No Korean brokerage among 22 institutions named in Anthropic IPO filing

No Korean brokerage in the syndicate

None of the 22 financial institutions named in Anthropic's filing is a Korean brokerage, and no domestic firm has publicly disclosed a role, The Korea Herald reported. The Financial Supervisory Service has received no related underwriting filings. The absence could leave Korean retail investors without direct access to IPO shares, because allocations are typically distributed through members of the US underwriting syndicate.

Korean brokerages have long struggled to secure roles in major US listings because of limited international underwriting networks. Their reluctance this time also reflects the fallout from Mirae Asset Securities' participation in SpaceX's IPO: the firm joined the syndicate but received no share allocation for its clients, prompting an on-site inspection by the financial regulator.

Pricing terms still blank

Anthropic filed its S-1 with the SEC on 26 October for a Class A listing on Nasdaq under the ticker ANT. The document leaves the price range and the number of shares blank. Goldman Sachs and Morgan Stanley are leading the offering.

Anthropic has not disclosed a target valuation or offering size. Media reports have put the possible valuation between $1.5 trillion and $2 trillion, a level that would rank it among the most valuable companies in the world on its first day of trading.

Revenue grows, losses widen

The original S-1 showed $16.3 billion in first-half revenue, up from about $1.2 billion a year earlier, and an $80.7 billion net loss, largely from accounting adjustments on convertible notes. A later amended filing added third-quarter results: revenue of $17 billion, up from $11.5 billion in the previous quarter and $1.4 billion a year earlier. The net loss was $23.3 billion, stemming mostly from non-cash accounting charges tied to the rising valuation, and the operating loss was $567 million, AFP reported.

By September, more than 11,900 customers spent at least $100,000 a year, and more than 1,900 spent at least $1 million.

Japan takes a different route

Japanese financial institutions are seeking to raise a record $3.5 billion from domestic investors through Anthropic's IPO, The Korea Herald reported. Mizuho Securities, one of the 22 institutions named in the US underwriting syndicate, is leading the Japanese offering. The target is about 60 percent larger than the $2.18 billion raised from Japanese investors during SpaceX's IPO.

Without access to the IPO, Korean investors may have to wait until the stock begins trading on Nasdaq. Korean asset managers are already preparing ETFs designed to add Anthropic shares after listing, though delays in portfolio adjustments could limit exposure to any immediate post-IPO rally.

What happens next

The timetable is not final. Bloomberg reported that marketing could begin as soon as the week of 9 November, with trading possibly before Thanksgiving on 26 November. The SEC must declare the registration effective before any shares are sold, and the final price is set the evening before trading starts.