Anthropic (ANT.US) IPO Is Hard to Get Into; Asian Investors Turn to Chip Stocks and Crypto Derivatives

AI leader Anthropic (ANT.US) is accelerating its push toward a U.S. stock market listing, but this highly anticipated IPO remains out of reach for most investors in Asia. With direct participation channels limited, capital is shifting toward a range of alternative playsfrom listed shareholders of the Claude developer to crypto derivatives and semiconductor stocks. Anthropic's valuation could reach about US$1.5 trillion. Although Japan and Australia are included in the IPO's international placement scope, actual participation is expected to be very difficult given strong demand and various restrictions. Investors seeking indirect exposure are turning to several directions. Some are looking at companies that hold Anthropic shares or futures products linked to its valuation, while others are betting on chipmakers and hardware supplierscompanies poised to benefit from the AI spending that the IPO will fund. "This will spill over into chip stocks," said Hui Ling Loh, managing director at ACG Management Pte. "Such alternative plays may be an effective way to get coverage of Anthropic, because many parts of Asia and retail investors will inevitably be left out." In Asia, the most direct way to bet on Anthropic is to invest in the region's chip industry. Anthropic's roughly US$800 billion compute buildout plan will benefit Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR as well as memory chipmakers such as SK Hynix and Samsung Electronics. The IPO filing highlights Anthropic's reliance on advanced chips made by Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US) and warns that Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR supply constraints are a major issue it faces. 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 less conspicuous trading targets include SK Telecom. The company's early investment in Anthropic has grown into a multibillion-dollar stake, and the South Korean mobile carrier also maintains a commercial partnership with Anthropic. Commonwealth Bank of Australia offers another investment path, having bought Anthropic shares more than a year ago. As of the end of June, Australia's largest bank valued that stake at more than US$1 billion. NEC provides yet another way to benefit: the company became Anthropic's first global partner headquartered in Japan in April, and has since joined the AI developer and eight Japanese Financial Institutions, Inc. in a program to develop AI applications for the financial industry. NEC shares are up 45% from their June low, while Commonwealth Bank shares have risen 8% month-to-date. SK Telecom shares gained 9% over the past two trading days but remain well below their June high. Still, given recent rising concerns about financing expensive AI projects and whether they will deliver returns, how this heavyweight Nasdaq IPO will be received by the market remains to be seen. Investing in peripheral plays also introduces risks from other industries. "People might be better off continuing to invest in Anthropic's suppliers," said Vey-Sern Ling, managing director at Union Bancaire Privee. "This is a loss-making company whose IPO is overhyped, with very unclear profit prospects, and it also faces enormous competitive pressure and development bottlenecks." Beyond direct shareholdings, crypto exchanges and online trading platforms have also begun to offer bets on Anthropic. In May, OKX launched perpetual futures linked to Anthropic with no expiry date; in June, Binance launched a similar product. On Hyperliquid's EntropyIO platform, perpetual futures linked to Anthropic imply a valuation of about US$1.88 trillion. Platforms including PU Prime have launched contracts-for-difference products that allow traders to bet on price changes without holding the underlying asset.