Morgan Stanley’s selection as lead-left bookrunner, reinforced by its leadership of Anthropic’s $15 billion pre-IPO revolving credit facility alongside Goldman Sachs, JPMorgan, and Citigroup, underpins the 82.5% market-implied probability for the top role. Reports since June 2026 have consistently positioned the bank to control the order book for the expected mid-October listing targeting a valuation above $2 trillion, drawing on its prior AI-adjacent mandates such as CoreWeave. Goldman Sachs holds the 16.3% implied odds through its joint bookrunner and stabilization responsibilities, while lower-probability banks reflect supporting syndicate positions or revolver commitments without lead status. The timeline shift from late September filing has not altered the established hierarchy, with trader capital reflecting the durable alignment between credit and equity mandates.