Fidelity, Capital Group and BlackRock funds hold $15 billion of Anthropic

Mutual funds run by Fidelity, Capital Group and BlackRock hold more than $15 billion of Anthropic shares, according to Bloomberg. An IPO is possible at a valuation near $1.75 trillion.

Capital Group holds at least $9 billion across several mutual funds, more than $7 billion of it split between the $342 billion Growth Fund of the Americas and the $176 billion Fundamental Investors fund. The Fidelity Contrafund, which holds about $600 million of the stock, is a fixture in retail and retirement portfolios. Fidelity's stake is at least $2 billion, with about $1 billion of that in the roughly $37 billion Select Technology Portfolio. BlackRock holds at least $500 million across some retail funds, and Franklin Templeton has smaller positions. The total is a floor because the managers also run private funds that do not disclose holdings.

For an advisor, the relevant figure is the share of each fund the position represents: the Select Technology Portfolio's stake is roughly 2.7% of its $37 billion in assets. Contrafund's $600 million is about 0.3% of its $174 billion. The Capital Group pair is the larger position at the smaller percentage: more than $7 billion of Anthropic against $518 billion of combined assets, roughly 1.4%.

If a fund carries that stake near the $965 billion valuation of Anthropic's most recent private round, an IPO priced between $1.4 trillion and $1.75 trillion would imply a 45% to 81% markup. That is roughly 1.2 to 2.2 percentage points of NAV for the sector fund and under 0.25 points for Contrafund. A client in the sector fund holds several times the Anthropic exposure per dollar of a client in the diversified one.

An IPO is not assured. Investors have grown more cautious on AI as high valuations and heavy spending run ahead of proven profits, Bloomberg reported.