Here's the cash windfall the Anthropic IPO may bring to banks like Goldman Sachs, JP Morgan and Morgan Stanley
Some of the world's biggest banks could make a lot of money in the holiday quarter thanks to Anthropic (ANTH.PVT).
Glenn Schorr, an analyst at Evercore ISI, used the fees, share allocations, and possible proceeds from the SpaceX IPO as a guide to estimate how much Anthropic's IPO could bring in. He estimates that the offering could generate about $562 million in fees for banks that help sell shares to investors. This total, called an equity capital markets (ECM) fee pool, would equal about 1% of the combined fourth-quarter earnings per share (EPS) expected by analysts for the banks he follows, according to estimates.
In Schorr's main estimate, Goldman Sachs and Morgan Stanley, the two banks leading the offering together, would each earn $112 million in fees. Bank of America, Citigroup, and JPMorgan would each earn $84 million.
A total of 22 banks are listed on Anthropic's IPO tombstone, an advertisement that recognizes the investment banks and other financial firms helping a company sell shares to the public for the first time.
“A successful listing could also encourage more AI companies to test the public markets, accelerate broader IPO momentum, and reinforce the view that the AI trade still has room to run,” Schorr added.
Anthropic's revenue for the first half of 2026 rose sharply to $16.3 billion, up from $1.1 billion during the same period a year earlier, according to its IPO filing. The filing also reports a net loss of $80.7 billion for the first half of 2026. This points to the huge amounts the company may continue to spend on AI in the coming years.
Investment bankers are reportedly aiming to value Anthropic at an extremely high $1.5 trillion to $2 trillion when it goes public, according to reports about its possible IPO valuation.
Anthropic could begin trading on public stock markets before the end of November.
“I think this needs to be valued appropriately,” Manhattan Ventures co-founder Jare Carmel said on Sozzi Unleashed. Manhattan Venture Partners is an investor in Anthropic. “I think the biggest problem that we've seen in the IPO markets over the last few years are sort of valuations that have been offsides. And this needs to be valued to sell the IPO buyer, whether that's institutional or retail. They seem to hop around, especially when they're not getting the pop that they need. And I can fully understand why a company like Anthropic wouldn't would want to value themselves fairly as opposed to, let's say, undervalued. But the reality is you need to have shareholders for the long term.”
Brian Sozzi is Yahoo Finance's Executive Editor. He hosts the morning show Sozzi Unleashed and the Power Players With Brian Sozzi podcast. He is also a member of Yahoo Finance's editorial leadership team.