Artificial intelligence lab Anthropic is closing in on top underwriting roles for its anticipated initial public offering. Morgan Stanley and Goldman Sachs are positioned to secure the most coveted mandates for a listing expected to value the company at roughly $2 trillion, according to reporting by the Financial Times.
Morgan Stanley and Goldman Sachs Vie for Lead Mandates
At the same time, it is assembling a massive $15 billion pre-forma credit facility reported by Bloomberg.
Inside the Wall Street Syndicate Race
According to four sources familiar with the matter speaking to the Financial Times, Morgan Stanley holds the pole position to secure the prized “lead left” spot on the transaction.
Goldman Sachs is running neck-and-neck to share the top tier of the underwriting syndicate. Additional major financial institutions including JPMorgan, Citigroup, and Barclays are expected to secure prominent roles on the deal team. These firms previously provided the artificial intelligence developer with vital debt financing, according to the same reports.
Structuring a Massive $15 Billion Credit Facility
Alongside structuring the equity offering, Anthropic is finalizing a $15 billion pre-IPO credit facility, according to Bloomberg reporting.
High-growth technology enterprises frequently utilize such credit lines to bolster their balance sheets and secure operational liquidity before entering the intense regulatory scrutiny of public markets. This debt package reinforces the capital reserves of the AI lab as it transitions from a privately held research organization into a publicly traded corporate entity.
A Historic Public Market Valuation Target
Market observers note that the formal appointment of underwriters marks the definitive shift of Anthropic’s public offering from exploratory planning into active execution.
A $2 trillion public market valuation would position Anthropic among the largest initial public offerings in financial history, setting a distinct valuation benchmark for the broader frontier artificial intelligence sector.
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