Following SpaceX’s historic blastoff as the largest IPO on record, two more private market giants may soon make their way to public markets: artificial intelligence leaders Anthropic and OpenAI. Let’s take a look at funds that have already invested in them.
SpaceX reached a nearly $2 trillion valuation after its IPO. Top generative AI model companies Anthropic and OpenAI have both been valued at around $1 trillion, based mostly on private funding rounds, and are targeting IPO valuations of $2 trillion and $1.5 trillion, respectively. Anthropic officially filed for an IPO in early October and is expected to raise $100 billion at a $2 trillion valuation on its expected November launch. Details of its IPO prospectus are beginning to leak out. If those projections are accurate, both firms’ IPOs would be bigger than SpaceX’s.
The two AI leaders have attracted enormous investor interest through multiple private funding rounds. OpenAI has raised nearly $200 billion, while Anthropic has secured roughly $130 billion. Major public technology companies, including Amazon.com AMZN, Alphabet GOOGL, and Microsoft MSFT, have been among their early investors.
Some mutual funds have invested in private companies for years, but the potential scale of these offerings is unprecedented. Here are the active equity open-end mutual funds with the largest stakes in the companies and others with decent helpings, as of their most recently disclosed portfolios.
Several asset managers have invested an estimated $6 billion in Anthropic, led by American Funds parent Capital Group, which had $10 billion invested. Fidelity ranks second with roughly $5 billion in the company, making the fund families Anthropic’s largest mutual fund shareholders.
While OpenAI has raised more capital in private markets, asset managers have been less active in investing in the company. In total, mutual fund firms have invested an estimated $3.5 billion in OpenAI, or roughly one-fourth of what they invested in Anthropic. Capital Group and Fidelity again lead the way, with $1.7 billion and $1.1 billion invested, respectively.
The figures likely understate industrywide exposure. For example, T. Rowe Price does not disclose individual private company investments in its mutual funds to Morningstar, meaning its true stakes in both OpenAI and Anthropic are likely larger than what is shown here. For example, as of June 2026, T. Rowe Price Blue Chip Growth TRBCX invested 0.37% of its assets in Anthropic and roughly 0.69% of assets in OpenAI.
Most funds maintain relatively small allocations to these companies. Among the 10 largest funds with exposure to Anthropic by assets under management, all are managed by either Fidelity or Capital Group. American Funds Growth Fund of America AGTHX and American Funds Fundamental Investors ANCFX rank as the two largest fund shareholders.
While most positions represent a modest share of portfolio assets, a handful of funds have made more meaningful commitments. Fidelity Select Technology FSPTX and BlackRock Technology Opportunities BGSAX each allocate more than 2.5% of assets to Anthropic. Tema Photonics & Optical ETF LAZR stands out with an allocation exceeding 9%, making it one of the most concentrated publicly disclosed bets on the company.
Two of the largest mutual funds, American Funds Growth Fund of America and Fidelity Contrafund FCNTX, top the list of funds invested in OpenAI ranked by market value.
A handful of funds have taken more concentrated positions. ARK Blockchain & Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW each allocate more than 3% of assets to OpenAI. Overall, more than 50 funds report investments in OpenAI, though position sizes vary significantly across portfolios.
It’s important to know what you own. A fund’s exposure to private holdings like Anthropic or OpenAI—or lack thereof—tells you something about the strategy’s risk profile, process, and manager. Whether or not a fund owns the latest hot IPO should not be the primary reason for buying or selling it. You should evaluate an equity fund on its manager, approach, parent company, and the role it plays in a long-term portfolio, not just on how well it’s situated for the next record-breaking public offering. Chasing IPOs with funds can easily backfire.