Anthropic’s upcoming initial public offering (IPO) is facing restrictions on participation from institutional investors based in mainland China and Hong Kong. Several banks involved in the offering have reportedly refused to accept orders from investors in these regions or indicated that securing share allocations would be unlikely.
The restrictions highlight growing tensions between the United States and China over artificial intelligence technology, national security and access to advanced computing capabilities.
According to a Bloomberg report published by Moneycontrol, the restrictions are partly linked to the US International Traffic in Arms Regulations (ITAR), which govern the trade and transfer of defence-related products and technologies.
Why Are Chinese Investors Being Excluded?
Anthropic, the company behind the Claude AI chatbot, operates in a strategically sensitive technology sector. Washington has increasingly scrutinised the potential exposure of American AI companies to Chinese state actors and the possibility of advanced technologies reaching restricted destinations.
People familiar with the IPO arrangements told Bloomberg that several banks have either declined orders from mainland Chinese and Hong Kong investors or consider their chances of receiving allocations very low.
Anthropic’s representative declined to comment on the reported restrictions.
Interestingly, the company’s listing document did not specifically outline selling restrictions for investors in mainland China and Hong Kong. However, China appears alongside countries such as Iran and North Korea on US defence-trade control lists.
Investors Explore Offshore Structures to Participate
Despite the restrictions, some Chinese investors are reportedly exploring alternative ways to participate in the IPO.
A family office associated with a Chinese technology founder is attempting to place orders through a trust registered in the British Virgin Islands. However, it remains unclear whether the investor will receive an allocation.
Other investors are considering special purpose vehicles (SPVs) and swap arrangements to gain exposure to the offering.
Hong Kong-based investors may also explore submitting bids through offshore holding structures. However, the final decision on share allocation rests with Anthropic and the offering’s organisers.
Anthropic Targets $1.4 Trillion Valuation
Anthropic and its co-founders are seeking to raise as much as $90.4 billion through the IPO and a concurrent private placement. The company is targeting a valuation of approximately $1.4 trillion.
The offering is expected to be priced on November 18, with trading scheduled to begin on November 19 on the Nasdaq Global Select Market. The shares are expected to trade under the ticker symbol ANT.
Goldman Sachs and Morgan Stanley are leading the offering, with 20 additional banks participating in the transaction.
Investor interest has reportedly been strong, with prospective buyers expressing demand for approximately six times the number of shares available.
SpaceX IPO Faced Similar Restrictions
Anthropic’s situation resembles the restrictions imposed during SpaceX’s $86.2 billion IPO earlier in 2026.
At that time, underwriters were reportedly instructed not to accept orders from buyers in mainland China and Hong Kong because of ITAR-related restrictions. However, investors from these regions were able to purchase shares after SpaceX began trading publicly.
The similarity suggests that US national security considerations are increasingly influencing how major technology companies approach international IPO participation.
US-China AI Rivalry Adds to Market Sensitivity
Anthropic is preparing to enter public markets amid intensifying competition between the United States and China in artificial intelligence.
The company is also involved in a legal dispute concerning the Pentagon’s designation of Anthropic as a supply-chain risk to US national security. The Trump administration has challenged a court order that lifted the government’s restrictions on using Anthropic’s AI technology across federal agencies.
These developments add another layer of complexity to the company’s public offering, as investors assess both its commercial potential and geopolitical risks.
Summary
Anthropic’s upcoming IPO is reportedly restricting institutional investors from mainland China and Hong Kong from placing share orders, partly because of US defence-trade regulations. Some investors are exploring offshore trusts and financial structures to participate. The company is targeting a $1.4 trillion valuation and plans to list on Nasdaq under the ticker ANT on November 19, 2026.
