Morgan Stanley’s 73% implied probability reflects its confirmed role as lead underwriter and lead arranger on Anthropic’s $15 billion revolving credit facility, a structure mirroring SpaceX’s pre-IPO financing that directly correlates with top IPO mandates. Goldman Sachs holds the 14.3% odds consistent with its joint lead position alongside JPMorgan and the more recent addition of Citigroup to the syndicate. These allocations stem from June 2026 Bloomberg reporting on the banks’ selection after Anthropic’s confidential SEC filing and its $965 billion valuation round, with September updates noting a mid-October listing target and ongoing investor meetings. The credit commitments of roughly $1.25 billion each from the core banks have further entrenched their positioning ahead of any potential filing by month-end.