Fast-growing private companies such as Anthropic often deliver their biggest gains to wealthy early investors before they list, leaving ordinary investors out. Investment trusts, which are listed funds, can hold both listed and private companies as well as assets such as infrastructure, office blocks and windfarms. For example, Scottish Mortgage Trust first invested in SpaceX in 2018 with £150 million, and that stake grew to about £3.8 billion by the time SpaceX listed in June; the trust also holds Anthropic. Anthropic is set to list on Nasdaq as early as next month, with valuations suggesting it could be worth as much as $2 trillion. SpaceX shares are currently down some 7%.
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