Goldman Sachs is positioning itself to profit from Anthropic's initial public offering in two distinct ways. While the bank will earn substantial fees for co-leading the deal alongside Morgan Stanley, it is also seeking to manage the significant new wealth created for the company's founders, executives, and employees. This strategy allows the bank to leverage the prestige of the listing to attract future business and bolster its wealth management division.
Anthropic is scheduled to begin trading on the Nasdaq next Thursday. The offering, which could raise up to $64.35 billion according to recent filings, marks a significant moment for the artificial intelligence sector. Analysts suggest that a successful debut will serve as a stability indicator for the AI market, which has recently faced pressure from political opposition and leadership changes at Nvidia.
Underwriting fees for the deal are estimated to be significant but not transformative for Goldman Sachs' overall earnings. Evercore ISI analyst Glenn Schorr projects that total underwriting fees could reach approximately $395 million. Based on a benchmark from the earlier SpaceX offering, Schorr estimates that Goldman and Morgan Stanley could each collect around $79 million, assuming they share 20% of the fee pool.
The potential for wealth management revenue, however, is considered much larger. Schorr noted that the financial upside for banks extends well beyond the immediate IPO fees. The deal will provide a substantial payout to Anthropic's internal stakeholders, offering Goldman the opportunity to convert them into long-term clients. This aligns with the bank's One Goldman Sachs strategy, which aims to generate more predictable revenue streams to support higher stock valuations.
Goldman Sachs has already seen tangible results from this approach. The bank reported nearly 900 referrals to its wealth management unit from its investment banking division since the beginning of 2025. Its asset and wealth management division has seen strong growth, with management fees rising 20% year over year in the second quarter and 14.3% in the third quarter.
Morgan Stanley is employing a similar but distinct strategy. The bank attracted a record $232 billion in net new assets during the third quarter, with IPO-related flows accounting for just over half of that total. Much of this growth is attributed to its role in the SpaceX offering, where it managed a directed share program for employees. This role allowed Morgan Stanley to build direct relationships with staff whose holdings would become liquid upon the company's public listing.
Morgan Stanley built its capability to manage these employee stock plans through acquisitions of platforms like Shareworks and E-Trade. These tools allow the bank to serve employees across various wealth levels, providing a seamless transition from stock plan administration to brokerage and wealth management services. This integrated platform gives the bank a competitive edge in retaining assets as they vest over time.
Goldman Sachs, by contrast, focuses on engaging with corporate leaders early in the process. Its private wealth management arm targets ultra-high-net-worth individuals, while its Ayco business serves a broader range of executives. A Goldman spokesperson emphasized the importance of starting conversations well before a major liquidity event to help clients plan for taxes, option exercises, and gifting.
While competitors like JPMorgan, Citigroup, and Bank of America are also vying for these assets, the long-term impact of the Anthropic IPO could be broader. A successful launch may restore confidence in the public markets, encouraging other private companies to list. This would create a continuous flow of opportunities for banks to attract newly wealthy clients and expand their asset bases.
Analysts remain divided on the immediate wealth management benefits for Goldman Sachs specifically. Morningstar analyst Sean Dunlop suggested that much of the wealth created may belong to employees with smaller fortunes, potentially limiting the impact on Goldman's ultra-high-net-worth focus. However, the broader revival of the IPO market could provide meaningful aggregate benefits for the banking sector in the years to come.
