Investing in Anthropic in 2026: what is actually possible

Investing in Anthropic by buying shares on the stock market is not currently possible: the company has filed a confidential IPO registration, but it remains private and no listing date has been confirmed. As a challenger that has become a leader in private valuation alongside OpenAI, Anthropic attracts investors who face the limitations of the private market, as well as dubious offers claiming to bypass these restrictions.

This page details the actual exposure of each access route available while waiting for the IPO, from secondary markets to listed funds. Private equity involves a risk of capital loss and reduced liquidity.

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Can you buy Anthropic stock during its IPO?

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Not yet, but the process is officially underway. On June 1, 2026, Anthropic confirmed that it had confidentially filed a Form S-1 with the Securities and Exchange Commission (SEC), the U.S. stock market regulator, in preparation for a potential IPO. The company stated in its press release: "Today, Anthropic, PBC confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. This gives us the option to go public once the SEC completes its review, subject to market conditions."

This confidential filing does not guarantee the date, price, or number of shares offered. As of mid-July 2026, according to CNBC, the banks managing the operation—Goldman Sachs, JPMorgan, and Morgan Stanley—have reportedly begun organizing meetings with institutional investors, a phase that generally precedes the roadshow by a few weeks.

Anthropic in 2026: what valuation and what profitability?

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On May 28, 2026, Anthropic announced a Series H funding round of approximately $65 billion, bringing its post-money valuation to nearly $965 billion, ahead of OpenAI's last known valuation, estimated at around $852 billion in the spring of 2026. For Anthropic, long considered a challenger, the progress is spectacular: its valuation rose from approximately $380 billion during a Series G round led by GIC and Coatue in February 2026 to nearly $965 billion three months later.

This funding is primarily intended to finance the increase in computing capacity. The revenue trajectory is equally impressive: annual recurring revenue grew from approximately $1 billion at the start of 2025 to $9 billion by the end of 2025, and then to about $47 billion in May 2026 according to CNBC, driven by demand from businesses and developers.

Regarding profitability, the answer remains nuanced. Despite this very rapid growth, Anthropic was not profitable as of mid-2026, and several analyses do not project it to break even before 2028. The future public prospectus will reveal the actual level of losses, a point every investor should monitor before the IPO.

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What real avenues exist for an individual to access the private market?

Anthropic itself is explicit on this point: it does not authorize SPV (Special Purpose Vehicle) investment vehicles to acquire its shares and warns against platforms claiming to offer access to its capital prior to the IPO. In practice, an individual cannot legally purchase Anthropic shares before they are listed, unless they are an institutional investor or participating in a funding round directly authorized by the company.

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SPVs, pre-IPO tokens: what Anthropic prohibits and what you actually own

This is the most misunderstood point, and Anthropic has chosen to address it directly. Unlike other private startups, for which SPV-type offerings have circulated on crowdfunding platforms, Anthropic states clearly that it does not authorize any such vehicle to hold its shares. Any offer presented as access to its capital before the IPO is therefore, at best, in a gray area without the company's validation, and at worst, confers no real rights.

The crypto ecosystem illustrates the risk quite dramatically. Decentralized platforms like Hyperliquid or Jupiter have offered "pre-IPO" markets in the form of perpetual contracts or tokens intended to replicate the value of an Anthropic share before it lists. These instruments offer only synthetic price exposure, with no legal ownership of the shares. The demonstration was brutal: the token linked to Anthropic stock fell more than 30% in 24 hours during a market move, dragging down the OpenAI token, which lost nearly 40%.

This explicit refusal by Anthropic does not mean that no access exists, but rather that legitimate paths involve listed shareholders, regulated funds, or waiting for the IPO, rather than structures that circumvent the company's wishes.

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Gaining exposure via listed shareholders and funds: what is the real exposure?

Anthropic's shareholder structure reflects a strategy of independence from any single technology partner. According to a New York Times investigation based on court documents filed in an antitrust case against Google, the latter holds about 14% of Anthropic's capital—a stake capped at 15% that confers neither voting rights nor a board seat. Amazon has invested $8 billion, with a stake also capped below 33%, while Microsoft and Nvidia have committed $5 billion and $10 billion respectively as part of a tripartite agreement concluded in late 2025.

Amazon is the most direct listed proxy: its stake could be worth tens of billions of dollars at Anthropic's current valuation, but it accounts for only a few percentage points of its market capitalization. Alphabet offers secondary exposure of a similar scale. In both cases, buying the listed stock means buying the group's entire business, with only a marginal addition of exposure to Anthropic.

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Some listed funds go further by holding a direct position. VCX (Fundrise Innovation Fund), which listed in March 2026, held about 21% of its portfolio in Anthropic alongside Databricks and OpenAI as of early 2026. However, it traded at an extreme premium to its net asset value, with a limited float due to lock-up clauses partly explaining this distortion. The KraneShares AGIX ETF is presented as the first U.S. ETF to hold Anthropic shares directly, with a weighting of around 4% and annual fees near 1%, without the extreme premium observed in other vehicles.

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Gaining exposure via listed shareholders and listed funds: what is the real exposure?

Anthropic's ownership structure reflects a strategy of independence from any single technology partner. According to a New York Times investigation based on court documents filed in an antitrust case against Google, the latter holds approximately 14% of Anthropic's capital, a stake capped at 15% that confers neither voting rights nor a board seat. Amazon has invested $8 billion, with a stake also capped below 33%, while Microsoft and Nvidia have committed $5 billion and $10 billion respectively as part of a tripartite agreement concluded in late 2025.

Amazon is the most direct listed proxy: its stake could be worth tens of billions of dollars at Anthropic's current valuation, but it accounts for only a few percentage points of its market capitalization. Alphabet offers secondary exposure of a similar magnitude. In both cases, buying the listed stock means buying the group's entire business, with a marginal addition of exposure to Anthropic.

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Some listed funds go further by holding a direct position. VCX (Fundrise Innovation Fund), listed in March 2026, held approximately 21% of its portfolio in Anthropic at the start of 2026 alongside Databricks and OpenAI, but traded at an extreme premium to its net asset value, with a low float due to lock-up clauses partially explaining this distortion. The KraneShares AGIX ETF is marketed as the first US ETF to directly hold Anthropic shares, with a weighting of around 4% and annual fees near 1%, without the extreme premium seen in other vehicles.

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Anthropic vs. OpenAI: Who has the edge heading into the IPO?

The two labs have radically different positioning. Anthropic generates about 80% of its revenue from businesses, compared to 40% for OpenAI, which is more focused on the general public with ChatGPT. In AI-assisted coding—a strategic segment for professional clients—Anthropic held 54% of the enterprise market at the end of 2025, compared to 21% for OpenAI, according to a study by Menlo Ventures; a lead built largely around Claude Code.

OpenAI remains ahead in other respects: its February 2026 funding round of approximately $110 billion is the largest ever raised by a private company. Some sources suggest a target valuation exceeding $1 trillion for its IPO, which is aimed at the fourth quarter of 2026.

Both companies filed their confidential paperwork one week apart in June 2026 and now have a combined annualized revenue of over $40 billion. The question is no longer whether either will go public, but when and at what valuation, given the current cautious market environment.

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Invest in private technology with Fundora

Pooled access via FPCI and SPVs

Fundora pools subscriptions from multiple individuals into an FPCI backed by SPVs to collectively meet the minimum investment requirements of professional funds. The minimum subscription amount is thus significantly lowered and varies depending on the strategy currently open for investment. This is what makes it possible to invest in startups and access institutional venture capital in a technology segment where the gap between institutional and individual investors has rarely been as wide as it is today.

Regulated management, not an opportunistic structure

This is the fundamental difference from the unauthorized SPVs described above. Fundora vehicles are managed under mandate by Kyoseil Asset Management, an asset management company authorized by the Autorité des marchés financiers under number GP-99040. Due diligence, selection of underlying funds, and reporting are handled by a management team within a regulated framework, rather than through a structure that bypasses the target company's intent.

Diversified exposure rather than a single bet

A venture capital fund holds dozens of positions, which addresses the primary characteristic of this asset class: a minority of holdings generates the bulk of the performance, while a significant portion returns less than the invested capital. Betting on a single company, no matter how promising, means betting on the position most likely not to drive returns. Benchmark: French private equity has posted a net annual return of 12.4% over ten years.

Source: France Invest and EY, "Net performance of French private equity players" (10-year horizon, as of end of 2024), https://www.franceinvest.eu.

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