A $7 billion horse race: Goldman Sachs and Morgan Stanley battle for 'lead left' position ahead of OpenAI and Anthropic IPOs

The two Wall Street giants are competing for the most prestigious slot in what could be the largest technology listings in years — but only one can sit at the top of the tombstone.

Written by Graham Vale · Bureau Finance · Jun 10, 2026

The most coveted slot in investment banking

In the architecture of a large initial public offering, position matters enormously. The 'lead left' underwriter — so named because it appears at the top left of the deal's tombstone advertisement — runs the book, sets the price, and allocates shares to institutional investors. It also collects the largest share of underwriting fees. On a $7 billion deal, that share can run into the hundreds of millions of dollars.

Goldman Sachs and Morgan Stanley, the two firms that have long competed for dominance in technology equity underwriting, are both pursuing that position on the anticipated public offerings of OpenAI and Anthropic, according to reporting by Fortune.

Why these deals matter beyond the fee line

The financial stakes are significant, but the reputational stakes may be larger. OpenAI and Anthropic are the two most prominent names in the current wave of large-language model development — the technology underlying products like ChatGPT and Claude. Whichever bank leads their listings will be positioned as the institutional gateway to the AI sector at a moment when allocators are actively building exposure.

For Goldman and Morgan Stanley, the mandate is also a signal to future clients. Technology companies preparing for their own listings watch which bank shepherds the marquee deals. A lead role on OpenAI or Anthropic is, in effect, a calling card for the next generation of high-growth technology IPOs.

What 'lead left' actually means

Underwriting syndicates for large IPOs typically involve multiple banks, each assigned a role and a corresponding fee allocation. The lead left bookrunner manages the investor roadshow, maintains the order book, and has final say on pricing and allocation. Co-managers and passive bookrunners participate in distribution but hold less influence and receive smaller fee shares.

The distinction matters because institutional investors — pension funds, sovereign wealth funds, large asset managers — develop relationships with the banks that control allocation. Being lead left on a high-demand offering gives a bank leverage in those relationships that persists well beyond the closing date.

The competitive dynamic

Goldman Sachs has historically led more technology IPOs by deal value, while Morgan Stanley has at times claimed a larger share by volume. Both banks have deep relationships in Silicon Valley and have underwritten major technology listings over the past decade.

The competition for OpenAI and Anthropic is complicated by the unusual ownership structures of both companies. OpenAI operates under a capped-profit model with a nonprofit parent, a structure that will require careful investor communication during any roadshow. Anthropic has raised capital from a range of strategic investors including Google and Amazon, relationships that may influence which bank is best positioned to manage the institutional process.

Neither company has confirmed a timeline or a chosen underwriter. The $7 billion figure represents an estimate of combined deal value based on current reporting, not a disclosed target.

What to watch

The formal mandate process — in which companies interview banks and select their syndicate — typically occurs several months before a filing. Observers should watch for any public signals from OpenAI or Anthropic about listing timelines, as well as any regulatory developments affecting the capped-profit structure that could complicate the offering mechanics. The bank that wins the lead left role will become visible quickly once an S-1 registration statement is filed with the Securities and Exchange Commission.

Key takeaways

Goldman Sachs and Morgan Stanley are both pursuing the lead underwriter role on the OpenAI and Anthropic IPOs, two of the most anticipated technology listings in years.
The 'lead left' position — the top slot on an underwriting syndicate — confers the largest share of fees and the most prominent reputational credit among institutional investors.
The combined deal value is estimated at approximately $7 billion, placing these offerings among the largest technology IPOs in recent memory.
Only one bank can hold the lead left position on each deal, meaning the competition between Goldman and Morgan Stanley is effectively a zero-sum contest for each mandate.
Winning these mandates would reinforce a bank's standing in the technology sector at a moment when AI-related capital markets activity is accelerating.

FAQ

What does 'lead left' mean in an IPO context?

The lead left underwriter is the primary bookrunner on an IPO — the bank that manages the investor roadshow, maintains the order book, and controls share allocation. It receives the largest portion of underwriting fees and its name appears at the top left of the deal's tombstone advertisement, which is the formal notice of a completed transaction.

How large are the OpenAI and Anthropic IPOs expected to be?

Current reporting estimates the combined deal value at approximately $7 billion, though neither company has publicly confirmed a listing timeline or a target raise. These figures should be treated as estimates until formal filings are made with the SEC.

Can both Goldman Sachs and Morgan Stanley work on the same IPO?

Yes — large IPOs typically involve syndicates of multiple banks. However, only one bank can hold the lead left position on a given deal. Both Goldman and Morgan Stanley could participate in the same offering in different roles, but the competition being reported is specifically for the top slot.

Why does the lead underwriter role matter beyond the fees?

The lead left bank controls share allocation to institutional investors, which gives it significant leverage in relationships with major allocators. Winning a high-profile mandate also signals capability to future clients who are evaluating banks for their own listings.

What is unusual about OpenAI's corporate structure that could affect its IPO?

OpenAI operates under a capped-profit model with a nonprofit parent organization. This structure limits the financial returns available to investors and will require careful disclosure and investor communication during any public offering process. The mechanics of converting or restructuring this model ahead of a listing remain an open question.

Citations

A $7 billion horse race: Goldman Sachs and Morgan Stanley battle for 'lead left' position ahead of OpenAI and Anthropic IPOsGoldman Sachs and Morgan Stanley are competing for the lead underwriter position on the OpenAI and Anthropic IPOs, with combined deal value estimated at $7 billion.
Fortune Finance FeedOnly one bank can occupy the coveted lead underwriter position for this year's hottest AI IPOs.
SEC S-1 Registration Statement Process — Investor BulletinCompanies pursuing a public offering must file an S-1 registration statement with the Securities and Exchange Commission, which discloses financial structure, risk factors, and use of proceeds.