Themes ETFs Files for First Anthropic ETFs Ahead of IPO

While AI powerhouse Anthropic has not yet set a date for its highly anticipated IPO, Themes ETFs has been busy preparing for the event in recent months, creating a range of leveraged and inverse Anthropic ETFs. By developing these ETFs well ahead of the IPO, Themes ETFs has positioned itself to be one of the first companies to launch products that enable traders and investors to take magnified and inverse daily positions on Anthropic stock once it is trading on the Nasdaq.

What Anthropic ETFs Has Themes ETFs Developed?

To help advanced traders position their portfolios for the Anthropic IPO, Themes ETFs has been developing a 2x Long Anthropic Daily ETF (ANUU), a 2x Short Anthropic Daily ETF (ANDD), and a 1x Short Anthropic Daily ETF (ANSS). Already, prospectuses for these products have been filed with the US Securities and Exchange Commission (SEC).

With these products, traders and investors will be able to take magnified positions, short positions, and magnified short positions on Anthropic via regulated, liquid ETF structures.

When Will the Anthropic Leveraged and Inverse ETFs Be Available?

Themes ETFs plans to launch ANUU, ANDD, and ANSS immediately after the Anthropic IPO takes place. However, there is no guarantee that they will launch on any timeline as new ETFs sometimes face regulatory delays.

Why Themes ETFs Wants to Be First to Market

First-to-market ETFs for high-profile IPO stocks typically capture the lion's share of trading volume. We saw this with the SpaceX IPO – by launching long and short SpaceX ETFs almost immediately after the IPO, Themes ETFs was able to capture significant market share.

How Do Single Stock Leveraged & Inverse ETFs Work?

Single stock leveraged ETFs are designed to amplify the returns of specific stocks. For example, a 2X ETF will aim to provide 200% the return of the stock (before fees and expenses).

By contrast, single stock inverse ETFs are designed to deliver the inverse (opposite) performance of specific stocks while leveraged inverse ETFs are designed to deliver magnified inverse performance of specific stocks. So, for example, a 2X inverse ETF will aim to provide -200% the performance of a specific stock, before fees and expenses.

Understanding Daily ETFs

Most single stock leveraged and inverse ETFs are daily ETFs. This means that their performance resets at the end of every trading session.

So, if you were to buy an inverse daily ETF and hold it for three days you would not have a standard three-day short position; instead, you would essentially have three separate one-day short positions chained together. This daily reset feature means that returns over longer periods can differ significantly from the stated multiple, especially in volatile markets.

The Advantages of Leveraged and Inverse ETFs

Designed for active traders with high-conviction views, single stock leveraged and inverse ETFs offer an accessible way to take magnified, short, or leveraged short positions on specific securities. With these products, traders can amplify daily views, hedge existing holdings, or speculate on short-term market shifts via regulated, liquid ETF structures without using options, margin, or short selling accounts.

Zooming in on inverse ETFs, a key advantage of these products is that losses are limited to the value of the investment. With traditional short selling strategies, losses are theoretically infinite.

The Disadvantages of Leveraged and Inverse ETFs

Because most leveraged and inverse ETFs are daily products, there is pressure to get the timing of your trade right with these products. If the underlying stock spikes against you, the ETF will lock in that loss at the end of the trading session.

By contrast, with a traditional long or short position, you can be wrong today, but right over a longer period if the underlying stock eventually moves your way. So, there is less timing pressure.

The Bull Case for Anthropic

The core pillars of the Anthropic bull case include:

• Rapid revenue growth: Anthropic's annualized revenue run rate (ARR) surged to roughly $65 billion in July, up from $9 billion at the end of 2025¹.

• Dominance in enterprise AI and B2B integration: The Claude platform has established a stronghold in enterprise workflows, software engineering (coding), and corporate automation, where customers display higher retention rates and willingness to pay.

• Multi-cloud partnerships and compute diversification: Deep technical and financial partnerships with cloud titans such as Amazon and Google provide guaranteed access to top-tier compute infrastructure.

The Bear Case

Bears point to risks such as:

• A sky-high valuation and low margin for error: At an estimated $2 trillion market cap, Anthropic would rank among the largest companies globally – larger than established tech giants and blue-chip firms like Tesla, Berkshire Hathaway, and JP Morgan – and sport a forward price-to-sales ratio exceeding 30x¹.

• Model commoditization and fierce competition: Competitors are quickly closing performance gaps while the likes of OpenAI and Google are aggressively chasing enterprise market share.

• Historical post-IPO weakness in high-hype stocks: Heavily hyped tech and growth IPOs have often experienced price drops in the months following their market debuts as speculative enthusiasm fades and trading shifts to underlying execution metrics.

How Traders Can Prepare for the Anthropic IPO

Ahead of the IPO, traders can take several steps to prepare for the event:

• Analyze the SEC S-1 filing when filed: Scrutinize Anthropic’s official IPO prospectus once published to evaluate key metrics, including revenue growth, gross margin after inference costs, cash burn rate, and capital commitments.

• Develop a view: Explore the bull and bear cases to develop a view on the stock.

• Monitor the market for pre-IPO leveraged and inverse products: Watch for single stock leveraged/inverse ETFs designed to capture initial volatility and directional price swings.

Summary

At present, no date has been set for the Anthropic IPO. However, that hasn’t stopped Themes ETFs from developing a range of leveraged and inverse Anthropic ETFs.

Already, Themes ETFs has filed prospectuses for a  2x Long Anthropic Daily ETF (ANUU), a 2x Short Anthropic Daily ETF (ANDD), and a  1x Short Anthropic Daily ETF (ANSS)  with the SEC. The aim is to launch these products immediately after the IPO.

Footnotes:

¹TechCrunch, Anthropic’s annualized revenue surges to $65B, as of August 17, 2026