Anthropic close to awarding Morgan Stanley and Goldman top roles in $2tn IPO
Anthropic is close to awarding Morgan Stanley and Goldman Sachs leading roles on a potential $2tn IPO, with filing paperwork possibly coming as soon as next week. The mandate would put both banks at the center of one of the largest technology listings on record, but the fee and earnings impact remain undisclosed.
Anthropic is nearing a decision to give Morgan Stanley and Goldman Sachs prominent roles in its planned initial public offering. 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.
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%.
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.
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.
Morgan Stanley (MS) and Goldman Sachs (GS) are close to leading roles on Anthropic’s potential $2tn IPO.
The immediate read is incremental franchise validation rather than a measurable earnings catalyst: both banks could gain underwriting and distribution revenue. The possible filing as soon as next week is the event that can turn the reported role into a quantified capital-markets contribution.
The IPO filing or mandate announcement could be delayed, omit one of the banks, or reveal economics too small to matter against either bank's existing revenue base.
CoverageSource: Financial Times · Published here FRI, SEP 4 · 3:46 PM ET · the only report in this recordHow this is decided →
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A lead role on a potential $2tn Anthropic IPO would add a high-profile technology mandate to MS and GS, whose fiscal 2025 revenue was $70.6B and $58.3B respectively.
The bear case is stronger on near-term measurability.
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