For much of Asia, getting a piece of Anthropic’s blockbuster initial public offering may prove nearly impossible. That’s pushing investors toward a collection of proxies, from the Claude maker’s listed shareholders to crypto derivatives and semiconductor stocks.

The AI firm is set for an equity offering that may value the company at around $1.5 trillion. While Japan and Australia are included in the international portion of the IPO, access will likely be difficult given high demand and various restrictions.

The hunt for indirect exposure is taking investors in several directions. Some are looking to companies with stakes in Anthropic or futures products tied to its valuation, while others are betting on chipmakers and hardware suppliers that could benefit from the AI spending the IPO will help fund.

“It will spill over to chip names,” said Hui Ling Loh, managing director at ACG Management Pte. “Such proxies could be effective way to cover Anthropic as many regional and retail investors are inevitably sidelined in Asia.”The biggest Anthropic bet in Asia runs through the region’s chip industry. Anthropic’s roughly $800 billion compute buildout points to benefits for leading foundry Taiwan Semiconductor Manufacturing Co. as well as memory makers like SK Hynix Inc. and Samsung Electronics Co.

The IPO filing highlights Anthropic’s dependence on advanced chips manufactured by TSMC, warning that supply constraints at the Taiwanese supplier are a key concern. SK Hynix and Samsung are also identified in the prospectus as major producers of high-bandwidth memory used in AI computing.

Less obvious trades include SK Telecom Co., whose early investment in Anthropic has grown into a multibillion-dollar holding. The Korean mobile firm also maintains a commercial partnership with the US AI developer.

Commonwealth Bank of Australia offers another route, having purchased a stake in Anthropic more than a year ago. Australia’s biggest lender put the value of its holding at more than $1 billion as of the end of June.

NEC Corp. provides a different kind of connection, having become Anthropic’s first Japan-based global partner in April. It has since joined the AI developer and eight Japanese financial institutions in initiatives to develop AI applications for the financial industry.

NEC shares are up 45% from their June low, while CBA’s stock has risen 8% so far this month. SK Telecom shares have climbed 9% over the past two session, though they’re still well off their June peak.

To be sure, it remains to be seen how the market will receive the giant Nasdaq listing, given the wave of recent concerns over funding for costly AI projects and whether they will ever pay off. Moreover, investing in tangential plays introduces risks from unrelated industries as well.

“People are probably better off sticking with Anthropic’s suppliers,” said Vey-Sern Ling, a managing director at Union Bancaire Privee. “It is a hyped-up IPO of a loss-making company with a very uncertain path to profitability, subject to immense competitive pressures and developmental bottlenecks at the same time.”Beyond direct equity ownership, cryptocurrency exchanges and online trading platforms are already trading bets on Anthropic. In May, OKX introduced Anthropic-linked perpetual futures that carry no expiry date, followed by similar products from Binance in June.

On Hyperliquid’s EntropyIO venue, Anthropic-linked perpetual futures implied a valuation of about $1.88 trillion. Platforms including PU Prime have introduced contracts-for-difference products that allow traders to speculate on price changes without holding the underlying asset.