Tema Photonics ETF Diverts Capital to Anthropic Ahead of AI IPO
The move highlights the growing appetite for pre-listing exposure among ETF issuers, though the allocation raises questions about thematic purity for a fund focused on optical infrastructure.
ETF issuers are replicating a highly successful strategy used for SpaceX by allocating capital to artificial intelligence company Anthropic ahead of its anticipated initial public offering. The Tema Photonics & Optical ETF (LAZR) has allocated approximately 12 per cent of its net assets to Anthropic via a special purpose vehicle (SPV), a move that mirrors the asset-gathering tactics employed by funds targeting the private spaceflight giant.
The LAZR fund, which launched on 30 June and currently holds $19 million in assets, announced the position as its second-largest holding, trailing only Lumentum Holdings Inc. The allocation sits at roughly 10.6 per cent of the portfolio as of recent reporting. This aggressive stance contrasts with other funds offering AI exposure; the KraneShares Artificial Intelligence and Technology ETF (AGIX) holds a 2.7 per cent position, while the iShares A.I. Innovation and Tech Active ETF (BAI) maintains a 0.8 per cent stake.
Tema has structured the SPV to carry no management, performance, brokerage, or redemption fees, ensuring the fund’s 75 basis point expense ratio remains unchanged. The position is being held at cost until the IPO, with Tema stating it intends to increase the stake until the final S-1 filing. The SPV was priced at a premium to Anthropic’s last primary round, valued at approximately $950 billion, but at a discount to current secondary market trading prices.
The strategy follows the trajectory of the Tema Space Innovators ETF (NASA), which reached $3.3 billion in assets under management within three months of its March launch, largely driven by a 10 per cent holding in SpaceX. Similarly, the ERShares Private-Public Crossover ETF (XOVR) and the Baron First Principles ETF (RONB) saw significant inflows by offering pre-IPO exposure to the space company. Anthropic filed a confidential S-1 with the US Securities and Exchange Commission on 1 June and is reportedly targeting an October listing with a valuation potentially exceeding $1 trillion.
While the allocation is permitted under the LAZR prospectus, which reserves 20 per cent of assets for holdings outside its strict photonics definition, it diverges from the fund’s core mandate. The fund requires at least 80 per cent of net assets to be invested in companies deriving at least half their annual revenue from photonics-related activities, such as optical transceivers and silicon photonics. Anthropic, which sells access to large language models, is a customer of optical infrastructure rather than a supplier, raising questions regarding the thematic consistency of the holding.
