An initial public offering (IPO) for frontier artificial intelligence (AI) model provider Anthropic could still land in 2026.

Reuters initially stated that Anthropic could begin marketing an IPO in mid-October, with a public listing completed shortly before the November U.S. midterm elections.¹ Now, expectations still place an Anthropic IPO in 2026, but later in November.¹

Additionally, reports suggest a 2026 Anthropic IPO could be historic. The Wall Street Journal disclosed that "investors expect Anthropic to be valued at around $2 trillion and raise up to $100 billion in the offering, both figures that would top records set by SpaceX's June debut."²

For public-market investors, an Anthropic IPO would represent an important milestone. Enterprises continue to ramp up use of their Claude family of models for coding, research, data analysis, and other knowledge-work applications. However, investors are currently unable to buy Anthropic stock directly on a public exchange.

AI ETF AGIX, the KraneShares Public-Private AI & Technology ETF, provides investors with exposure to a portfolio that includes private AI companies such as Anthropic, as well as public companies spanning AI hardware, AI infrastructure, and AI applications.

Anthropic Investment Case & Latest Model Developments

We think that Anthropic's investment case is fundamentally tied to effectiveness and affordability.

While Anthropic does not necessarily need to be the lowest-cost AI provider to succeed, we believe it must continue demonstrating a compelling combination of model quality, reliability, and safety at a price that enterprises can justify.

In July 2026, Anthropic introduced Claude Opus 5, describing it as a major upgrade for long-running AI agents, coding, and professional knowledge work. Anthropic said Opus 5 achieves state-of-the-art performance on benchmarks, including Frontier-Bench (tests AI models on autonomous computer tasks) and GDPval-AA (tests realistic professional deliverables), while offering capabilities approaching those of its more powerful Fable model at roughly half the price.³

Anthropic has also continued expanding its frontier-model lineup. In September 2026, Anthropic released Claude Fable 5.1 and Claude Mythos 5.1, framing the models as the company's most advanced offerings yet for coding and knowledge work.⁴

Anthropic Is Ramping Up Cloud and Data-Center Deals

It seems that the AI industry is increasingly being defined by a capital-intensive race for compute capacity. Training and operating frontier AI models requires enormous quantities of advanced chips, cloud capacity, networking, power, and data-center infrastructure.

Anthropic has responded by securing long-term access to computing resources at a significant scale.

In May of 2026, SpaceX disclosed in its IPO filing that Anthropic had agreed to pay $1.25 billion per month through May 2029 for compute capacity across SpaceX's Colossus and Colossus II data-center clusters.⁵

In August, Reuters reported that Anthropic had agreed to spend $45 billion over six years to rent AI cloud computing capacity from Nscale's West Virginia data center campus.⁶ The agreement reportedly represents approximately 460 megawatts of power capacity and is expected to use Nvidia's next-generation Vera Rubin chips.⁶

Days later, Reuters reported that Anthropic had also signed a $35 billion cloud-computing deal with Nvidia-backed Lambda for a Texas data center.⁷ That deal is expected to provide roughly 350 megawatts of capacity.⁷

Anthropic's Revenue Has Grown Significantly

Anthropic's reported revenue growth has been one of the strongest indicators of its emerging enterprise momentum.

CNBC reported that Anthropic's annualized revenue run rate reached $65 billion at the end of July 2026, up roughly 7x from a year earlier.⁸ Anthropic also reportedly shared preliminary second-quarter revenue of $11.5 billion, representing a 14x increase from the prior year.⁸

We think the speed of Anthropic's revenue growth is notable because it is occurring at a scale that historically took many major technology companies far longer to achieve.

NVIDIA took roughly 22 years to grow from about $1 billion in annual revenue to more than $65 billion.⁸ Anthropic has now scaled revenue from roughly $1 billion in December 2024 to a $65 billion annualized run rate in about 19 months.⁸

Traditional enterprise software businesses often required years of sales team expansion, long implementation cycles, and a global distribution buildout before reaching multibillion-dollar annual revenue levels. Consumer internet platforms often depend on advertising scale, network effects, or marketplace liquidity. Cloud companies built revenue through multiyear infrastructure investments and long enterprise migration cycles.

Frontier AI companies seem to have a different path. A capable LLM can be distributed quickly and globally through application programming interfaces (APIs), cloud marketplaces, direct subscriptions, coding products, and enterprise integrations. Once a model demonstrates clear value in high-frequency workflows, such as writing software, analyzing data, conducting research, or automating repetitive business processes, we believe usage can ramp quickly.

Anthropic's reported run-rate growth suggests that Claude is gaining traction in precisely those high-value workloads, and its revenue figures highlight the magnitude of enterprise spending now flowing into generative AI platforms.

How To Get Exposure To Anthropic

Investors looking to buy Anthropic stock today should understand that Anthropic is still privately held. Until a potential Anthropic IPO is completed and shares begin trading publicly, most individual investors are unable to purchase Anthropic shares directly through a standard brokerage account.

A potential IPO could change that, but for investors seeking exposure now, AGIX provides a publicly traded option. In February of 2025, KraneShares' AI ETF AGIX added direct exposure to Anthropic. At that time, Anthropic was not well known among investors, especially compared to OpenAI. However, since AGIX invested in Anthropic at a $61.5 billion valuation, it has arguably become a fixture in AI-related headlines.

AGIX is an actively managed strategy led by AI-native investors and listed on Nasdaq. By drawing on industry expertise in AI narrative shifts and translating it into a dynamically adjusting portfolio, it seeks to avoid locking into a static view of who the "AI winners" should be.

AGIX has a three‑bucket framework (AI Hardware, AI Infrastructure, and AI Applications) for its public sleeve that is designed to sit atop the evolving AI story and capture value across the entire AI ecosystem. Additionally, AGIX has direct private-company exposure to Anthropic, General Intuition US, Apptronik, Ayar Labs, Standard Bots, Nuro, and Polymarket. As of September 24th, 2026, Anthropic represented 1.10% of AGIX's net assets.⁹

Conclusion

A potential Anthropic IPO could become a defining event for public investors seeking exposure to frontier AI. The company is approaching public markets with a rapidly growing reported revenue run rate, an expanding suite of advanced Claude models, and multibillion-dollar commitments to AI compute infrastructure.

For now, AI ETF AGIX offers investors exposure to Anthropic today through a publicly listed vehicle on Nasdaq. Additionally, AGIX has a continuously expanding class of private market investments across AI sectors such as frontier models, humanoid robotics, self-driving technology, photonics, and prediction markets.

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Holdings are subject to change.

For AGIX standard performance, top 10 holdings, risks, and other fund information, please click here.

Citations:

1. Reuters, "Anthropic considers releasing new AI model ahead of IPO, sources say," as of 9/18/2026.
2. Wall Street Journal, "Anthropic Shifts Planned IPO to November," as of 9/18/2026.
3. Anthropic, "Introducing Claude Opus 5," as of 7/24/2026.
4. Anthropic, "Claude: Fable 5.1 and Mythos 5.1," as of September 2026.
5. Business Insider, "Anthropic is paying SpaceX $1.25 billion a month," as of 5/20/2026.
6. Reuters, "Anthropic to rent AI computing power from Nscale for $45 billion, source says," as of 8/26/2026.
7. Reuters, "Anthropic signs $35 billion cloud deal with Nvidia-backed Lambda, source says," as of 8/31/2026.
8. CNBC, "Anthropic tells investors annualized revenue run rate climbed to $65 billion in July," as of 8/17/2026.
9. Data from Bloomberg as of 9/18/2026.