Anthropic 将于下周上市，首次公开募股（IPO）的潜在日期为 11 月 19 日，按完全稀释基础计算，这家 AI 巨头的估值可能超过 1.4 万亿美元。对许多散户投资者而言，IPO 可能是他们首次拥有 Anthropic 股份的机会，但即便如此，由于分配给散户券商的股份有限，这一持股机会仍可能遥不可及。不过，散户投资者曾有途径在更早的日期持有 Anthropic 股份。投资者也可能在下一个热门 IPO 上市前很久就参与其中。
Anthropic is set to go public next week, with a potential date of Nov. 19 for an initial public offering that could value the AI giant on a fully diluted basis at over $1.4 trillion. For many retail investors, the IPO may be the first chance they have to own Anthropic and even that ownership event will be out of reach with limited shares allocated to retail brokerage firms. But there were ways for retail investors to own Anthropic shares at a much earlier date. Investors may also be able to get in on the next hot IPO well before listing day.
有几种方式可以做到这一点，但具体取决于你是否符合 SEC 指南规定的合格投资者资格，从而直接投资私营公司，还是通过多元化基金持有私营股票。一般来说，这意味着你需要证明个人年收入达到 20 万美元，或家庭联合年收入达到 30 万美元，或净资产达到 100 万美元（不计投资者自住住房）。SEC 已提议通过考试途径扩大合格投资者的认定标准，不再局限于传统的收入和净资产门槛，但该方案目前尚不可行。
There are several ways to do this, though it can depend on whether you're an accredited investor under SEC guidelines when investing directly in a private company versus accessing a privately held stock through a diversified fund. Generally, this means being able to prove you have $200,000 in individual income, or $300,000 jointly, or $1 million in net worth, not counting an investor's home. The SEC has proposed expanding accredited investor eligibility beyond traditional income and net worth thresholds, through an exam-based route, but that's not currently an option.
以下是寻求参与 IPO 前投资的投资者需要了解的信息：一些共同基金和 ETF 在公司上市前投资于私营企业。“这不像直接购买 IPO，所以你必须对投资组合感到放心，”卡内基梅隆大学泰珀商学院金融学教授 Chester Spatt 表示。
Here's what investors looking for some pre-IPO action need to know: Some mutual funds and ETFs invest in private companies before they are public. "It's not like buying the IPO directly, so you have to be comfortable with the portfolio," said Chester Spatt, professor of finance at Carnegie Mellon University's Tepper School of Business.
这意味着要审查基金的所有持仓及其投资策略，而不能仅因为基金持有那家尚未上市公司的股份就做决定。即便如此，共同基金和 ETF 仍可成为接触 IPO 前市场的一种途径，SpaceX、Anthropic 及其竞争对手 OpenAI 都是近期的例子。
That means reviewing all of the portfolio holdings of a fund and its investment approach, not just the fact that it has a stake in the one company that has yet to go public. Even so, mutual funds and ETFs can be a way to gain some exposure to the pre-IPO world, with SpaceX, Anthropic and its rival OpenAI all recent examples.
例如，大盘成长型基金富达逆势基金在招募说明书中表示，投资顾问可将基金资产投资于非上市公司或新上市公司的证券。它也是SpaceX的早期投资者，2015年该公司估值约100亿美元时就买入了股份。截至9月底，SpaceX约占该基金持仓的4.4%。
For example, Fidelity Contrafund, a large-cap growth fund, says in its prospectus that the adviser may invest the fund's assets in securities of private or newly public companies. It was an early investor in SpaceX, for example, buying shares in 2015 when the company was valued at about $10 billion. SpaceX represented about 4.4% of the fund's holdings at the end of September.
亿万富翁、共同基金经理罗恩·巴伦旗下的合伙人基金同样投资了SpaceX。该基金追求长期资本增值。截至10月底，SpaceX是该基金的头号持仓，占其资产的28%。
Billionaire mutual fund manager Ron Baron's Partners Fund, which seeks long-term capital appreciation, also invested in SpaceX. At the end of October, SpaceX was the fund's No. 1 holding, accounting for 28% of its assets.
斯帕特说，购买投资于非上市公司的基金之前，务必考虑赎回和费用问题。例如，私募股份基金着眼于投资获得风险资本支持的后期非上市公司，以实现资本增值，该基金每季度允许按资产净值赎回最多相当于其已发行份额5%的份额。其管理费为1.9%，高于许多指数基金。
Before buying a fund that invests in private companies, be sure to consider redemption and fees, Spatt said. For example, The Private Shares Fund, which seeks capital appreciation by focusing on investments in late-stage, venture-backed private companies, allows quarterly tenders for up to 5% of the fund's outstanding shares at NAV. The management fee is 1.9%, higher than many index funds.
多只ETF将Anthropic列入持仓，包括蒂马光子与光学ETF（LAZR）、蒂马电气化ETF（VOLT）、阿尔杰集中持股股票ETF（CNEQ）、阿尔杰AI赋能者与采用者ETF（ALAI）、阿尔杰35ETF（ATFV）、金瑞公私市场AI与科技ETF（AGIX）以及安硕AI创新与科技主动型ETF（BAI）。
Several ETFs list Anthropic among their holdings, including the Tema Photonics & Optical ETF (LAZR), Tema Electrification ETF (VOLT), Alger Concentrated Equity ETF (CNEQ), Alger AI Enablers & Adopters ETF (ALAI), Alger 35 ETF (ATFV), KraneShares Public-Private AI & Technology ETF (AGIX), and iShares A.I. Innovation and Tech Active ETF (BAI).
与SpaceX股票的情况类似，多家大型共同基金和ETF公司过去曾报告持有Anthropic的股份，包括普信、资本集团和富达投资。据晨星数据，富达旗下有50只基金持有Anthropic股份，价值约50亿美元。晨星数据显示，资本集团旗下各基金合计持股规模更大，达100亿美元。
Several big mutual fund and ETF companies, similar to the SpaceX shares, have reported ownership in Anthropic in the past, including T. Rowe Price, Capital Group and Fidelity Investments. Fifty Fidelity funds have stakes in Anthropic, according to Morningstar, at roughly $5 billion. Capital Group has an even greater stake across its funds, at $10 billion, according to Morningstar.
但有一个问题：并非所有基金都直接持有股份，一些ETF是通过所谓的特殊目的载体获得敞口的。基金经理和合格投资者可以通过特殊目的载体投资后期初创企业。
But there is a catch: not all the funds own shares outright, with some ETFs gaining exposure through what are called special purpose vehicles. Fund managers and accredited investors can access late-stage start-ups through special purpose vehicles.
例如，Tema的LAZR ETF将Anthropic列为其第二大持仓，但这是通过SPV持有的。其VOLT基金在Anthropic的持仓则小得多。
Tema's LAZR ETF, for example, lists Anthropic as its second-biggest holding, but it is through an SPV. Its VOLT fund has a much smaller holding in Anthropic.
私募投资研究公司PitchBook的高级风险投资分析师艾米丽·郑表示，合格投资者也可以通过Caplight、Sydecar和Augment等在线平台，或通过自己的理财经理，直接获得与SPV相关的投资机会。但她提醒，你买到的可能是一个直接持有股份的SPV，也可能你投资的是一个SPV，而该SPV持有另一个持有这些股份的SPV的份额。此外还可能存在多层费用。
Accredited investors can also access SPV-related investment opportunities directly, through an online platform like Caplight, Sydecar and Augment, said Emily Zheng, senior venture capital analyst at private investment research firm Pitchbook, or through their wealth manager. Keep in mind, however, you could be buying an SPV that owns the shares outright, or you could be invested in an SPV that has shares of an SPV that owns the shares, she said. There can also be multiple layers of fees.
投资于上市前股份的私人财富与另类投资管理机构TSG Invest表示：“这种结构可能让投资者以低于直接购股通常所需的最低金额参与投资，同时由基金管理人代表投资者处理收购、日常管理和税务申报等复杂事务。”该公司称，SPV正成为上市前投资的主导结构，目前约占所有二级市场交易的40%至50%。
"This structure may allow investors to participate at lower minimums than would typically be required for a direct share purchase, while the fund manager handles the complexity of acquisition, ongoing administration, and tax reporting on behalf of investors," according to private wealth and alternative investments manager TSG Invest, which invests in pre-IPO shares. It says SPVs are becoming the dominant structure in pre-IPO investing, now accounting for roughly 40% to 50% of all secondary market transactions.
合格投资者如果想买入那些可能短期内还不会IPO的私营公司股份，可以通过在线私募股票交易平台购买，例如嘉信理财的Forge Global、摩根士丹利的EquityZen、Notice、Caplight Technologies以及原名Hiive的Clarity。
Accredited investors who want access to shares of private companies that may not be imminently ready to IPO can buy through online private stock trading platforms such as Schwab's Forge Global, Morgan Stanley's EquityZen, Notice, Caplight Technologies and Clarity, previously known as Hiive.
各平台可供投资的私募资产不同，投资要求也可能各异。此外还可能有多项费用。例如在Forge，开户和使用该市场交易股票都是免费的。但无论直接购买股份还是参与基金产品，买方都需支付一笔一次性费用。Forge的一位发言人表示，投资者还应注意，一些公司可能会收取自己的过户费或法律费用。
Platforms have different private holdings available, and investment requirements can vary. There can also be multiple fees. For instance, at Forge, opening an account and using the marketplace to trade shares are free. However, buyers pay a one-time fee for both direct shares and fund offerings. Investors should also be aware that some companies may charge their own transfer or legal fees, according to a Forge spokesperson.
多家平台设有最低投资额要求。例如，Forge的直接二级交易标准最低额为10万美元，不过最低额可能因投资类型和具体发行而有所不同。公司在其网站上表示，Forge的部分基金产品可能接受5000美元起的意向认购，但额度有限，并受具体发行条款约束。
Several platforms require investment minimums. The standard minimum for direct secondary transactions at Forge, for example, is $100,000, though minimums may vary by investment type and offering. Certain Forge fund offerings may accept indications of interest starting at $5,000, but availability is limited and subject to the terms of the specific offering, the company says on its website.
投资者在投资私营公司之前，需要考虑自己的投资期限和流动性需求。此外，郑表示，线上平台的最低投资额可能很高，即便对合格投资者来说也是如此。“但这比传统风险投资低得多，”郑说。
Investors need to consider their time horizon and their liquidity needs before investing in private companies. Additionally, minimums at online platforms can be high, even for accredited investors, said Zheng. "But it is a lot lower than traditional venture investment," Zheng said.
据晨星Direct的数据，个人投资者可以通过约二十多只公开上市的封闭式基金获得投资私营公司的渠道，这些基金专注于私募股权或风险投资。
Individual investors can get access to private companies through about two dozen publicly available closed-end funds focused on private equity or venture capital, according to Morningstar Direct.
各基金在早期公司和后期公司之间的持仓比例有所不同。例如，OpenAI约占Robinhood Ventures Fund I持仓的9.4%。该基金还持有Ramp 4.2%的股份，Ramp可能在明年某个时候进行IPO，其最大持仓是企业科技公司Databricks。
Funds vary in their holdings between early-stage and late-stage companies. OpenAI, for instance, represents about 9.4% of the holdings of Robinhood Ventures Fund I. The fund's holdings also include 4.2% of Ramp, which could IPO at some point in the next year, and its largest holding is enterprise tech company Databricks.
与此同时，Sofi提供某些可能无法通过其他券商获得的基金。Sofi平台上的私募和风险基金包括ARK Venture Fund和Destiny Tech100封闭式基金，前者持有OpenAI和Anthropic，后者同样持有这两家AI公司。
Sofi, meanwhile, offers access to certain funds that may not be available through other brokerages. Private and venture funds on Sofi's platform include the ARK Venture Fund, which owns both OpenAI and Anthropic; and the Destiny Tech100 Closed End Fund, which also owns both AI companies.
封闭式基金也让投资者得以接触其他备受关注的私营公司，例如持有Kalshi的Cashmere Fund。Fundrise Innovation Fund在其2025年年末报表中披露持有Anthropic、OpenAI、Databricks、Anduril和Ramp，但更近期的资料未再披露。
Closed-end funds also offer exposure to other closely watched private names, such as the Cashmere Fund, which owns Kalshi. The Fundrise Innovation Fund has reported holdings in Anthropic, OpenAI, Databricks, Anduril and Ramp as of its year-end 2025 statement, but not more recently.
这些基金的费用可能明显高于由上市公司股票构成的指数基金或ETF。例如，Robinhood Ventures Fund I的费用率为3.13%。
These funds can carry significantly higher fees than index funds or ETFs consisting of public company stocks. Robinhood Ventures Fund I, for example, has an expense ratio of 3.13%.
如果散户投资者确实想参与IPO，一些券商可以为客户提供认购Anthropic IPO的渠道，而且通常无需成为合格投资者就有资格参与。
If a retail investor does want to get in on the IPO, some brokerage firms are able to offer Anthropic IPO access to clients, and you generally don't have to be an accredited investor to be eligible.
例如，Anthropic在11月2日的监管申报文件中表示，将把部分IPO股份分配给嘉信理财、富达、罗宾汉金融（包括旗下TradePMR部门）、SoFi以及摩根士丹利旗下亿创理财的经纪客户。
Anthropic, for example, said in a Nov. 2 regulatory filing that it was allocating some IPO shares to brokerage customers of Charles Schwab, Fidelity, Robinhood Financial (including its TradePMR division), SoFi, and Morgan Stanley's E-Trade.
SpaceX通过这些券商向个人投资者提供了约20%的IPO股份。
SpaceX offered about 20% of its IPO shares to individual investors through these brokerages.
各家券商自行决定参与条件。例如，SoFi要求投资者持有特定类型的账户，但没有账户最低金额要求。富达则允许在该公司拥有至少2.5万美元零售资产的经纪客户参与。
Individual brokerages determine the requirements for participation. SoFi, for example, requires investors to have a particular account type, but there are no account minimums. Fidelity allows access to brokerage customers with at least $25,000 in retail assets at the firm.
要申请认购股份，符合条件的投资者通常会针对自己感兴趣的发行提交意向表达。但投资者能否获得股份、能获得多少，都没有保证。在很多情况下，投资者的配售结果可能令他们失望。
To request shares, eligible investors generally enter an indication of interest for the offering they are interested in. However, there's no guarantee investors will receive shares or how many. In many cases, investors may be disappointed with their allocation.
罗宾汉在网站上表示：“每宗IPO我们只能拿到有限数量的股份。如果客户需求高于我们的供应量，我们就无法完全满足每一份申请。股份如何分配取决于该次发行所采用的分配方式。”
"We only get a limited number of shares for each IPO," Robinhood says on its website. "If customer demand is higher than our supply, we can't fulfill every request in full. How shares are distributed depends on the allocation method used for the offering."