Pre‑IPO Playbooks in ETFs: Anthropic Mirrors SpaceX’s Trail

In the ETF arena, the new pre‑IPO star, Anthropic, is reshaping thematic fund strategies.

SpaceX’s Blueprint for ETF Success

SpaceX delivered massive early‑stage returns, a model emulated by ETF managers, propelling the NASA fund to $3.3 billion AUM in just three months. Similar tactics drove XOVR and RONB to roughly $2 billion in assets.

■NASA fund: ~10% of portfolio via SpaceX‑focused SPV

■XOVR fund: Pre‑IPO SpaceX exposure, $2 billion assets

■RONB fund: Growth fueled by pre‑IPO exposure

Anthropic’s Pre‑IPO Launch and LAZR’s Bold Move

Anthropic filed a confidential S‑1 on June 1, targeting an October IPO, positioning it as the next mega‑IPO. The LAZR fund added Anthropic through an SPV at 12% net assets, now holding 10.6%.

■LAZR fund: $19 million AUM, 12% Anthropic stake

■SPV terms: No management, performance, brokerage, or redemption fees

■75 bps expense ratio unchanged

■SPV priced at a premium to Anthropic’s last primary round of $950 billion, discounted to secondary market levels

Thematic Mismatch: AI Giant in a Photonics Fund

LAZR’s prospectus mandates at least 80% of net assets be tied to optical transceivers, lasers, silicon photonics, and related hardware. Anthropic provides large‑language‑model access—a customer, not a supplier, of photonics technology.

■Photonics definition: Optical transceivers, laser sources, silicon photonics ICs, etc.

■Anthropic: AI service, early‑stage custom chip work with Broadcom

■Analogy: Placing Microsoft in a copper‑miner ETF because its data centers consume copper

Market Signals Investors Must Track

Pre‑IPO‑driven fund strategies attract capital but can erode thematic coherence. While the prospectus allows a 20% out‑of‑theme buffer, investor perception and fund performance remain tightly linked.

■Pre‑IPO appetite: Evident from NASA’s rapid AUM growth

■Thematic drift: Gap between fund name and actual holdings

■Risk exposure: Growing AI company weight in sector‑specific funds

Gökberk Uçar – The allure of pre‑IPO positions in ETFs can compromise a fund’s thematic integrity. When AI powerhouses like Anthropic appear in photonics‑focused vehicles, managers must vigilantly enforce the 20% out‑of‑theme ceiling. Failure to do so may leave investors without the sector exposure implied by the fund’s branding, driving performance volatility and prompting strategic portfolio realignments for long‑term managers.