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businesstimes.com.sgOCT 273 min read$GS

In Anthropic’s IPO, Goldman and Morgan Stanley slug it out for top bank

Anthropic named Goldman Sachs and Morgan Stanley as lead underwriters for its upcoming IPO, with Goldman as the 'lead left' bank and Morgan Stanley as the stabilization agent. Both banks previously held similar roles in SpaceX's IPO, earning around $100 million each. Anthropic's IPO is expected to be the largest ever. Goldman and Morgan Stanley have also been involved in other major tech financing deals, benefiting from the AI boom.

Original reporting
businesstimes.com.sg
Published Oct 27, 2026, 11:00 PM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Oct 27, 2026, 11:17 PM UTC. Informational, not investment advice.
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In Anthropic’s IPO, Goldman and Morgan Stanley slug it out for top bank — source image
Source · businesstimes.com.sg
Decision brief

The 30-second read

$GSBullishMed
01

Why it matters

The banks' roles could add fee revenue and enhance their AI sector credentials, influencing their stock performance ahead of the IPO.

02

Market read

First disclosure of underwriting roles in a landmark AI IPO, offering new trading angles for the banks involved.

03

What to watch

Potential regulatory scrutiny of AI firms could affect IPO pricing and bank exposure.

Relevance 8/10Novelty 8/10Timing: following prospectus release

Background

Anthropic, an AI startup, is preparing for what could be the largest public offering ever, with Goldman Sachs and Morgan Stanley as lead underwriters.

Company-level read

Ticker impact

$GSBullishHigh confidence
Context

Goldman Sachs named lead left underwriter on Anthropic IPO prospectus, indicating fee revenue and prestige.

Expected impact

likely pressure upward as investors price in underwriting fees and AI sector exposure

Evidence & confidence

First disclosure of Goldman’s lead-left position suggests new fee income and market visibility.

$MSBullishHigh confidence
Context

Morgan Stanley appointed stabilisation agent for Anthropic IPO, highlighting its involvement in the deal.

Expected impact

likely pressure upward as the market values the stabilisation role

Evidence & confidence

First report of Morgan Stanley’s stabilisation role provides new revenue visibility.

Market effects

Sector

Highlights continued demand for investment banking services in AI-driven IPOs, supporting the broader financial services sector.

Regional

U.S. banks may see increased investor interest amid AI IPO wave.

Global

Signals growing global capital market activity around AI companies.

Counterpoint

What could challenge this read

Banks' fees may be offset by execution risk if the IPO underperforms, limiting upside.

Key entities

  • company
    Anthropic

    AI startup planning a major IPO.

  • financial_institution
    Goldman Sachs

    Lead left underwriter for Anthropic IPO.

  • financial_institution
    Morgan Stanley

    Stabilisation agent for Anthropic IPO.

Read at source← All news

StoryGoldman Sachs and Morgan Stanley named lead underwriters for Anthropic IPO

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