Morgan Stanley holds an 82.5% implied probability as lead underwriter for Anthropic’s anticipated IPO, driven by its lead-left role in the company’s $15 billion pre-IPO revolving credit facility and consistent positioning across September 2026 reporting as the primary bookrunner. Goldman Sachs, at 16.2%, is widely expected to serve as stabilization agent rather than lead left, a distinction that reflects its strong but secondary placement after similar dynamics on the SpaceX offering. Other banks trail due to smaller commitments in the syndicated loan and less prominent advisory roles. The November 2026 listing timeline, following S-1 delays and third-quarter results, remains the key near-term catalyst that could lock in final bank hierarchy ahead of a potential $2 trillion valuation.