This market will resolve according to the bank that serves as the lead underwriter in the initial public offering of Anthropic. If no IPO occurs by December 31, 2027, 11:59 PM ET, or Anthropic completes an initial public offering without a designated lead underwriter, this market will resolve to “Other.” If multiple banks are identified as lead underwriters, this market will resolve according to the primary lead underwriter. If the hierarchy between them is unclear, this market will resolve once it is conclusively evident which bank is the primary lead underwriter, for example, through the order in which the banks are listed in the underwriting section of Anthropic’s final initial public offering prospectus, once released. The primary resolution source for this market will be official disclosures from Anthropic. A consensus of credible reporting may also be used.
Recent reports position Morgan Stanley as the frontrunner for the lead-left underwriter role in Anthropic’s IPO, driving its 62% market-implied probability, while Goldman Sachs holds 27% as the likely stabilization agent. Morgan Stanley’s leadership of the company’s expanding $15 billion revolving credit facility—a key liquidity backstop ahead of the S-1 filing—has reinforced its positioning, alongside prior debt-financing ties that also favor JPMorgan, Citigroup, and Barclays for syndicate roles. The AI firm plans to file its prospectus in late September and market the offering in mid-October, with a potential late-2026 listing valued near $2 trillion. These developments, rather than historical mandates, underpin the current trader consensus reflected in the odds.