--- title: "Michael Burry won't buy Anthropic; funds at Fidelity, Capital Group and BlackRock hold over $15 billion" description: "Funds run by Fidelity, Capital Group and BlackRock hold more than $15 billion of Anthropic, bought at a fraction of its expected listing value. Michael Burry reads the same November 2 filing, counts $895.4 billion of commitments, and wants none of it." publisher: "The Inference" section: "Model" published: 2026-11-05T22:13:28.752Z modified: 2026-11-05T22:13:28.752Z canonical: https://theinference.org/article/michael-burry-won-t-buy-anthropic-funds-at-fidelity-capital-group-and-blackrock-hold-over-15-billion language: en keywords: "Anthropic, IPO, Fund Holdings, Michael Burry, Valuation, Mutual Funds" --- # Michael Burry won't buy Anthropic; funds at Fidelity, Capital Group and BlackRock hold over $15 billion > Funds run by Fidelity, Capital Group and BlackRock hold more than $15 billion of Anthropic, bought at a fraction of its expected listing value. Michael Burry reads the same November 2 filing, counts $895.4 billion of commitments, and wants none of it. [Michael Burry](https://theinference.org/markets/people/michael-burry), the investor made famous by "The Big Short" for betting against subprime mortgages, [wrote on Substack on November 4, 2026](https://www.businessinsider.com/michael-burry-anthropic-ipo-outlook-ant-big-short-2026-11), to rule himself out of the [Anthropic](https://theinference.org/markets/companies/anthropic) listing [1]. "Not only is the company priced for optimism," he wrote, "it is betting its entire existence on that optimism," adding that he has no plans to pursue shares [1]. The other side of the trade is already staffed. Mutual funds at [Fidelity](https://theinference.org/markets/companies/fidelity-investments), Capital Group and [BlackRock](https://theinference.org/markets/companies/blackrock) hold Anthropic shares worth more than $15 billion combined, per a compilation of fund filings, bought for a fraction of that value; the three firms declined to comment [2]. The $174 billion Fidelity Contrafund, a fixture in retirement accounts, [holds about $600 million](https://finance.yahoo.com/technology/ai/articles/fidelity-capital-group-stand-reap-180406700.html), marked at the end of September hundreds of millions above what it paid [2]. *Chart: **Capital Group's funds alone hold at least $9 billion of pre-IPO Anthropic** Bar chart of minimum disclosed Anthropic stakes: Capital Group at least $9 billion, Fidelity at least $2 billion, BlackRock at least $500 million* *Minimum disclosed stakes, US$ billions, marked at end-September 2026 fund filings; private funds do not disclose, so true totals run higher. [2]* ## The commitment ledger runs 12 times the bullish year Anthropic, the five-year-old maker of the Claude models, [filed its amended prospectus on November 2](https://www.msn.com/en-us/money/markets/anthropic-releases-amended-ipo-prospectus-with-third-quarter-financials/ar-AA2gBhF0): about $17 billion of third-quarter revenue, twelvefold a year earlier, against a nine-month net loss of $104 billion, mostly non-cash marks on convertible notes [2][3]. Burry's number is the ledger underneath. The filing [lists $895.4 billion of purchase and lease commitments](https://www.ntd.com/anthropic-posts-nearly-900-billion-in-long-term-spending-commitments_1182937.html), "substantially all" of it compute and infrastructure, with about $70 billion due within a year of September 30 and roughly $448 billion more by the end of 2030, set against $132 billion of cash [3][5]. *Chart: **Nearly $900 billion of commitments, $70 billion of it due within a year** Stacked bar of Anthropic's $895.4 billion in purchase and lease commitments: $70 billion due within a year, $448 billion by end of 2030, the rest after 2030* *Anthropic's amended S-1 lists $895.4 billion of purchase and lease commitments as of September 30, 2026, substantially all compute and infrastructure: about $70 billion due within a year, roughly $448 billion more by end of 2030, and the rest after that. Sources: amended S-1, via CNBC and NTD. [3][5]* Commitments run about 12 times even a bullish $100 billion revenue year, and much of the paper is take-or-pay, which bills whether or not the compute is needed [1]. His earlier tally [traced $114.5 billion of it to Google and $110 billion to Amazon](https://finance.yahoo.com/technology/ai/articles/michael-burry-flags-complex-circular-235336295.html), both Anthropic backers [4]. Sequential growth slowed to 47 percent in the quarter from 144 percent in the prior one [5]. ## The roadshow prices who is right The bull case has its own arithmetic. Bankers have been told [a valuation near $1.75 trillion is possible](https://theinference.org/article/anthropic-pitches-a-2-trillion-ipo-over-the-pentagon-s-standing-removal-order), against a $965 billion private round, with the range slipping as low as $1.4 trillion [2]. "Investors will give it the benefit of the doubt," says Dan Ives, partner at merchant bank Yorkville Ives [2]. *Chart: **The roadshow's range runs from $965 billion to $1.75 trillion** Bar chart of Anthropic valuation markers: a $965 billion private round, a $1.4 trillion low end and up to $1.75 trillion floated to bankers* *Valuation markers reported for Anthropic's listing: the $965 billion private round, a low end of $1.4 trillion and a near-$1.75 trillion figure floated to bankers; the range has been slipping lower. Source: Bloomberg via Yahoo Finance. [2]* The roadshow [could open the week of November 9](https://www.zacks.com/featured-articles/761/anthropic-ipo), with a Nasdaq listing under the ticker ANT [6]. BlackRock, mid-way through [its own $33.4 billion utility buyout](https://theinference.org/article/blackrock-s-33-4-billion-aes-buyout-turns-on-one-question-can-20-percent-money-run-a-10-percent-utility), holds at least $500 million of the pre-IPO shares [2]. The last comparable debut, [SpaceX](https://theinference.org/markets/companies/spacex) in June, opened up almost 20 percent and now trades below its first price [5]. The listing is the funds' exit and the saver's entry at the same price. ## Takeaway Mutual funds at Fidelity, Capital Group and BlackRock hold more than $15 billion of pre-IPO Anthropic bought at a fraction of listing value, while Michael Burry counts $895.4 billion of take-or-pay commitments, about 12 times a bullish revenue year, and says he will not buy the listing. ## Sources 1. [Business Insider, "Michael Burry says Anthropic 'betting its entire existence' on optimism", 5 November 2026](https://www.businessinsider.com/michael-burry-anthropic-ipo-outlook-ant-big-short-2026-11) 2. [Bloomberg via Yahoo Finance, "Fidelity, Capital Group Stand to Reap Billions in Anthropic IPO", 5 November 2026](https://finance.yahoo.com/technology/ai/articles/fidelity-capital-group-stand-reap-180406700.html) 3. [CNBC, "Anthropic reports $17 billion in Q3 revenue, purchase commitments of $895.4 billion in revised S-1", 2 November 2026](https://www.msn.com/en-us/money/markets/anthropic-releases-amended-ipo-prospectus-with-third-quarter-financials/ar-AA2gBhF0) 4. [StockTwits via Yahoo Finance, "Michael Burry Flags Complex Circular Financing Webs With Anthropic's Compute Liabilities At 12x Current Revenue", 27 October 2026](https://finance.yahoo.com/technology/ai/articles/michael-burry-flags-complex-circular-235336295.html) 5. [NTD, "Anthropic Posts Nearly $900 Billion in Long-Term Spending Commitments", 2 November 2026](https://www.ntd.com/anthropic-posts-nearly-900-billion-in-long-term-spending-commitments_1182937.html) 6. [Zacks, "Anthropic IPO 2026 Guide: Price Predictions, Dates, and Everything You Need to Know", updated 26 October 2026](https://www.zacks.com/featured-articles/761/anthropic-ipo) --- Michael Burry won't buy Anthropic; funds at Fidelity, Capital Group and BlackRock hold over $15 billion — The Inference. Canonical: https://theinference.org/article/michael-burry-won-t-buy-anthropic-funds-at-fidelity-capital-group-and-blackrock-hold-over-15-billion