# Fidelity and Capital Group hold billions in Anthropic shares ahead of IPO

URL: https://www.financialadvsr.com/article/fidelity-and-capital-group-hold-billions-in-anthropic-shares-ahead-of-ddce6a
Published: November 8, 2026
By: Nora Kessler, Practice & Technology Correspondent
Section: News
Publisher: Financial ADVSR (https://www.financialadvsr.com)

Mutual fund holdings at Fidelity, Capital Group and BlackRock are worth more than $15 billion, according to Bloomberg data, as Anthropic prepares a public listing.

WealthManagement.com reported on November 5 that mutual funds run by Fidelity Investments, Capital Group and BlackRock have built sizable positions in Anthropic, the AI developer preparing a public listing. Citing Bloomberg data and fund filings, the report puts the combined market value of those holdings at more than $15 billion. AdvisorHub covered the same angle the same day, describing the expected IPO as a source of billions of dollars in paper gains for ordinary mutual funds.

The reporting breaks the total down by manager. Fidelity's stake is worth at least $2 billion. At the end of September, company filings showed about $1 billion of Anthropic shares in the Fidelity Select Technology Portfolio, a fund managing around $37 billion. The $174 billion Fidelity Contrafund's stake was about $600 million on the same date. Capital Group's funds hold at least $9 billion of Anthropic shares across several mutual funds. AdvisorHub reported that two of them, the about $342 billion Growth Fund of America and the about $176 billion Fundamental Investors, together hold more than $7 billion. BlackRock has positions worth at least $500 million across its retail funds.

Other estimates measure something different. Morningstar's figures put asset managers' combined Anthropic cost at around $16 billion, with Capital Group at $10 billion and Fidelity at roughly $5 billion. PitchBook, citing Morningstar, puts Capital Group at about $10 billion and Fidelity at about $5 billion as of September 30. Those estimates are cost-basis figures rather than current market value, so they are not directly comparable with the Bloomberg-based totals. The Bloomberg-based total is also likely an undercount, because private funds run by these managers do not disclose their holdings.

Fidelity, Capital Group and BlackRock all declined to comment on their Anthropic holdings, according to AdvisorHub. No manager statement or firm-level SEC filing addressing the positions turned up in our research.

Fidelity Investments is headquartered in Boston and was founded in 1946, according to Wikipedia. Its primary business is run through FMR LLC, a privately held company led by the Johnson family, per Britannica. The firm also runs Devonshire Investors, a private arm for alternative assets including venture capital. Yahoo Finance reported that Fidelity was one of the leading backers of Anthropic's September 2025 Series F, which raised $13 billion at a $183 billion valuation. Reference sources differ on its size: Wikipedia gives $7.8 trillion in assets under management as of June 2026, while Britannica gives $5.9 trillion as of 2025.

Capital Group Companies is headquartered in Los Angeles and was founded in 1931 by Jonathan Bell Lovelace, according to Wikipedia, which puts its assets under management at over $3.0 trillion as of June 2025.

On the IPO side, Anthropic publicly filed a Form S-1 with the SEC on October 26, 2026, for a proposed offering of Class A common stock, according to tastytrade. The company plans to list on the Nasdaq Global Select Market under the symbol ANT, and it had confidentially submitted a draft S-1 on June 1, 2026, after its Series H round. The public S-1 does not state a share count, price range or offering valuation. An updated filing about a week later provided more financial detail, according to a Bloomberg explainer.

Valuation expectations have moved. Reuters reported that, at an October 14 investor day, investors talked about a figure near $1.5 trillion, lower than the roughly $2 trillion that had been mentioned previously. Bloomberg, as reproduced in the WealthManagement.com story, says investors have floated a figure near $1.75 trillion that could fall to $1.4 trillion. The roadshow cannot begin before November 10, 15 days after the public filing, according to LeverageShares.

What comes next depends on the pricing process, which the public S-1 does not yet define. The next concrete marker is the roadshow start, which cannot fall before November 10. Several of the holdings figures are as of the end of September, so the positions described may not match what funds hold today.

Key facts:
- Funds at Fidelity, Capital Group and BlackRock hold Anthropic shares worth more than $15 billion, per Bloomberg data cited by WealthManagement.com.
- Capital Group's funds hold at least $9 billion of Anthropic shares across several mutual funds, according to AdvisorHub.
- Anthropic publicly filed a Form S-1 with the SEC on October 26, 2026; the filing does not state a share count, price range or valuation.
- Anthropic plans to list on the Nasdaq Global Select Market under the symbol ANT, and the roadshow cannot start before November 10.
- Morningstar puts the combined cost of asset managers' Anthropic positions at about $16 billion, with Capital Group at $10 billion and Fidelity at roughly $5 billion.

Why it matters: For advisors, the story is a reminder that broadly held mutual funds can carry concentrated exposure to a single private company as it moves toward a listing. Clients who own these funds may ask how a pre-IPO position is valued and what it means for fund performance. Teams running portfolio reviews may want to check where pre-IPO exposure sits within the funds they recommend.

Sources:
- WealthManagement.com: https://www.wealthmanagement.com/mutual-funds/fidelity-capital-group-stand-to-reap-billions-in-anthropic-ipo
- AdvisorHub: https://www.advisorhub.com/fidelity-capital-group-stand-to-reap-billions-in-anthropic-ipo/
- finance.yahoo.com: https://finance.yahoo.com/technology/ai/articles/fidelity-capital-group-stand-reap-180406700.html
- news.bloomberglaw.com: https://news.bloomberglaw.com/tech-and-telecom-law/fidelity-capital-group-stand-to-reap-billions-in-anthropic-ipo
- morningstar.com: https://www.morningstar.com/funds/which-funds-have-largest-stakes-anthropic-openai-ahead-their-ipos
- pitchbook.com: https://pitchbook.com/news/articles/anthropics-ipo-the-who-what-and-why