3 pre-IPO routes to Anthropic, from Alphabet stakes to TeraWulf

Anthropic is positioned as a leading candidate for one of the year's hottest IPOs, with SpaceX's $2 trillion valuation prompting investors to wonder what's possible for Anthropic later this year. For those unwilling to wait for shares to become publicly available, the article lays out two creative pre-IPO routes, though it notes investors have generally beaten retail to the punch on direct stakes.

The first route—buying Alphabet, Amazon, or Salesforce—offers only limited exposure, since each company's Anthropic stake sits alongside its own catalysts and risks that go well beyond the AI company. The second route relies on brokerages that allow pre-IPO purchases, a path investors used with SpaceX, though shares are only available in regular brokerage accounts and orders may not go through if the offering is overbooked.

The third route follows Anthropic's spending: more than $100 billion committed to Amazon Web Services, aggressive AI chip buying, and a 20-year lease with TeraWulf for a 401-megawatt data center site. The stakes likely hinge on whether Anthropic's revenue growth continues to feed that capital into AI infrastructure, and on whether investors can navigate the eligibility limits of pre-IPO access without overpaying for indirect exposure.