Tema ETFs has increased its exposure to Anthropic through the Tema Photonics & Optical ETF (NASDAQ:LAZR) to 10.5%, positioning the fund for one of the most closely watched potential artificial intelligence IPOs as investors weigh the startup's private-market valuation against its prospective public-market debut.
The move coincides with Anthropic's highly anticipated S-1 filing. Media reports suggest the AI company could pursue a November IPO at a valuation of as much as $2 trillion, although the timing and eventual valuation remain uncertain.
Tema said it holds its Anthropic exposure at cost, currently reflecting a $1.4 trillion valuation, until the IPO. The investment is held through Series F preferred shares structured in a special purpose vehicle (SPV), rather than directly through publicly traded Anthropic shares.
The valuation gap is notable. A $2 trillion IPO valuation would be approximately 43% above the $1.4 trillion valuation cited by Tema. However, that difference does not guarantee a corresponding gain for LAZR investors, as the eventual listing price, the fund's valuation methodology and the terms of its underlying investment will all matter.
Why Anthropic Fits a Photonics ETF
Anthropic is an unusual holding for a fund focused on photonics and optical infrastructure. Tema's investment thesis connects the AI developer's growth to rising demand for the technologies needed to move data efficiently across increasingly complex AI systems.
In previous comments to MarketDash, Tema founder and CEO Maurits Pot identified compute, memory and optical networking as three major infrastructure bottlenecks facing AI companies.
The thesis gives LAZR two layers of exposure to the AI boom: Anthropic's potential growth as an AI model developer and the broader optical infrastructure ecosystem that could benefit from expanding AI workloads.
The latest allocation announcement follows earlier increases in the fund's Anthropic exposure. In July, Anthropic accounted for approximately 12% of LAZR, while September coverage put the weighting at roughly 15%. The latest 10.5% figure marks a shift from the previously reported weighting, highlighting how LAZR's exposure to Anthropic has evolved ahead of the anticipated IPO.
What Investors Should Watch
Tema said it charges no incremental fee specifically for the Anthropic exposure, although LAZR's existing management fee still applies.
Investors must also account for the risks of private-market investments, including valuation uncertainty, limited liquidity, potential IPO lockups and the possibility that the listing is delayed or priced below expectations.
Ultimately, LAZR offers a route to indirect pre-IPO exposure to Anthropic, but its performance will depend on more than IPO speculation. The fund's broader holdings, Anthropic's eventual public-market valuation and the terms governing its SPV investment will all shape how that exposure translates into returns for shareholders.
