Potential $100 Billion Anthropic IPO Could Generate $700 Million in Investment Banking Fees

A potential initial public offering by artificial intelligence company Anthropic valued at $100 billion or more could generate approximately $700 million in underwriting fees for Wall Street investment banks, assuming an average fee rate of 0.70%. The offering could act as a key catalyst to reopen the broader pipeline for new stock listings following extended delays across capital markets.

Major financial institutions stand to benefit directly from deal fees, secondary trading, and subsequent equity issuance. Investment banking leaders such as Goldman Sachs Group, Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) are heavily tied to deal underwriting. Broader exchange-traded funds like the Financial Select Sector SPDR Fund (NYSE:XLF), which holds Goldman Sachs, Morgan Stanley, JPMorgan Chase & Co. (NYSE:JPM), and Bank of America Corp (NYSE:BAC), also offer exposure to capital market activity alongside general banking operations.

Beyond individual transaction revenues, market participants are watching how Anthropic shares perform after listing to gauge investor appetite for future public offerings. While recent trading desks reported strong momentum—including a 52% rise in equity trading revenue at Goldman Sachs and a 49% gain at JPMorgan Chase & Co.—the long-term trajectory for financial funds will depend on whether broader stock issuance expands sustainably across the financial sector.