Anthropic is moving closer to one of the largest initial public offerings in history, with Morgan Stanley and Goldman Sachs positioned to secure two of the most coveted assignments in the AI company’s potentially $2 trillion Wall Street debut.
Morgan Stanley is in the strongest position to become the IPO’s lead-left underwriter, according to the Financial Times, putting the bank at the center of the offering and giving it a leading role in coordinating the transaction and investor discussions. Goldman Sachs, meanwhile, is expected to serve as the offering’s stabilization agent, overseeing trading support during the crucial first sessions after Anthropic goes public.
The appointments were not final when reported and could still change. Morgan Stanley has already been leading discussions with prospective Anthropic investors about the price at which the company could float its shares.
Anthropic IPO Timeline Shifts Toward Mid-October
The latest reports also provide a clearer picture of when the Claude developer could reach public markets.
Reuters reported that Anthropic is now expected to begin marketing the IPO in mid-October at the earliest, with the listing potentially completed only days before the U.S. midterm elections in November.
That represents a shift from an earlier timetable.
Anthropic had previously been expected to make its IPO prospectus public as early as the following week. The filing is now expected no earlier than late September, although the timing remains subject to change as the company works through regulatory reviews, market conditions and other preparations.
Once the prospectus becomes public, investors will receive their most detailed look yet at Anthropic’s finances, risk factors, ownership structure and the economics behind one of the fastest-growing companies in artificial intelligence.
$15 Billion Credit Facility Is Another Key Step
Before formally accelerating the IPO process, Anthropic is also working to finalize a $15 billion revolving credit facility.
Morgan Stanley, Goldman Sachs, JPMorgan and Citigroup are among the banks involved in the IPO and financing preparations. Analysts from participating banks are expected to meet with Anthropic after the credit facility is finalized.
The expanded financing represents another major step toward the public offering and gives Anthropic substantial additional liquidity as it continues spending heavily on computing infrastructure and AI development.
The company had previously targeted a smaller facility, making the eventual $15 billion package another indication of the extraordinary scale surrounding its preparations for public markets.
A Potential $2 Trillion Test for the AI Boom
Anthropic’s listing could become a defining test of Wall Street’s appetite for frontier AI companies.
Investors have discussed a valuation approaching $2 trillion, a level that would put Anthropic’s IPO among the largest ever attempted.
The company would enter the market only months after SpaceX completed its record-setting public offering. Anthropic could also face competition for investor attention from other major AI companies considering public listings.
For Morgan Stanley and Goldman Sachs, winning the most prominent positions in the transaction would bring both substantial fees and prestige. For Anthropic, the appointments would put two of Wall Street’s most experienced investment banks at the center of a listing whose scale could reshape the technology IPO market.
The revised timetable means investors may have to wait several more weeks before seeing Anthropic’s prospectus. But with its $15 billion credit facility nearing completion and Wall Street’s largest banks competing for leading roles, preparations for the company’s public debut are entering their final stages.
