How to Invest in Anthropic Before Its IPO

Anthropic is preparing for an initial public offering this fall at a valuation near $2 trillion, but retail investors cannot directly buy its shares until it lists on a public exchange. The company filed a confidential S-1 with the SEC in June. For most investors, the best way to gain exposure is through publicly traded companies with equity stakes, such as Amazon, which has invested $13 billion, or Alphabet, Microsoft, and Nvidia, which invested in Anthropic's Series G round. Zoom and Salesforce also hold stakes through venture arms. Exchange-traded funds offering direct exposure are rare, but the KraneShares Artificial Intelligence and Technology Public and Private ETF holds a stake in Anthropic among its 72 companies, though its expense ratio is a relatively high 1%.