Korean brokerages sit out Anthropic IPO after SpaceX setback

South Korean brokerages are sitting out Anthropic's blockbuster US initial public offering, potentially leaving Korean retail investors without access to shares before the AI company's Nasdaq debut.

Their reluctance comes after Mirae Asset Securities failed to secure any share allocations for its clients despite participating in SpaceX's IPO underwriting syndicate.

The US artificial intelligence company filed its Form S-1 registration statement with the Securities and Exchange Commission on Oct. 26, setting the stage for what could become one of the world's largest IPOs this year, with a potential valuation of $2 trillion.

But Korean brokerages appear to be missing from the action.

None of the 22 financial institutions named in Anthropic's filing is a Korean brokerage, and no domestic firm has publicly disclosed participating in the offering. The Financial Supervisory Service has also received no related underwriting filings from local brokerages.

The absence could leave Korean retail investors without direct access to IPO shares, as 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 their limited international underwriting networks. Their reluctance this time, however, also reflects the fallout from Mirae Asset Securities' unsuccessful participation in SpaceX's IPO.

Despite joining the underwriting syndicate, Mirae Asset ultimately received no share allocation for its clients. The failure triggered investor complaints and prompted an on-site inspection by the financial regulator into whether the subscription process involved any illegal activity.

The experience appears to have made other Korean brokerages wary of pursuing similarly high-profile offerings.

Without access to Anthropic's IPO, Korean investors may have to wait until the stock begins trading on Nasdaq, potentially missing gains between the offering price and its market debut.

Exchange-traded funds could provide an alternative route.

Korean asset managers are already preparing ETFs designed to add Anthropic shares after its listing. But delays in portfolio adjustments could limit investors' exposure to any immediate post-IPO rally.

US-listed ETFs holding private Anthropic shares could offer earlier exposure, although the company's relatively small weighting in such funds may limit the benefits. Investors could also buy shares in Anthropic's major publicly traded shareholders, but that would provide only indirect exposure.

Japan, meanwhile, is taking a markedly different approach.

Japanese financial institutions are seeking to raise a record $3.5 billion from domestic investors through Anthropic's IPO, potentially making it the country's largest domestic offering of shares in an overseas listing.

Mizuho Securities, one of the 22 institutions named in the US underwriting syndicate, is leading the Japanese offering. The targeted amount is about 60 percent larger than the $2.18 billion raised from Japanese investors during SpaceX's IPO.

The contrast highlights the widening gap between Korean and Japanese brokerages in their ability to secure access to major global listings.

"After Mirae Asset's unsuccessful attempt to secure shares in the SpaceX IPO, brokerages have become more reluctant to pursue similar deals," an official at a local brokerage said.

"It was unfortunate that Mirae Asset failed to get an allocation, but breaking into major IPOs takes persistence. Setbacks are part of the process. Unless brokerages are willing to take risks, Korea will remain on the sidelines of major global listings."