$2 Trillion: Anthropic’s Offering Could Shake Up Artificial Intelligence

Anthropic, the developer of the Claude chatbot, is nearing a decision to select Morgan Stanley and Goldman Sachs to take on the most prominent roles in its anticipated initial public offering on Wall Street, as the company prepares to disclose its prospectus in the coming week.

According to individuals familiar with the discussions, Morgan Stanley is considered the frontrunner to secure the “Lead Left” role, which designates the primary advisor responsible for leading the offering process. Goldman Sachs is expected to take on the role of stabilizing agent, a critical position that oversees initial trading after listing to ensure price stability.

Sources indicated that Morgan Stanley has led discussions with potential investors in recent weeks regarding the valuation at which the company’s shares will be offered. However, the final decision on the lead role has not yet been finalized and could still change, according to a report published by the Financial Times.

The company is expected to file its registration statements for the public offering within days, marking the official launch of one of the most anticipated listings in Wall Street history. The offering will follow the recent listing of SpaceX, which raised $86 billion at a valuation of $1.78 trillion.

Several Anthropic investors had previously anticipated that the offering would occur at a valuation of at least $2 trillion, which would make it the largest initial public offering in history, surpassing SpaceX, and would generate billions of dollars in gains for early investors.

JPMorgan Chase, Citigroup, and Barclays are also expected to secure prominent roles in the deal, having provided debt financing to the company in recent months.

The race to manage Anthropic’s offering comes as major financial institutions compete for key roles in the anticipated IPO of OpenAI, expected to take place early next year.

The “Lead Left” role is one of the most influential positions in IPOs, granting the responsible bank significant authority in valuation discussions and determining the allocation of shares to hedge funds, institutional investors, and sovereign wealth funds, as well as conferring prestige on Wall Street.

Anthropic experienced strong growth over the past year, but its July revenues fell short of the most optimistic investor expectations. The company informed shareholders in August that its annualized revenue reached $65 billion in July, up from $47 billion in May, but remained below some investors’ estimates, which had projected annualized revenues exceeding $80 billion.

Meanwhile, Anthropic’s main competitor, OpenAI, is benefiting from renewed momentum following the launch of its latest artificial intelligence models this week, which it described as “the most intelligent in the world.” Some investors believe this could place pressure on Anthropic’s valuation during the offering process.