Investors seeking exposure to Anthropic ahead of its expected initial public offering now have an indirect route through a newly launched exchange-traded fund. Harbor Capital Advisors introduced the Anthropic AI Lab Ecosystem ETF in August, targeting companies that stand to benefit from the AI company's substantial infrastructure spending.

The fund does not hold Anthropic shares directly. Because Anthropic remains a private company, its stock cannot be bought on public exchanges, so the ETF instead owns businesses that supply the chips, cloud computing capacity, data centers and energy infrastructure required to develop and run Claude and Anthropic's other AI systems.

ETF Targets AI Infrastructure Suppliers

The actively managed portfolio includes leading semiconductor names such as Broadcom, Advanced Micro Devices and Micron. It also holds cloud computing providers Amazon, Alphabet and Microsoft, each positioned to benefit as demand for AI infrastructure continues to grow.

Holdings extend beyond traditional technology stocks. Bitcoin miners TeraWulf, Hut 8 and Riot Platforms are also included after announcing data-center infrastructure deals tied to Anthropic. The structure gives the ETF exposure to several layers of the AI buildout rather than depending on Anthropic alone, since rising Claude usage could lift demand for semiconductors, cloud capacity, electricity and data-center facilities.

The fund has gained about 5% since its debut and has gathered roughly $13.5 million in assets under management. While modest by ETF industry standards, that total exceeds the combined assets of Harbor's four other AI ecosystem funds.

IPO Timing Slides Toward November

Anthropic is expected to pursue a public listing, though the timing has reportedly shifted toward November. The company has been expanding quickly as businesses and developers increase their use of Claude models.

Anthropic's annualized revenue run rate — a projection of full-year revenue based on the latest month's results — reportedly reached about $65 billion by the end of July, up from roughly $9 billion at the end of 2025. OpenAI's annualized run rate had passed $40 billion during the same month.

Competition between the two AI developers remains intense. OpenAI's GPT-6 Astra has gained traction among enterprise customers, while Anthropic continues to invest in new Claude models and balance rapid growth against pressure to improve profitability ahead of a possible listing.

The ETF therefore offers investors exposure to businesses that may benefit from Anthropic's spending even before the company itself trades publicly. Its performance, however, will rest on the underlying holdings rather than directly tracking Anthropic's valuation. From here, the milestones to watch are Anthropic's actual market debut and whether Claude adoption continues to build demand for the chipmakers, cloud providers and data-center operators the fund holds.

Harbor Broadens Its AI Fund Family

Harbor has rolled out similar ecosystem ETFs linked to Meta, Google DeepMind, SpaceX and OpenAI. Many of the funds share holdings such as Nvidia, Oracle and Quanta Computer, though each portfolio is built around the spending patterns of a different AI company.

The firm has also launched the Munificent Seven ETF, which invests in energy companies expected to profit from rising electricity demand generated by AI data centers. Its holdings include Chevron, ExxonMobil, Shell, TotalEnergies, ConocoPhillips, BP and Equinor. The energy-focused fund has slipped about 2% since launch as oil prices declined, an early performance that underscores one of the risks of highly concentrated thematic investing.

AI ecosystem ETFs can deliver targeted exposure to a fast-growing investment theme, but they can also heighten concentration in technology and related sectors. Investors who already hold broad market index funds may own sizable positions in many of the same companies.

For now, the Anthropic ETF stands as one of the few publicly traded vehicles offering indirect exposure to the company ahead of its anticipated IPO. Its early asset gathering also suggests investors are increasingly looking beyond individual AI stocks toward the broader infrastructure ecosystem benefiting from the industry's rapid expansion.