{"id":11929,"date":"2026-07-22T09:01:00","date_gmt":"2026-07-22T09:01:00","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=11929"},"modified":"2026-09-24T18:37:07","modified_gmt":"2026-09-24T18:37:07","slug":"lehet-anthropic-reszvenyt-venni","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/lehet-anthropic-reszvenyt-venni\/","title":{"rendered":"Anthropic r\u00e9szv\u00e9ny: IPO, kock\u00e1zatok, alternat\u00edv\u00e1k","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Mir\u0151l sz\u00f3l a Partvonalr\u00f3l rovat?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A kor\u00e1bbi Partvonalr\u00f3l r\u00e9sz ut\u00e1n, amiben az OpenAI-t t\u00e1rgyaltuk ki, most az Anthropic t\u0151zsd\u00e9re l\u00e9p\u00e9s\u00e9vel foglalkozom. <\/strong>Van n\u00e9h\u00e1ny c\u00e9g, amelyr\u0151l mindenki hallott, sokan haszn\u00e1lj\u00e1tok is a term\u00e9k\u00e9t, m\u00e9gsem lehet csak \u00fagy megvenni a r\u00e9szv\u00e9ny\u00e9t. Ezek mag\u00e1nv\u00e1llalatok:<strong> <\/strong>m\u00e9g nincsenek t\u0151zsd\u00e9n, \u00edgy egy h\u00e9tk\u00f6znapi befektet\u0151 nem tud benn\u00fck \u00fagy tulajdont szerezni, ahogyan egy Apple- vagy egy Google r\u00e9szv\u00e9ny eset\u00e9ben. Tal\u00e1n a k\u00e9t legismertebb az IKEA \u00e9s a Red Bull, de ma nem r\u00f3luk lesz sz\u00f3. A Partvonalr\u00f3l rovatban pontosan az ilyen neveket vessz\u00fck g\u00f3rcs\u0151 al\u00e1, a vil\u00e1g legizgalmasabb, de (egyel\u0151re) k\u00f6zvetlen\u00fcl el\u00e9rhetetlen c\u00e9geit. Megn\u00e9zz\u00fck, mit csin\u00e1lnak, mennyit \u00e9rhetnek, mikor j\u00f6het a t\u0151zsdei bevezet\u00e9s\u00fck (IPO), \u00e9s van-e m\u00f3d arra, hogy k\u00f6zvetetten m\u00e9gis kitetts\u00e9get szerezz benn\u00fck. A n\u00e9v is innen j\u00f6n<strong>: ezeket a c\u00e9geket egyel\u0151re csak a partvonalr\u00f3l figyelhetj\u00fck, a p\u00e1lya sz\u00e9l\u00e9n \u00e1llunk, \u00e9s v\u00e1rjuk, mikor l\u00e9phet\u00fcnk be a j\u00e1t\u00e9kba.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udc46<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Ahol a rajzsz\u00f6g jelet l\u00e1tj\u00e1tok, ott a gyakorlati tapasztalataimat osztom meg veletek, mert ez sokkal \u00e9letszer\u0171bb\u00e9 teszi a cikkeket.<\/mark><\/pre>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Kitetts\u00e9g az Anthropic AI c\u00e9gben?<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Claude m\u00f6g\u00f6tt \u00e1ll\u00f3 Anthropic 2026-ra a vil\u00e1g leg\u00e9rt\u00e9kesebb AI-startupj\u00e1v\u00e1 v\u00e1lt, s\u0151t, \u00e9rt\u00e9kelts\u00e9gben megel\u0151zte az OpenAI-t is. Nem csoda, hogy egyre t\u00f6bben k\u00e9rdezik: lehet Anthropic r\u00e9szv\u00e9nyt venni, \u00e9s ha igen, hogyan? Ebben a cikkben v\u00e9gigveszem, hol tart a c\u00e9g, mikor j\u00f6het a v\u00e1rva v\u00e1rt IPO, hogyan lehet k\u00f6zvetetten (p\u00e9ld\u00e1ul az Amazonon vagy az Alphabeten kereszt\u00fcl) kitetts\u00e9get szerezni, \u00e9s mik a legnagyobb kock\u00e1zatok.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Gyors v\u00e1lasz: vehetnek a lakoss\u00e1gi befektet\u0151k Anthropic r\u00e9szv\u00e9nyt?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00f6vid v\u00e1lasz: <strong>k\u00f6zvetlen\u00fcl nem.<\/strong> Az Anthropic 2026 k\u00f6zep\u00e9n tov\u00e1bbra is mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy semmilyen nyilv\u00e1nos piacon nem lehet k\u00f6zvetlen\u00fcl megvenni a r\u00e9szv\u00e9ny\u00e9t. A \u201eClaude AI r\u00e9szv\u00e9ny&#8221; teh\u00e1t ma m\u00e9g nem l\u00e9tezik abban a form\u00e1ban, ahogyan egy Amazon- vagy egy Google r\u00e9szv\u00e9nyt megv\u00e1s\u00e1roln\u00e1l.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/anthropic-IPO-pre-IPO.jpg.webp\" alt=\" az Anthropic-ba val\u00f3 befektet\u00e9s elm\u00e9leti m\u00f3djai\" class=\"wp-image-11946 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/anthropic-IPO-pre-IPO.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/anthropic-IPO-pre-IPO-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/anthropic-IPO-pre-IPO-768x429.jpg.webp 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, az Anthropic-ba val\u00f3 befektet\u00e9s elm\u00e9leti m\u00f3djai<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Egy h\u00e9tk\u00f6znapi befektet\u0151 t\u00e9nylegesen h\u00e1rom dolgot tehet:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd01 K\u00f6zvetett kitetts\u00e9g:<\/strong> t\u0151zsd\u00e9n jegyzett tulajdonosokon kereszt\u00fcl (els\u0151sorban Amazon \u00e9s az Alphabet).<\/li>\n\n\n\n<li><strong>\ud83d\udd12 Pre-IPO m\u00e1sodpiac:<\/strong> de ez jellemz\u0151en csak akkredit\u00e1lt befektet\u0151knek el\u00e9rhet\u0151, \u00e9s az Anthropic r\u00e1ad\u00e1sul kifejezetten megtiltotta a r\u00e9szv\u00e9nyei enged\u00e9ly n\u00e9lk\u00fcli (p\u00e9ld\u00e1ul tokeniz\u00e1lt) \u00e1truh\u00e1z\u00e1s\u00e1t.<\/li>\n\n\n\n<li><strong>\u23f3 Kiv\u00e1r\u00e1s az IPO-ig: <\/strong>a k\u00f6zvetlen v\u00e1s\u00e1rl\u00e1s lehet\u0151s\u00e9ge a t\u0151zsdei bevezet\u00e9ssel ny\u00edlik meg, ami a h\u00edrek szerint 2026 \u0151sz\u00e9n j\u00f6het.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00f6vetkez\u0151 szakaszokban ezt a h\u00e1rom utat bontjuk sz\u00e9t.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"Ec1HOxKlNU\"><a href=\"https:\/\/iocharts.io\/blog\/ipo-jelentese\/\">IPO jelent\u00e9se: r\u00e9szv\u00e9nykibocs\u00e1t\u00e1s el\u0151ny\u00f6k \u00e9s kock\u00e1zatok<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;IPO jelent\u00e9se: r\u00e9szv\u00e9nykibocs\u00e1t\u00e1s el\u0151ny\u00f6k \u00e9s kock\u00e1zatok&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/ipo-jelentese\/embed\/#?secret=8O86iZA33u#?secret=Ec1HOxKlNU\" data-secret=\"Ec1HOxKlNU\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> ahogyan azt kor\u00e1bban az OpenAI cikkben is \u00edrtam, a fenti h\u00e1rom pont l\u00e9nyeg\u00e9ben kiz\u00e1rja az \u00e1tlagos, retail, befektet\u0151ket a k\u00f6zvetlen tulajdonszerz\u00e9sb\u0151l, viszont vannak olyan platformok, ahol a korai f\u00e1zis\u00fa v\u00e1llalatokban n\u00e9ha lehet tulajdont szerezni. Ilyen volt p\u00e9ld\u00e1ul a Revolut, hogy csak a legismertebb eur\u00f3pai unikornis startupot eml\u00edtsem. Amerikai v\u00e1llalatokban legjobb tudom\u00e1som szerint a Republic fel\u00fclet\u00e9n lehet korai f\u00e1zisban r\u00e9szesed\u00e9setek, m\u00edg a Republic Europe fel\u00fcleten az eur\u00f3pai v\u00e1llalatok korai befektet\u00e9se zajlik. Viszont az Anthropic tudtommal soha nem volt el\u00e9rhet\u0151 ilyen form\u00e1ban sem, m\u00e1r az els\u0151 pillanatt\u00f3l kezdve kock\u00e1zati t\u0151kealapok pakolt\u00e1k bele a p\u00e9nzt, illetve az a k\u00e9t techv\u00e1llalat, amelyekre nemsok\u00e1ra kit\u00e9rek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A korai befektet\u00e9sekr\u0151l b\u0151vebben a startup cikkekben \u00edrtam, amiket itt olvashattok el:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-egyszeruen-erthetoen\/\">Startup portf\u00f3li\u00f3 kialak\u00edt\u00e1sa egyszer\u0171en, \u00e9rthet\u0151en I.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-befektetesek-kisokos-minden-amit-tudnod-kell-rola\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la II.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-platformok-es-amit-tudni-kell-roluk\/\">Startup platformok m\u0171k\u00f6d\u00e9se 2025-ben val\u00f3s tapasztalatok alapj\u00e1n III.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/a-kozossegi-finanszirozas-trukkjei-amiket-erdemes-ismernetek\/\">K\u00f6z\u00f6ss\u00e9gi finansz\u00edroz\u00e1s, \u00e9s amit tudnotok kell r\u00f3la 2025-ben IV.<\/a><\/li>\n\n\n\n<li>\ud83d\ude80<a href=\"https:\/\/iocharts.io\/blog\/startup-exit-a-buktatok-ezer-arca-szerzodesbe-kodolva\/\">Startup exit &#8211; A buktat\u00f3k ezer arca V.<\/a><\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"LightYear banner\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Mi\u00e9rt akarnak a befektet\u0151k Anthropic-kitetts\u00e9get?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az Anthropic-ot 2021-ben alap\u00edtotta h\u00e9t ember, k\u00f6zt\u00fck a testv\u00e9rp\u00e1ros Dario \u00e9s Daniela Amodei, j\u00f3r\u00e9szt az OpenAI-t\u00f3l kiv\u00e1lt, biztons\u00e1gk\u00f6zpont\u00fa kutat\u00f3k. Ez am\u00fagy az\u00e9rt \u00e9rdekes, mert az OpenAI f\u00e9le ChatGPT 2022 \u0151sz\u00e9n robbant be, legal\u00e1bbis az\u00f3ta haszn\u00e1lom a platformokat rendszeresen. A c\u00e9g f\u0151 term\u00e9ke a Claude modellcsal\u00e1d, amely k\u00fcl\u00f6n\u00f6sen er\u0151s a v\u00e1llalati (enterprise) felhaszn\u00e1l\u00e1sban, a programoz\u00e1sban (Claude Code) \u00e9s a kiberbiztons\u00e1gban. Tapasztalataim szerint a legjobb modell \u00e9rvel\u00e9shez a Claude Opus aktu\u00e1lis v\u00e1ltozata, m\u00edg a Fable a leg\u00fajabb, de tokenig\u00e9nyes modell, amely m\u00e1r nagyon komplex feladatokat is megold.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"577\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-on-mobile-1024x577.jpg.webp\" alt=\"\" class=\"wp-image-11948 lazyload\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-on-mobile-1024x577.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-on-mobile-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-on-mobile-768x433.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-on-mobile-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/577;\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: <a href=\"https:\/\/aayushhpokhrel.com.np\/\" target=\"_blank\" rel=\"noreferrer noopener\">Aayush Pokhrel<\/a>, az Anthropic f\u0151 term\u00e9ke a Claude<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ami\u00e9rt a befektet\u0151i figyelem r\u00e1ir\u00e1nyult az Anthropic-ra:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\ude80 Robban\u00e1sszer\u0171 n\u00f6veked\u00e9s.<\/strong> Az Anthropic \u00e9rt\u00e9kelts\u00e9ge alig t\u00f6bb mint egy \u00e9v alatt a ~15-sz\u00f6r\u00f6s\u00e9re n\u0151tt: 61.5 milli\u00e1rd USD (2025. m\u00e1rcius) \u2192 183 milli\u00e1rd USD (2025. szeptember) \u2192 380 milli\u00e1rd USD (2026. febru\u00e1r) \u2192 <strong>965 milli\u00e1rd USD<\/strong> (2026. m\u00e1jus). L\u00e9nyeges, hogy ez nem val\u00f3s piaci \u00e9rt\u00e9kelts\u00e9g, hanem alapvet\u0151en a kock\u00e1zati t\u0151kealapok \u00e9s egy\u00e9b priv\u00e1t befektet\u0151k \u00e9rt\u00e9kelik ennyire a v\u00e1llalatot, ezt szokt\u00e1k &#8222;indikat\u00edv&#8221; befektet\u00e9si \u00e9rt\u00e9knek h\u00edvni.<\/li>\n\n\n\n<li><strong>\ud83d\udcb0 Gyorsan sk\u00e1l\u00e1z\u00f3d\u00f3 bev\u00e9tel.<\/strong> Az \u00e9ves bev\u00e9teln\u00f6veked\u00e9s az al\u00e1bbi: a 2025 v\u00e9gi ~9 milli\u00e1rd USD-r\u00f3l 2026 elej\u00e9re ~14 milli\u00e1rd USD-ra, majd a h\u00edrek szerint 2026 k\u00f6zep\u00e9re a ~47 milli\u00e1rd USD-s tartom\u00e1nyba ugrott, ami tipikusan az unikornis startupok n\u00f6veked\u00e9si r\u00e1t\u00e1ja.<\/li>\n\n\n\n<li><strong>\ud83c\udfc6 Az OpenAI megel\u0151z\u00e9se.<\/strong> A legut\u00f3bbi k\u00f6rrel az Anthropic a vil\u00e1g leg\u00e9rt\u00e9kesebb AI-startupja lett, el\u0151sz\u00f6r el\u0151zve meg az OpenAI-t (~852 milli\u00e1rd USD), nagyr\u00e9szt a v\u00e1llalati \u00e9s a fejleszt\u0151i (k\u00f3dol\u00e1si) piac megnyer\u00e9s\u00e9vel.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83d\udca1R\u00f6viden: az Anthropic lett az AI-verseny egyik \u00e9llovasa, \u00e9s a befektet\u0151k szeretn\u00e9nek r\u00e9szt k\u00e9rni ebb\u0151l, csakhogy k\u00f6zvetlen\u00fcl egyel\u0151re nem tudnak.<\/mark><\/strong><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> az OpenAI f\u00e9le ChatGPT-t 2022 okt\u00f3bere, a Google f\u00e9le Gemini-t 2023 eleje, m\u00edg az Anthropic f\u00e9le Claude-ot 2025 \u00f3ta haszn\u00e1lom. A jelenlegi \u00e1ll\u00e1s szerint, ezeket a Claude megveri, t\u00f6bbet tud \u00e9s azt is jobban, de ide \u00e9rthetitek a Perplexity-t, a Grokot \u00e9s a Copilotot is. Amiben szerintem gyeng\u00e9bb, az a k\u00e9pgener\u00e1l\u00e1s, ezt a Google f\u00e9le Nano Banana \u00e9s a ChatGPT is jobban tudja. A piacon jelenleg az l\u00e1tszik, hogy minden AI szolg\u00e1ltat\u00f3nak megvan a maga helye, egyszer\u0171en m\u00e1sban jobbak, de az Anthropic ezek k\u00f6z\u00fcl is kiemelkedik.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">T\u0151zsd\u00e9n van az Anthropic?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Nincs. Az Anthropic mag\u00e1nc\u00e9g, a r\u00e9szv\u00e9nyei kiz\u00e1r\u00f3lag z\u00e1rtk\u00f6r\u0171 k\u00f6r\u00f6kben \u00e9s korl\u00e1tozott m\u00e1sodpiacon cser\u00e9lnek gazd\u00e1t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c9rdemes megismerni a c\u00e9g tulajdonosi szerkezet\u00e9t, miel\u0151tt b\u00e1rki \u201eAnthropic r\u00e9szv\u00e9nyben&#8221; gondolkodna:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd4a\ufe0f Az Anthropic k\u00f6zhaszn\u00fa r\u00e9szv\u00e9nyt\u00e1rsas\u00e1g (PBC), vagyis a vezet\u00e9s jogilag k\u00f6teles egyens\u00falyt tartani a r\u00e9szv\u00e9nyesi \u00e9rdek \u00e9s a c\u00e9g biztons\u00e1gi misszi\u00f3ja k\u00f6z\u00f6tt.<\/strong> Ez ugyanaz a szerkezet, mint az OpenAI-n\u00e1l.<\/li>\n\n\n\n<li><strong>\ud83e\udded A kontroll az alap\u00edt\u00f3kn\u00e1l \u00e9s a munkav\u00e1llal\u00f3kn\u00e1l van, akik egy\u00fctt a legnagyobb tulajdonosi blokkot alkotj\u00e1k.<\/strong><\/li>\n\n\n\n<li><strong>\ud83d\udcb5 A legut\u00f3bbi z\u00e1rtk\u00f6r\u0171 \u00e9rt\u00e9kelts\u00e9g ~965 milli\u00e1rd USD volt <\/strong>(a 2026 m\u00e1jusi, 65 milli\u00e1rd USD-s Series H k\u00f6r alapj\u00e1n), a m\u00e1sodpiaci \u00e1raz\u00e1s pedig m\u00e1r az 1000 milli\u00e1rd USD k\u00f6zel\u00e9ben j\u00e1r. Nagyj\u00e1b\u00f3l ezt c\u00e9lozz\u00e1k meg az OpenAI kapcs\u00e1n is, b\u00e1r ott olvastam a viszonylag elrugaszkodott 1700 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9gr\u0151l is.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"J6zrmmmN0h\"><a href=\"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/\">Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Nvidia (NVDA) r\u00e9szv\u00e9ny 2026: AI-motor vagy lufi&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/nvidia-nvda-az-ai-korszak-motorja-vagy-tulfujt-lufi\/embed\/#?secret=S92rkj6rC9#?secret=J6zrmmmN0h\" data-secret=\"J6zrmmmN0h\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>\ud83d\udca1Vagyis az Anthropic-ot m\u00e1r ma is egy t\u0151zsdei \u00f3ri\u00e1sv\u00e1llalat \u00e9rt\u00e9kelts\u00e9g\u00e9n \u00e1razz\u00e1k, csak \u00e9pp a nyilv\u00e1nos piac folyamatos \u00e1raz\u00e1sa \u00e9s likvidit\u00e1sa n\u00e9lk\u00fcl.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"GxGZCVDncv\"><a href=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/\">SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;SpaceX r\u00e9szv\u00e9ny: minden id\u0151k legnagyobb IPO-ja: de meg\u00e9ri?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/spacex-reszveny-minden-idok-legnagyobb-ipo-ja-de-megeri\/embed\/#?secret=sQhq0ofc9V#?secret=GxGZCVDncv\" data-secret=\"GxGZCVDncv\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Honnan lehet ez ismer\u0151s? Term\u00e9szetesen a SpaceX narrat\u00edva volt hasonl\u00f3, csakhogy azt m\u00e1r bevezett\u00e9k a t\u0151zsd\u00e9re, \u00e9s egyel\u0151re nem egy sikert\u00f6rt\u00e9net. Ez\u00e9rt nagyon vesz\u00e9lyes az \u00f6sszes hype r\u00e9szv\u00e9ny, amit mindenki k\u00f6rberajong, mert \u00e1ltal\u00e1ban az \u00e9rt\u00e9kelts\u00e9g\u00fck az egekben, azt\u00e1n az IPO ut\u00e1n j\u00f6n a kij\u00f3zanod\u00e1s. Ebben a tekintetben az &#8222;Anthropic r\u00e9szv\u00e9ny&#8221; ak\u00e1r m\u00e9g kiv\u00e9tel is lehet, szerencs\u00e9re \u00e1tt\u00e9telesen is lehet erre fogadni.<\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A SpaceX \u00e1rfolyama a Tradingview fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NASDAQ:SPCX|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan lehet majd az Anthropic IPO-hoz hozz\u00e1f\u00e9rni?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az Anthropic megtette az els\u0151 hivatalos l\u00e9p\u00e9st a t\u0151zsde fel\u00e9: <strong>2026. j\u00fanius 1-j\u00e9n bizalmasan beny\u00fajtotta az S-1 tervezet\u00e9t a SEC-hez, m\u00e9ghozz\u00e1 megel\u0151zve ezzel az OpenAI-t.<\/strong> A vezet\u0151 jegyz\u00e9si bankok a h\u00edrek szerint a Goldman Sachs, a JPMorgan \u00e9s a Morgan Stanley lehetnek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ami az IPO id\u0151z\u00edt\u00e9s\u00e9t illeti:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83e\uddfeA tervezett list\u00e1z\u00e1s 2026 okt\u00f3bere, a Nasdaqon, felt\u00e9ve, hogy a piaci k\u00f6r\u00fclm\u00e9nyek erre alkalmasak lesznek.<\/strong><\/li>\n\n\n\n<li><strong>\ud83d\udcb8A c\u00e9l egy 1000 milli\u00e1rd USD-t is el\u00e9r\u0151 IPO-\u00e9rt\u00e9kelts\u00e9g lehet, ami a t\u00f6rt\u00e9nelem egyik legnagyobb t\u0151zsdei bevezet\u00e9se lenne.<\/strong><\/li>\n\n\n\n<li>\ud83d\uddd3\ufe0fA fogad\u00e1si oldalak, p\u00e9ld\u00e1ul a Polymarket szerint annak es\u00e9lye, hogy az Anthropic 2026 v\u00e9g\u00e9ig IPO-zik, ~76% k\u00f6r\u00fcl van.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Fontos figyelmeztet\u00e9s: a bizalmas S-1 beny\u00fajt\u00e1sa nem egyenl\u0151 az IPO elk\u00f6telez\u0151d\u00e9s\u00e9vel.<\/strong> A r\u00e9szv\u00e9nyek sz\u00e1ma \u00e9s az \u00e1r m\u00e9g nincs meghat\u00e1rozva, \u00e9s a c\u00e9g b\u00e1rmikor halaszthat vagy visszal\u00e9phet a piac \u00e1llapot\u00e1t\u00f3l f\u00fcgg\u0151en. Amint viszont megt\u00f6rt\u00e9nik, a r\u00e9szv\u00e9ny egy amerikai piacot k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl el\u00e9rhet\u0151v\u00e9 v\u00e1lik, addig azonban a k\u00f6zvetlen \u201ehogyan lehet Anthropic-ba fektetni az IPO el\u0151tt&#8221; k\u00e9rd\u00e9sre a v\u00e1lasz j\u00f3r\u00e9szt: sehogy, hacsak nem vagy akkredit\u00e1lt befektet\u0151. Tiszt\u00e1n, 100%-ban Anthropic kitetts\u00e9get nyilv\u00e1nos piacon egyszer\u0171en nem lehet ma szerezni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-owners.jpg.webp\" alt=\"az Anthropic tulajdonosai, az IPO-n\u00e1l mindenki tartja majd a mark\u00e1t\" class=\"wp-image-11935 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-owners.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-owners-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/Anthropic-owners-768x429.jpg.webp 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, az Anthropic tulajdonosai, az IPO-n\u00e1l mindenki tartja majd a mark\u00e1t<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> a fentiek az \u00e9g vil\u00e1gon semmit nem jelentenek kisbefektet\u0151i szempontb\u00f3l. Az Anthropic tulajdonosai akkor fognak a t\u0151zsd\u00e9re l\u00e9pni, ha a legmagasabb \u00e9rt\u00e9kelts\u00e9get kapj\u00e1k a c\u00e9g\u00e9rt, ahol n\u00e9h\u00e1ny kock\u00e1zati t\u0151kealap egyszer\u0171en kisz\u00e1ll a befektet\u00e9sb\u0151l. A Series H befektet\u00e9si k\u00f6rt olyan nevek vezett\u00e9k vagy er\u0151s\u00edtett\u00e9k, mint az Altimeter, a Dragoneer, a Greenoaks, a Sequoia, a Capital Group, a Coatue \u00e9s a D1; kor\u00e1bbr\u00f3l az ICONIQ, a Lightspeed, a Menlo Ventures \u00e9s a Spark Capital. Jellemz\u0151en p\u00e1r sz\u00e1zal\u00e9k vagy az alatt van a kitetts\u00e9g\u00fck. Mivel az IPO l\u00e9nyege az exit, \u00e9rdek\u00fck t\u00fal\u00e1razni a v\u00e1llalatot, hogy min\u00e9l nagyobb vagyonra tehessenek szert. Nagyon meg lenn\u00e9k lepve, ha az Anthropic 1000 milli\u00e1rd USD-s piaci kapitaliz\u00e1ci\u00f3 alatt ker\u00fclne a Nasdaq-ra.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"IBKR banner\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">K\u00f6zvetlen vs. k\u00f6zvetett kitetts\u00e9g: Anthropic-r\u00e9szv\u00e9ny, Amazon, Alphabet, AI-ETF-ek \u00e9s z\u00e1rtpiaci alapok<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Am\u00edg az IPO meg nem t\u00f6rt\u00e9nik, a gyakorlatban ezek az \u201eAnthropic r\u00e9szv\u00e9ny alternat\u00edv\u00e1k&#8221; l\u00e9teznek:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\uded2 Amazon (AMZN):<\/strong> az Anthropic legnagyobb k\u00fcls\u0151 befektet\u0151je \u00e9s f\u0151 felh\u0151partnere, a legk\u00e9zenfekv\u0151bb t\u0151zsdei proxy.<\/li>\n\n\n\n<li><strong>\ud83d\udd0e Alphabet (GOOGL\/GOOG):<\/strong> jelent\u0151s, igazolt r\u00e9szesed\u00e9ssel b\u00edrnak az Anthropic-ban, a m\u00e1sik nagy proxy.<\/li>\n\n\n\n<li><strong>\ud83d\udcca AI- \u00e9s tech-ETF-ek:<\/strong> sz\u00e9les kosarak, amelyekben az Amazon \u00e9s az Alphabet nagy s\u00fallyal szerepel, \u00edgy k\u00f6zvetve az Anthropic is \u201ebenne van&#8221;, b\u00e1r er\u0151sen h\u00edg\u00edtva.<\/li>\n\n\n\n<li><strong>\ud83d\udd12 Pre-IPO m\u00e1sodpiac \/ z\u00e1rtpiaci alapok (pl. Forge, EquityZen, SPV-k):<\/strong> elm\u00e9letben Anthropic-kitetts\u00e9g, de kiz\u00e1r\u00f3lag akkredit\u00e1lt befektet\u0151knek, magas bel\u00e9p\u00e9si k\u00fcsz\u00f6bbel \u2014 \u00e9s az Anthropic korl\u00e1tozza a r\u00e9szv\u00e9ny\u00e1truh\u00e1z\u00e1sokat.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83d\udca1<\/mark>K\u00f6z\u00f6s nevez\u0151: mindegyik \u00fat felh\u00edg\u00edtja az Anthropic-kitetts\u00e9get a m\u00f6g\u00f6ttes \u00fczlettel. Tiszt\u00e1n, \u201e100%-ban Anthropic\" kitetts\u00e9get nyilv\u00e1nos piacon egyszer\u0171en nem lehet szerezni.<\/mark><\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"Wise banner\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Hogyan szerezhettek k\u00f6zvetett Anthropic-kitetts\u00e9get az Amazonon vagy az Alphabeten kereszt\u00fcl?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Igen, \u00e9s jelenleg ez a legegyszer\u0171bb \u00fat egy lakoss\u00e1gi befektet\u0151nek. De fontos tudni, mekkora val\u00f3j\u00e1ban a kitetts\u00e9g.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Amazon (~2700 milli\u00e1rd USD piaci kapitaliz\u00e1ci\u00f3):<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb5 Az Anthropic legnagyobb k\u00fcls\u0151 befektet\u0151je. Eddig ~13 milli\u00e1rd USD-t fektetett be (a legut\u00f3bbi ~5 milli\u00e1rd USD-t 2026 \u00e1prilis\u00e1ban), \u00e9s ak\u00e1r tov\u00e1bbi 20\u201325 milli\u00e1rd USD-t is \u00edg\u00e9rt. Viszont, az \u00e9rt\u00e9kelts\u00e9get m\u00e9g nem tudjuk, teh\u00e1t azt sem tudjuk be\u00e1razni, hogy az IPO pillanat\u00e1ban mennyi lesz az Amazon r\u00e9szesed\u00e9s\u00e9nek \u00e9rt\u00e9ke.<\/li>\n\n\n\n<li>\ud83d\udce6 Az Amazon az Anthropic els\u0151dleges felh\u0151partnere, vagyis az AI motorok itt futnak. <strong>Az Anthropic cser\u00e9be t\u00f6bb mint 100 milli\u00e1rd USD-nyi k\u00f6lt\u00e9st v\u00e1llalt az Amazon chipjeire \u00e9s felh\u0151j\u00e9re a k\u00f6vetkez\u0151 \u00e9vtizedben.<\/strong> Ez egyben keresztfinansz\u00edroz\u00e1st is jelent, teh\u00e1t az Amazon az egyik zseb\u00e9b\u0151l a m\u00e1sikba rakja \u00e1t a p\u00e9nzt.<\/li>\n\n\n\n<li><strong>\ud83d\udcca Az Amazon nem k\u00f6zli a pontos r\u00e9szesed\u00e9s\u00e9t, de a becsl\u00e9sek ~15\u201321% k\u00f6z\u00e9 teszik.<\/strong> A 965 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9gn\u00e9l ez ~150-200 milli\u00e1rd USD k\u00f6r\u00fcli \u00e9rt\u00e9k, ami az Amazon piaci kapitaliz\u00e1ci\u00f3j\u00e1nak nagyj\u00e1b\u00f3l 6\u20138%-a, vagyis a kitetts\u00e9g val\u00f3s, de h\u00edg\u00edtott.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"087wfZ8RAi\"><a href=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/\">Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Amazon (AMZN): n\u00f6veked\u00e9si g\u00e9pezet avagy a t\u0151kefal\u00f3 \u00f3ri\u00e1s&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/amazon-amzn-a-digitalis-gazdasag-svajci-bicskaja\/embed\/#?secret=977I0GomQe#?secret=087wfZ8RAi\" data-secret=\"087wfZ8RAi\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Alphabet (~4300 milli\u00e1rd USD piaci kapitaliz\u00e1ci\u00f3):<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcb5 A Google t\u00f6bb milli\u00e1rd USD-t fektetett be, \u00e9s ak\u00e1r 40 milli\u00e1rd USD-ig men\u0151 elk\u00f6telez\u0151d\u00e9st v\u00e1llalt az Anthropic fel\u00e9.<\/li>\n\n\n\n<li><strong>\ud83d\udcc4 A r\u00e9szesed\u00e9se a beadott iratok alapj\u00e1n igazoltan 14% (15%-ra sapk\u00e1zva), de szavazati jog, igazgat\u00f3s\u00e1gi hely \u00e9s megfigyel\u0151i jog n\u00e9lk\u00fcl. <\/strong>Vagyis a Google p\u00e9nzt adott, de befoly\u00e1st gyakorlatilag nem kapott a v\u00e1llalatban.<\/li>\n\n\n\n<li>\ud83d\udcca A ~14\u201315%-os r\u00e9szesed\u00e9s a 965 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9gn\u00e9l ~145 milli\u00e1rd USD, ami az Alphabet piaci kapitaliz\u00e1ci\u00f3j\u00e1nak csak nagyj\u00e1b\u00f3l 3\u20134%-a, teh\u00e1t m\u00e9g h\u00edgabb kitetts\u00e9g, mint az Amazon\u00e9.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"53gDNxvTXk\"><a href=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/\">Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Alphabet (GOOGL) r\u00e9szv\u00e9ny: AI-fogad\u00e1s \u00e9s CAPEX kock\u00e1zat&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/alphabet-googl-a-keresokiraly-akit-sajat-fegyvere-fenyeget\/embed\/#?secret=r7RLaoFdtF#?secret=53gDNxvTXk\" data-secret=\"53gDNxvTXk\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">\ud83d\udca1A l\u00e9nyeg:<\/mark><\/strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"> az Amazon ad koncentr\u00e1ltabb Anthropic-kitetts\u00e9get (~7\u20138%), az Alphabet laz\u00e1bbat (~3\u20134%). Viszont mindkett\u0151n\u00e9l els\u0151sorban mag\u00e1t az Amazont, illetve az Alphabetet veszed, az Anthropic csak egy (b\u00e1r egyre \u00e9rt\u00e9kesebb) szelet.<\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> ha nagyon szakmaiak akartok lenni, akkor val\u00f3j\u00e1ban nem az Anthropic-ot, hanem az Amazont \u00e9s a Google-t kell \u00e9rt\u00e9kelnetek. Hiszen, ha a k\u00e9t c\u00e9g k\u00f6z\u00fcl valamelyik alul\u00e9rt\u00e9kelt, akkor az Anthropic &#8222;portf\u00f3li\u00f3ba ker\u00fcl\u00e9s\u00e9vel&#8221; felfel\u00e9 fogja h\u00fazni a v\u00e1llalat \u00e9rt\u00e9k\u00e9t is. A k\u00e9rd\u00e9s az, a piac be\u00e1razta-e m\u00e1r az Amazonba \u00e9s a Google-be az Anthropic \u00e9rt\u00e9k\u00e9t. Amennyiben nem, akkor az IPO-val annyival kell emelkednie a c\u00e9gek piaci kapitaliz\u00e1ci\u00f3j\u00e1nak, amekkora tulajdont az Anthropic-ban birtokolnak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00cdme egyben, a jelenlegi \u00e9s a historikus \u00e9rt\u00e9kelts\u00e9ggel egy\u00fctt:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>Amazon (AMZN)<\/th><th>Alphabet (GOOGL)<\/th><th>Olcs\u00f3bb<\/th><\/tr><\/thead><tbody><tr><td>P\/E (TTM)<\/td><td>29.6<\/td><td>26.6<\/td><td>\ud83d\udfe2 Alphabet<\/td><\/tr><tr><td>EV\/EBITDA (TTM)<\/td><td>17.5<\/td><td>26.0<\/td><td>\ud83d\udfe0 Amazon<\/td><\/tr><tr><td>P\/FCF (TTM)<\/td><td>negat\u00edv (~-1 078)<\/td><td>65.6<\/td><td>\ud83d\udfe2 Alphabet<\/td><\/tr><tr><td>NOPAT-hozam (NOPAT\/EV)<\/td><td>2.47%<\/td><td>2.72%<\/td><td>\ud83d\udfe2 Alphabet<\/td><\/tr><tr><td>Historikus NOPAT\/EV-tartom\u00e1ny (2018\u201326)<\/td><td>~0.3% \u2013 3.3%<\/td><td>~1.8% \u2013 6.7%<\/td><td>\u2014<\/td><\/tr><tr><td>Hol \u00e1ll most a saj\u00e1t s\u00e1vj\u00e1ban<\/td><td>fels\u0151 harmad \u2192 <strong>relat\u00edve olcs\u00f3<\/strong><\/td><td>als\u00f3 harmad \u2192 <strong>relat\u00edve dr\u00e1ga<\/strong><\/td><td>\ud83d\udfe0 Amazon<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r mindk\u00e9t c\u00e9gr\u0151l \u00edrtam egy r\u00f6vid cikket, de a kett\u0151 k\u00f6z\u00fcl az Amazon t\u0171nik olcs\u00f3bbnak, r\u00e1ad\u00e1sul a kitetts\u00e9g\u00fck is nagyobb az Anthropic-ban. \u00cdgy ha a leend\u0151 Anthropic r\u00e9szv\u00e9nyt fejben Amazon r\u00e9szv\u00e9nyekre konvert\u00e1lj\u00e1tok, igaz\u00e1b\u00f3l ezzel j\u00e1rtok jobban. Viszont, mind a Google-t, mind az Amazont nagyra tartom, r\u00e9szv\u00e9nyes\u00fck is vagyok, \u00edgy ha az IPO-ig a Google \u00e9rt\u00e9ke korrig\u00e1l\u00f3dna, az is egy j\u00f3 opci\u00f3 lehet az Anthropic r\u00e9szv\u00e9ny beh\u00faz\u00e1s\u00e1ra.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"LightYear 2. banner\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Anthropic vs OpenAI: melyik AI-c\u00e9g vonz\u00f3bb befektet\u00e9sk\u00e9nt?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">2026 k\u00f6zep\u00e9re az addigi \u201e\u00fcld\u00f6z\u0151&#8221; Anthropic t\u00f6bb fronton is megel\u0151zte az OpenAI-t. Egy pillanatk\u00e9p:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Szempont<\/th><th>Anthropic<\/th><th>OpenAI<\/th><\/tr><\/thead><tbody><tr><td>\u00c9rt\u00e9kelts\u00e9g<\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">~965 milli\u00e1rd USD<\/mark><\/strong><\/td><td><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">~852 milli\u00e1rd USD<\/mark><\/strong><\/td><\/tr><tr><td>Bev\u00e9tel (\u00e9ves futamr\u00e1ta)<\/td><td>~47 milli\u00e1rd USD<\/td><td>~25\u201330 milli\u00e1rd USD<\/td><\/tr><tr><td>IPO-bejelent\u00e9s (bizalmas S-1)<\/td><td>2026. j\u00fanius 1. (els\u0151k\u00e9nt)<\/td><td>k\u00e9s\u0151bb<\/td><\/tr><tr><td>Tervezett IPO<\/td><td>2026. okt\u00f3ber (Nasdaq)<\/td><td>ink\u00e1bb 2027<\/td><\/tr><tr><td>F\u0151 t\u0151zsdei tulajdonosok<\/td><td>Amazon, Alphabet<\/td><td>Microsoft<\/td><\/tr><tr><td>F\u0151 term\u00e9ke<\/td><td>Claude<\/td><td>ChatGPT<\/td><\/tr><tr><td>Er\u0151ss\u00e9g<\/td><td>v\u00e1llalati szegmens, k\u00f3dol\u00e1s, kiberbiztons\u00e1g<\/td><td>fogyaszt\u00f3i el\u00e9r\u00e9s, ChatGPT-m\u00e1rka, k\u00e9pgener\u00e1l\u00e1s<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Az Anthropic teh\u00e1t ma \u00e9rt\u00e9kesebb, gyorsabban jutott az IPO k\u00fcsz\u00f6b\u00e9re, \u00e9s a v\u00e1llalati piacon is er\u0151sebb, mint az OpenAI. Az OpenAI viszont a fogyaszt\u00f3i oldalon (ChatGPT) sokkal ismertebb \u00e9s sz\u00e9lesebb b\u00e1zis\u00fa, illetve az elm\u00falt p\u00e1r h\u00e9tben teszteltem a k\u00e9pgener\u00e1l\u00e1si k\u00e9pess\u00e9geit, \u00e9s jelenleg veri a Gemini Nano Banana motorj\u00e1t, teh\u00e1t a csata a mesters\u00e9ges intelligencia piacon m\u00e9g k\u00f6zel sem d\u0151lt el.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"7yVVa25qnH\"><a href=\"https:\/\/iocharts.io\/blog\/lehet-openai-reszvenyt-venni\/\">Lehet OpenAI r\u00e9szv\u00e9nyt venni? IPO, Microsoft-kitetts\u00e9g \u00e9s kock\u00e1zatok<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Lehet OpenAI r\u00e9szv\u00e9nyt venni? IPO, Microsoft-kitetts\u00e9g \u00e9s kock\u00e1zatok&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/lehet-openai-reszvenyt-venni\/embed\/#?secret=TkwLQGEmJc#?secret=7yVVa25qnH\" data-secret=\"7yVVa25qnH\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Befektet\u0151i szempontb\u00f3l a kulcsk\u00fcl\u00f6nbs\u00e9g a hozz\u00e1f\u00e9rhet\u0151s\u00e9g: <strong>az Anthropic hamarabb lehet t\u0151zsd\u00e9n (2026 \u0151sz vs. ink\u00e1bb 2027), \u00e9s a k\u00e9t nagy tulajdonosa (Amazon, Alphabet) is jobb k\u00f6zvetett proxy, mint az OpenAI m\u00f6g\u00f6tti egyetlen Microsoft.<\/strong> Azt viszont nem szabad elfelejtenetek, hogy az MSFT-nek 27%-os r\u00e9szesed\u00e9se van az OpenAI-ban, ami t\u00f6bb mint 1\/4-e a v\u00e1llalatnak, ehhez k\u00e9pest a Google \u00e9s az Amazon r\u00e9szesed\u00e9se elt\u00f6rp\u00fcl.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"TDQapbYjFM\"><a href=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/\">Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Microsoft (MSFT) r\u00e9szv\u00e9ny 2026: es\u00e9s ut\u00e1n?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/microsoft-msft-esik-a-papir-ki-tudja-hol-all-meg-2\/embed\/#?secret=3BKp41Y7tD#?secret=TDQapbYjFM\" data-secret=\"TDQapbYjFM\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban: <\/strong>az OpenAI-r\u00f3l a fenti cikkben \u00edrtam, \u00e9s szerintem \u00e9rdemes azt is elolvasnotok, mert tanuls\u00e1gos t\u00f6bb hasonl\u00f3 befektet\u00e9si sztorit l\u00e1tni egym\u00e1s mellett. M\u00e1r csak az\u00e9rt is, mert a Microsoft-OpenAI \u00e9s a Google\/Amazon-Anthropic kapcsolat el\u00e9gg\u00e9 hasonl\u00f3. Mivel mindh\u00e1rom hyperscaler tech v\u00e1llalat kifejezetten min\u0151s\u00e9gi r\u00e9szv\u00e9ny, ez\u00e9rt akkor sem v\u00e1lasztotok nagyon rosszul, ha mindh\u00e1romban kitetts\u00e9get szereztek \u00e9s ezzel proxy befektet\u00e9sk\u00e9nt 2 AI-t is megkaphattok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"IBKR 2. banner\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c9rt\u00e9kelts\u00e9g: minek kellene teljes\u00fclnie, hogy val\u00f3s legyen?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Az Anthropic-cal, ahogyan az OpenAI-jal is, a legnagyobb bajom a brut\u00e1lisan magas \u00e9rt\u00e9kelts\u00e9g. A ~965 milli\u00e1rd USD a ~47 milli\u00e1rd USD-s \u00e9ves bev\u00e9tel mellett nagyj\u00e1b\u00f3l 20-szoros \u00e1rbev\u00e9tel-szorz\u00f3t, vagy ha \u00fagy tetszik, P\/S-t jelent. Ez m\u00e1r ma is olyan c\u00e9gek f\u00f6l\u00e9 emeli az Anthropic-ot, mint a Boeing vagy a Netflix, pedig m\u00e9g be sem l\u00e9pett a t\u0151zsd\u00e9re. Mi\u00e9rt nincsen P\/E \u00e9rt\u00e9kelts\u00e9g? Mert val\u00f3sz\u00edn\u0171leg a c\u00e9g vesztes\u00e9ges, b\u00e1r ezt hivatalosan nem tudjuk, de ha nem k\u00f6zlik le, akkor szinte biztosan ezt jelenti a titkol\u00f3z\u00e1s. Engem a helyzet egy kicsit a korai Palantir-ra eml\u00e9keztet, de abb\u00f3l v\u00e9g\u00fcl egy el\u00e9g bika sztori kerekedett.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-io-charts wp-block-embed-io-charts\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"MZNxqAzeTe\"><a href=\"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/\">Palantir r\u00e9szv\u00e9ny: az AI forradalom nyertese 2026-ban?<\/a><\/blockquote><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Palantir r\u00e9szv\u00e9ny: az AI forradalom nyertese 2026-ban?&#8221; &#8212; \" data-src=\"https:\/\/iocharts.io\/blog\/palantir-reszveny-az-ai-forradalom-nyertese-2026-ban\/embed\/#?secret=IPoJHRQQfq#?secret=MZNxqAzeTe\" data-secret=\"MZNxqAzeTe\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ahhoz, hogy ez az \u00e1raz\u00e1s ut\u00f3lag olcs\u00f3nak bizonyuljon, nagyj\u00e1b\u00f3l ezeknek kellene teljes\u00fclni\u00fck:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc8 A bev\u00e9telnek \u00e9veken \u00e1t tartania kell a jelenlegi, extr\u00e9m n\u00f6veked\u00e9si \u00fctemet, vagyis a mai ~47 milli\u00e1rd USD-nek a t\u00f6bbsz\u00f6r\u00f6s\u00e9re kell n\u0151nie.<\/li>\n\n\n\n<li>\ud83d\udee1\ufe0f Az Anthropicnak meg kell tartania a vezet\u0151 poz\u00edci\u00f3j\u00e1t a v\u00e1llalati \u00e9s k\u00f3dol\u00e1si piacon az OpenAI, a Google (Gemini), a Meta \u00e9s a ny\u00edlt forr\u00e1sk\u00f3d\u00fa modellek ellen\u00e9ben.<\/li>\n\n\n\n<li>\ud83d\udcb5 A hatalmas sz\u00e1m\u00edt\u00e1si k\u00f6lts\u00e9gek mellett el\u0151bb-ut\u00f3bb tart\u00f3s nyeres\u00e9gess\u00e9get kell felmutatnia, mik\u00f6zben t\u00f6bb mint 100 milli\u00e1rd USD-nyi felh\u0151k\u00f6lt\u00e9st v\u00e1llalt az Amazon AWS-en kereszt\u00fcl.<\/li>\n<\/ul>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83e\udd14<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Vagyis a mai \u00e1raz\u00e1s azt felt\u00e9telezi, hogy minden flottul fog menni, \u00e9s d\u0151lni fog a p\u00e9nz.<\/strong> Nem az a k\u00e9rd\u00e9s, hogy az Anthropic j\u00f3 c\u00e9g-e, hanem hogy a t\u00f6k\u00e9leteshez k\u00f6zeli v\u00e9grehajt\u00e1s benne van-e m\u00e1r az \u00e1rban.<\/mark> <strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Szerintem l\u00e9nyeg\u00e9ben igen.<\/mark><\/strong><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"Wise 2. banner\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Legnagyobb kock\u00e1zatok: \u00e9rt\u00e9kelts\u00e9g, sz\u00e1m\u00edt\u00e1si k\u00f6lts\u00e9gek, verseny, szab\u00e1lyoz\u00e1s \u00e9s likvidit\u00e1s<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u2753 Az IPO nem garant\u00e1lt:<\/strong> a bizalmas beadv\u00e1ny nem elk\u00f6telez\u0151d\u00e9s, a list\u00e1z\u00e1s cs\u00faszhat vagy elmaradhat.<\/li>\n\n\n\n<li><strong>\ud83d\udcca Magas \u00e9rt\u00e9kelts\u00e9g:<\/strong> ~20-szoros \u00e1rbev\u00e9tel-szorz\u00f3 egy m\u00e9g IPO el\u0151tt \u00e1ll\u00f3 c\u00e9gn\u00e9l: a hib\u00e1z\u00e1s \u00e1ra t\u00fal nagy, l\u00e9nyeg\u00e9ben semmilyen biztons\u00e1gi r\u00e1hagy\u00e1s nem f\u00e9r bele az \u00e1rfolyamba.<\/li>\n\n\n\n<li><strong>\ud83d\udcb8 Sz\u00e1m\u00edt\u00e1si k\u00f6lts\u00e9gek \u00e9s \u201ek\u00f6rk\u00f6r\u00f6s&#8221; finansz\u00edroz\u00e1s:<\/strong> az Anthropic t\u00edzmilli\u00e1rd USD-ket k\u00f6lt felh\u0151szolg\u00e1ltat\u00e1sokra \u00e9s chipekre (j\u00f3r\u00e9szt az Amazonn\u00e1l \u00e9s a Google-n\u00e9l), mik\u00f6zben \u00e9pp \u0151k a nagy befektet\u0151i. Ez a \u201ek\u00f6rk\u00f6r\u00f6s&#8221; AI-gazdas\u00e1g egyik tank\u00f6nyvi p\u00e9ld\u00e1ja: a befektet\u0151k p\u00e9nzt adnak, amit a c\u00e9g r\u00e9szben n\u00e1luk k\u00f6lt el.<\/li>\n\n\n\n<li><strong>\ud83e\udd4a Verseny:<\/strong> az OpenAI, a Google Gemini, a Meta \u00e9s a ny\u00edlt modellek mind gyorsan fejl\u0151dnek; a leg\u00fajabb verzi\u00f3k folyamatos el\u00e9rt\u00e9ktelened\u00e9se (kommoditiz\u00e1ci\u00f3) val\u00f3s vesz\u00e9ly.<\/li>\n\n\n\n<li><strong>\u2696\ufe0f Szab\u00e1lyoz\u00e1s \u00e9s v\u00e1llalatir\u00e1ny\u00edt\u00e1s:<\/strong> az AI-szab\u00e1lyoz\u00e1s bizonytalan, a PBC-strukt\u00fara pedig szokatlan, a biztons\u00e1gi c\u00e9lkit\u0171z\u00e9sek jogilag a r\u00e9szv\u00e9nyesi \u00e9rdekek el\u00e9 ker\u00fclhetnek.<\/li>\n\n\n\n<li><strong>\ud83d\udd12 Likvidit\u00e1s:<\/strong> mag\u00e1nc\u00e9gk\u00e9nt nincs nyilv\u00e1nos r\u00e9szv\u00e9ny; \u00e9s m\u00e9g az IPO ut\u00e1n is sz\u00e1molni kell z\u00e1rol\u00e1si (lock-up) id\u0151szakokkal \u00e9s volatilit\u00e1ssal.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban: <\/strong>a legink\u00e1bb elgondolkodtat\u00f3 &#8222;kock\u00e1zat&#8221; a k\u00f6rk\u00f6r\u00f6s finansz\u00edroz\u00e1s, hiszen az Amazon \u00e9s a Google is l\u00e9nyeg\u00e9ben visszakapja a befektetett p\u00e9nz\u00e9t. <strong>Ezt a mentalit\u00e1st m\u00e1r m\u00e1skor is l\u00e1ttuk, a megav\u00e1llalatok p\u00e9nzt helyeznek ki \u00faj, korai f\u00e1zis\u00fa startupokba, ahol sokszoros megt\u00e9r\u00fcl\u00e9st \u00e9rnek el, ezt h\u00edvj\u00e1k &#8222;spawningnak&#8221;. <\/strong>Az ilyen spawner v\u00e1llalatok mindig kin\u00f6vesztenek magukb\u00f3l egy \u00fajabb l\u00e1bat, erre a legjobb p\u00e9lda az Amazon. El\u0151sz\u00f6r k\u00f6nyv\u00e1ruh\u00e1z, majd online \u00e1ruh\u00e1z, majd felh\u0151szolg\u00e1ltat\u00f3, ut\u00e1na streaming-szolg\u00e1ltat\u00f3, most pedig AI aspir\u00e1ns szerepben t\u0171nik fel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Portf\u00f3li\u00f3hat\u00e1s: diverzifik\u00e1ci\u00f3t ad az Anthropic, vagy t\u00f6bb AI-koncentr\u00e1ci\u00f3t?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ha az Anthropic-kitetts\u00e9get az Amazonon \u00e9s\/vagy az Alphabeten kereszt\u00fcl szerzitek meg, akkor nem tiszt\u00e1n az Anthropic-ra fogadtok, hanem k\u00e9t olyan \u00f3ri\u00e1sra, amelyek maguk is az AI-adatk\u00f6zpont-robban\u00e1s nagy szerepl\u0151i (felh\u0151, chip, hirdet\u00e9s \u00fczlet\u00e1g). Vagyis:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd17 Rejtett koncentr\u00e1ci\u00f3.<\/strong> Ha m\u00e1r tartasz Nvidi\u00e1t, TSMC-t vagy m\u00e1s AI-nevet, az Amazon\/Alphabet hozz\u00e1ad\u00e1sa tov\u00e1bb s\u0171r\u00edti az AI-adatk\u00f6zpont-kitetts\u00e9get, nem h\u00edg\u00edtja. Egy AI-capex-lassul\u00e1s mindegyiket egyszerre \u00fctn\u00e9 meg. Viszont, ha elhiszitek, hogy az AI sokszoros\u00e1ra n\u0151, akkor \u00edgy t\u00f6bb nyer\u0151re fogadtok egyszerre.<\/li>\n\n\n\n<li><strong>\ud83d\udee1\ufe0f Nem csak AI, hanem m\u00e1s \u00fczlet\u00e1gak is.<\/strong> Az Amazon \u00e9s az Alphabet nem tiszta AI-fogad\u00e1s: m\u00f6g\u00f6tt\u00fck hatalmas, nyeres\u00e9ges alap\u00fczlet \u00e1ll (e-kereskedelem, AWS, keres\u00e9s, YouTube stb.). Ez tomp\u00edtja a kock\u00e1zatot, az Anthropic buk\u00e1sa f\u00e1jna, de nem vinn\u00e9 mag\u00e1val a c\u00e9geket.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> az Amazon vagy az Alphabet megv\u00e9tele az Anthropic miatt ink\u00e1bb egy j\u00f3 min\u0151s\u00e9g\u0171 techc\u00e9g megv\u00e1s\u00e1rl\u00e1sa egy AI-opci\u00f3val, mint tiszta Anthropic-kitetts\u00e9g. Aki kifejezetten csak az Anthropic-ra akar fogadni, annak az IPO-ig kell v\u00e1rnia, de szerintem az els\u0151 lehet\u0151s\u00e9ggel jobban j\u00e1r.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udccc Gyakorlatban: az AI-kitetts\u00e9g m\u00e9r\u00e9se iO Charts seg\u00edts\u00e9g\u00e9vel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Mivel az Anthropic m\u00e9g nem nyilv\u00e1nos t\u0151zsdei v\u00e1llalat, k\u00f6zvetlen\u00fcl nem szerepel az iO Charts-on. A gyakorlati megk\u00f6zel\u00edt\u00e9s teh\u00e1t a proxy-nevek elemz\u00e9se:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\ud83d\udd0e Amazon (AMZN) \u00e9s Alphabet (GOOGL):<\/strong> k\u00f6vess\u00e9tek az alap\u00fczlet (AWS, Google Cloud, hirdet\u00e9s) n\u00f6veked\u00e9s\u00e9t, a marzsokat \u00e9s az \u00e9rt\u00e9kelts\u00e9get \u00e9s becs\u00fclj\u00e9tek meg, mennyit nyom a latba az Anthropic-r\u00e9szesed\u00e9s a teljes c\u00e9g\u00e9rt\u00e9kb\u0151l.<\/li>\n\n\n\n<li><strong>\u2696\ufe0f \u00d6sszehasonl\u00edt\u00e1s:<\/strong> az iO Charts-on egym\u00e1s mell\u00e9 tehetitek a proxy-neveket, \u00f6sszevethetitek a n\u00f6veked\u00e9st, a t\u0151kehat\u00e9konys\u00e1got \u00e9s az \u00e9rt\u00e9kelts\u00e9get.<\/li>\n\n\n\n<li><strong>\ud83e\uddee Vigy\u00e1zzatok a dupl\u00e1z\u00e1sra:<\/strong> ha m\u00e1r van AI-adatk\u00f6zponti kitetts\u00e9getek (Nvidia, TSMC), n\u00e9zz\u00e9tek meg, mennyire mozognak egy\u00fctt, az Amazon\/Alphabet hozz\u00e1ad\u00e1sa n\u00f6velheti a koncentr\u00e1ci\u00f3t.<\/li>\n\n\n\n<li><strong>\ud83d\udccb Figyel\u0151lista: <\/strong>vegy\u00e9tek fel a proxy-neveket, \u00e9s amint az Anthropic t\u00e9nylegesen t\u0151zsd\u00e9re l\u00e9p, k\u00f6zvetlen\u00fcl is elemezhet\u0151v\u00e9 v\u00e1lik, \u00e9rdemes lesz azonnal az iO Charts-on megn\u00e9zni a fundamentumait.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"510\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-2-1024x510.png.webp\" alt=\"az Anthropic-ot r\u00e9szben birtokol\u00f3 Amazon adatai\" class=\"wp-image-11944 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/510;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-2-1024x510.png.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-2-414x206.png.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-2-768x382.png.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/07\/image-2.png.webp 1441w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: iO Charts, az Anthropic-ot r\u00e9szben birtokol\u00f3 Amazon adatai<\/figcaption><\/figure>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>\u261d\ufe0f\u00cdgy az \u201eAnthropic k\u00f6zvetett kitetts\u00e9g\" a gyakorlatban ma a k\u00f6r\u00fcl\u00f6tte l\u00e9v\u0151, m\u00e1r jegyzett c\u00e9gek t\u00e1rgyilagos elemz\u00e9s\u00e9t jelenti, az adatok alapj\u00e1n, nem a hype ment\u00e9n, mindenf\u00e9le v\u00e9letlenszer\u0171 h\u00edreket olvasva.<\/strong><\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban:<\/strong> val\u00f3j\u00e1ban az AI \u00e9s a tech c\u00e9geket le lehet fedni ETF-fel is, amit az iO Charts nem tud list\u00e1zni, de ti is \u00f6ssze tudj\u00e1tok ezeket rakni egyedi r\u00e9szv\u00e9nyekb\u0151l. Ennek az el\u0151nye az, hogy az ETF-ben szerepl\u0151 potyautas c\u00e9geket nem kell megvennetek \u00e9s a s\u00falyoz\u00e1st is szabadon alak\u00edthatj\u00e1tok. L\u00e9nyeg\u00e9ben az \u00f6sszes nagy c\u00e9gr\u0151l \u00edrtam m\u00e1r a blogon, de a cikkbe is belinkeltem a nagyj\u00e1t, teh\u00e1t ezeket mind \u00e9rdemes elolvasnotok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"Wise 2. banner\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u00d6sszegz\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lehet Anthropic r\u00e9szv\u00e9nyt venni? K\u00f6zvetlen\u00fcl egyel\u0151re nem, a c\u00e9g mag\u00e1nv\u00e1llalat, ~965 milli\u00e1rd USD-s \u00e9rt\u00e9kelts\u00e9ggel, \u00e9s b\u00e1r m\u00e1r beny\u00fajtotta a bizalmas IPO-beadv\u00e1nyt (a tervezett list\u00e1z\u00e1s 2026 \u0151sz, Nasdaq), a r\u00e9szv\u00e9ny ma m\u00e9g nem el\u00e9rhet\u0151.<strong> Am\u00edg ez meg nem t\u00f6rt\u00e9nik, a re\u00e1lis \u00fat a kisbefektet\u0151 sz\u00e1m\u00e1ra a k\u00f6zvetett kitetts\u00e9g: els\u0151sorban az Amazon (koncentr\u00e1ltabb, ~7\u20138%-os s\u00faly) vagy az Alphabet (laz\u00e1bb, ~3\u20134%-os s\u00faly).<\/strong> <\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>\ud83d\udca1Mivel az Amazon \u00e9s a Google alapvet\u0151en min\u0151s\u00e9gi v\u00e1llalat, ez\u00e9rt megfelel\u0151 \u00e9rt\u00e9kelts\u00e9g eset\u00e9n \u00e9rdemes benn\u00fck kitetts\u00e9get v\u00e1llalni akkor is, ha nem az Anthropic-ra akartok fogadni.<\/strong><\/mark><\/pre>\n\n\n\n<p class=\"wp-block-paragraph\">Az IPO ut\u00e1n bevezet\u00e9sre ker\u00fcl\u0151 Anthropic r\u00e9szv\u00e9ny kapcs\u00e1n \u00e9rdemes tiszt\u00e1n l\u00e1tni a kock\u00e1zatokat is: <strong>a magas \u00e9rt\u00e9kelts\u00e9get, a hatalmas sz\u00e1m\u00edt\u00e1si k\u00f6lts\u00e9geket, a \u201ek\u00f6rk\u00f6r\u00f6s&#8221; finansz\u00edroz\u00e1st, az \u00e9lez\u0151d\u0151 AI-versenyt, amelyek egyhamar nem fognak megv\u00e1ltozni. <\/strong>Az IPO lesz az a pillanat, amikor a k\u00f6zvetlen hozz\u00e1f\u00e9r\u00e9s megny\u00edlik, addig marad a proxy-nevek elemz\u00e9se, h\u0171v\u00f6s fejjel, a m\u00f6g\u00f6ttes fundamentumok alapj\u00e1n.<\/p>\n\n\n\n<pre class=\"wp-block-preformatted\">\ud83d\udca1<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9ny- \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<!-- ============================================================ GY\u00cdK ACCORDION - iO Charts (Anthropic cikk) ============================================================ --> <style> .io-faq { --faq-navy: #1b3a5f; --faq-accent: #e2662c; --faq-text: #333333; --faq-line: #dfe5ec; --faq-hover: #eef4fa; --faq-bg: #f4f8fc; background: var(--faq-bg); padding: 2em 2em 1.5em 2em; border-radius: 10px; max-width: 100%; margin: 2.5em 0; } .io-faq__title { text-align: center; color: var(--faq-navy); margin: 0 0 1.5em 0; } .io-faq__subtitle { display: flex; align-items: center; gap: 1.1em; color: var(--faq-accent); margin: 0 0 1.8em 0; font-size: .95em; white-space: nowrap; } .io-faq__subtitle::before, .io-faq__subtitle::after { content: \"\"; flex: 1; height: 1px; opacity: .45; } .io-faq__subtitle::before { background: linear-gradient(to right, transparent, var(--faq-accent)); } .io-faq__subtitle::after { background: linear-gradient(to left, transparent, var(--faq-accent)); } .io-faq__intro { text-align: left; color: var(--faq-text); line-height: 1.7; margin: 0 0 2em 0; } .io-faq__intro p { margin: 0 0 .9em 0; } .io-faq__intro p:last-child { margin-bottom: 0; } .io-faq__item { border-bottom: 1px solid var(--faq-line); } .io-faq__item:first-of-type { border-top: 1px solid var(--faq-line); } .io-faq__q { display: block; padding: 18px 44px 18px 4px; margin: 0; cursor: pointer; position: relative; list-style: none; transition: background .15s ease; } .io-faq__q::-webkit-details-marker { display: none; } .io-faq__q::marker { content: \"\"; } .io-faq__q:hover { background: var(--faq-hover); } .io-faq__q h3 { margin: 0; padding: 0; font-size: 1.08em; font-weight: 700; line-height: 1.45; color: var(--faq-navy); font-family: inherit; border: 0; } .io-faq__q::after { content: \"\"; position: absolute; right: 14px; top: 50%; width: 9px; height: 9px; border-right: 2px solid var(--faq-navy); border-bottom: 2px solid var(--faq-navy); transform: translateY(-70%) rotate(45deg); transition: transform .25s ease; } .io-faq__item[open] .io-faq__q h3 { color: var(--faq-accent); } .io-faq__item[open] .io-faq__q::after { border-color: var(--faq-accent); transform: translateY(-25%) rotate(-135deg); } .io-faq__a { padding: 0 44px 20px 4px; color: var(--faq-text); line-height: 1.7; } .io-faq__a p { margin: 0 0 .8em 0; } .io-faq__a p:last-child { margin-bottom: 0; } .io-faq__disclaimer { margin: 2em 0 0 0; padding: 16px 18px; border-left: 3px solid var(--faq-accent); background: rgba(255, 255, 255, .55); border-radius: 6px; color: var(--faq-text); font-size: .85em; font-style: italic; line-height: 1.6; opacity: .9; } .io-faq__disclaimer strong { font-style: normal; color: var(--faq-navy); } @media (max-width: 600px) { .io-faq { padding: 1.5em 1.2em 1em 1.2em; } .io-faq__q { padding: 15px 38px 15px 2px; } .io-faq__q h3 { font-size: 1em; } .io-faq__a { padding: 0 10px 16px 2px; } .io-faq__disclaimer { padding: 14px; } } @media (max-width: 480px) { .io-faq__subtitle { gap: .6em; font-size: .85em; } } <\/style> <div class=\"io-faq\"> <h2 class=\"io-faq__title\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek az Anthropic r\u00e9szv\u00e9nyr\u0151l<\/h2> <p class=\"io-faq__subtitle\">V\u00e1laszok a leggyakoribb k\u00e9rd\u00e9sekre<\/p> <div class=\"io-faq__intro\"> <p>Anthropic r\u00e9szv\u00e9nyt venn\u00e9l, vagy csak tiszt\u00e1n akarsz l\u00e1tni a helyzetben? Itt t\u00f6m\u00f6r v\u00e1laszokat tal\u00e1lsz a legt\u00f6bbet k\u00e9rdezett t\u00e9m\u00e1kra: hogy lehet-e egy\u00e1ltal\u00e1n venni, t\u0151zsd\u00e9n van-e a c\u00e9g, hogyan juthatsz kitetts\u00e9ghez az IPO el\u0151tt, melyik a legjobb alternat\u00edva, \u00e9s mekkora az Amazon, illetve a Google r\u00e9szesed\u00e9se.<\/p> <p>Kattintsatok b\u00e1rmelyik k\u00e9rd\u00e9sre, \u00e9s kiny\u00edlik a v\u00e1lasz. Ezek sz\u00e1nd\u00e9kosan r\u00f6vid \u00f6sszefoglal\u00f3k: ha a r\u00e9szletek is \u00e9rdekelnek, azokat feljebb, a cikk megfelel\u0151 fejezeteiben bontom ki b\u0151vebben. Fontos: az Anthropic helyzete gyorsan v\u00e1ltozik, az adatok a cikk \u00edr\u00e1s\u00e1nak id\u0151pontj\u00e1t t\u00fckr\u00f6zik.<\/p> <\/div> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>Lehet most Anthropic r\u00e9szv\u00e9nyt venni?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>K\u00f6zvetlen\u00fcl nem. Az Anthropic mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy nyilv\u00e1nos piacon nem v\u00e1s\u00e1rolhat\u00f3. Kiz\u00e1r\u00f3lag k\u00f6zvetett kitetts\u00e9g (els\u0151sorban Amazon, Alphabet) \u00e9rhet\u0151 el, vagy akkredit\u00e1lt befektet\u0151knek a korl\u00e1tozott pre-IPO m\u00e1sodpiac.<\/p> <\/div> <\/details> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>T\u0151zsd\u00e9n van m\u00e1r az Anthropic?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>Nem, 2026 k\u00f6zep\u00e9n az Anthropic m\u00e9g mag\u00e1nc\u00e9g. Bizalmas S-1-et ny\u00fajtott be a SEC-hez 2026. j\u00fanius 1-j\u00e9n (megel\u0151zve az OpenAI-t), a tervezett t\u0151zsdei bevezet\u00e9s pedig 2026 okt\u00f3bere lehet a Nasdaqon \u2013 a piaci k\u00f6r\u00fclm\u00e9nyekt\u0151l f\u00fcgg\u0151en.<\/p> <\/div> <\/details> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>Hogyan lehet Anthropic-ba fektetni az IPO el\u0151tt?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>Lakoss\u00e1gi befektet\u0151k\u00e9nt gyakorlatilag csak k\u00f6zvetetten: amerikai r\u00e9szv\u00e9nyt k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl Amazon- vagy Alphabet-r\u00e9szv\u00e9nyt v\u00e1s\u00e1rolhatsz, ak\u00e1r TBSZ-en is. A k\u00f6zvetlen, IPO el\u0151tti Anthropic-r\u00e9szv\u00e9ny csak akkredit\u00e1lt befektet\u0151knek el\u00e9rhet\u0151 a m\u00e1sodpiacon \u2013 r\u00e1ad\u00e1sul az Anthropic korl\u00e1tozza a r\u00e9szv\u00e9nyei \u00e1truh\u00e1z\u00e1s\u00e1t, a tokeniz\u00e1lt v\u00e1ltozatokat pedig \u00e9rv\u00e9nytelennek tekinti.<\/p> <\/div> <\/details> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>Melyik a legjobb Anthropic r\u00e9szv\u00e9ny alternat\u00edva?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>A legk\u00e9zenfekv\u0151bb az Amazon, amely az Anthropic legnagyobb k\u00fcls\u0151 befektet\u0151je \u00e9s f\u0151 felh\u0151partnere, becs\u00fclt ~15\u201321%-os r\u00e9szesed\u00e9ssel \u2013 ez az Amazon \u00e9rt\u00e9k\u00e9nek nagyj\u00e1b\u00f3l 7\u20138%-\u00e1t teszi ki. Az Alphabet (Google) ~14\u201315%-ot birtokol, de ez a c\u00e9ge \u00e9rt\u00e9k\u00e9nek csak ~3\u20134%-a, teh\u00e1t laz\u00e1bb kitetts\u00e9g. Mindkett\u0151 h\u00edg\u00edtott: els\u0151sorban az adott tech\u00f3ri\u00e1sra, m\u00e1sodsorban az Anthropic-ra fogadsz.<\/p> <\/div> <\/details> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>Anthropic vagy OpenAI: melyik \u00e9rt\u00e9kesebb?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>2026 k\u00f6zep\u00e9n az Anthropic \u00e9rt\u00e9kesebb: a legut\u00f3bbi k\u00f6r ~965 milli\u00e1rd USD-re \u00e9rt\u00e9kelte, szemben az OpenAI ~852 milli\u00e1rd USD-j\u00e9vel \u2013 vagyis az Anthropic el\u0151sz\u00f6r el\u0151zte meg a riv\u00e1lis\u00e1t. Az Anthropic hamarabb is ny\u00fajtotta be az IPO-beadv\u00e1ny\u00e1t, \u00e9s a v\u00e1llalati, illetve k\u00f3dol\u00e1si piacon er\u0151sebb; az OpenAI viszont a fogyaszt\u00f3i oldalon (ChatGPT) ismertebb.<\/p> <\/div> <\/details> <details class=\"io-faq__item\"> <summary class=\"io-faq__q\"><h3>Mekkora az Amazon \u00e9s a Google r\u00e9szesed\u00e9se az Anthropicban?<\/h3><\/summary> <div class=\"io-faq__a\"> <p>Az Amazon a legnagyobb k\u00fcls\u0151 befektet\u0151, ~13 milli\u00e1rd USD befektet\u00e9ssel (\u00e9s ak\u00e1r 20\u201325 milli\u00e1rd USD-nyi tov\u00e1bbi \u00edg\u00e9rettel); a pontos r\u00e9szesed\u00e9st nem k\u00f6zli, a becsl\u00e9sek ~15\u201321% k\u00f6z\u00e9 teszik. A Google (Alphabet) r\u00e9szesed\u00e9se b\u00edr\u00f3s\u00e1gi iratokb\u00f3l igazoltan 14%, 15%-ra sapk\u00e1zva \u2013 de szavazati jog \u00e9s igazgat\u00f3s\u00e1gi hely n\u00e9lk\u00fcl, vagyis \u00e9rdemi befoly\u00e1s n\u00e9lk\u00fcl.<\/p> <\/div> <\/details> <p class=\"io-faq__disclaimer\"> <strong>Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer):<\/strong> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket. Az itt megjelen\u0151 cikkek semmilyen form\u00e1ban NEM mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni. Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s NEM \u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban NEM tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra. A meghozott d\u00f6nt\u00e9seitek\u00e9rt KIZ\u00c1R\u00d3LAG TI vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra. <\/p> <\/div> <script type=\"application\/ld+json\"> { \"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [ { \"@type\": \"Question\", \"name\": \"Lehet most Anthropic r\u00e9szv\u00e9nyt venni?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"K\u00f6zvetlen\u00fcl nem. Az Anthropic mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy nyilv\u00e1nos piacon nem v\u00e1s\u00e1rolhat\u00f3. 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A k\u00f6zvetlen, IPO el\u0151tti Anthropic-r\u00e9szv\u00e9ny csak akkredit\u00e1lt befektet\u0151knek el\u00e9rhet\u0151 a m\u00e1sodpiacon \u2013 r\u00e1ad\u00e1sul az Anthropic korl\u00e1tozza a r\u00e9szv\u00e9nyei \u00e1truh\u00e1z\u00e1s\u00e1t, a tokeniz\u00e1lt v\u00e1ltozatokat pedig \u00e9rv\u00e9nytelennek tekinti.\" } }, { \"@type\": \"Question\", \"name\": \"Melyik a legjobb Anthropic r\u00e9szv\u00e9ny alternat\u00edva?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"A legk\u00e9zenfekv\u0151bb az Amazon, amely az Anthropic legnagyobb k\u00fcls\u0151 befektet\u0151je \u00e9s f\u0151 felh\u0151partnere, becs\u00fclt ~15\u201321%-os r\u00e9szesed\u00e9ssel \u2013 ez az Amazon \u00e9rt\u00e9k\u00e9nek nagyj\u00e1b\u00f3l 7\u20138%-\u00e1t teszi ki. Az Alphabet (Google) ~14\u201315%-ot birtokol, de ez a c\u00e9ge \u00e9rt\u00e9k\u00e9nek csak ~3\u20134%-a, teh\u00e1t laz\u00e1bb kitetts\u00e9g. Mindkett\u0151 h\u00edg\u00edtott: els\u0151sorban az adott tech\u00f3ri\u00e1sra, m\u00e1sodsorban az Anthropic-ra fogadsz.\" } }, { \"@type\": \"Question\", \"name\": \"Anthropic vagy OpenAI: melyik \u00e9rt\u00e9kesebb?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"2026 k\u00f6zep\u00e9n az Anthropic \u00e9rt\u00e9kesebb: a legut\u00f3bbi k\u00f6r ~965 milli\u00e1rd USD-re \u00e9rt\u00e9kelte, szemben az OpenAI ~852 milli\u00e1rd USD-j\u00e9vel \u2013 vagyis az Anthropic el\u0151sz\u00f6r el\u0151zte meg a riv\u00e1lis\u00e1t. Az Anthropic hamarabb is ny\u00fajtotta be az IPO-beadv\u00e1ny\u00e1t, \u00e9s a v\u00e1llalati, illetve k\u00f3dol\u00e1si piacon er\u0151sebb; az OpenAI viszont a fogyaszt\u00f3i oldalon (ChatGPT) ismertebb.\" } }, { \"@type\": \"Question\", \"name\": \"Mekkora az Amazon \u00e9s a Google r\u00e9szesed\u00e9se az Anthropic-ban?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Az Amazon a legnagyobb k\u00fcls\u0151 befektet\u0151, ~13 milli\u00e1rd USD befektet\u00e9ssel (\u00e9s ak\u00e1r 20\u201325 milli\u00e1rd USD-nyi tov\u00e1bbi \u00edg\u00e9rettel); a pontos r\u00e9szesed\u00e9st nem k\u00f6zli, a becsl\u00e9sek ~15\u201321% k\u00f6z\u00e9 teszik. A Google (Alphabet) r\u00e9szesed\u00e9se b\u00edr\u00f3s\u00e1gi iratokb\u00f3l igazoltan 14%, 15%-ra sapk\u00e1zva \u2013 de szavazati jog \u00e9s igazgat\u00f3s\u00e1gi hely n\u00e9lk\u00fcl, vagyis \u00e9rdemi befoly\u00e1s n\u00e9lk\u00fcl.\" } } ] } <\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@graph\": [\n\n    {\n      \"@id\": \"https:\/\/iocharts.io\/blog\/lehet-anthropic-reszvenyt-venni\/#article\",\n      \"about\": {\n        \"@type\": \"Corporation\",\n        \"name\": \"Anthropic PBC\",\n        \"alternateName\": \"Anthropic\",\n        \"url\": \"https:\/\/www.anthropic.com\/\",\n        \"foundingDate\": \"2021\",\n        \"founder\": [\n          { \"@type\": \"Person\", \"name\": \"Dario Amodei\" },\n          { \"@type\": \"Person\", \"name\": \"Daniela Amodei\" }\n        ],\n        \"description\": \"Amerikai, k\u00f6zhaszn\u00fa r\u00e9szv\u00e9nyt\u00e1rsas\u00e1gi (PBC) form\u00e1ban m\u0171k\u00f6d\u0151 mesters\u00e9ges intelligencia kutat\u00f3v\u00e1llalat, a Claude modellcsal\u00e1d fejleszt\u0151je. 2026 k\u00f6zep\u00e9n mag\u00e1nc\u00e9g, t\u0151zsdei ticker n\u00e9lk\u00fcl; a legut\u00f3bbi z\u00e1rtk\u00f6r\u0171 befektet\u00e9si k\u00f6r ~965 milli\u00e1rd USD-re \u00e9rt\u00e9kelte. 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Az Anthropic mag\u00e1nc\u00e9g, nincs t\u0151zsdei tickere, \u00edgy nyilv\u00e1nos piacon nem v\u00e1s\u00e1rolhat\u00f3. Kiz\u00e1r\u00f3lag k\u00f6zvetett kitetts\u00e9g (els\u0151sorban Amazon, Alphabet) \u00e9rhet\u0151 el, vagy akkredit\u00e1lt befektet\u0151knek a korl\u00e1tozott pre-IPO m\u00e1sodpiac.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"T\u0151zsd\u00e9n van m\u00e1r az Anthropic?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Nem, 2026 k\u00f6zep\u00e9n az Anthropic m\u00e9g mag\u00e1nc\u00e9g. Bizalmas S-1-et ny\u00fajtott be a SEC-hez 2026. j\u00fanius 1-j\u00e9n (megel\u0151zve az OpenAI-t), a tervezett t\u0151zsdei bevezet\u00e9s pedig 2026 okt\u00f3bere lehet a Nasdaqon \u2013 a piaci k\u00f6r\u00fclm\u00e9nyekt\u0151l f\u00fcgg\u0151en.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Hogyan lehet Anthropic-ba fektetni az IPO el\u0151tt?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Lakoss\u00e1gi befektet\u0151k\u00e9nt gyakorlatilag csak k\u00f6zvetetten: amerikai r\u00e9szv\u00e9nyt k\u00edn\u00e1l\u00f3 br\u00f3keren kereszt\u00fcl Amazon- vagy Alphabet-r\u00e9szv\u00e9nyt v\u00e1s\u00e1rolhatsz, ak\u00e1r TBSZ-en is. A k\u00f6zvetlen, IPO el\u0151tti Anthropic-r\u00e9szv\u00e9ny csak akkredit\u00e1lt befektet\u0151knek el\u00e9rhet\u0151 a m\u00e1sodpiacon \u2013 r\u00e1ad\u00e1sul az Anthropic korl\u00e1tozza a r\u00e9szv\u00e9nyei \u00e1truh\u00e1z\u00e1s\u00e1t, a tokeniz\u00e1lt v\u00e1ltozatokat pedig \u00e9rv\u00e9nytelennek tekinti.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Melyik a legjobb Anthropic r\u00e9szv\u00e9ny alternat\u00edva?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"A legk\u00e9zenfekv\u0151bb az Amazon, amely az Anthropic legnagyobb k\u00fcls\u0151 befektet\u0151je \u00e9s f\u0151 felh\u0151partnere, becs\u00fclt ~15\u201321%-os r\u00e9szesed\u00e9ssel \u2013 ez az Amazon \u00e9rt\u00e9k\u00e9nek nagyj\u00e1b\u00f3l 7\u20138%-\u00e1t teszi ki. Az Alphabet (Google) ~14\u201315%-ot birtokol, de ez a c\u00e9ge \u00e9rt\u00e9k\u00e9nek csak ~3\u20134%-a, teh\u00e1t laz\u00e1bb kitetts\u00e9g. Mindkett\u0151 h\u00edg\u00edtott: els\u0151sorban az adott tech\u00f3ri\u00e1sra, m\u00e1sodsorban az Anthropic-ra fogadsz.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Anthropic vagy OpenAI: melyik \u00e9rt\u00e9kesebb?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"2026 k\u00f6zep\u00e9n az Anthropic \u00e9rt\u00e9kesebb: a legut\u00f3bbi k\u00f6r ~965 milli\u00e1rd USD-re \u00e9rt\u00e9kelte, szemben az OpenAI ~852 milli\u00e1rd USD-j\u00e9vel \u2013 vagyis az Anthropic el\u0151sz\u00f6r el\u0151zte meg a riv\u00e1lis\u00e1t. Az Anthropic hamarabb is ny\u00fajtotta be az IPO-beadv\u00e1ny\u00e1t, \u00e9s a v\u00e1llalati, illetve k\u00f3dol\u00e1si piacon er\u0151sebb; az OpenAI viszont a fogyaszt\u00f3i oldalon (ChatGPT) ismertebb.\"\n          }\n        },\n        {\n          \"@type\": \"Question\",\n          \"name\": \"Mekkora az Amazon \u00e9s a Google r\u00e9szesed\u00e9se az Anthropicban?\",\n          \"acceptedAnswer\": {\n            \"@type\": \"Answer\",\n            \"text\": \"Az Amazon a legnagyobb k\u00fcls\u0151 befektet\u0151, ~13 milli\u00e1rd USD befektet\u00e9ssel (\u00e9s ak\u00e1r 20\u201325 milli\u00e1rd USD-nyi tov\u00e1bbi \u00edg\u00e9rettel); a pontos r\u00e9szesed\u00e9st nem k\u00f6zli, a becsl\u00e9sek ~15\u201321% k\u00f6z\u00e9 teszik. A Google (Alphabet) r\u00e9szesed\u00e9se b\u00edr\u00f3s\u00e1gi iratokb\u00f3l igazoltan 14%, 15%-ra sapk\u00e1zva \u2013 de szavazati jog \u00e9s igazgat\u00f3s\u00e1gi hely n\u00e9lk\u00fcl, vagyis \u00e9rdemi befoly\u00e1s n\u00e9lk\u00fcl.\"\n          }\n        }\n      ]\n    }\n\n  ]\n}\n<\/script>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Mir\u0151l sz\u00f3l a Partvonalr\u00f3l rovat? A kor\u00e1bbi Partvonalr\u00f3l r\u00e9sz ut\u00e1n, amiben az OpenAI-t t\u00e1rgyaltuk ki, most az Anthropic t\u0151zsd\u00e9re l\u00e9p\u00e9s\u00e9vel foglalkozom. Van n\u00e9h\u00e1ny c\u00e9g, amelyr\u0151l mindenki hallott, sokan haszn\u00e1lj\u00e1tok is a term\u00e9k\u00e9t, m\u00e9gsem lehet csak \u00fagy megvenni a r\u00e9szv\u00e9ny\u00e9t. Ezek mag\u00e1nv\u00e1llalatok: m\u00e9g nincsenek t\u0151zsd\u00e9n, \u00edgy egy h\u00e9tk\u00f6znapi befektet\u0151 nem tud benn\u00fck \u00fagy tulajdont szerezni, ahogyan [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/lehet-anthropic-reszvenyt-venni\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":12058,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[272,426,31],"tags":[411,283,429,423,430,26,425,424,74],"class_list":["post-11929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-impulse","category-on-the-sidelines","category-reszvenyelemzes","tag-ai","tag-amazon","tag-anthropic","tag-chatgpt","tag-google","tag-ipo","tag-mesterseges-intelligencia","tag-openai","tag-portfolioblogger"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Anthropic r\u00e9szv\u00e9ny: IPO, kock\u00e1zatok, alternat\u00edv\u00e1k<\/title>\n<meta name=\"description\" content=\"Vehetnek-e kisbefektet\u0151k Anthropic r\u00e9szv\u00e9nyt 2026-ban? 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