Here’s the cash windfall the Anthropic IPO may bring to banks like Goldman Sachs, JP Morgan and Morgan Stanley

It stands to be a bountiful holiday quarter for some of the world’s biggest banks, courtesy of the gift-giving team at Anthropic (ANTH.PVT).

Using the SpaceX IPO fee rate, allocations, and a range of potential proceeds, EvercoreISI analyst Glenn Schorr estimates Anthropic’s offering could generate a roughly $562 million equity capital markets (ECM) fee pool. That would equal about 1% of fourth-quarter consensus EPS across the banks he covers.

In Schorr’s base case, co-lead underwriters Goldman Sachs and Morgan Stanley would each haul in $112 million in fees. Bank of America, Citigroup, and JPMorgan would each rake in