What happened
Anthropic's second-quarter revenue was above $11.5 billion, up from $4.73 billion in the first quarter and $787 million a year earlier, Bloomberg reported. It filed confidentially for an IPO on June 1.
Why it matters
The jump from $787 million a year earlier shows customers are paying for Anthropic's products. That growth is the main draw for investors weighing whether to buy in at the IPO, though costs remain unclear.
What to watch
The revenue figures are only part of the story — pre-IPO investors are relying on an estimate of Anthropic's share value, and details on costs will only come out in the S-1 filing.
WHO IT HITSRetail investors and financial advisors looking for pre-IPO exposure to Anthropic will find only a tiny slice through ETFs like AGIX, and may be better off waiting for the IPO.
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Anthropic has already taken a significant step toward going public, submitting a confidential IPO filing on June 1. The company could release its S-1 — the document that would show audited financials — in just a few weeks. For now, anyone wanting a piece of the company has to settle for indirect routes.
The most visible option is the KraneShares Public-Private AI & Technology ETF, which trades under the ticker AGIX. It holds a small position in Anthropic, but the bulk of the fund is spread across established names: Meta Platforms, Nvidia, Alphabet, Microsoft, and Amazon are its five largest holdings. The fund also carries a 1% annual expense ratio, and because Anthropic is not yet public, KraneShares is only estimating what those shares are worth.
Other ETFs offer similar slivers of Anthropic, and private-share secondary markets carry high fees and scam risk, according to the SEC. The revenue growth reported by Bloomberg is striking, but without a public filing it is hard to judge whether Anthropic can manage its costs. For most investors, the article suggests waiting for the IPO may be the most sensible path.
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