Morgan Stanley’s dominant 73% market-implied odds reflect its lead-left role in Anthropic’s preparations, anchored by its position as lead arranger of the company’s recently expanded $15 billion revolving credit facility closed in early September 2026. Goldman Sachs holds the secondary stabilization-agent mandate at 14.3%, consistent with its participation in the same financing syndicate and prior technology IPO leadership. JPMorgan, Citigroup, and Barclays appear slated for supporting bookrunner positions after contributing to the credit line, while remaining banks carry negligible odds given their lower-tier commitments. The IPO timeline has shifted toward a late-September S-1 filing and mid-October launch ahead of November midterms, with the credit facility serving as an explicit proxy for underwriting hierarchy. Trader consensus prices these established relationships and recent mandate signals as the decisive factors.