Anthropic IPO Reportedly Will Not Be Open to Investors from Mainland China and Hong Kong

BlockBeats news, November 13 — According to Bloomberg, citing people familiar with the matter, institutional investors from mainland China and Hong Kong have been excluded from subscribing to Anthropic's initial public offering (IPO). Some banks have refused to accept orders from relevant investors, while others believe that even if orders are allowed to be submitted, the likelihood of ultimately receiving share allocations is low. The restrictions stem in part from the U.S. International Traffic in Arms Regulations (ITAR).

Anthropic's IPO is scheduled to be priced on November 18 and to begin trading the following day on the Nasdaq Global Select Market under the ticker symbol "ANT." Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating. Anthropic and its co-founders plan to raise up to $90.4 billion through the IPO and private placements, corresponding to a company valuation of approximately $1.4 trillion. Investor subscription interest currently stands at about 6 times the number of shares available for issuance.

Some Chinese investors are still exploring other channels for participation. A family office established by the founder of a Chinese technology company is attempting to subscribe to Anthropic shares through a trust registered in the British Virgin Islands; other investors are considering using special purpose vehicles (SPVs) or swap agreements to participate. Hong Kong investors may also submit orders through offshore holding structures, but whether they ultimately receive allocations remains at the issuer's discretion and is not expected to be explicitly stated through formal written documents.

This arrangement is similar to how the SpaceX IPO was handled. At that time, underwriters were likewise required not to accept subscription orders from investors in mainland China and Hong Kong, also citing ITAR restrictions, but investors in both places could still buy shares in the secondary market after listing. Anthropic's listing documents do not explicitly set out sales restrictions targeting investors in mainland China and Hong Kong, though the company has listed U.S.-China AI competition and other factors as business risks in its prospectus.