Banks Scramble to Serve Anthropic Employees' Windfalls Ahead of Expected IPO Bonanza

Goldman Sachs and Bank of America are competing to manage the wealth of Anthropic employees ahead of the artificial intelligence company's initial public offering (IPO). The IPO is expected to raise as much money or more than SpaceX's $86.2 billion debut when it hits the markets in coming weeks.

Anthropic, the developer of the Claude AI model, has been discussing wealth management options with several banks and smaller boutiques. The company wants to provide a list of recommended advisers to help employees navigate their anticipated windfalls from the listing.

The Wall Street banks have been pitching their wealth-management businesses to Anthropic, highlighting details about fees, services, and other aspects of their operations. This competition is not new, as banks regularly vie for the business of newly wealthy employees from major technology company listings.