IPOs & Listings
Tema's LAZR ETF Raises Anthropic Allocation to 10.5% Ahead of Anticipated IPO
By News Desk ·
Key takeaways
- Tema's LAZR ETF raised its Anthropic allocation to 10.5%, the highest exposure to the company among ETFs.
- The fund holds Anthropic through Series F preferred shares structured in an SPV and charges no incremental fees on the exposure.
- LAZR carries Anthropic at a $1.4 trillion valuation at cost until the IPO, which media reports suggest could reach $2 trillion.
Tema ETFs said its LAZR ETF increased its Anthropic allocation to 10.5%, the highest exposure to the company of any ETF, through Series F preferred shares held in an SPV. The fund announced the move on October 27, 2026, a day after Anthropic's S-1 filing, Business Wire reported.
How LAZR Holds Its Anthropic Stake
Anthropic shares sit inside the fund through Series F preferred shares structured in an SPV, according to Tema. The fund does not charge any incremental fees on this exposure. LAZR holds the Anthropic valuation at cost, currently $1.4 trillion, until the IPO, and Tema noted that holdings are subject to change.
Tema said LAZR has repeatedly increased its Anthropic position ahead of an anticipated November IPO. Media reports cited by the fund suggest the offering could command a record-setting $2 trillion valuation. Tema was founded in 2022 and is backed by Index Ventures, Accel Partners, and more than a dozen financial services CEOs.
Anthropic's Funding and Revenue Record
Anthropic's funding records on akta.pro company records list 26 rounds and total funding of $220.7 billion at stage Series H, with the last round dated October 1, 2026. The company's Series G round was led by GIC and Coatue, with participation from Microsoft, NVIDIA, D.E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX, and valued Anthropic at $380 billion.
| Round | Date | Amount | Lead investors |
|---|---|---|---|
| Corporate-funded | 2026-04 | $10 billion | |
| Series H | 2026-05 | $50 billion | Altimeter Capital, Capital Group, Coatue |
| Debt-funded | 2026-06 | $35 billion | Apollo, Blackstone |
| Debt-funded | 2026-10 | $42 billion | Broadcom |
The same records show revenue growing from $5 billion by August 2025 to a $14 billion run-rate by February 2026 and a $47 billion annualized run-rate by July 2026.
Anthropic's Path to a Public Filing
Anthropic announced in June 2026 that it had confidentially submitted a draft registration statement for an IPO to the SEC on June 1, putting it on a path to go public potentially before the end of 2026, according to akta.pro company records. In July 2026, the company signed a 20-year, $19 billion AI infrastructure lease with TeraWulf for 401 MW of capacity at the Hawesville, Kentucky Justified Data campus, ramping from the second half of 2027.
November IPO Timeline
Tema described the IPO as anticipated in November 2026, and the fund said it holds its Anthropic valuation at cost until that listing.