With reports swirling that SpaceX and Anthropic could go public later this year, ETF investors are starting to wonder: would two of the world's most valuable private technology companies find a home in the Wedbush Dan IVES AI Revolution ETF (IVES)?
It's a fair question, because the ETF isn't just another tech fund. It's built around Dan Ives' highest-conviction AI investment themes. Instead of tracking a broad index, IVES holds about 30 companies that Ives believes are best positioned to ride the AI wave—spanning semiconductors, cloud computing, software, cybersecurity, autonomous systems, and digital infrastructure.
A quick look at the fund's fact sheet suggests both SpaceX and Anthropic already check a lot of the same boxes as the current holdings.
Why SpaceX Could Fit the IVES Playbook
SpaceX is famous for rockets and satellites, but its business is increasingly intertwined with AI themes. Starlink's global communications network provides critical connectivity infrastructure. The company also leads in autonomous systems, defense tech, and data-intensive operations—all categories that populate the IVES portfolio today.
If SpaceX lists publicly as expected, it could become one of the most significant tech additions available to AI-focused investors.
Anthropic May Be an Even More Natural Fit
Anthropic arguably fits the ETF's framework even more directly. The company sits at the heart of the generative AI ecosystem with its Claude family of models and has emerged as a leading competitor in frontier AI development. As enterprises increasingly deploy AI agents and large language models, Anthropic's role in commercializing AI closely matches the themes already represented across IVES holdings.
A public listing would immediately give the ETF access to a pure-play AI developer that's currently unavailable in public markets.
What the IVES Portfolio Tells Us
The ETF's current holdings reveal a preference for companies that:
- Are direct beneficiaries of AI spending
- Own critical AI infrastructure or platforms
- Enable AI deployment at scale
- Have strong competitive positions in emerging technologies
- Represent high-conviction ideas within Dan Ives' AI thesis
By those measures, both SpaceX and Anthropic appear to check multiple boxes.
Even if they complete their expected IPOs, inclusion in the IVES ETF wouldn't be immediate. The fund reviews and rebalances its portfolio quarterly on the third Friday of March, June, September, and December, when it reapplies constituent weighting caps ranging from 1% to 4%. So any newly public company that meets the fund's AI-focused criteria would likely have to wait until a scheduled rebalance before being considered for addition.
For investors watching the IPO market, those quarterly review dates could become key milestones in determining whether SpaceX or Anthropic ultimately earns a place in the IVES portfolio.
The Bigger ETF Story
The more interesting question isn't whether SpaceX and Anthropic qualify today, but whether their anticipated IPOs could reshape the next generation of AI ETFs.
For the IVES ETF, which aims to capture the companies driving the AI revolution, the arrival of publicly traded shares in two of the most influential private technology firms could create compelling new portfolio opportunities. If their public-market debuts materialize, investors may soon find out whether Ives' AI playbook has room for two of Silicon Valley's most coveted names.
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