People familiar with the matter told Tech in Asia that big investors in mainland China and Hong Kong are restricted from joining Anthropic's share sale. The Decoder, citing Bloomberg, said multiple banks turned down buy orders from those places or see an allocation as unlikely. Some people involved pointed to ITAR, US rules on defense-related trade.
Tech in Asia said pricing is set for November 18, with Nasdaq trading as ANT on November 19. Goldman Sachs and Morgan Stanley lead the deal, which targets a value of up to US$1.4 trillion. Before a share sale, banks often check foreign buyers for export-control and sanctions risk, Tech in Asia said. The State Department administers ITAR. Some investors are exploring offshore trusts and swaps, but it is unclear whether they would receive shares. The reports do not say how many orders were refused or whether ITAR legally applies to these buyers.
If the ITAR reading proves right, rules can reach a vendor through its owners and customers, not only its code. That is the author's reading; the reports do not state it. Buyers could ask vendors who owns them, which government contracts they hold, and which export rules they say apply.