Author: Faizan Farooque｜September 8, 2026

Translated by: Deep Tide TechFlow

Deep Tide Overview: Anthropic is close to securing key banking roles for its IPO, with investors expecting its listing valuation to reach $2 trillion or even higher, surpassing SpaceX's $1.77 trillion valuation at its June listing, setting a new record in the IPO market. Just months ago, the company's valuation was only $380 billion in February, and after raising $65 billion in May, it rose to $965 billion. This article summarizes the rivalry for banking roles in this IPO, the timeline shifts, and the suspense around revenue growth, explaining why it could become Wall Street's most transparent test of the AI boom to date.

Anthropic may soon test how much Wall Street truly believes in the AI boom.

According to the Financial Times, the developer of Claude is close to finalizing key banking roles for the IPO, with investors expecting the company's valuation to reach $2 trillion or even higher. Morgan Stanley (MS) seems likely to serve as the "lead left" underwriter, while Goldman Sachs (GS) will handle price stabilization after trading begins.

Even by AI industry standards, this is an astonishing price.

In May, Anthropic raised $65 billion at a valuation of $965 billion. This implies that a $2 trillion market cap represents an increase of nearly 107% in just a few months.

And that is the crux of the matter.

Anthropic is not just preparing for an IPO. It may be seeking endorsement from public market investors for one of the fastest valuation surges in business history.

The $2 trillion figure changes the stakes for the IPO

According to the Financial Times, Morgan Stanley has been discussing the issue price with potential investors for Anthropic, but it remains unclear whether it can take the lead role. After providing financing for Anthropic, JPMorgan Chase (JPM), Citigroup (C), and Barclays (BCS) are also expected to secure significant positions.

The "lead left" position is important because the bank holding this role often has considerable influence over pricing, investor allocations, and the overall promotion of the offering.

However, the banks are competing for more than just status.

Anthropic's $2 trillion valuation will surpass SpaceX's $1.77 trillion at its June listing, setting a new record in the IPO market. SpaceX's initial funding amount was $75 billion, but after underwriters exercised their over-allotment option, it later expanded to $85.7 billion.

Furthermore, Anthropic's own rapid advancement is equally surprising.

According to Reuters, the company raised $30 billion at a valuation of $380 billion in February. A round of financing of $65 billion in May pushed its valuation to $965 billion. At that time, Anthropic estimated its annual running revenue exceeded $47 billion.

This means that since February, Anthropic's primary market valuation has more than tripled.

Wall Street bets that AI can support another historic IPO

The timing of this IPO is crucial for AI sector stocks.

SpaceX's sensational listing demonstrated investors' willingness to support a massive valuation partially built on AI imagination. Anthropic now has the potential to push this enthusiasm further.

For Wall Street, there is a second layer of reward.

The Financial Times notes that Morgan Stanley and Goldman Sachs are also seen as top contenders for prime positions in the future IPO of OpenAI. Gaining a high position on the Anthropic project may help solidify any bank's status as a leading advisor for the next generation of trillion-dollar AI startups.

However, Anthropic's valuation is a difficult bar to clear.

Just a few months later, investors will have to pay more than double the company's $2 trillion valuation in May.

This means growth expectations become critical.

Anthropic's revenue in July was approximately $65 billion annualized, below some investors' more optimistic estimates approaching $80 billion. Competition is also heating up: OpenAI has released a new flagship model, and the two companies are competing for enterprise and developer clients.

Image: Anthropic is preparing for a massive IPO, while Wall Street is scrambling for a piece of the action

Source: Bloomberg / Getty Images

Anthropic's IPO timeline is already shifting

Since the Financial Times first reported on this matter, a significant factor has changed.

The Financial Times states that Anthropic may announce its prospectus as early as September and start trading by the end of September or early October; however, Reuters later reported that this timeline has been delayed.

Under the current schedule, Anthropic will submit its prospectus at the end of September, begin promotions around mid-October, and may complete its listing before the November midterm elections in the U.S.

According to Reuters, the company is also nearing finalizing a revolving credit facility of about $15 billion, with participants including Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Citigroup.

This adds a layer of financial binding between these banks and Anthropic before the IPO launch.

Anthropic may become Wall Street's largest AI test to date

It is easy to view Anthropic's IPO as another sign of the AI boom.

However, because of this, the significance of this valuation goes beyond that.

The $2 trillion price tag essentially asks public market investors to support a company valued at $380 billion in February and $965 billion in May.

But this does not mean investors will let it pass. Anthropic's revenue growth, its technology being adopted by companies such as Amazon's AI division, and the fact that it can raise substantial cash all point to an unusually strong market demand for its technology.

However, the IPO will change the crowd beneath.

Primary market investors bet on growth over the coming years and can afford to pay high prices. Public market investors will eventually need to see these expectations fulfilled on a quarterly basis.

This is likely why Morgan Stanley and Goldman Sachs might be vying so fiercely for top positions.

Anthropic may become Wall Street's most famous deal. It may also become the most transparent test to date: just how far will investors push this current AI boom until the pricing itself becomes the danger.