Anthropic IPO Underwriters Confirmed: Morgan Stanley to Lead Listing at $2 Trillion Valuation
nashnova research
Anthropic is set to file its IPO prospectus as early as next week, with Morgan Stanley in line for the lead-left role and a target valuation of $2 trillion — a deal that would surpass SpaceX as the largest IPO in history and serve as the first real test of whether sky-high AI valuations can hold in public markets.
What does the "lead left" role actually control?
Morgan Stanley is expected to win the "lead left" seat — the most powerful position in an IPO, controlling pricing and deciding which hedge funds, sovereign wealth funds, and institutions get priority on share allocation.
This means → Morgan Stanley will set Anthropic's offering price and shape who gets stock and how much.
Goldman Sachs is slated as stabilization agent, managing the critical first days of trading. In plain terms = if the stock swings wildly after listing, Goldman steps in to smooth things out.
Sources caution that Morgan Stanley's appointment is not yet finalized and could still change.
Why are JPMorgan, Citi, and Barclays also in the mix?
All three banks are expected to land significant underwriting roles, for a straightforward reason: they already extended debt financing to Anthropic.
This reflects a Wall Street convention — lend early, earn a seat at the IPO table later.
For context, Goldman and Morgan Stanley each earned roughly $100 million in fees from SpaceX's June IPO, sharing a total fee pool above $500 million. Anthropic's deal is expected to generate commissions on a similar scale.
Where does the timeline stand?
Anthropic plans to publicly file its IPO prospectus as early as next week, formally kicking off the listing process.
The roadshow — management meeting major investors across multiple cities — is expected in late September. If the schedule holds, trading could begin in New York by late September to early October.
Sources caution that these dates are not locked in and could slip.
Where does a $2 trillion valuation come from?
Roughly half a dozen Anthropic investors expect the company to list at $2 trillion or above, more than double its current private valuation of over $900 billion.
This means → if it happens, Anthropic would surpass SpaceX (which listed at $1.78 trillion) as the largest IPO ever.
In plain terms = the market is betting that AI growth is worth a higher price tag than a rocket company.
Is revenue growth strong enough to support that price?
July annualized revenue reached $65 billion, up from $47 billion in May — but below some investors' prior expectation of $80 billion.
This means → growth is accelerating, but not fast enough to satisfy everyone — that gap is likely to be a key question during the roadshow.
Adding pressure: rival OpenAI just released a new model it calls "the world's smartest," and some market participants warn this could weigh on Anthropic's valuation.
What does this IPO mean for the broader AI sector?
Morgan Stanley and Goldman Sachs are also competing for underwriting roles on OpenAI's IPO, expected early next year.
This reflects the fact that Anthropic's listing is not just one company's story: its pricing and market reception will be the critical proof point for whether sky-high AI private-market valuations can survive in public markets.
In plain terms = if Anthropic's stock holds after listing, OpenAI's valuation logic gets a reference point; if it breaks issue price, the entire AI sector's valuation math faces a reset.
市场有风险，内容仅供研究参考，不构成投资建议。