Anthropic is close to handing Morgan Stanley the lead adviser role and Goldman Sachs the stabilisation-agent role on its initial public offering, with paperwork expected as soon as next week. Investors expect a valuation of $2 trillion or more, but Anthropic's July revenue undershot the most bullish forecasts.
Anthropic is close to awarding Morgan Stanley and Goldman Sachs the most coveted roles in its Wall Street debut, as the AI lab prepares to unveil its IPO paperwork as soon as next week. Morgan Stanley holds pole position for the "lead left" role, according to four people familiar with the matter, while Goldman is expected to act as stabilisation agent overseeing the first trading sessions.
Banks jockey for lead roles
Morgan Stanley has led recent discussions with potential investors about the price at which Anthropic will float its shares, but the bank's selection as lead left is not finalised and could still change. JPMorgan, Citigroup, and Barclays are also among the banks expected to land leading roles after providing the company with debt financing. Goldman won the top role on SpaceX's offering in June, when both banks split $100 million of a $500 million fee pot shared among more than 20 lenders.
Filing could land as soon as next week
Anthropic is expected to publicly file its IPO prospectus as soon as next week, though the timing could still slip. Half a dozen Anthropic investors have said they expect the company to float at a valuation of $2 trillion or more, a figure that would unlock tens of billions of dollars in gains for early backers. Anthropic had already confidentially filed to go public earlier this year. People familiar with the matter said the company plans to hold its roadshow near the end of September, which would put it on pace to begin trading in New York in late September or early October.
Revenue undershoots bullish forecasts
Anthropic's current valuation stands at more than $900 billion, and investors expect it to more than double that figure, which would make it the biggest IPO of all time, surpassing SpaceX. Yet the company's July revenue undershot the most bullish investor expectations of an $80 billion annualised pace: Anthropic told shareholders in August that July revenue hit a $65 billion annualised pace, up from $47 billion in May. OpenAI, meanwhile, released what it called its most intelligent model this week, a resurgence some warn could push Anthropic's valuation lower.
Sources: Financial Times, Crypto Briefing (snippet-based)
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