Frontier AI: ETFs Incorporating Anthropic
Claude AI, MANGOS ETFs Holding Listed and Unlisted Shares
The S-1 registration statement of Anthropic, the supplier of Large Language Models (LLM) — the flagship product of artificial intelligence — has been made public. The target listing date is mid-November. It is drawing significant attention as the IPO of a pure-play AI company leading the artificial intelligence revolution.
Anthropic’s AI model is Claude. Currently regarded as the most advanced model available, Claude is one of the representative models known as Frontier AI, alongside Google’s Gemini and OpenAI’s ChatGPT. Claude’s capabilities are so advanced that controlling it through conventional network security is difficult, to the point where AI-related governance (management and control frameworks) has become a political issue.
Anthropic’s S-1 registration statement contains financial conditions, business status, and risk factors, making it the first opportunity to examine the financial statements of a pure-play US AI company. This disclosure comes at a time when the profitability of AI business models is under scrutiny, driven by rising data center investment costs including semiconductors and intensifying competition over token pricing — the equivalent of usage fees for AI services.
Experts note that the market found relief in the fact that adjusted operating margins turned profitable, improving from -13% in Q1 to 19% in Q2. The primary reason cited is that revenue relative to infrastructure costs increased rapidly, from 0.57x in Q2 of last year to 2.07x in Q2 of 2026.
At the time of listing, Anthropic (ticker: ANT) is expected to have a market capitalization of USD 1.5 to 2.0 trillion, with a target fundraising amount of over USD 100 billion. It could potentially surpass SpaceX (SPCX), which was dubbed the listing of the century when it went public last June. However, domestic asset managers operating related ETFs are expected to avoid rushing to include the newly listed stock — as was the case with SpaceX’s listing in June — and will instead incorporate it sequentially in accordance with the underlying index methodology, a process that is expected to take approximately one month.
US exchanges already have ETFs incorporating unlisted AI-related companies. These are the Yorkville America MANGOS Plus Index ETF (ticker: FRUT) and the Corgi MANGOS ETF (ticker: MN). MANGOS is an acronym formed from the first letters of Meta, Anthropic, Nvidia, Google (Alphabet), OpenAI, and SpaceX. It is similar to the Magnificent 7 (M7) of US Big Tech, but differs in that it includes unlisted stocks such as Anthropic and OpenAI.
The FRUT ETF includes, in addition to MANGOS, general semiconductor and equipment stocks such as AMD and Micron, and invests in Anthropic and OpenAI through swap transactions managed by investment banks on behalf of investors. The weight per stock is modest, at around 1–2%. The MN ETF concentrates on the six MANGOS stocks, with Anthropic and OpenAI each weighted at approximately 6%, totaling around 13% combined — reflecting the US ETF regulation that caps investment in unlisted securities at 15%.
However, there appears to be no need to rush into buying US ETFs specifically for Anthropic exposure. As demonstrated with SpaceX’s listing, newly listed stocks can experience heightened volatility as they seek fair value over time. OpenAI has also pushed back its listing to next year.
Listed companies are required to disclose their financial conditions and business status transparently. This means AI investment themes can no longer be evaluated as abstract concepts — real numbers must now be scrutinized. This may mark the beginning of Round 2 of AI investing.
Once Anthropic is listed, among domestically listed ETFs, products with a “US AI Software” theme are expected to invest first. Additional related products will also be newly listed. Domestic ETFs must be composed of at least 10 stocks, combining equities and/or bonds. Investors should therefore carefully review constituent stocks and fund structures to select products aligned with their investment objectives. As core AI companies that are transforming our lives come to market, retirement pension accounts and other long-term investment vehicles deserve serious consideration from a long-term investment perspective.
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