Anthropic now represents 15% of Tema ETFs’ Tema Photonics & Optical ETF (NASDAQ:LAZR), with the exposure held through a special purpose vehicle. The fund initially invested about $2 million at an implied $1.8 trillion valuation in July, then acquired more than $11 million of additional exposure at roughly $1.39 trillion, meaning most of the current position is held at the lower cost basis. Tema ETFs founder and CEO Maurits Pot said the firm is aware of third-party expectations for an Anthropic IPO valuation above $2 trillion, although TEMA has not provided its own fair-market valuation. A listing at that level could lift LAZR’s private holding, while the ETF would remain subject to standard S-1 lockup restrictions after an IPO; individual LAZR investors would not be directly subject to those restrictions. The allocation also reflects TEMA’s view that Anthropic’s demand for compute, memory and optical connectivity can support the photonics infrastructure ecosystem.