Retail Investors Chase Anthropic Pre-IPO Exposure Through Risky Funds Despite SpaceX Losses

Retail investors are piling into high-fee, hard-to-trade funds offering indirect Anthropic and OpenAI exposure ahead of expected IPOs, even after steep losses in similar SpaceX-linked vehicles. Anthropic is targeting a $2 trillion IPO, while OpenAI weighs a round above $1.2 trillion. The Fundrise Innovation Fund (VCX) says it holds over 20% of net assets in Anthropic and 10% to 20% in OpenAI. Its shares surged to $575 after March trading began before collapsing to about $37 in August when lockup restrictions expired; they now trade near $30. VCX charges 1.85% annually. Retail demand has grown around 30% since SpaceX's IPO, Access IPOs founder Craig Stephens said. Many investors hold positions via special purpose vehicles that may not own the underlying shares, and Anthropic CEO Dario Amodei has warned unauthorized transfers may not be recognized. ARK Venture Fund (ARKVX) reports 3.9% in Anthropic and 5.3% in OpenAI, with a 2.9% expense ratio.