Marketing content

Christopher Grätz, CEO

“Private markets have long been difficult to access for individual investors. With Pre-IPO investments, we want to change that by opening the door to companies that are still private and usually reserved for institutional investors.

Anthropic is our first opportunity in this new product category. It gives investors a way to gain exposure to one of the most closely watched AI companies before a potential public listing — through a structured investment product.

This is different from our usual investment rounds, and it comes with specific risks, costs and limited liquidity. We invite you to explore the opportunity carefully and decide whether it fits your portfolio.”

Christopher Grätz, CEO, Invesdor

The intermediate entity is expected to acquire shares in the target company at a maximum valuation of USD 1.55 trillion (where possible, shares will be acquired at a lower valuation). This is an estimate; the intermediate entity will only proceed if the valuation is below this maximum range.

Investment information

Days to invest:
30
Investing round ends:
17/06/2026
Intermediate entity:
Cometum Direct Invest I GmbH & Co. KG
Target company:
Anthropic
Type:
Bond
Subordinated:
yes
Invested so far:
€365,750.00
Price per bond:
€250.00
Transaction costs:
1.50 %
Min offer:
1 Unit
Maximum issue size:
€5,000,000
in 20,000 Units
Repayment:
bullet
ISIN:
DE000A4AU208
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Important notice: This is not a fixed-interest bond. The return depends on the future value development and successful sale of the underlying Anthropic exposure. All investments involve risks, including the possible loss of capital. Learn more here.

Key investment highlights

Anthropic is one of the most sought-after private AI companies globally, best known for its Claude family of AI models. Through this investment opportunity you can get Pre-IPO exposure to Anthropic while the company is still private.

Company

Leading private AI company

Developer of Claude, a widely used AI model family for professional, developer and enterprise use.

Traction

Rapid reported revenue growth

Anthropic reported $14 billion in annualized run-rate revenue in February 2026; later reports indicate higher revenue momentum.

Valuation

Strong private-market demand

Anthropic's last primary round valued the company at $380 billion. Current secondary market transactions already reflect implied valuations exceeding $1 trillion.

Access

Structured Pre-IPO access

Gain financial exposure before a potential future liquidity event, such as an IPO, company sale or secondary transaction.

Figures are based on publicly available information, such as company announcements, funding disclosures and third-party reports. Anthropic is a private company and does not publish audited financial statements comparable to publicly listed companies.


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About Anthropic

Anthropic: one of the leading companies in Artificial Intelligence

Artificial intelligence is developing at extraordinary speed. What started as a tool for simple text generation is quickly becoming part of how companies write software, analyse documents, support customers, process data, and make knowledge work more efficient.

At the centre of this shift are a small number of companies building the advanced AI models behind these applications. Anthropic is one of them.

Founded in the United States in 2021, Anthropic develops advanced AI systems designed to be reliable, interpretable, and steerable. Its best-known product is Claude, an AI assistant used by individuals, developers, and businesses to work with information, text, code, and complex tasks.

Anthropic was founded by experienced AI researchers and operators, including former members of OpenAI. From the beginning, the company has focused not only on model performance, but also on safe and responsible deployment. This has positioned Anthropic as one of the leading companies in the field of AI safety and enterprise-ready artificial intelligence.

The company’s growth story reflects the rapid adoption of AI across the economy. As businesses increasingly integrate AI into daily workflows, demand for scalable and reliable AI systems continues to grow. Anthropic has become one of the most closely watched private AI companies, supported by strong market interest, enterprise adoption, and backing from major technology and institutional investors.

For investors, Anthropic represents exposure to one of the most important technology developments of the coming years: the shift from AI as an experimental tool to AI as a core layer of business infrastructure.

Based on publicly available information.

Products & services

Anthropic develops advanced AI models, best known through its Claude family of large language models. Claude is designed to help users work with information, language, code and complex tasks in a more efficient way.

In simple terms, Claude can support tasks such as writing, summarising, analysing documents, generating code, answering questions and structuring large amounts of information. For companies, this makes Claude relevant not only as an AI assistant, but also as a tool that can be integrated into everyday business processes.

A key differentiator of Anthropic is its focus on “constitutional AI”. This is a method aimed at making AI systems more aligned, controllable and suitable for responsible use. In practice, this means Anthropic focuses not only on what its models can do, but also on how reliably and safely they can be used at scale.

Anthropic’s business model is mainly based on providing access to its AI systems through APIs and enterprise solutions. Companies can integrate Claude into their own products, platforms and internal workflows. Revenue is typically generated through usage-based pricing and longer-term commercial agreements, meaning revenue can grow as customers use the models more often and more deeply within their operations.

Example use cases

  • Software development: supporting code generation, debugging and documentation for engineering teams
  • Customer support: powering AI assistants that help answer large volumes of customer questions
  • Legal & compliance: summarising contracts, extracting key clauses and supporting document review
  • Financial services: assisting with research, report generation and large-scale data analysis
  • Enterprise productivity: enabling internal knowledge assistants that search, summarise and structure company information

These applications show why AI is increasingly becoming a core productivity layer inside organisations, rather than a standalone tool. As companies integrate AI more deeply into their workflows, demand for reliable, scalable and business-ready AI systems may continue to grow.

Product in focus

Claude is Anthropic’s main AI product

Claude helps people and companies work with information more efficiently. It can write, summarise, analyse documents, support coding and assist with complex knowledge-based tasks.

For businesses, Claude can be integrated into products, platforms and internal workflows through APIs and enterprise solutions. This makes it relevant not only as an AI assistant, but as a productivity layer inside organisations.

Based on publicly available information.

Market & positioning

Artificial intelligence is becoming one of the most important growth markets in technology. What started with consumer-facing AI tools is now moving quickly into business use. Companies are using AI to automate workflows, analyse information, support software development, improve customer service and make internal processes more efficient.

The generative AI market is expected to grow strongly in the coming years. Market estimates point to a market size of more than $200 billion by 2030, while broader AI software and infrastructure spending could exceed $1 trillion over time. These forecasts reflect the growing role of AI as a core technology layer across industries.

Anthropic operates in this rapidly expanding market with a clear positioning: advanced AI systems designed for professional and enterprise use. The company competes with a small group of leading AI companies, including OpenAI and Google DeepMind.

Its key differentiator is its focus on safety, reliability and controllability. This is particularly relevant for large organisations, where AI systems need to be powerful, but also dependable enough to support business-critical workflows.

Through Claude, Anthropic combines advanced model performance with an enterprise-focused product approach. This positions the company as one of the most relevant private AI companies in a market where demand for scalable and reliable AI systems continues to grow.

Market position

Anthropic operates in one of the fastest-growing technology markets

Artificial intelligence is becoming a core technology layer across industries, with growing use in software development, customer service, data analysis and workflow automation.

Within this market, Anthropic is positioned as a research-driven and enterprise-focused AI company, with a strong emphasis on safety, reliability and controllability.

Based on publicly available information.

Traction & Financials

Actual and planned figures

Get an insight in to the company's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

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How this investment works

This investment provides financial exposure to Anthropic through a structured Pre-IPO investment product. Investors do not acquire Anthropic shares directly.

1

You subscribe to a bond

Investors subscribe to a bond via Invesdor. The potential return of this bond is linked to the value development of the underlying Anthropic exposure.

2

The exposure is held indirectly

The underlying exposure is expected to be held through the intermediary entity Cometum Direct Invest I GmbH & Co. KG (Anthropic), which is responsible for acquiring and managing the position in the target company.

3

Returns depend on a future exit

A return may be realised if the underlying exposure is sold successfully, for example through an IPO, company sale, or secondary market transaction.

How a return may be realised

A return is typically only possible if the underlying Anthropic exposure can be sold successfully. This may happen for example through one of the following scenarios:

IPO Anthropic lists on a public stock exchange.
Company sale The company, or a stake in the company, is sold to another buyer.
Secondary transaction The exposure is sold to another investor in the private market.

Important to understand: If the valuation decreases, no exit occurs, or costs and fees reduce the realised proceeds, investors may receive less than expected. A partial or total loss of the invested capital is possible.

For a more detailed explanation of the product structure, please read our dedicated Pre-IPO product overview.

Read the full Pre-IPO product overview
In simple terms

You do not buy Anthropic shares directly

Investors subscribe to a bond. The return of this bond is linked to the value development of Anthropic through an intermediary structure.

The underlying exposure is expected to be held through the intermediate entity Cometum Direct Invest I GmbH & Co. KG (Anthropic), which is responsible for acquiring and managing the position in the target company. The Intermediate entity ensured to have all legal approvals to acquire the shares in the target company.

The return to the investors in the bond depends on a future exit, such as an IPO, company sale or secondary transaction after costs and fees. Additional factors such as dilution and liquidation preferences in the target company may impact the ultimate return on the bonds.

Important distinction

Why this is different from a normal bond

This investment is legally structured as a bond, but it does not pay fixed interest. Your potential return depends on the value development of the underlying Anthrompic exposure and on whether this exposure can be sold successfully in the future.

If no exit occurs, or if the realised value is lower than expected after costs and fees, investors may receive less than they invested.

About COMETUM

COMETUM is a digital investment manager focused on private-market opportunities, including Pre-IPO investments in companies that are usually difficult to access for individual investors.

For this investment opportunity, COMETUM enables access to the underlying Anthropic exposure. COMETUM sources access through its private-market network, including relationships with family offices, institutional investors and other large private-market participants.

COMETUM has already structured access to private companies such as SpaceX and Klarna. These opportunities were previously aimed primarily at professional or wealthier investors. Through the cooperation with Invesdor, this type of structured Pre-IPO access is now being made available to a broader investor base.

Investors should note that they do not acquire Anthropic shares directly. The underlying exposure is expected to be held and managed through an intermediary structure. The exact structure, parties involved, costs, risks and investor rights are described in the official investment documents.

COMETUM´s role as intermediary

Material for investor review

Private companies such as Anthropic do not publish the same level of financial information as publicly listed companies. Investors in the bond therefore do not have access to audited public financial statements, quarterly reporting, or daily market pricing.

For this investment opportunity, the provided material is based on available public and transaction-related information, including:

  • Recent company announcements and funding rounds
  • Reported valuation levels and secondary market activity
  • Available revenue run-rate estimates
  • Market data on generative AI and foundation models
  • Anthropic’s competitive position and enterprise adoption
  • The structure, costs and risks of the investment product

This provided material aims to give the investor an overview of the target company. The investment is made into a bond issued by an intermediate entity ultimately acquiring the shares in the target company.

The investor is responsible for carrying out their own investment analysis about the bond, intermediate company and target company.  The information presented on this page is based on publicly available information. The figures should be read as indicative, not as audited financial information.

Important to understand

Private company data is limited

Anthropic is a private company. This means that investors do not have access to the same level of audited financial information, regular reporting and market pricing as they would with a listed company.

The provided material is therefore based on available company announcements, funding disclosures, reported market data, transaction-related information and third-party estimates.

Invesdor has reviewed the investment structure and investment documents but has not carried out an independent due diligence review or separate valuation of Anthropic itself. The information presented on this page is based on publicly available sources, company announcements, funding disclosures, market reports and information provided by transaction partners where applicable. It is intended to help investors understand the opportunity, but should not be understood as investment advice, a recommendation, or confirmation of Anthropic’s valuation or future performance. Investors should carefully review the KIIS, subscription terms, risk disclosures and all legal documents before making an investment decision.

Why consider this investment

Exposure to a leading private AI company

Anthropic operates in one of the most dynamic areas of technology: generative AI. The company has built a strong position through its Claude family of AI models, enterprise adoption, and a focus on safety, reliability and controllability.

Why this opportunity is relevant now
Anthropic is still private, but has attracted significant attention from institutional and strategic investors. Recent funding activity and reported revenue growth show strong market interest in frontier AI companies. Through this structured product, individual investors can gain indirect exposure before a potential future liquidity event, while accepting the specific risks, costs and limited liquidity of private-market investing.

For investors, the opportunity lies in gaining exposure to Anthropic while it is still private. This is a stage that is usually difficult to access for individual investors and typically reserved for institutional investors, strategic partners and large private market participants.

Anthropic has shown strong signs of commercial traction, including reported revenue growth and demand from large organisations based on publicly available information. Compared with early-stage venture investments, the company is already at a more advanced stage, with significant market visibility and a recognised position among leading AI companies.

Possible exit scenarios

Potential liquidity events may include:

  • Initial Public Offering (IPO): Anthropic could list on a public stock exchange in the future.
  • Company sale: The company, or a stake in the company, could be sold to a strategic buyer or another investor.
  • Secondary transaction: The underlying exposure could be sold to another investor in the private market.

The timing of any exit is uncertain. It depends on Anthropic’s strategy, market conditions, investor demand, regulation and broader capital market sentiment.

Even if an IPO or other liquidity event occurs, the final return for investors depends on the valuation at which the underlying exposure can actually be sold. Lock-up periods, market volatility, fees and transaction costs may reduce the realised return.

Risks

Pre-IPO investments are high-risk investments. They are different from traditional bonds, listed shares, and regular fixed-interest investment products.

The returns of this investment depend on the future value development of Anthropic and on whether the underlying stake can be sold successfully by the intermediate company issuing the bond, for example through an IPO, company sale, or secondary market transaction. If no exit takes place, if the exit valuation is lower than expected, or if costs and fees reduce the realised proceeds, investors may receive less than expected.

The invested capital may be fully or partially lost. The investment is illiquid, meaning investors should not expect to sell or access their money before a successful exit or repayment event.

Below you can find the key risks related to this investment, as described in the Key Investment Information Sheet (KIIS) Please review the KIIS and all legal documents carefully before making an investment decision.

Important risk reminder

This is a high-risk private market investment

A positive return depends on Anthropic continuing to grow and on a future exit taking place at a valuation above the investment entry level after costs and fees.

Anthropic’s current private-market valuation already reflects high expectations for future growth, profitability, competitive strength and exit potential. If revenue growth slows, competition increases, margins remain under pressure, or market sentiment toward AI changes, future valuation development may be lower than expected.

No IPO, sale or secondary transaction is guaranteed. Investors should be prepared for limited liquidity and the possibility of partial or total loss of capital.

If the target company underperforms, is sold at a low valuation, or fails entirely, the value of the underlying shares may decline. The target company may raise further capital which may dilute the ownership stake of the intermediate company in the target company. The target company might have different share classes with different shareholder rights. This may impact the ability to repay the bond. This can result in a partial or total loss of your invested capital.

Although the expected duration is shown as 3 years, the timing of a liquidity event is uncertain. If no suitable exit takes place within the expected period, repayment may be delayed or may not occur as expected.

If there is no IPO, acquisition, or secondary sale within the expected timeframe, you cannot exit your investment. You may have to wait longer than expected. If no exit occurs in 3 years, the intermediate company can extend the bond with another 2 years to sell the shares in the target company. The bond can only be repaid after the intermediate company has sold its shares in the target company. If the intermediate company cannot sell its shares in the target company the bond defaults.

Because prices are negotiated in private secondary markets, entry valuation may not reflect future market reality. If the eventual exit valuation is lower than expected, the intermediate company may sell shares at a lower price, resulting in reduced or negative returns on your invested capital. Final returns depend on the market price at the time of exit, not earlier valuations or IPO pricing. If market sentiment declines before the intermediate company sells, the realised value may be significantly lower than expected projections or IPO valuations.

The investment relies on multiple layers (intermediaries, bond). If any part of the structure performs poorly, mismanages assets, or becomes inefficient, this can reduce returns or delay distributions, even if the underlying company performs well.

If the intermediate company, asset manager, or transaction partners fail operationally, face financial distress, or execute poorly, the investment process (buying, holding, or selling shares) may be disrupted, potentially leading to delays, losses, or inability to realise value.

Since you do not hold shares directly, you cannot vote on corporate decisions or influence strategy. If management decisions negatively impact company performance, you cannot intervene, even if value declines.

If investors receive incomplete or delayed information compared to institutional investors, you may make decisions based on less accurate or less timely data, which can lead to mispricing expectations or misunderstanding of risks.

If other shareholders hold preferred rights (e.g. guaranteed payouts or priority in exits), they may receive proceeds first. In a downside scenario, this can mean little or no remaining proceeds for the investors in the bond issued by the intermediate company investors after preferential claims are paid.

If the company raises new funding rounds, your indirect ownership share is reduced. Even if the company grows, dilution can mean your proportional claim on future exit proceeds is smaller than expected, limiting upside.

Even after a successful IPO or exit event, lock-up periods may prevent immediate selling. If the market weakens during or after the lock-up, the intermediate company may sell the shares at a price lower than the IPO or exit event price. This may impact the return to the investors.

The Bonds constitute direct, qualified subordinated and unsecured liabilities which are subject to a pre-insolvency enforcement bar. This may lead to a permanent non-fulfilment of the Bondholders' claims arising from the Bonds. The Bondholders may be prevented from asserting their claims for an unlimited period of time, which would mean a total loss of the capital invested.

Fees & costs

Pre-IPO investments involve a more complex cost structure than traditional listed investments. This is because access to private companies often requires additional legal structuring, intermediary arrangements and transaction execution.

For this investment, the main fees include an upfront cost of 9.5%, assumed additional acquisition costs of 3.0%, and an exit fee of 10.0% if an exit occurs. These costs do not all apply at the same time: some are deducted at entry, some may apply during the acquisition process, and some only apply at exit.

To make the costs easier to compare, the fees are shown as annualized figures based on an expected 3-year term. This does not mean that all fees are charged every year. The annualized figures are only used for comparability.

Please note that some fees apply upfront or at exit and therefore reduce the amount effectively invested or the proceeds received.

At entry

Upfront cost

3.17% p.a.

Equivalent to a total upfront cost of 9.5% over an expected 3-year term.

This cost applies to the initial amount invested. It is used for structuring, legal setup, the bond and intermediate company setup, and the execution of the share purchase, including intermediary entry fees.

It also includes the 1.5% transaction cost paid to Invesdor, which is charged on top of the investment amount.

Transaction-related

Additional acquisition costs

1.00% p.a.

Based on assumed total additional acquisition costs of 3.0% over an expected 3-year term.

These costs may vary depending on how the intermediate company acquires the shares in the target company.

They are calculated on the amount actually invested into the intermediate company after upfront costs have been deducted. The final amount may be higher or lower depending on how the individual transaction is executed.

At exit

Exit fee

3.33% p.a.

Equivalent to a total exit fee of 10.0% over an expected 3-year term.

This fee applies to the value of the transaction when the underlying shares are sold, for example through an IPO or secondary transaction.

It covers exit-related costs and is intended to align incentives with achieving a successful exit.

Important to understand

The annualized percentages are shown only to make the cost level easier to compare. They do not mean that all fees are charged every year. Some costs apply upfront, some during acquisition, and some only at exit.

These costs reduce the amount effectively invested and the amount ultimately received after a successful exit.

Example: If an investor invests €1,000, upfront costs reduce the amount that is effectively linked to the Anthropic exposure. If an exit occurs, exit-related fees and transaction costs are deducted from the realised proceeds before repayment to investors.

-----End of marketing content-----

Documents

Investment related documents

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FAQ

The valuation of the target company, in which the intermediate entity acquires shares, is shown as a maximum valuation. The intermediate entity acquires shares in the target company through negotiations on private markets. The representatives of the intermediate entity have indicated a maximum valuation for the transaction on private markets for the target company prior to issuing the bond in the intermediate entity.

This maximum valuation is indicative of current markets prices of the target company in private markets. The final valuation of the target company is known upon completing the transaction.

The target company valuation is determined based on available supply of shares in the target company and the demand for those shares on private markets. The valuation of the target company to the intermediate entity upon completing the transaction reflects the valuation the intermediate entity could ultimately acquire shares in the target company for.

Updates

Note:

In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

Invesdor is a Eurocrowd platform member.

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