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Goldman Sachs and Morgan Stanley Split Teams for OpenAI and Anthropic IPOs to Avoid Cross-Contamination
Goldman Sachs and Morgan Stanley are preparing separate banking teams to handle the potential public listings of OpenAI and Anthropic, two of the most valuable artificial‑intelligence companies. The banks plan to keep the coverage groups for each company isolated, a move that deviates from the usual practice of a single lead bank representing competing firms.
The arrangement was announced after both AI firms filed confidential initial‑public‑offering (IPO) documents in early June. OpenAI’s filing was submitted to the Securities and Exchange Commission (SEC) on May 22, 2026, and Anthropic’s confidential draft registration statement was filed on June 1, 2026. Neither company has set a definitive listing date, though the earliest scenario discussed by analysts was August, with expectations shifting toward a period after early September.
According to the statement released by OpenAI, the company has not decided on a timing yet. "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best," the statement read.
The banks’ decision to split teams is designed to prevent sensitive information from crossing between the two direct competitors. Goldman Sachs and Morgan Stanley will each assign different bankers to the respective mandates, even though both offerings are expected to involve broad syndicates that include multiple firms. This approach contrasts with the 2019 IPOs of Lyft and Uber, where the work was divided among different lead underwriters rather than shared by the same top banks. In that case, JPMorgan Chase, Credit Suisse, and Jefferies led Lyft’s deal, while Goldman Sachs, Morgan Stanley, and Bank of America handled Uber’s IPO.
Anthropic’s path to the public markets is complicated by regulatory issues. The company faces U.S. government limits on foreign access to its newer models and an unresolved disagreement tied to a Pentagon designation. Since January 2026, the Department of Defense has conflicted with Anthropic over the use of its products for military purposes and mass domestic surveillance. The DoD designated the company a "supply chain risk" and barred U.S. private military contractors, suppliers, and partners from doing business with Anthropic. A federal judge issued a temporary injunction against the designation on March 26, 2026.
The confidential filings by both firms also reflect broader market dynamics. OpenAI’s filing indicates a potential September 2026 public listing, with Goldman Sachs and Morgan Stanley as lead underwriters. Anthropic’s filing, filed on June 1, 2026, also names the same banks as lead underwriters and suggests a possible October listing.
The banks’ split‑team strategy underscores the sensitivity of the AI sector. By keeping the coverage groups walled off, Goldman Sachs and Morgan Stanley aim to protect proprietary information while still providing the expertise required for a successful IPO. The move also signals that the banks are prepared to manage two high‑profile, high‑valuation deals simultaneously, a scenario that has not been common in recent IPO playbooks.
In summary, Goldman Sachs and Morgan Stanley are preparing distinct teams for the potential IPOs of OpenAI and Anthropic, with each bank assigning separate bankers to avoid cross‑contamination of sensitive information. Both AI firms have filed confidential documents with the SEC and are targeting a late‑2026 listing, though no definitive dates have been set. Anthropic’s path is further complicated by regulatory disputes with the U.S. Department of Defense. The banks’ approach reflects a cautious strategy to navigate the complexities of high‑profile AI listings while maintaining competitive confidentiality.
The arrangement was announced after both AI firms filed confidential initial‑public‑offering (IPO) documents in early June. OpenAI’s filing was submitted to the Securities and Exchange Commission (SEC) on May 22, 2026, and Anthropic’s confidential draft registration statement was filed on June 1, 2026. Neither company has set a definitive listing date, though the earliest scenario discussed by analysts was August, with expectations shifting toward a period after early September.
According to the statement released by OpenAI, the company has not decided on a timing yet. "We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it's a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best," the statement read.
The banks’ decision to split teams is designed to prevent sensitive information from crossing between the two direct competitors. Goldman Sachs and Morgan Stanley will each assign different bankers to the respective mandates, even though both offerings are expected to involve broad syndicates that include multiple firms. This approach contrasts with the 2019 IPOs of Lyft and Uber, where the work was divided among different lead underwriters rather than shared by the same top banks. In that case, JPMorgan Chase, Credit Suisse, and Jefferies led Lyft’s deal, while Goldman Sachs, Morgan Stanley, and Bank of America handled Uber’s IPO.
Anthropic’s path to the public markets is complicated by regulatory issues. The company faces U.S. government limits on foreign access to its newer models and an unresolved disagreement tied to a Pentagon designation. Since January 2026, the Department of Defense has conflicted with Anthropic over the use of its products for military purposes and mass domestic surveillance. The DoD designated the company a "supply chain risk" and barred U.S. private military contractors, suppliers, and partners from doing business with Anthropic. A federal judge issued a temporary injunction against the designation on March 26, 2026.
The confidential filings by both firms also reflect broader market dynamics. OpenAI’s filing indicates a potential September 2026 public listing, with Goldman Sachs and Morgan Stanley as lead underwriters. Anthropic’s filing, filed on June 1, 2026, also names the same banks as lead underwriters and suggests a possible October listing.
The banks’ split‑team strategy underscores the sensitivity of the AI sector. By keeping the coverage groups walled off, Goldman Sachs and Morgan Stanley aim to protect proprietary information while still providing the expertise required for a successful IPO. The move also signals that the banks are prepared to manage two high‑profile, high‑valuation deals simultaneously, a scenario that has not been common in recent IPO playbooks.
In summary, Goldman Sachs and Morgan Stanley are preparing distinct teams for the potential IPOs of OpenAI and Anthropic, with each bank assigning separate bankers to avoid cross‑contamination of sensitive information. Both AI firms have filed confidential documents with the SEC and are targeting a late‑2026 listing, though no definitive dates have been set. Anthropic’s path is further complicated by regulatory disputes with the U.S. Department of Defense. The banks’ approach reflects a cautious strategy to navigate the complexities of high‑profile AI listings while maintaining competitive confidentiality.
