Key Takeaways
- Investors are gaining sizable exposure to SpaceX, OpenAI and Anthropic via a mix of open-end, closed-end and exchange-traded funds.
- SpaceX is the most widely held of the stocks, held by 114 funds, followed by Anthropic and OpenAI.
- Index providers are taking different stances on when and how to include mega-IPOs, which will affect exposures of passive funds.
The upcoming IPOs of SpaceX, OpenAI and Anthropic have investors scrambling to own a part of these hotly anticipated flotations. But many are also gaining sizable exposure to the hyped trio of stocks via open-end, closed-end and exchange-traded funds, Morningstar analysis shows.
Elon Musk’s SpaceX is the most widely held company, with around USD 37.2 billion in combined exposure across 114 funds. Anthropic is next, with about USD 6.9 billion held among 131 funds. OpenAI, meanwhile, is held by 89 funds, with about USD 3.6 billion in exposure.
Monika Calay, director of UK manager research at Morningstar, says investors are increasingly viewing funds as a way of gaining exposure to some of the most sought-after private market leaders.
“Investor access to private market leaders such as SpaceX, OpenAI and Anthropic is increasingly being channeled through funds, particularly open-end vehicles and a growing number of closed-end and less liquid, interval-style structures. These vehicles offer a bridge between public and private markets, allowing investors to gain exposure,” she says.
According to the research, SpaceX has the greatest portfolio weightings among US open-end, large and mid-cap growth funds, such as Baron Partners Fund, Baron Asset Fund and Baron Focused Growth Fund. Meanwhile, Anthropic and OpenAI are most broadly held in US and UK closed-end funds and ETFs, including the Coature Innovation Fund. Closed-end funds Baillie Gifford US Growth Trust plc, Coature Innovation Fund and ARK Venture Fund had the greatest portfolio weightings to all three.
As each firms goes public and is added to indexes, however, passive ETFs will become the main path to exposure for most investors, according to Calay. Nevertheless, she notes, index construction will remain key.
“Different providers have taken very different stances on when and how to include mega-IPOs, meaning two investors who both consider themselves ‘passive’ may have meaningfully different exposure depending on which index their ETF tracks,” she says.
SpaceX is due to list on June 12 with a private market valuation of USD 1.5 trillion. Anthropic, which is currently valued at USD 965 billion, and OpenAI, around USD 852 billion, are both set to list in the coming months.
