Anthropic’s IPO filing is shining a spotlight on the ETFs offering investors exposure to the artificial intelligence company and the infrastructure powering its growth.
The Claude maker publicly filed its S-1 registration statement with the SEC on Monday, revealing $16.3 billion in revenue for the six months ended June 2026, up sharply from $4.6 billion for the entirety of 2025. However, Anthropic also spent nearly $9 billion on AI infrastructure during the first half, exceeding its $7.3 billion expenditure for all of 2025.
The filing also highlights the scale of the company’s long-term computing needs. Anthropic has disclosed hundreds of billions of dollars in cloud and infrastructure commitments, potentially creating significant business opportunities for technology companies supplying its computing capacity.
LAZR Leads ETFs With Direct Anthropic Exposure
The Tema Photonics & Optical ETF (NYSE:LAZR) offers one of the clearest routes to pre-IPO Anthropic exposure. The fund invests in companies involved in optical networking and data movement for AI infrastructure, while holding Anthropic through a special purpose vehicle (SPV).
LAZR’s Anthropic position accounted for 10.47% of the portfolio. The SPV structure gives the fund indirect exposure to the private company rather than ownership of publicly traded Anthropic shares.
Other funds reporting Anthropic exposure include the Alger Concentrated Equity ETF (NYSE:CNEQ), Alger AI Enablers & Adopters ETF (NYSE:ALAI), KraneShares Public-Private AI & Technology ETF (NASDAQ:AGIX), Alger 35 ETF (NYSE:ATFV), Tema Electrification ETF (NASDAQ:VOLT) and iShares A.I. Innovation and Tech Active ETF (NYSE:BAI). Their reported Anthropic weights ranged from 1.28% for BAI to 5.28% for CNEQ.
Semiconductor ETFs Offer a Different AI Trade
Investors seeking exposure to the infrastructure behind Anthropic’s expansion can also examine the VanEck Semiconductor ETF (NASDAQ:SMH) and iShares Semiconductor ETF (NASDAQ:SOXX). Both provide exposure to chipmakers that support AI computing, although neither should be confused with a fund holding Anthropic directly.
Anthropic’s S-1 describes a multi-chip computing architecture using Nvidia Corp (NASDAQ:NVDA) GPUs, AMD (NASDAQ:AMD) GPUs, Amazon Web Services’ Trainium chips and Google’s tensor processing units. This diversified approach could create demand across several parts of the semiconductor and cloud ecosystem.
However, rising spending does not automatically translate into higher profits for suppliers or stronger ETF returns. Anthropic reported an $80.7 billion first-half net loss, largely reflecting accounting charges, while its infrastructure spending and customer concentration remain important risks.
For ETF investors, the IPO presents two distinct opportunities to assess: funds offering indirect exposure to Anthropic itself and funds positioned to benefit from the infrastructure buildout. Both carry risks if AI demand, valuations or spending expectations change.
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