Anthropic Weighs Morgan Stanley And Goldman Sachs For Key Roles In $2 Trillion IPO, Says Report

• Morgan Stanley could get the lead role, while Goldman Sachs may handle IPO stabilization, reported the Financial Times.
• Anthropic could file its IPO paperwork as soon as next week.
• The company could start trading in New York by late September or early October.

Anthropic is moving closer to its planned Wall Street debut, with Morgan Stanley and Goldman Sachs expected to secure key roles in a potential $2 trillion IPO. The Claude maker could file its prospectus as soon as next week and is preparing for a roadshow near the end of September, the Financial Times reported.

Morgan Stanley, Goldman In Line

Morgan Stanley is the frontrunner for Anthropic’s “lead left” mandate, stated the FT report, citing four people familiar with the matter. Goldman Sachs, meanwhile, is expected to take the stabilization-agent role, which involves overseeing the early trading sessions after the listing.

Morgan Stanley has already been speaking with potential Anthropic investors about the price at which the company could sell its shares. Its lead-left appointment, however, has not been finalized and could still change.

JPMorgan, Citigroup and Barclays are also expected to receive leading positions on the offering after providing debt financing to Anthropic.

$2T Valuation Could Set Record

The IPO could become the largest ever if Anthropic reaches the valuation investors expect. Around half a dozen shareholders have previously said they expect the company to go public at $2 trillion or more, according to the FT report.

Anthropic was valued at $965 billion, as of May-end. 

The timing remains subject to change, but a prospectus filing as soon as next week would mark a major step towards the listing. The offering is also expected to test investor demand for high-growth AI companies following SpaceX’s record $86 billion listing at a $1.78 trillion valuation.

Banks Battle For AI IPOs

Morgan Stanley and Goldman Sachs are also expected to pursue roles on OpenAI’s planned IPO, which could come early next year.

The lead-left position is particularly valuable because it gives the bank influence over valuation discussions and decisions on stock allocations to hedge funds, institutional investors and sovereign wealth funds. It is also considered a major source of prestige on Wall Street.

September Roadshow Planned

Anthropic is preparing to meet large investors toward the end of September through a multi-city roadshow. If that schedule holds, the company could start trading in New York in late September or early October. Its debut will come against a backdrop of high volatility in AI stocks, making the listing's performance a closely watched test for the sector.

Anthropic Retail View

Retail sentiment on Stocktwits for ANTHZZX was ‘bullish,’ at the time of writing on Friday.

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