Goldman Sachs and Morgan Stanley compete for lead underwriting positions in OpenAI and Anthropic IPOs, with potential earnings potentially exceeding $7 billion BlockBeats News: On June 10th, according to Fortune, Goldman Sachs and Morgan Stanley are competing for lead underwriters for OpenAI and Anthropic's future IPOs. Previously, Goldman Sachs had obtained the lead underwriter for SpaceX's IPO, which is expected to take place on June 12th. Both OpenAI and Anthropic IPOs are expected to raise at least $60 billion, totaling over $120 billion. Jay Ritter, an IPO expert at the University of Florida, stated that the investment bank that obtains the lead underwriter will determine how much IPO stock allocation each fund receives, thus potentially yielding much higher returns than other underwriters. Ritter stated that institutional investors typically pay a large amount of "soft dollars" to lead underwriters in order to obtain more IPO placements, which is the portion of transaction commissions that exceeds actual execution costs. If it is not yet determined which of Goldman Sachs or Morgan Stanley will obtain the lead underwriting position for OpenAI and Anthropic, the fund may invest more trading commissions in both investment banks to increase the chances of obtaining the placement. Taking SpaceX's IPO as an example, if the financing scale reaches 86 billion US dollars, the underwriting fee is about 600 million US dollars. But if the stock price rises by 20% on the first day, the book profits of IPO investors will exceed $17 billion, and Ritter estimates that at least 30% of it may flow back to investment banks in the form of soft dollars, about $5 billion, far exceeding the underwriting fees themselves. If OpenAI and Anthropic both rise 20% on their first day of trading, investors' book returns will reach $24 billion. Calculated at the same ratio, investment banks may receive over $7 billion in soft dollars, most of which will go to the lead underwriters. At present, OpenAI and Anthropic have secretly submitted draft registration statements, but the time for listing has not yet been determined.