Anthropic Engages Morgan Stanley and Goldman Sachs for IPO Mandate with Valuation of US$ 965 Billion

Anthropic has selected Morgan Stanley and Goldman Sachs to lead its IPO, with JPMorgan Chase also involved in the syndicate, according to a Bloomberg report published on Tuesday, 3 June. The operation could raise up to US$ 60 billion and is targeting a window in October, with an approximate valuation of US$ 1 trillion. The selection of the banks came two days after the company confirmed on 1 June the confidential submission of its draft S-1 to the SEC.

The Missing Math from the Last Private Round

The Series H round in February of this year gave Anthropic a valuation of approximately US$ 965 billion, displacing OpenAI from the top of the private structure for the first time since the founding of both companies. This round raised approximately US$ 65 billion and more than doubled the company's value compared to January. The annualised revenue of Claude jumped from around US$ 9 billion at the end of 2025 to between US$ 30 billion and US$ 47 billion in the following months, according to the run-rate cited in reports that had access to the confidential draft.

The difference with OpenAI lies in the revenue mix. The majority of Anthropic's revenue comes from API usage by companies and developers running Claude in production, rather than from consumer subscriptions. During Broadcom’s earnings call on 3 June, Hock Tan confirmed that Anthropic is one of six clients using the company’s custom chips, with a commitment of 1 gigawatt in TPUs in 2026 and scaling to 3 gigawatts in 2027, a volume that presumes sustained corporate demand of a magnitude few business clients can absorb.

Why the Mandate to Morgan Stanley and Goldman Matters

The two banks have led most technology IPOs above US$ 10 billion in the past decade, including Uber in 2019 and Snowflake in 2020. JPMorgan Chase, the third name mentioned by Bloomberg, has been Anthropic's main corporate relationship bank for over three years. The syndicate is expected to grow ahead of the October window, and the names that join subsequently will provide clues about where the company aims to allocate retail investment overseas.

Anthropic had not publicly commented on the names of the underwriters by the time this article was published. The typical formal public announcement of such a mandate is the pricing range in the S-1 update, expected several weeks before the roadshow.

The Insight for CIOs and CFOs in Three Geographies

For technology directors who have negotiated Claude contracts in the past twelve months, the IPO brings two immediate accounting effects. The first is the mandatory disclosure of churn and net revenue retention by customer segment, metrics that are currently absent from the company's commercial material. The second is the SEC's requirement for detailed explanation regarding revenue concentration, naming or tiering the five largest customers; in previous SaaS IPOs, this disclosure has reversed price negotiations from the day after public filing.

In the UK, where Anthropic maintains its European hub in London, the operation reinforces the British Treasury's plea with the US Treasury for the extension of Section 174 R&D credits to developers training models on British soil. In India, where Tata Consultancy Services and Infosys have been offering Claude implementations for financial clients since 2024, according to the companies’ own materials, the IPO will determine how quickly the two integrators can secure margin lock-in on services currently priced in rupees but exposed to the dollar in token purchases. The October window also pressures the schedules of the ECB and the BoJ, which have yet to publish dedicated guidance on purchasing AI company securities by pension funds; without this guidance, the institutional book in Europe and Japan will be smaller than the potential implied in the valuation.

The Private Market Reading is Already Priced In

Forge Global shows Anthropic’s secondary share action trading near the top of the range indicated in Series H throughout May. If the pricing range of the S-1 comes in below the US$ 965 billion from the last round, investors who entered in February will report a negative mark-to-market before even debuting. If it comes in above, the adjustment will affect the comparative position of OpenAI in the balance sheets of funds like Fidelity and T. Rowe Price, which have exposure to both companies and value them based on similar cap tables. The syndicate will operate under this constraint until the pricing.