Anthropic (ANT.US) IPO Difficult for Asian Investors to Switch to Chip Stocks and Crypto Derivatives

The Zhitong Finance App learned that AI leader Anthropic (ANT.US) is speeding up the US stock listing, but this high-profile IPO is still out of reach for most investors in Asia. Direct participation channels are limited, and funding is being diverted to a range of alternative targets — from the Claude developer's listed shareholders to cryptocurrency derivatives and semiconductor stocks.

Anthropic's valuation could reach around $1.5 trillion. Although Japan and Australia are included in the scope of this IPO's international placement, actual participation is expected to be very difficult due to strong demand and various restrictions.

Investors seeking indirect investment opportunities are turning in multiple directions. Some are eyeing companies holding Anthropic shares or futures products linked to their valuations, while others are betting on chip makers and hardware vendors — companies that are expected to benefit from AI spending funded by this IPO.

“This will spill over to chip stocks,” said Hui Ling Loh, managing director of ACG Management Pte. “Such alternative targets may be an effective way to cover Anthropic, as many regional and retail investors in Asia will inevitably be excluded.”

In Asia, the most direct route to bet on Anthropic is to invest in the region's chip industry. Anthropic's $800 billion computing power construction plan will benefit TSMC, SK Hynix, Samsung Electronics and other memory chip manufacturers.

The IPO filing highlights Anthropic's reliance on advanced chips manufactured by TSM.US and warns that TSM.US supply restrictions are a major issue facing TSM.US. SK Hynix (SKHY.US) and Samsung Electronics are also listed in the prospectus as major producers of high-bandwidth memory used in AI computing.

Some of the less prominent targets of the deal include SK Telecom. The company's early investment in Anthropic has grown into multi-billion dollar holdings, and the South Korean mobile operator also maintains a commercial partnership with Anthropic.

Commonwealth Bank of Australia offered another investment path, buying Anthropic shares more than a year ago. By the end of June, Australia's largest bank valued its holdings at more than $1 billion.

NEC (NEC) offered another path of benefit: the company became Anthropic's first global partner headquartered in Japan in April, and has since participated with the AI developer and eight Japanese financial institutions in a plan to develop AI applications for the financial industry.

NEC shares are up 45% from their June low, and Commonwealth Bank of Australia shares have risen 8% so far this month. SK Telecom's stock price has risen 9% over the past two trading days, but it is still far below the June high.

However, it remains to be seen how this major Nasdaq IPO will be accepted by the market, given the recent rise in market concerns about the financing of expensive AI projects and whether it can bring returns. Furthermore, investing in marginal targets can also introduce risks to other industries.

“It's probably best for people to continue investing in Anthropic's suppliers,” said Vey—Sern Ling, managing director of Union Bancaire Privee. “This is a loss-making company. Its IPO is overhyped, profit prospects are very uncertain, and it is also facing huge competitive pressure and development bottlenecks.”

In addition to direct shareholding, cryptocurrency exchanges and online trading platforms have also begun betting on Anthropic. In May, OKX launched perpetual futures linked to Anthropic with no expiration date; in June, Binance also launched similar products.

On Hyperliquid's EntropyIO platform, the implied valuation of perpetual futures linked to Anthropic is around $1.88 trillion. Platforms, including PU Prime, have launched CFD products that allow traders to bet on price changes without holding the underlying asset.