SAN FRANCISCO: Anthropic’s proposed IPO could value the Claude developer at about $1.5 trillion, but restricted allocations are prompting Asian investors to examine indirect exposure through listed companies.
Japan and Australia are among the markets included in the international offering. However, demand and eligibility rules could limit participation.
South Korea’s offer will operate through private placements rather than public subscriptions, according to Anthropic’s regulatory filing.
Anthropic submitted its preliminary prospectus to the United States Securities and Exchange Commission on Monday. The company plans to list its Class A shares on Nasdaq under the ticker symbol ANT.
It has not announced the final offer price or the number of shares available. Investors seeking indirect exposure are examining companies that already hold stakes in Anthropic.
These include South Korea’s SK Telecom and Australia’s Commonwealth Bank. Other potential beneficiaries include Taiwan Semiconductor Manufacturing Company, SK Hynix and Samsung Electronics, which supply hardware for artificial intelligence computing.
However, their shares do not provide direct ownership in Anthropic. Australian retail participation will require a separate prospectus lodged with the Australian Securities and Investments Commission.
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Macquarie Capital is among the banks underwriting the offering. Some Australian investment chiefs have questioned whether valuations approaching $2 trillion are justified.
UniSuper Chief Investment Officer John Pearce has previously expressed concern about the valuations of unlisted artificial intelligence developers, including Anthropic.
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Anthropic reported an $80.7 billion net loss for the first half of 2026. The company recorded a $13.0 billion loss in the comparable period last year.
A substantial portion of the latest loss reflected a one-off financing-related accounting adjustment. The company could begin trading in November, although it has not confirmed a listing date.
