Anthropic selects Morgan Stanley and Goldman Sachs to spearhead its IPO.

      TL;DR: Anthropic has appointed Morgan Stanley and Goldman Sachs to lead its IPO, with JPMorgan also involved, aiming for an October launch. SpaceX’s S-1 revealed it supplies Anthropic with 325,000 Nvidia chips for $1.25 billion monthly.

      Anthropic has chosen Morgan Stanley and Goldman Sachs to head its initial public offering, with JPMorgan Chase also participating in the process, as reported by Bloomberg on Tuesday. The developer of Claude is considering going public as early as October after submitting a confidential listing request on Monday. Additional banks may join the underwriting team, and the specifics of the offering could evolve.

      This appointment establishes the underwriting group for what could potentially be one of the largest tech IPOs ever. Anthropic’s public listing is part of a series of significant offerings this autumn, with SpaceX expected to file by June 12 at a $1.8 trillion valuation, while OpenAI is also preparing its submission with Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan.

      Regarding the SpaceX computing agreement, a notable detail surfaced not from Anthropic’s own filings but from SpaceX’s IPO documentation. It revealed that SpaceX provides Anthropic with AI computing resources, including around 325,000 Nvidia chips for $1.25 billion per month. This agreement extends until May 2029 and allows either party to terminate it with 90 days' notice following an initial three-month period.

      This arrangement positions SpaceX as both a supplier and competitor to Anthropic (via its Grok chatbot), while also being a candidate for an IPO itself. At $1.25 billion per month, this contract translates to $15 billion in annual computing expenditures for Anthropic, highlighting the scale of its infrastructural requirements and the slim margins a company anticipating $10.9 billion in quarterly revenue must manage. Once the S-1 is public, it will have to disclose this situation as a significant related-party arrangement due to the competitive overlap.

      In the race to go public, Anthropic and OpenAI are vying for investor interest, engaging the same underwriting banks and targeting the same public market capital resources. Both companies have consulted with Morgan Stanley, Goldman Sachs, and JPMorgan. The first company to go public will set a valuation standard for the AI industry and gain priority access to institutional investments.

      Anthropic has seen its position significantly strengthen this year. Its Mythos cybersecurity model disrupted global markets, its coding agents caused a downturn in legal software stocks in February, and its revenue forecast—rising from $4 billion annualized in July 2025 to an anticipated $50 billion run rate by July 2026—has outpaced OpenAI’s growth. The current private valuation of $965 billion surpasses OpenAI’s, altering a hierarchy that has existed since both firms' inception.

      The Pentagon's designation of Anthropic as a supply-chain risk remains a critical concern for the IPO. The company's refusal to provide the military with unrestricted access to its model has resulted in a label typically assigned to foreign adversaries, which Anthropic claims could threaten billions in revenue. How this risk is disclosed and assessed in the S-1 will be carefully examined by public market investors.

      Founded by former OpenAI employees, Anthropic was established in 2021 by individuals such as CEO Dario Amodei, asserting itself as a more responsible steward of AI compared to its competitors. The Claude AI and its foundational technology have gained traction among enterprise clients in finance, healthcare, and software development. The surge in enterprise AI spending has disproportionately benefited Anthropic, which is on track for its first profitable quarter with an expected operating profit of $559 million on $10.9 billion in Q2 revenue.

      This IPO will test whether a company that has raised $65 billion in private funding, reached a $965 billion valuation, and incurs $1.25 billion per month on a single computing contract can maintain investor interest in the public marketplace. Morgan Stanley and Goldman Sachs are banking on this possibility.