Anthropic Taps Morgan Stanley, Goldman for $2T IPO — SkimNews
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- Anthropic is nearing a decision to award Morgan Stanley the coveted "lead left" role and Goldman Sachs the stabilisation agent role in its blockbuster IPO, expected to publicly file its prospectus as soon as next week.
- Morgan Stanley led recent discussions with potential Anthropic investors about the share price, while JPMorgan, Citigroup and Barclays are also expected to secure leading roles after providing the group with debt financing.
- Anthropic is preparing a late-September roadshow and could begin trading in New York by late September or early October, with investors expecting a valuation of $2tn or more that would surpass SpaceX's recent $86bn listing at a $1.78tn valuation.
- Anthropic's July revenue hit a $65bn annualised pace, up from $47bn in May but below the most bullish investor projections of $80bn in annualised sales.
- Morgan Stanley and Goldman Sachs will also court rival OpenAI, which is expected to go public early next year — giving both banks a shot at running back-to-back marquee AI listings.
- Goldman Sachs led SpaceX's June offering with Morgan Stanley as stabilisation agent, and both banks took $100mn each from the half-billion-dollar fee pot shared among more than 20 lenders on that deal.
Why it matters: A $2tn Anthropic listing would become the largest IPO ever, unlocking tens of billions in gains for early investors currently sitting on a $900bn-plus valuation. But the $65bn July annualised revenue pace — well below the $80bn bullish bar — shows growth that hasn't yet matched the most optimistic projections, a gap that could pressure pricing. The same Morgan Stanley and Goldman teams will also chase OpenAI's expected 2027 listing, turning this into a two-horse race for AI's biggest Wall Street mandates.
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