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

Goldman Sachs and Morgan Stanley are competing for the 'lead left' underwriter position in upcoming OpenAI and Anthropic IPOs, a role that grants significant share allocation control and financial advantages. Both banks already serve as top book runners for these deals, with the lead left designation determining substantial profit disparities. University of Florida professor Jay Ritter highlights the strategic importance of 'soft dollars' paid by funds to secure maximum IPO share allocations.