The expanded bank lineup
Anthropic PBC is preparing to add Citigroup Inc. to the roster of banks advising on its initial public offering, placing the firm alongside Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. in the top tier of advisers on the upcoming deal, according to people familiar with the matter. The move reflects intensifying competition among Wall Street banks for roles on one of the most closely watched listings tied to the artificial intelligence sector. Deliberations remain ongoing and the lineup could still change, the people said, with more banks expected to join. Representatives for Anthropic and Citigroup declined to comment.
Timing of the filing
Anthropic is considering filing for a listing as soon as the end of this month, according to the same people. Bloomberg News has reported that the AI firm and rival OpenAI have filed confidential paperwork to go public, with Anthropic expected to make its Wall Street debut this fall, ahead of OpenAI. The revised timing positions Citigroup's addition as part of the final assembly of advisers before the formal filing window.
Why the slot matters for Citigroup
Securing a top spot on a large IPO promises a larger share of fees than the rest of the banks and helps bolster a bank's ranking in the league tables. Citigroup currently holds the top ranking in Bloomberg's US IPO table for 2026, pulling in the most credit from its role on SpaceX's record-setting $86.2 billion debut, including the over-allotment. Adding Anthropic would consolidate that leadership at a time when the league-table race has intensified across bulge-bracket rivals.
Existing ties between the two firms
Citigroup previously participated in a group of banks that agreed a $2.5 billion revolving credit line with Anthropic last year. The AI firm's revolver is set to rise above its roughly $10 billion target, according to people familiar with the matter. That prior lending relationship gives Citigroup an existing operational foothold with the company before any equity-market role is formalized.
Scale of the expected listing
Anthropic is on track to generate annualized revenue of more than $65 billion based on its current performance, up more than sevenfold from its pace at the end of last year, Bloomberg News reported. That growth trajectory underscores why Wall Street firms are jostling for advisory positions on the deal and why the listing is described in coverage as a potential mega-IPO. A confirmation of the filing or any further adviser additions would represent the next verifiable milestone in the run-up to the listing.
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