AJ Tiarsmith
6 min read
Quick Read
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Three mutual funds already hold Anthropic shares: AGTHX, ANCFX, and FSPTX. This gives 401(k) investors indirect pre-IPO exposure.
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Anthropic positions top out at 1.5% of fund assets, meaning a $10,000 balance carries roughly $150 of exposure.
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Anthropic’s S-1 requires all preferred shares to convert to common stock before the IPO closes, with a 180-day lockup on most existing holders.
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Anthropic filed to go public on October 26, 2026, and nobody can buy its stock on an exchange yet. Some ordinary mutual funds own it anyway. If your 401(k) holds one of those funds, you may already have a small, indirect piece of Anthropic.
The headline holds up. The interest is also small. Each Anthropic position is 1.5% of its fund’s assets or less, so the IPO will move these funds without transforming them.
Mutual Funds Can Own Private Companies, Within Limits
Americans held $10 trillion in 401(k) plans as of Sept. 30, 2025, according to the Investment Company Institute. A big share of that money sits in actively managed mutual funds, and those funds can buy shares of private companies during funding rounds.
Liquidity is the limit. The SEC’s liquidity rule caps a fund’s illiquid investments at 15% of net assets, because the fund has to be able to pay shareholders who cash out. So managers who want early access to a startup keep it to a small piece and hold it until an IPO creates a market. That’s why an IPO can show up in a retirement account before the stock ever trades.
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Three Funds Report Anthropic Positions
Funds disclose their holdings in an SEC report called Form N-PORT. Three widely sold funds list Anthropic: Growth Fund of America (NASDAQ:AGTHX), Fundamental Investors (NASDAQ:ANCFX) and Fidelity Select Technology Portfolio (NASDAQ:FSPTX). Each fund’s numbers come from its own report date.
