The Destiny Tech100 Fund, which trades under the ticker DXYZ, is a closed-end fund built to give everyday investors a way to own shares of private technology companies that do not trade on a public exchange. Among the names in its portfolio is Anthropic, the company behind the Claude chatbot, which is exactly why the fund keeps coming up in conversations about Alexander Green’s “Secret Backdoor to the REAL #1 Tech IPO of 2026” pitch at The Oxford Club.

What the Fund Does

Closed-end funds raise a fixed pool of money and then trade on an exchange like a stock, with a share price that can drift above or below the value of the assets inside. DXYZ invests in a basket of late-stage private technology companies, including names that retail investors otherwise cannot buy directly. The fund’s exposure to Anthropic makes it a natural reference point when Green argues that Claude is “far and away the best AI on the face of the planet” and points toward an Anthropic initial public offering with a September 29, 2026 announcement clock.

Anthropic’s operating numbers explain the appeal. Revenue climbed from about $1 billion in early 2025 to roughly $11.5 billion per quarter, an annualized run-rate near $65 billion as of July, according to Bloomberg. The coding business grew from $500 million to $2.5 billion in five months, and the company now serves more than 300,000 business customers. Those figures are part of why funds holding Anthropic have drawn so much attention, and why we explored the broader Anthropic story and its Mythos model separately.

The Premium Problem

The central issue with DXYZ, and with most closed-end funds holding hot private assets, is the premium. When a fund holds shares in companies investors cannot buy directly, demand can push the fund’s market price far above the net asset value of what it actually owns. That premium can compress quickly when sentiment shifts or when the underlying companies go public and the scarcity disappears.

Green’s own recommendation for Anthropic exposure is not DXYZ. He uses Fundrise Venture, the closed-end fund that listed in March 2026 with top holdings in Anthropic, Databricks, and OpenAI. But DXYZ occupies the same corner of the market, and it is worth understanding the difference. The key distinction is that DXYZ prices itself in the open market each day, so a buyer is always paying whatever premium the crowd has assigned, while a fund like Ark Venture prices at net asset value with redemption restrictions.

Where DXYZ Fits

For an investor deciding how to get pre-IPO exposure to Anthropic, DXYZ is one of several options, and none of them are free. The choices include DXYZ, Fundrise Venture, Ark Venture, SK Telecom, and a handful of exchange-traded funds with small Anthropic weightings. Each carries a different fee structure, a different premium, and a different liquidity profile. The honest framing is that a premium to net asset value is the price of early access, and that price is not fixed.

For context on how these private-company funds compare to the public AI names that also benefit from the same theme, see our rundown of the best AI stocks. And for a broader view of pre-IPO investing through funds and the SpaceX angle, our guide to SpaceX’s IPO and private-share funds walks through the same mechanics from a different company’s angle.

DXYZ is a legitimate tool for private tech exposure, and its Anthropic holding is real. The decision comes down to whether you are comfortable paying the fund’s market premium for a basket of names that includes the AI company Green is most excited about, plus a set of other private holdings that may or may not justify the price on their own.

The Other Ways to Reach Anthropic

DXYZ is far from the only fund holding Anthropic, and the alternatives are worth knowing because they come with very different price tags. SK Telecom, the Korean telecom that trades under SKM, holds an Anthropic stake that was worth around $100 million originally and has since grown past $2 billion. The KraneShares Public-Private AI and Tech ETF carries a small Anthropic weighting, on the order of 2 percent, and the Private Shares Fund is another listed way to reach the private market. Then there are the tech giants themselves: Amazon holds roughly 7 percent of Anthropic’s enterprise value, and Alphabet holds about 4 percent.

The point of listing all of these is that an investor who wants Anthropic exposure has a real decision to make, not a single door to walk through. DXYZ charges you whatever premium the open market assigns each day. SK Telecom gives you Anthropic exposure bundled inside a large, diversified telecom business, which dilutes the AI upside but removes the single-holding risk. A tiny weighting in an ETF is the most diluted option of all, but it is also the cheapest and most liquid way to touch the theme.

None of these is a free lunch. The right choice depends on how concentrated you want the Anthropic bet to be, how much premium you are willing to pay, and how much other exposure you can tolerate in the same position.

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