How to Buy Anthropic Before the IPO at a 32% Discount

There is a stock that holds private companies before they go public, and it may be the easiest way to buy Anthropic before the IPO. It has been featured as a backdoor play into SpaceX, and early followers watched it triple. Since then, it has been absolutely murdered. It is down so far that it is now a steal.

The Destiny Tech 100 is currently trading at a 32% discount to what it is really worth, meaning the value of the stocks inside it. Buying it today is a direct way to get pre-IPO exposure to Anthropic, which is expected to go public sometime in the next 12 months.

There is also a way to hedge the SpaceX exposure and turn this into a fully neutral trade, one built purely to arbitrage the gap.

What Is the Destiny Tech 100?

A private equity fund the everyday investor can actually buy

The Destiny Tech 100 trades under the ticker DXYZ. It is a very unique exchange-traded fund. Like any ETF, it trades just like a stock: a simple ticker, buyable in an IRA or any brokerage account.

Most ETFs hold a basket of publicly traded stocks. A nuclear ETF holds nuclear stocks. A solar ETF holds solar stocks. This one is different. It holds private companies. It is essentially a private equity fund the everyday investor can buy.

When private companies raise money through seed rounds, DXYZ uses the hundreds of millions it has raised from investors to take stakes in them. Then it holds those positions until the companies go public. Most funding rounds are off-limits unless you have three commas in your account balance. Here, you can buy a single share and get in.

The fund's biggest holding is Anthropic at 18.1%. Then comes SpaceX, followed by Open AI, Shield AI, Data Bricks, and a handful of others. But the bulk of the value comes down to two names: Anthropic and SpaceX. Anthropic owns Claude. Together, these two account for 55% of the fund's assets.

How Are DXYZ Shares Valued?

Valuation is the tricky part. Private companies do not trade every day on the stock market. There is no ticker moving up or down. The valuation is based on the most recent fundraising round.

Say Anthropic raises $20 billion at a $300 billion valuation. That is what the company is worth on paper, and you get a slice at that value. A year later they raise at a $600 billion valuation, and then eventually go public at a trillion. The same thing happened with SpaceX. People who bought in when it was valued at $50 or $100 billion, now that it is worth a trillion, are up 10 to 20 times their money. That is why these pre-IPO stakes are so appealing.

Once per quarter, the fund reports its net asset value. That NAV does not change until the next funding round. The most recent Anthropic value is based on the March 31st figure.

Why Is DXYZ Trading at a 32% Discount?

DXYZ has 30 million shares outstanding, and the market price sits at about $25 a share. But based on current estimates of what these companies are likely worth today, the fair value lands somewhere between $35 and $41 a share.

Call it roughly $38 a share for everything put together. With the stock trading at $25 and change, you get a 32% discount. That gap is exactly why the fund is such an appealing way to buy Anthropic before the IPO.

All stocks eventually drift toward their true intrinsic values. Not overnight, but over time. This is classic Warren Buffett: over the short term the market is a voting machine, over the long term it is a weighing machine. If earnings are rising, the price will eventually catch up to what the company is worth, regardless of short-term swings.

The Anthropic Kicker

Anthropic keeps climbing the ranks and getting worth more and more. It is expected to IPO sometime in the next 12 months, likely late 2026 or 2027. For anyone looking to buy Anthropic before the IPO, that timeline is a big part of the appeal.

When Anthropic goes public, there is going to be huge demand, just like there was with SpaceX. Probably not quite as high, but very high. The fund is coming in worth $32 to $33 a share, and it is not unreasonable to think it could run to $40 or $50 leading into the Anthropic IPO. That is roughly a double from here.

The Two Real Risks

The management fee, and the bigger problem: SpaceX

The first downside is the fee. Most ETFs charge anywhere from three-tenths of a percent to maybe 1.2%. This one charges 2.5%. That is high, a little crazy even. But where else are you getting shares of this? It is a small drag, and given that Anthropic will likely go public in late 2026 or 2027, it is not a dealbreaker.

The bigger drag is SpaceX. It is trading at 85 times sales. That valuation is just crazy.

The stock ran to 225, fell to 150, and is now sticking near the IPO price of 135. Over the next six months, I expect it to grind down to 100, probably into the 80s.

This is not a bet against the company long-term. The problem is the insider unlocks: the moment early investors and insiders can finally sell. We already saw $85 billion sold into the IPO. Now the rest is opening up. 20% in August, then another 7% each across five rolling tranches.

That is hundreds of billions of dollars of stock hitting the market, sellable by people who are up 5, 10, or 20 times their money and want out the second they can get out. That selling pressure is likely to push SpaceX lower. If SpaceX falls 40% in the meantime, it eats our margin and drags DXYZ down with it.

How Do You Hedge the SpaceX Exposure in DXYZ?

There is an ETF that lets you short SpaceX, and it carries the lowest management fee for this kind of exposure. The ticker is SSPC.

SSPC is a double short SpaceX ETF. For every $1 you put into SSPC, you get $2 of short exposure to SpaceX. When SpaceX goes down, you make money. When it goes up, you lose money. That is exactly what neutralizes the risk.

Here is the trade, step by step:

1. Buy DXYZ at a Discount

Buy DXYZ at around $25 a share. You are securing a position that is fundamentally worth roughly $38.

2. Buy SSPC to Hedge

SpaceX is currently 21% of DXYZ. To hedge it, buy SSPC at 10 cents for every dollar you put into DXYZ.

3. Stay SpaceX Neutral

Put $10 into DXYZ, buy $1 of SSPC. Because SSPC is double short, that $1 gives you $2 of short exposure. Now you are short the exact amount of SpaceX that you are long. You are completely SpaceX neutral. Up or down, it is a wash.

Arbitrage the Gap

A 30% to 40% profit target with minimal risk

This entire trade is built to arbitrage the fair value estimate of DXYZ, and it takes very little risk to execute. It is one of the cleanest ways to buy Anthropic before the IPO while limiting your downside.

If DXYZ climbs to or near $38 a share, you cash out and take a nice 30% profit. If SpaceX comes down hard and DXYZ only reaches $35, you will be up big on the SSPC hedge. The two sides balance out.

This was a massive overcorrection on the upside, followed by an overcorrection on the downside. That gap is the opportunity. This is not investment advice tailored to you, just an opportunity I see in what has lately been a very volatile market.