How Fidelity Built Its Anthropic Bet

Fidelity, which has been investing in private companies for many years, has been one of Anthropic’s biggest asset manager backers and remains so as the artificial intelligence company prepares for its historic initial public offering this month.

Since Anthropic first raised capital in May 2021, it has completed more than eight primary funding rounds at rapidly climbing valuations. Fidelity initially invested in March 2024, when it acquired shares from defunct cryptocurrency exchange FTX’s bankruptcy. It later was the only asset manager to participate in Anthropic’s March 2025 funding round, which valued the company at $61.5 billion, and it has participated in every subsequent fundraising round.

In total, 50 Fidelity funds (including all versions of each distinct strategy) have stakes in the company. Here’s a look at which Fidelity funds invested first, which have the largest investments, and how those positions changed over time.

Fidelity’s Investment Timeline

Fidelity’s firmwide stake in Anthropic has grown to roughly $5 billion, but it began as relatively small investments made over several funding rounds.

In early 2024, following Fidelity’s first investment in Anthropic, Fidelity Select Technology FSPTX was one of the first funds to own a stake in the firm. Soon after, three large-growth strategies allocated to it. Fidelity Series Blue Chip Growth’s FSBDX manager Sonu Kalra, Fidelity Growth Company’s FDGRX manager Steve Wymer, and Fidelity Advisor Series Growth Opportunities managers FAOFX Kyle Weaver and Becky Baker all invested. Including their various share classes and strategy iterations, the combined investment totaled approximately $30 million.

In February 2025, Fidelity Contrafund FCNTX, Fidelity Series Opportunistic Insights FVWSX, and Fidelity Advisor New Insights FINSX invested. In March 2025, Fidelity Capital Appreciation FDCAX, Fidelity Trend FTRNX, Fidelity Equity Growth FEGKX, and Fidelity OTC FOCPX were among the funds that added the company.

After two more fundraising rounds in 2026, 50 Fidelity strategies invested in Anthropic. Most were relatively small positions—only seven funds have more than 1% allocated.

More than 20 Fidelity large-growth strategies have invested in Anthropic, but Anthropic has also made it into several allocation strategies. A handful of large-blend strategies have also invested.

4 Fidelity Funds With the Biggest Stakes

As of August 2026, Fidelity Select Technology held the largest helping of Anthropic at 3.2% of assets. Three large-growth strategies, Fidelity Trend, Fidelity OTC, and Fidelity Growth Discovery followed, each with a stake of around 1%. Manager Chris Lin runs Fidelity OTC and comanages Fidelity Growth Discovery, so it makes sense for it to be in both funds. Fidelity has valued the company at roughly $1.35 trillion as of its latest disclosure, so with Anthropic targeting a $1.5 trillion valuation at IPO, much of the upside is already priced in.

4 Fidelity Funds With a History of Investing in Privates

Buying a fund for exposure to one IPO, even a historic one like Anthropic’s, isn’t a great idea. Funds are unlikely to experience the same initial price pop of highly anticipated offerings—their positions in the private securities of companies like Anthropic are too small, and their methods of valuing those positions are opaque and varied. If you are interested in strategies with the ability and will to include private equity as part of a broader public portfolio, here are four Fidelity funds with long track records of doing so.

Bronze-rated Fidelity Contrafund, Gold-rated Fidelity OTC, Silver-rated Fidelity Blue Chip Growth FBGRX, and Gold-rated Fidelity Growth Company have each consistently invested in private markets over the years.

Over the trailing 10-year period through September 2026, all four funds averaged at least 1.9% of assets in private companies. All four also handily bested the typical large-growth category peer during the span, though their holdings in publicly traded stocks, not private positions, drove most of that performance.

Allocations to privates have fluctuated over time as portfolio holdings appreciated ahead of their IPOs. The most notable example was the runup to SpaceX’s SPCX IPO, when all four Fidelity funds’ private company exposure peaked in June 2026. Fidelity Contrafund held the largest private company allocation, at 9%, highlighting both the fund’s ability and willingness to build meaningful positions in companies before they go public.

While private exposure should not be the sole reason to own a fund, as it can be a risky business, these strategies have demonstrated an ability to consistently find opportunities that most public market investors cannot or choose not to access.