To paste raw HTML into Excel without Excel processing the HTML code, you can follow these steps:

1. Open a new Excel workbook and select the cell where you want to paste the HTML code.
2. In your web browser, open the webpage that contains the HTML code you want to copy.
3. Right-click on the HTML code and select "View Page Source" or "Inspect Element" (depending on your browser).
4. Select all of the HTML code and copy it to your clipboard.
5. In Excel, right-click on the cell where you want to paste the HTML code and select "Paste Special".
6. In the "Paste Special" dialog box, select "Text" and click "OK".

The HTML code will now be pasted into the cell as plain text, without any processing by Excel.

Note that any formatting or images in the HTML code will not be preserved when pasting as plain text.