Anthropic spent the better part of June watching its newest AI models sit idle for international users, blocked by a U.S. government export control order. On June 30, that block was lifted, and the company can now move forward with global deployment, just in time for what could be one of the most closely watched tech IPOs of the year.

The clearance covers Fable 5 and Mythos 5, two frontier models Anthropic launched as part of its Mythos class series in June 2026. The U.S. Commerce Department had issued an export control directive on June 12 that barred foreign nationals from accessing either model, citing national security concerns tied to a potential jailbreak vulnerability. Anthropic had to disable the models globally just days after launch. For a company that filed a confidential S-1 registration with the SEC on June 1, the timing was about as welcome as a fire alarm during a job interview.

What the clearance actually means

Fable 5 is scheduled for global redeployment on July 1. Mythos 5 takes a narrower path: it will be available exclusively to approved U.S. organizations, suggesting the government still has reservations about that particular variant’s international exposure.

The practical consequence of the original ban showed up almost immediately in pre-IPO trading. Perpetual contracts tied to Anthropic on the Hyperliquid exchange dropped roughly 3.7% following the export control order.

The IPO backdrop

Anthropic’s confidential S-1 filing came on June 1, about two weeks before the Commerce Department’s export control order landed. The sequence of events, filing first, export ban second, clearance third, compressed a remarkable amount of regulatory drama into a single month.

The jailbreak vulnerability that triggered the original ban has not been publicly detailed, and Anthropic has not confirmed whether a fix was a condition of the clearance or whether the government simply concluded the risk was manageable. The Commerce Department’s decision to lift controls in under three weeks suggests the concern was specific and addressable rather than structural.

What investors should watch

The Mythos 5 restriction deserves attention as the IPO process advances. A model that can only be sold to approved U.S. organizations is a model with a structurally limited addressable market. Prospective public investors will want to understand how much revenue exposure sits with Mythos 5 specifically, and whether the U.S.-only constraint has a defined review timeline or exists indefinitely at the government’s discretion.

The pre-IPO perpetual contract market on Hyperliquid will likely serve as a real-time sentiment gauge as the S-1 becomes public and roadshow details emerge. The 3.7% drop during the ban period was a signal worth noting. Watch whether that level recovers and holds as Fable 5 returns to global availability.