Fidelity, a long-time investor in private enterprises, has established itself as one of Anthropic’s primary asset management backers. This support remains steadfast as the artificial intelligence firm gears up for its landmark initial public offering later this month.
Since Anthropic’s initial capital raise in May 2021, the company has successfully closed following breakdown examines which funds entered first, which maintain the most significant positions, and how these holdings have evolved over time.
Fidelity’s aggregate firmwide investment in Anthropic has climbed to approximately $5 billion, though it originated from smaller allocations spread across multiple funding rounds.
In early 2024, following its initial entry, Fidelity Select Technology (FSPTX) became one of the first funds to secure a stake. Shortly thereafter, three large-growth strategies followed suit: Fidelity Series Blue Chip Growth (FSBDX) under manager Sonu Kalra, Fidelity Growth Company (FDGRX) under manager Steve Wymer, and Fidelity Advisor Series Growth Opportunities (FAOFX) managed by Kyle Weaver and Becky Baker. When accounting for all share classes and strategy versions, this combined investment reached roughly $30 million.
Following two additional fundraising rounds in 2026, the number of Fidelity strategies invested in Anthropic reached 50. Most of these are relatively minor holdings, with only seven funds allocating more than 1% of their assets to the company.
While more than 20 Fidelity large-growth strategies have invested in Anthropic, the company has also been integrated into several allocation strategies, alongside a handful of large-blend portfolios.
As of August 2026, Fidelity Select Technology held the largest concentration of Anthropic at 3.2% of its assets. It was followed by three large-growth strategies—Fidelity Trend, Fidelity OTC, and Fidelity Growth Discovery—each holding roughly 1%. Given that Chris Lin manages Fidelity OTC and co-manages Fidelity Growth Discovery, the overlap is expected. With Fidelity valuing the company at approximately $1.35 trillion in its most recent disclosure, and Anthropic targeting a $1.5 trillion valuation for its IPO, much of the potential growth appears to be already reflected in the price.
Purchasing a fund specifically for exposure to a single IPO, even one as significant as Anthropic’s, is generally not recommended. Funds are unlikely to capture the full initial price surge of highly anticipated offerings because their private security positions are typically small, and their valuation methodologies for these assets are often varied and opaque. For investors interested in strategies with both the mandate and the inclination to include private equity within a broader public portfolio, four Fidelity funds have established long-term track records of doing so.
The Bronze-rated Fidelity Contrafund, Gold-rated Fidelity OTC, Silver-rated Fidelity Blue Chip Growth (FBGRX), and Gold-rated Fidelity Growth Company have each maintained a consistent history of investing in private markets.
Over the 10-year period ending in September 2026, all four funds maintained an average allocation of at least 1.9% of assets in private companies. Each of these funds also outperformed the typical large-growth category peer during that timeframe, although their performance was primarily driven by their publicly traded holdings rather than their private investments.
Allocations to private companies have shifted over time as portfolio holdings increased in value ahead of their respective IPOs. The most prominent example occurred during the lead-up to the SpaceX (SPCX) IPO, when private company exposure across all four Fidelity funds reached a peak in June 2026. Fidelity Contrafund held the largest private allocation at 9%, underscoring the fund’s capacity and willingness to build substantial positions in companies prior to their public market debut.
While private market exposure should not be the sole motivation for selecting a fund—given the inherent risks involved—these strategies have proven their ability to consistently identify opportunities that remain inaccessible or undesirable to most public market investors.
