Banks handling Anthropic’s planned Nasdaq IPO have refused some orders from mainland China and Hong Kong or warned that allocations are unlikely, according to reports citing Bloomberg. The accounts differ on whether investors can submit bids at all.

Uncertainty over bids and allocations

Times Now’s account of Bloomberg’s reporting said banks had not told clients they could not submit orders, and sales staff could still enter them. The main obstacle, it said, was getting shares allocated. By contrast, Brazilian outlet Brasil em Folhas described institutional investors as prevented from requesting shares. No formal ban has been announced, according to Times Now.

Sources cited in the reports identified US International Traffic in Arms Regulations, or ITAR, as part of the reason for the restrictions. The rules govern trade in defense-related technologies, and China appears on a US defense-trade control list alongside Iran and North Korea. Anthropic’s listing prospectus does not explicitly set out restrictions on investors from mainland China or Hong Kong.

The company’s prospectus does flag worsening US-China relations and increased government scrutiny of AI companies’ exposure to Chinese state actors as business risks. Reports have compared the situation with SpaceX’s $86.2 billion IPO earlier in 2026, when underwriters were instructed to bar orders from mainland China and Hong Kong under ITAR rules.

IPO timetable and reported workarounds

Anthropic and its co-founders aim to raise up to $90.4 billion through the IPO and a concurrent private placement, targeting a valuation of $1.4 trillion. Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating. Bloomberg reported that the IPO is expected to price on November 18, with trading due to begin the following day on the Nasdaq Global Select Market under the ticker ANT.

Some investors are reportedly looking for ways to seek exposure through offshore structures. Bloomberg reported that a family office linked to a Chinese technology founder submitted an order through a trust registered in the British Virgin Islands, but it remains unclear whether the bid will succeed. Other reported options include offshore holding companies, special-purpose vehicles and swap deals. Bloomberg’s sources said final allocation decisions rest with Anthropic.