimum of $10. But because it is also a closed-end fund, a lower minimum does not mean liquidity issues disappear. Morningstar also noted there are additional factors to consider when reviewing the product.

The private-market price of Anthropic, as an unlisted company, is also being used as an indicator that investors can refer to. Nasdaq Private Market put the value of 1 Anthropic share at $692.39 as of Aug. 11. The price is calculated based on private transactions, publicly available valuation information and Nasdaq Private Market’s own data.

Anthropic has been reported to be holding early discussions with potential investors before deciding on the form and timing of an IPO. The process is being led by Chief Financial Officer Krishna Rao. Krishna Rao was reported to have explained to potential investors the development status of the Claude model family and Claude Code, Anthropic’s position in the enterprise AI market, and the management team and product launch status.

Ultimately, when retail investors seek access to Anthropic now, the key is to check holding weightings, investment costs, liquidity and the extent to which assets are bundled with other holdings. Expectations for Anthropic’s IPO are rising, but retail investors should consider that exposure available before listing is limited to indirect investment.