5 stocks that could benefit from the IPO boom

Anthropic's blockbuster IPO plans and OpenAI's potential market debut are putting the spotlight back on new listings. But investors don't necessarily need to own the companies going public to explore the opportunity. From investment banks to stock exchanges, five listed businesses could benefit if IPO activity picks up.

Could the next IPO boom create opportunities beyond the companies going public?

Everyone wants a piece of the next big IPO.

Anthropic's filing on 26 October has intensified interest in one of the most anticipated public listings in years. The company has applied to list on Nasdaq under the ticker ANT, with market speculation suggesting a valuation that could reach $1.5 trillion or more.

Meanwhile, OpenAI has also taken steps towards a potential listing, although its timing remains uncertain.

The excitement follows SpaceX's record-breaking IPO earlier this year and reflects growing investor appetite for access to some of the world's largest private companies.

But there is another way to look at the IPO opportunity.

While investors compete for allocations in the next blockbuster listing, the financial institutions arranging these deals can earn fees from bringing companies to market.

Investment banks manage offerings, market shares to institutional investors and help determine pricing. Stock exchanges provide the infrastructure for listings and subsequent trading.

And if a successful IPO encourages more private companies to list, the opportunity could extend beyond a single transaction.

However, the broader IPO market remains fragile. Rising bond yields, geopolitical uncertainty and volatile technology valuations have prompted several companies to delay their offerings.

The question is whether Anthropic's listing marks the beginning of a wider recovery, or remains an exceptional deal in an otherwise challenging market.

How can listed companies benefit from an IPO revival?

There are two main business models to consider.

Investment banks earn fees from bringing companies to market. They advise issuers, coordinate investor demand and underwrite the shares. Their revenue opportunities depend on the size of offerings, their role in the syndicate and the fees negotiated.

Stock exchanges earn revenue from listings and related services. They can benefit from new issuers, recurring listing fees, market data and trading activity. However, listing fees may represent only a small portion of their overall revenue.

We identified five companies with direct involvement in Anthropic's proposed IPO or established exposure to equity underwriting and listing activity.

The selection is based on disclosed underwriting roles, relevant business exposure and recent financial results, not a claim that these companies have already received material revenue from the upcoming offering.

Five stocks to watch as the IPO market evolves

Goldman Sachs (GS): At the centre of the biggest deals

Goldman Sachs is one of the clearest direct beneficiaries to monitor because it has been named a lead representative of Anthropic's underwriting syndicate.

Lead banks typically coordinate marketing, pricing and share allocation, putting them in a stronger position to earn fees than smaller syndicate participants.

Goldman's broader investment-banking franchise could also benefit if successful mega-IPOs encourage other companies to access public markets.

The bank reported third-quarter revenue of $18.68 billion and earnings per share of $17.01, demonstrating the scale of its existing operations.

However, investors should remember that even a very large IPO represents only one transaction within a diversified financial institution.

Morgan Stanley (MS): Underwriting meets institutional demand

Morgan Stanley is the other lead representative named in Anthropic's IPO filing.

Its institutional securities business combines investment banking with equities trading and client services, giving it exposure to both the initial offering and broader market activity.

Morgan Stanley reported third-quarter revenue of $20.3 billion and earnings per share of $3.03, supported by strength in its institutional securities and wealth-management businesses.

A revival in IPO activity could support underwriting fees, while greater investor participation may benefit its equities franchise.

But investment banking is only one part of Morgan Stanley's earnings, and a single deal is unlikely to determine its overall financial performance.

Jefferies Financial (JEF): A more focused capital-markets opportunity

Jefferies offers a different proposition.

The firm is smaller than the largest universal banks and has significant exposure to investment banking and institutional trading.

It is also named in Anthropic's underwriting syndicate, although its eventual fee allocation has not been disclosed.

Importantly, there is already evidence of improving business momentum.

Jefferies reported third-quarter equity-underwriting revenue of approximately $306 million, up 69% year-on-year. Total investment-banking revenue increased 17% to $1.33 billion.

That makes Jefferies an interesting company to monitor if equity issuance accelerates.

However, greater exposure to capital-markets activity can work in both directions. If IPOs are postponed or dealmaking slows, earnings may become more volatile.

Nasdaq (NDAQ): The exchange behind the listing

Anthropic has applied to list on Nasdaq, making the exchange operator a direct participant in the proposed transaction.

Nasdaq earns revenue from a broader range of activities than simply listing new companies, including market data, indexes, trading infrastructure and financial technology.

Its third-quarter results showed capital-access-platform revenue rising 20% year-on-year to $641 million, while total net revenue increased 13%.

That provides evidence of growth in the broader business.

However, investors should not assume that one enormous IPO will transform Nasdaq's earnings. Listing-related fees are only one component of its revenue, and the exchange reported fewer operating-company IPOs in the third quarter than a year earlier.

A sustained recovery in listings would be more meaningful than any single debut.

JPMorgan Chase (JPM): Scale across the capital-markets cycle

JPMorgan is another named member of Anthropic's underwriting syndicate.

Its corporate and investment bank has a substantial global underwriting franchise, with investment-banking fees rising 14% year-on-year in the third quarter.

The bank also reported 49% growth in equities trading revenue, illustrating how capital-markets activity can support earnings beyond underwriting alone.

A broader IPO recovery could provide another source of fee income.

However, JPMorgan is highly diversified across consumer banking, lending, payments and asset management. Its investment case cannot be reduced to the IPO cycle, and any incremental revenue from a single transaction is likely to be relatively small compared with group earnings.

What should investors watch?

The most important question is not simply how much money Anthropic raises.

It is whether a successful listing encourages other private companies to follow.

Three indicators could help investors assess the strength of an IPO recovery.

1. IPO volumes and proceeds. Are more companies successfully completing offerings, or is activity concentrated in a handful of mega-deals?

2. Investment-banking fees. Are banks reporting sustained growth in equity-underwriting revenue and improving deal pipelines?

3. Post-listing performance. Are newly listed companies performing well enough to encourage other issuers and attract long-term investors?

These indicators matter because a large IPO can generate significant attention without necessarily creating a sustained recovery in capital-markets activity.

What could go wrong?

There are several risks to the IPO revival thesis.

Listings could be delayed. Higher bond yields, market volatility and uncertainty around technology valuations could discourage companies from going public.

Underwriting fees may be less significant than expected. Even a record-sized IPO does not guarantee a transformational earnings contribution, particularly when fees are shared across a large syndicate.

Strong IPO demand may not translate into strong stock performance. Investment banks and exchanges have multiple earnings drivers, while valuations may already reflect expectations of improving capital-markets activity.

A weak debut could damage sentiment. If a highly anticipated IPO performs poorly, other companies may postpone their plans.

There is also a distinction between benefiting from the IPO process and benefiting from the long-term performance of the newly listed company. Underwriters generally earn fees for arranging transactions, not because the issuer's shares subsequently rise.

What this means for investors

The potential listings of Anthropic and OpenAI are attracting enormous attention, but the investment opportunity may extend beyond the companies themselves.

Goldman Sachs, Morgan Stanley, Jefferies, Nasdaq and JPMorgan provide different forms of exposure to the capital-markets ecosystem.

Some have confirmed roles in Anthropic's proposed IPO. Others have already reported improving underwriting or capital-markets revenue.

But the bigger opportunity depends on whether blockbuster listings can revive the broader IPO market—not simply whether one company achieves a record valuation.

For investors, these five stocks offer a starting point to explore the financial businesses behind the next wave of public listings, while keeping an eye on valuations, earnings momentum and the risks of a delayed IPO recovery.