The Globe and Mail reports in its Wednesday edition that Goldman Sachs and Morgan Stanley have long vied to dominate deal-making in Silicon Valley.
A New York Times dispatch to The Globe reports that on Monday, major tech firms announced multibillion-dollar financing deals and details of what may be the largest public offering ever.
Anthropic named Goldman and Morgan Stanley as lead underwriters on its upcoming initial public offering, a role that will generate millions of dollars in fees for the banks.
With so much money on the line, even the smallest details matter to Wall Street. In Anthropic's IPO prospectus Goldman is listed farthest to the left of all the underwriters, a position that denotes the coveted title of "lead left" bank. Morgan Stanley, for its part, is the "stabilization agent" for Anthropic, which means the bank will be responsible for making sure trading runs smoothly on Anthropic's first day on the market.
Anthropic did not list how much it would pay Goldman and Morgan. But SpaceX, which holds the current title of largest ever public offering, also chose the two banks as lead underwriters and paid each about $100-million (U.S.) or about 20 per cent of the roughly $500-million (U.S.) fee pool.
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