Goldman Sachs eyes Anthropic IPO wealth windfall

Goldman's double-dip strategy

Goldman Sachs wants to profit twice from blockbuster IPOs: first through underwriting fees, then by managing the wealth created for founders and executives.

Anthropic IPO next week

Anthropic is set to make its stock market debut on Thursday with Goldman and Morgan Stanley co-leading the initial public offering alongside twenty other underwriters.

Why this IPO matters

A successful Anthropic IPO would act as a ballast to the precarious moment in the AI trade after weeks of selling pressure and Jensen Huang's resignation as Nvidia CEO.

The fee haul

Anthropic's IPO could generate roughly three hundred ninety five million dollars in total underwriting fees, with Goldman and Morgan Stanley each collecting approximately seventy nine million dollars.

The bigger prize

The Anthropic deal could raise sixty four point three five billion dollars, providing a big payday for founders, executives and employees that Goldman can convert into wealth management clients.

Goldman's wealth strategy

Goldman aims to generate more predictable revenue from wealth management rather than relying on cyclical income from dealmaking and trading through its One Goldman Sachs strategy.

Goldman's pitch

A Goldman spokesperson told CNBC: when executives partner with the bank on an IPO, financing or M and A transaction, wealth planning is a natural extension of that advisory relationship.

“When executives partner with us on an IPO, financing, or M & A transaction, wealth planning is a natural extension of that advisory relationship.”

Goldman's track record

During its second quarter earnings call in July, Goldman said it had generated nearly nine hundred referrals to its wealth management unit from investment banking since the start of two thousand twenty five.

Wealth management growth

Goldman's wealth management client assets reached roughly two trillion dollars, while management and other fees across its asset and wealth management division rose twenty percent year over year.

Morgan Stanley's advantage

Morgan Stanley attracted a record two hundred thirty two billion dollars in net new assets during the third quarter, with IPO related flows accounting for just over half of the total.

Morgan Stanley's workplace edge

Morgan Stanley managed SpaceX's directed share program, giving it direct relationships with employees whose holdings could eventually translate into longer term wealth management assets.

Morgan Stanley's platform

Morgan Stanley built integrated capabilities through acquisitions of Solium in two thousand nineteen, now known as Shareworks, and E Trade in two thousand twenty for managing employee shares.

Goldman's different approach

Goldman uses investment banking relationships to reach founders and executives ahead of major liquidity events rather than relying primarily on employee stock plan administration like Morgan Stanley.

Goldman's early engagement

A Goldman spokesperson told CNBC: one of the most important lessons we have learned is to engage early, starting well before an IPO or acquisition.

“One of the most important lessons we've learned is to engage early.”

Uncertain Anthropic windfall

Morningstar analyst Sean Dunlop said much of the wealth created by Anthropic's IPO could be spread among employees with smaller fortunes rather than ultra high net worth individuals.

The bigger opportunity

A successful Anthropic debut could restore confidence in the IPO market, encouraging other privately held companies to pursue listings and creating additional prospects for banks to attract newly wealthy clients.