Institutional investors in mainland China and Hong Kong face restrictions on taking part in Anthropic’s initial public offering, according to people familiar with the matter. Some banks cited US defense trade rules.

The San Francisco-based AI company is set to price the offering on November 18 and start trading on Nasdaq under the ticker ANT on November 19.

Goldman Sachs and Morgan Stanley are leading the deal, which is targeting a valuation of up to US$1.4 trillion.

Anthropic won a US$200 million agreement with the US Department of Defense to advance responsible AI in defense operations.

IPO due diligence often includes screening foreign investors for export-control and sanctions risks. The International Traffic in Arms Regulations, administered by the US State Department, govern defense-related trade.

Some investors are exploring offshore trusts and swap arrangements, but it is unclear whether they will receive Anthropic share allocations, the people said.

The restrictions echo reports that Chinese buyers have been shut out of some US AI and defense-tech IPOs.

🔗 Source: Bloomberg