Goldman Sachs looks to cash in on Anthropic's IPO, twice. Here's how and who else wants to
Goldman Sachs is preparing to lead the initial public offering of Anthropic, the artificial intelligence firm behind the Claude chatbot. Scheduled for next Thursday, the debut marks a significant moment for the bank as it seeks to capture both immediate underwriting fees and long-term wealth management business. Goldman and Morgan Stanley are serving as the primary coordinators for the deal, overseeing a group of 20 other underwriters. This high-profile listing follows months of anticipation and comes after OpenAI CEO Sam Altman announced his company would delay its own public debut until at least next year, citing concerns over AI safety.
Anthropic IPO as a Market Litmus Test
The offering arrives at a volatile time for the artificial intelligence sector. Recent weeks have seen selling pressure on stocks linked to data center infrastructure, fueled by political shifts following a Democratic wave in the latest midterm elections. Investor confidence was further shaken on Thursday when Jensen Huang resigned as CEO of Nvidia amid a scandal involving an affair. Financial commentator Jim Cramer has characterized the Anthropic IPO as a critical test for investor demand in the AI space. While the deal could raise as much as $64.35 billion according to recent filings, the broader impact lies in its ability to stabilize the current AI trade.
Evercore ISI analyst Glenn Schorr suggests the total pool for underwriting fees could reach approximately $395 million. Under his base-case projections, Goldman Sachs and Morgan Stanley might each earn about $79 million, representing a 20 percent share of those fees. However, the true value for these institutions often exceeds the initial transaction. By managing the IPO, Goldman aims to build relationships with Anthropic founders and executives who will soon see their holdings converted into liquid wealth.
Leveraging NEW Wealth for Recurring Revenue
Goldman Sachs is utilizing its One Goldman Sachs initiative to transition corporate clients into its wealth management division. A spokesperson for the bank told CNBC that wealth planning serves as a natural extension of advisory roles during major liquidity events. Since the beginning of 2025, the bank has generated nearly 900 referrals to its wealth unit from its investment banking arm. Currently, Goldman oversees roughly $2 trillion in client assets, with its asset and wealth management division reporting a 20 percent year-over-year increase in fees.
The bank faces intense competition from Morgan Stanley, which has successfully used similar deals to drive growth. In the third quarter, Morgan Stanley reported $232 billion in net new assets, with more than half of that total linked to IPO activities. This was bolstered by the bank's role in the SpaceX offering, where it managed a directed share program for employees. While Goldman focuses on ultra-high-net-worth individuals with at least $10 million in assets, Morgan Stanley uses platforms like E-Trade and Shareworks to capture a wider range of employee wealth.
Future Prospects for the IPO Market
Although some analysts, including Sean Dunlop of Morningstar, question if the Anthropic deal will provide a massive immediate boost to Goldman’s wealth business, the long-term potential remains significant. Devin Ryan of Citizens noted that these major listings create a multiplier effect across various business channels. If the Anthropic debut succeeds, it could encourage other private firms to enter the public market, providing more opportunities for banks to secure recurring fee streams from newly wealthy executives. Anthropic officially confirmed Goldman’s role when it released its prospectus in late October, signaling the start of what many hope will be a resurgence in market activity.
Source: CNBC · 2026-11-13