Why Anthropic's blockbuster IPO is getting a muted reception in Korea
Anthropic's logo is displayed at Moscone Center during the Dreamforce 2026 technology summit in San Francisco, Calif., Sept. 17. Reuters-Yonhap
SpaceX's ETF hangover dampens industry enthusiasm
Anthropic's planned initial public offering (IPO) is drawing a muted response in Korea despite expectations it could raise a record-high $90.4 billion, as local brokerages and asset managers shy away from the deal following fallout from SpaceX's IPO, industry officials said Sunday.
There were no Korean brokerages among the 22 underwriters named in Anthropic's S-1 registration statement filed with the U.S. Securities and Exchange Commission. Korean retail investors are therefore unlikely to gain access to shares through the IPO.
Those in Korea will still be able to invest through exchange-traded funds (ETFs). Major asset managers, including Mirae Asset, KB, NH-Amundi and Samsung Asset Management, have launched a range of related ETFs since news of Anthropic's IPO plan emerged.
The funds have provisions allowing index committees to consider adding AI companies such as Anthropic once they go public in the U.S.
Still, asset managers are taking a cautious approach to launching and promoting the products, emphasizing broader investment themes such as U.S. technology, large language models and agentic AI rather than Anthropic itself.
The caution stems from the fallout that followed Mirae Asset Securities' failure to secure shares in SpaceX's May IPO as underwriter.
The brokerage sought to give Korean investors access to the offering by joining the U.S. underwriting syndicate but ultimately received no allocation. The Financial Supervisory Service (FSS) later conducted an on-site inspection, prompting Mirae Asset Securities to pledge full compensation for affected clients.
Asset managers also came under scrutiny after aggressively marketing ETFs on the prospect of gaining direct exposure to SpaceX's IPO shares. Mirae Asset's failure to secure an allocation left those expectations unmet, drawing regulatory attention.
The regulatory scrutiny has since extended to preparations for Anthropic's IPO. On Oct. 30, the FSS met with asset managers and brokerages to review their investment plans and product preparations, urging restraint in marketing.
Concerns over stretched AI valuations are adding to the caution. Space-themed ETFs with exposure to SpaceX have suffered steep losses, with some funds that bought shares during the post-IPO frenzy down more than 50 percent.