Anthropic PBC has lined up banks to lead work on its IPO, according to people familiar with the matter, as the artificial intelligence company races its rival OpenAI to be first to go public.

The boom in artificial intelligence investment is a “fundamental, generational” phenomenon driving markets and filtering through to the economy at large, said Christina Minnis, global head of the alternatives origination group at Goldman Sachs Group Inc.

Christina Minnis, global head of the alternatives origination group at Goldman Sachs, says lines are blurring between different businesses, noting that businesses such as structured products, investment-grade debt and leveraged finance sit on one floor at Goldman Sachs. She speaks at the Bloomberg Global Credit Forum in New York. (Source: Bloomberg)

Elon Musk’s SpaceX is negotiating to pay razor-thin fees to Wall Street firms handling its IPO — but banks are still likely to rake in about $500 million from the record-setting market debut. Musk’s space and artificial-intelligence conglomerate is negotiating to pay less than 0.75% for the $75 billion it aims to drum up in an initial public offering this month, according to people with knowledge of the matter. Even at that low spread, it will likely amount to one of the biggest fee events ever for Wall Street firms that arrange public listings. The lead banks — Goldman Sachs Group Inc. and Morgan Stanley — are positioned to take in a bigger share of the fee pool than the other 21 brokers involved. For more, we speak with Sri Natarajan, Chief Wall Street Correspondent for Bloomberg News. (Source: Bloomberg)

For leveraged finance practitioners, artificial intelligence is the only game in town — especially in the absence of more debt deals to finance mergers and acquisitions.