# Tam ETF adds Anthropic to photonics-focused fund ahead of IPO

Digest AI · Business & Funding · published 2026-10-16T14:17:00Z

Canonical: https://digestai.news/story/tam-etf-adds-anthropic-to-photonics-focused-fund-ahead-of-ipo

## Summary

Tam ETFs launched a photonics and optical ETF called Lazear, which includes **Anthropic** as a **9% holding** despite the company remaining private. The ETF targets the growing demand for optical technologies in AI data centers, where copper wiring is reaching its limits. Yuri Khodjamarian, CIO of Tam ETFs, explained that **Anthropic’s reliance on Broadcom’s TPU ecosystem**—which integrates photonics—makes it a strategic fit, unlike OpenAI, which leans more on Nvidia GPUs. The ETF also includes companies like **Momentum** (lasers) and **Exxon** (materials production), spanning the entire supply chain from raw materials to data-center infrastructure.

The inclusion of Anthropic is framed as a **pre-IPO opportunity**, with Khodjamarian calling it a ‘generational company’ and citing due diligence similar to Tam’s earlier **NASA ETF** (which held SpaceX pre-IPO). Goldman Sachs estimates the photonics market could grow **tenfold** over the next few years, driven by AI’s escalating data demands. However, Khodjamarian warns that **supply constraints**—particularly in laser and transceiver production—could delay full-scale adoption. Investors gain exposure through an **SPV (special purpose vehicle)**, avoiding fees beyond the ETF’s management cost.

## Key points

- Tam ETFs’ Lazear fund holds **Anthropic at 9%** as a pre-IPO play, citing its Broadcom TPU ecosystem alignment
- ETF targets **photonics/optical tech** for AI data centers, where copper wiring is insufficient for high-speed data transfer
- Goldman Sachs projects **10x market growth** for photonics over coming years, but supply bottlenecks may delay expansion

## Why it matters

Anthropic’s inclusion signals investor confidence in AI’s infrastructure needs beyond chips, highlighting photonics as a critical bottleneck. For AI labs, this underscores the race to integrate optical tech into next-gen hardware. Public investors gain indirect exposure to Anthropic’s growth before its IPO, while photonics suppliers face potential supply-demand mismatches.

## Sources

1. [Want Anthropic exposure before its IPO? Here’s how](https://finance.yahoo.com/technology/ai/articles/want-anthropic-exposure-ipo-211715977.html) (finance.yahoo.com, 2026-10-16)

## Cite

Digest AI, "Tam ETF adds Anthropic to photonics-focused fund ahead of IPO", 16 October 2026, https://digestai.news/story/tam-etf-adds-anthropic-to-photonics-focused-fund-ahead-of-ipo

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