Anthropic IPO Plans Advance as Morgan Stanley and Goldman Sachs Lead Offering

TLDR

• Anthropic selected Morgan Stanley and Goldman Sachs as lead underwriters for its planned initial public offering.
• JPMorgan Chase is also expected to work on the Anthropic IPO, while more banks may join the underwriting group.
• Anthropic was valued at $965 billion in its latest funding round, placing it above OpenAI for the first time.
• The Claude maker has filed confidentially and is considering going public as soon as October, subject to market conditions.
• SpaceX’s IPO filing disclosed a deal to provide Anthropic with 325,000 Nvidia chips at $1.25 billion per month.

Anthropic has selected Morgan Stanley and Goldman Sachs as lead underwriters for its planned initial public offering, moving the artificial intelligence company closer to one of the most closely watched market debuts in the technology sector.

The company, known for its Claude chatbot, has also brought JPMorgan Chase into the transaction, while additional banks may still join the underwriting group as discussions continue. Anthropic has filed confidentially for a public listing and is considering going public as soon as October, though the final timing and offering terms remain subject to market conditions and regulatory review.

Anthropic was valued at $965 billion in its most recent funding round, placing it among the largest private companies in the world. The valuation also put the company above OpenAI for the first time, according to the figures cited in market discussions.

Morgan Stanley and Goldman Take Lead Roles

The selection of Morgan Stanley and Goldman Sachs gives Anthropic two of Wall Street’s largest IPO advisers for its public-market push. Both banks have handled large technology listings and are expected to guide the company through investor meetings, regulatory filings and pricing discussions.

JPMorgan is also working on the transaction. The bank’s role adds another large financial institution to the offering team as Anthropic prepares for a listing that could test investor demand for high-valuation artificial intelligence companies.

The choice of underwriters has been viewed as a step toward a large IPO rather than a smaller technology listing. With Anthropic’s last valuation at $965 billion, market participants are watching whether the company seeks a public valuation near that level or adjusts its target before pricing.

The company has already filed confidentially, a process that allows it to submit documents to the U.S. Securities and Exchange Commission before public disclosure. A public S-1 filing would give investors a clearer view of revenue, losses, customer concentration, cloud costs and long-term contract obligations.

Anthropic Valuation Tops OpenAI

Anthropic’s latest private valuation has placed it ahead of OpenAI, its closest competitor in the AI model market. The company’s Claude family of models competes with OpenAI’s ChatGPT products, Google’s Gemini and other enterprise AI systems.

The $965 billion valuation has raised market attention because it places Anthropic near the scale of the largest publicly traded technology companies before its IPO. Investors are expected to review how much of the valuation is supported by revenue growth, enterprise adoption and contracted computing capacity.

OpenAI has also held discussions with major banks, including Goldman Sachs, Morgan Stanley, Citigroup and JPMorgan, regarding a possible listing. OpenAI CEO Sam Altman has said the company will file for an IPO when the timing is appropriate for the business.

The potential Anthropic IPO arrives as artificial intelligence companies absorb large amounts of capital to fund model training, inference, data center access and chip supply. Those costs remain central to investor evaluation because AI revenue growth is often tied to heavy infrastructure spending.

SpaceX Computing Deal Adds IPO Context

Anthropic’s public-market plans are developing alongside other large private-company IPOs. SpaceX is preparing for a Nasdaq listing as soon as June 12 under the ticker SPCX, targeting a valuation of about $1.75 trillion to $1.8 trillion.

SpaceX also has a direct business link to Anthropic through an AI computing agreement. SpaceX’s IPO filing disclosed a contract to provide Anthropic with computing capacity, including access to about 325,000 Nvidia chips, for $1.25 billion per month. The agreement runs through May 2029.

The scale of that computing contract shows the level of infrastructure required by large AI model companies. It also places Anthropic’s cost base and supplier relationships among the items investors are likely to examine closely once public filing details become available.

Anthropic’s IPO terms may still change before launch. The next steps include a public prospectus, possible roadshow dates, a proposed share range, and final pricing. Investor demand will depend on AI market sentiment, revenue growth, infrastructure costs, and the broader IPO environment.

If completed near its most recent valuation, Anthropic’s listing would rank among the largest AI-related public offerings and add another major test for investor appetite in the artificial intelligence sector.

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