AI bubble fears keep Korean brokerages out of Anthropic IPO

South Korea’s major securities firms are opting out of the underwriting syndicate for Anthropic PBC’s planned Nasdaq listing in November, making it difficult for local retail investors to participate in the initial public offering (IPO) of the Claude developer.

According to multiple sources from the financial investment industry on Thursday, Anthropic, which plans to list under the ticker symbol ANT, has named 22 financial institutions, including Goldman Sachs and Morgan Stanley, as underwriters in its registration statement filed with the U.S. Securities and Exchange Commission. No Korean securities firm is included.

Of 10 major Korean brokerages surveyed, eight said they would not participate in the IPO, the sources said. They are Korea Investment & Securities Co., Mirae Asset Securities Co., NH Investment & Securities Co., Samsung Securities Co., Hana Securities Co., Kiwoom Securities Co., Shinhan Securities Co. and Daishin Securities Co.

The decision reflects concerns over the difficulties of securing share allocations in major overseas IPOs, as well as debate over lofty valuations of AI companies. Mirae Asset Securities previously pursued subscriptions for Space Exploration Technologies Corp.’s IPO in May but ultimately failed to secure an allocation.

No domestic brokerage has filed a related notification or report with the Financial Supervisory Service so far, source said.

Korean retail investors generally need a local brokerage to secure IPO shares through a U.S. underwriting syndicate to participate in overseas offerings. Without a domestic firm involved, direct subscription to Anthropic’s IPO are expected to be difficult.

“Brokerages remain cautious following the failure to secure an allocation in the SpaceX IPO,” said an industry official. “With concerns over an AI bubble continuing, they have little choice but to be careful about participating in large overseas offerings.”

Investors seeking exposure to Anthropic may instead consider exchange-traded funds, indirect investment through listed companies holding private shares or existing stakes, or buying the stock directly on the market after its debut.

Anthropic’s projected market capitalization could reach as much as $2 trillion, potentially making it one of the largest global IPOs of the year.