JPMorgan Chase is adjusting its approach to loans secured against shares in newly public companies as it looks to expand its business with wealthy individuals connected to the technology sector, according to a Financial Times report published Tuesday.
The bank normally requires a company to have been publicly traded for at least 135 days before accepting its stock as collateral for a loan.
That restriction was reportedly relaxed in connection with SpaceX’s June initial public offering. Before the company went public, JPMorgan advised its bankers that lending against shares in Elon Musk’s rocket and AI business could begin sooner than would typically be permitted under the bank’s policy, the FT said.
Bank could extend flexibility to Anthropic
A similar approach could potentially be applied to Anthropic when the Claude developer reaches the public markets, according to JPMorgan bankers cited by the Financial Times.
Such a move would give the bank greater flexibility when serving technology founders, executives and shareholders whose wealth may be heavily concentrated in shares of companies that have only recently completed an IPO.
JPMorgan has not yet made a final decision regarding Anthropic, however, and its eventual lending policy for the company’s shares remains subject to change, according to the report.
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