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Getting into SpaceX early was spectacularly lucrative.
The venture investors who bought years ago at a fraction of the listing price made a fortune on it.
But early is relative, and the investors who piled into certain ETFs to get exposure to the company ahead of its IPO did not fare nearly as well.That said, the issuers of those funds did great.
TheTema Space Innovators ETF (NASA)launched at the end of March and had as much as $3.3 billion in AUM less than three months later, one of the fastest asset-gathering runs the industry has ever seen, almost entirely because it held about 10% of the portfolio in SpaceX through a special purpose vehicle.TheERShares Private-Public Crossover ETF (XOVR)became an almost $2 billion fund by buying SpaceX more than a year before the listing.
TheBaron First Principles ETF (RONB)also got a big boost from offering investors pre-IPO exposure to SpaceX.
So it was only a matter of time before issuers pointed the same playbook at the next mega-IPO in the queue.
That would be Anthropic, which filed a confidential S-1 with the SEC on June 1 and is reportedly targeting an October listing at a valuation that could be well over a trillion.The most aggressive expression of that bet so far is theTema Photonics & Optical ETF (LAZR), which recently added Anthropic through an SPV.
The position was 12% of net assets when Tema announced it, and sits around 10.6% now, second only to Lumentum Holdings Inc.
The fund launched on June 30 and has $19 million in assets.Tema noted that LAZR's SPV Anthropic exposure carries no management fee, no performance fee, no brokerage fee and no redemption fee, so the fund's 75 basis point expense ratio is unchanged.The position will be held at cost until the IPO, and Tema says it will keep adding until the final S-1 is filed.
Tema also says the SPV was priced at a premium to Anthropic's last primary round of around $950 billion and at a discount to where it currently trades in the secondary market.
Other funds own Anthropic, but nowhere near this size.
TheKraneShares Artificial Intelligence and Technology ETF (AGIX)currently has 2.7% of its portfolio in the company.
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