Who will win the race to become the world's largest IPO? Anthropic is close to selecting Morgan Stanley and Goldman Sachs.

AI unicorn Anthropic is about to launch the largest IPO in Wall Street history, and a battle among top investment banks for underwriting seats is nearing its end.

On Saturday, according to the Financial Times, citing four sources familiar with the matter, Morgan Stanley is in a favorable position to secure the most important "lead left" position in the IPO, while Goldman Sachs is expected to serve as a stabilizing agent, responsible for overseeing key transaction phases in the early stages of Anthropic's listing.

Investors anticipate Anthropic's IPO valuation to reach $2 trillion or more, surpassing SpaceX to become the largest IPO in history. If the valuation materializes, early investors will reap billions of dollars in paper profits. Anthropic's IPO performance will also serve as a significant indicator of the market's risk appetite for high-growth AI companies.

Morgan Stanley led the charge, Goldman Sachs supported the market, and JPMorgan Chase and others also joined the fray.

Morgan Stanley held the most prominent position in the allocation of seats for this IPO.

The report states that Morgan Stanley has been leading discussions with potential investors in recent weeks regarding the Anthropic offering price. This is one of the core functions of the "lead underwriter" role – which controls the direction of valuation negotiations and determines which hedge funds, institutional investors, and sovereign wealth funds will receive the largest share of the stock allocation. It is also an important reputational asset for Wall Street investment banks.

However, sources also pointed out that Morgan Stanley's final appointment has not yet been finalized and is still subject to change.

Goldman Sachs is expected to act as a stabilizing agent. It's worth noting that in SpaceX's IPO in June of this year, the two banks reversed roles—Goldman Sachs served as the lead underwriter, while Morgan Stanley acted as the stabilizing agent, with each bank receiving $100 million from a $500 million fee pool shared by over 20 participating institutions.

In addition, JPMorgan Chase, Citigroup, and Barclays are also expected to secure significant positions in the deal, as these three banks have previously provided debt financing to Anthropic.

The listing may be postponed until mid-October.

Anthropic originally planned to submit its IPO prospectus as early as next week, but the timing has not yet been finalized.

According to a recent Reuters report, Anthropic has postponed its IPO prospectus filing until late September, with the roadshow scheduled to begin no earlier than mid-October, aiming to list before the November midterm elections. This delay is related to the company's ongoing negotiations for a $15 billion credit line, and further procedures can only proceed after the financing is secured.

This IPO will take place shortly after SpaceX completed a record $86 billion financing round in June this year with a valuation of $1.78 trillion, and the market is paying close attention to whether it can maintain the high valuation enthusiasm for AI assets.

Revenue growth was strong, but fell short of the most optimistic expectations.

Anthropic's valuation has surged over the past year, now exceeding $900 billion. Investors expect its IPO valuation to surpass $2 trillion, more than doubling its current valuation.

However, the company's revenue performance did not fully meet the most aggressive market expectations. In August, Anthropic informed shareholders that its July revenue, annualized, reached $65 billion, a significant increase from $47 billion in May, but still below the $80 billion annualized sales threshold previously expected by some investors.

Meanwhile, competitive pressure cannot be ignored. Anthropic's biggest competitor, OpenAI, has been gaining momentum recently, releasing its latest AI model this week and calling it the "world's smartest" model. Some market analysts warn that OpenAI's strong resurgence could put downward pressure on Anthropic's IPO valuation.

The next battle: OpenAI's IPO seat is now in sight.

The battle for underwriting positions in Anthropic's IPO is merely a prelude to a larger competition. Morgan Stanley and Goldman Sachs will also be vying for underwriting rights in OpenAI's IPO, which is expected to go public early next year.

The "first lead underwriter" position not only signifies substantial direct profits, but also represents a strategic move for investment banks to build client relationships and market reputation in the AI sector.

As a wave of AI companies go public, those who can secure leading targets first will gain an advantage in this protracted competition.

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