Anthropic, the AI safety company behind the Claude chatbot family, filed a confidential draft S-1 registration statement with the SEC on June 1, setting the stage for what could be the largest tech IPO in years. The company is targeting a Nasdaq listing as early as mid-to-late October, with a valuation target between $1.5 trillion and $2 trillion.
The company’s latest private-market price tag, set during its Series H funding round in May, already sits at roughly $965 billion.
ETFs aren’t waiting for the bell
The iShares A.I. Innovation & Tech Active ETF holds approximately $109 million in Anthropic preferred shares as of mid-June. KraneShares AGIX has a smaller position valued around $13 million, representing between 1% and 2.7% of the fund’s total assets.
Combined, total ETF allocations to Anthropic have reached nearly $122 million by mid-2026.
Canadian and US asset managers are preparing to launch products built specifically around Anthropic stock. Among the proposed vehicles: the Ninepoint Anthropic HighShares ETF and the LongPoint SavvyLong (2X) Anthropic ETF, a leveraged product.
The revenue trajectory behind the hype
Anthropic’s annualized revenue run rate is projected to surpass $100 billion by the end of 2026. The company was founded in 2021 by former OpenAI executives Dario and Daniela Amodei.
Amazon has been a cornerstone backer, having committed billions across multiple funding rounds. Alphabet holds a significant stake as well.
Goldman Sachs, JPMorgan, and Morgan Stanley are lined up as underwriters for the offering. The potential proceeds from the IPO could range from $60 billion to $100 billion.
What rapid ETF inclusion means for price dynamics
When a company enters an index or meets the criteria for a thematic ETF, fund managers have to buy shares regardless of their personal view on valuation. For a company targeting a valuation above $1 trillion at IPO, rapid inclusion in major tech and AI-focused ETFs could channel billions of dollars in passive fund flows into the stock.
With a private valuation already at $965 billion, the gap between the current price and the IPO target of $1.5 to $2 trillion implies that early investors are sitting on massive paper gains. Lock-up expirations, typically 90 to 180 days post-IPO, could introduce selling pressure just as passive ETF inflows begin to stabilize.
While October remains the target, market conditions could push the debut into November.
