SpaceX’s SPCX recent IPO may have raised hopes that mutual and exchange-traded funds could capture a pop in Anthropic’s pending offering, but investors are unlikely to reap life-changing riches that way, according to the article. Most funds already mark their positions near the expected IPO value, limiting upside, and most funds’ stakes in the Claude chatbot creator are very small, so larger holdings will water down any gains; early IPO pops can also deflate quickly, as SpaceX showed. Funds’ per-share, split-adjusted Anthropic values ranged from Franklin Templeton’s $58.90, as of its Sept. 30, 2026, portfolios, to T. Rowe Price’s $91.65, as of Oct. 30—a 55% difference. Looking only at Sept. 30 portfolios, per-share values ranged from ClearBridge Select Fund’s LBFIX $58.90 to Tema Electrification ETF’s VOLT $85.10—a 44% difference. Anthropic’s last financing round in May 2026 valued the company at $965 billion, implying a $400 billion to $500 billion gap between ClearBridge’s estimated value versus Tema’s and T. Rowe’s marks. Given recent reporting that Anthropic is targeting a $1.5 trillion valuation, outside of the ClearBridge fund, much of the upside is already baked into funds’ net asset values.