Tema ETFs has significantly increased its exposure to Anthropic, buying the bulk of its position at an implied $1.39 trillion valuation as the private artificial intelligence company moves closer to a potential blockbuster IPO.
The Tema Photonics & Optical ETF (NASDAQ:LAZR) now has a 15% weight in Anthropic, with the exposure held through a special purpose vehicle. The fund initially invested in Anthropic in July at a $1.8 trillion valuation but acquired substantially more exposure at a lower valuation in its latest transaction.
Maurits Pot, founder of Tema ETFs, told Benzinga that the initial purchase was only about $2 million at a $1.8 trillion valuation, while more than $11 million worth of stake was acquired at $1.39 trillion.
"The initial exposure was purchased at $1.8T, this latest exposure at $1.39T and the full exposure in LAZR is now held at $1.39T," Pot said.
The lower entry valuation is particularly notable given reports that Anthropic could pursue an IPO at a valuation of more than $2 trillion. Such a valuation would make the company the largest IPO by initial valuation if realized, surpassing SpaceX.
Entry Point vs. Current Valuation
The different entry points also provide important context for LAZR investors.
While the fund’s initial Anthropic investment was made at $1.8 trillion, only a small portion of the current position was acquired at that valuation. The overwhelming majority was purchased at roughly $1.39 trillion.
"Only $2 million was purchased at $1.8 trillion and (more than) $11 million at $1.4 trillion, so the majority of the position is simply held at cost," Pot said.
That means the gap between Anthropic’s two reported valuation marks should not be interpreted as a significant unrealized loss for LAZR. Most of the fund’s current exposure was acquired at the lower valuation.
TEMA declined to provide its own fair-market valuation for Anthropic, but Pot confirmed that the firm is aware of third-party valuation expectations above $2 trillion.
Potential IPO Creates a Key Catalyst
The reported $2 trillion-plus valuation provides an important potential catalyst for LAZR.
If Anthropic goes public at a valuation materially above the $1.39 trillion level at which most of LAZR’s position was acquired, the private holding could see a substantial valuation uplift. The actual impact on LAZR, however, would depend on the IPO price and subsequent market performance, as well as the timing of when the ETF can monetize its position.
Pot said LAZR shareholders would benefit from "any price uplift in Anthropic at date of IPO."
The ETF itself would remain subject to the usual S-1 lockup restrictions following an IPO. Individual LAZR investors, however, would not be subject to those restrictions.
"ETF investors will not be subject to any S-1 lockups themselves," Pot said.
That distinction could become increasingly relevant if Anthropic proceeds with a public listing, allowing LAZR shareholders to retain exposure to the ETF without being personally locked into Anthropic shares.
A 15% Private AI Bet Inside a Photonics ETF
The Anthropic position is unusual not only because of its size, but because it sits inside an ETF focused on photonics and optical technologies.
TEMA’s investment thesis is that Anthropic’s expanding AI infrastructure requirements can create demand for optical networking and other photonics technologies, giving LAZR exposure to both the AI company and the infrastructure ecosystem supporting its growth.
With most of its Anthropic position acquired at a $1.39 trillion valuation and third-party expectations now pointing above $2 trillion, LAZR has positioned itself for a potential repricing of one of the world’s most valuable private AI companies.
The bigger question for investors is whether Anthropic can turn those lofty private-market expectations into a public-market valuation, and how much of that potential upside LAZR can ultimately capture.
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