Anthropic close to awarding Morgan Stanley and Goldman top roles in $2tn IPO

Anthropic is nearing a decision to give Morgan Stanley and Goldman Sachs prominent roles in its planned initial public offering, according to the Financial Times. The AI company could unveil the registration paperwork supporting the listing as soon as next week. The proposed valuation is $2tn, though the final offering size, timing and fee arrangements have not been disclosed.

The potential mandate comes as Anthropic prepares what would be a landmark Wall Street debut. The company’s filing would provide the first formal public detail on its financial position, growth profile, governance and use of proceeds. Until that document appears, the IPO remains a reported transaction rather than a completed capital-markets assignment.

For Morgan Stanley, the direct link is its investment-banking franchise: a lead role could generate underwriting fees and strengthen its position in large technology offerings. Goldman Sachs would have the same revenue connection through advisory, underwriting and distribution work. Morgan Stanley reported $70.6B in revenue for fiscal 2025, up 14.4% year over year, while Goldman reported $58.3B, up 8.9%.

The reporting does not establish that either bank has formally received the mandate, nor does it specify which other banks may participate. It also does not say how much revenue the assignment could produce or when any fees would be recognized. A $2tn reference valuation is not the same as a completed transaction value, and the timetable could still change.

The next concrete milestone is the possible filing as soon as next week. That document should clarify the proposed structure, share sale, financial disclosures and banking syndicate. Subsequent milestones would include regulatory review, investor marketing and the final pricing decision, none of which is yet dated in the report.

The open questions are whether Morgan Stanley and Goldman receive the top roles, whether the IPO proceeds on the reported timetable and how much of the headline valuation translates into an executable offering. Until those details are public, the immediate evidence supports a franchise and pipeline read more clearly than a quantified earnings estimate.