Here’s the cash windfall Anthropic’s IPO could bring to banks like Goldman Sachs, JP Morgan and Morgan Stanley

It’s a bountiful vacation neighborhood for some of the world’s biggest banks, thanks to the Anthropic (ANTH.PVT) gift team.

Using SpaceX’s IPO fee rate, allocations and a range of potential products, EvercoreISI analyst Glenn Schorr estimates that Anthropic’s offering could generate a fee pool of approximately $562 million in the equity capital markets (ECM). This would equate to about 1% of consensus fourth-quarter EPS for all the banks it covers.

In Schorr’s base case scenario, co-lead underwriters Goldman Sachs and Morgan Stanley would each collect $112 million in fees. Bank of America, Citigroup and JPMorgan would each raise $84 million.

A total of 22 banks are featured on Anthropic’s IPO Tombstone, an advertisement recognizing the investment banks and other financial firms that helped bring the company to the IPO.

“A successful listing could also encourage more AI companies to test public markets, accelerate IPO momentum, and reinforce the idea that the AI ​​business still has scope,” Schorr added.

Anthropic’s revenue in the first half of 2026 jumped to $16.3 billion from $1.1 billion a year earlier, according to the prospectus. The filing also reveals a first-half net loss of $80.7 billion, a strong signal of aggressive spending on AI in the years to come.

Investment bankers are reportedly targeting an astronomical valuation of around $1.5 trillion to $2 trillion.

Anthropic could hit the public markets before the end of November.

“I think it needs to be evaluated appropriately,” Jare Carmel, co-founder of Manhattan Ventures, said on Sozzi Unleashed. Manhattan Venture Partners is an investor in Anthropic. “I think the biggest problem we’ve seen in the IPO markets over the last few years is out-of-the-money valuations. And that has to be priced to sell the IPO buyer, whether it’s institutional or retail. They seem to be jumping around, especially when they’re not getting the pop they need. And I can totally understand why a company like Anthropic wouldn’t want to value itself fairly rather than, say, undervalued. But the reality is that you have to have long-term shareholders.

Brian Sozzi is the editor-in-chief of Yahoo Finance, host of the Sozzi unleashed morning show, the ‘Powerful actors with Brian Sozzi podcast and member of the Yahoo Finance editorial leadership team.