Anthropic announced Monday that Morgan Stanley and Goldman Sachs will lead the underwriting syndicate for its anticipated initial public offering, with JPMorgan Chase added to the roster. The AI‑focused startup, creator of the Claude language model, filed a confidential registration statement earlier this week and plans to debut on the New York Stock Exchange as soon as October.
The selection of the three Wall Street powerhouses formalizes what could become one of the season’s largest technology listings. Anthropic’s filing joins a wave of high‑profile IPOs slated for the fall, including SpaceX’s planned June debut and OpenAI’s own filing that also lists Morgan Stanley, Goldman Sachs, Citigroup and JPMorgan as underwriters.
SpaceX computing deal
SpaceX’s S‑1 filing revealed a material related‑party agreement that had not been highlighted in Anthropic’s own prospectus. Under the deal, SpaceX supplies Anthropic with AI‑computing capacity amounting to roughly 325,000 Nvidia graphics chips. The monthly bill tops $1.25 billion, translating to about $15 billion in annualized costs. The contract runs through May 2029 and can be ended by either party with 90 days’ notice after an initial three‑month lock‑in period.
The arrangement makes SpaceX a supplier, a competitor—through its own Grok chatbot—and a fellow IPO candidate. Analysts will scrutinize how Anthropic discloses the relationship, given the overlap in market focus and the size of the expense relative to the company’s projected revenue.
Rivalry with OpenAI and market expectations
Anthropic and OpenAI are courting the same pool of institutional investors, using many of the same banks to market their shares. The firm that lists first will likely set the valuation benchmark for the AI sector and capture early allocations. Anthropic’s recent performance bolsters its case: the company posted $10.9 billion in second‑quarter revenue and earned $559 million in operating profit, putting it on track for its first profitable quarter.
Founded in 2021 by former OpenAI staffers, including CEO Dario Amodei, Anthropic positions itself as a more responsible AI steward. Its Claude model has found traction in finance, healthcare and software development, and the firm’s revenue trajectory—from a $4 billion annualized run rate in July 2025 to a projected $50 billion by July 2026—outpaces OpenAI’s growth, according to internal estimates.
Nevertheless, the Pentagon’s designation of Anthropic as a supply‑chain risk adds a layer of uncertainty. The label, typically reserved for foreign adversaries, stems from Anthropic’s refusal to grant the U.S. military unrestricted access to its models. The company warns the designation could jeopardize billions in potential revenue, a factor investors will weigh alongside the massive computing spend.
As the filing moves toward public release, regulators will require Anthropic to detail the SpaceX arrangement and the Pentagon risk designation. Morgan Stanley and Goldman Sachs appear confident that the firm can sustain investor enthusiasm despite the hefty monthly computing bill and the geopolitical headwinds.
This article was written with the assistance of AI.
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