Sasha Jovanovic
5 min read
Anthropic’s push toward one of the biggest AI IPOs ever has put equity capital markets back under a bright spotlight, and investors do not want to be on the sidelines if underwriting fees and deal flow pick up around high profile listings. This article examines how that Anthropic news relates to three large U.S. investment banks in the ECM and IPO pipeline and explains why their exposure to this potential deal wave could matter for your portfolio decisions.
The stocks highlighted below are only a sample, and the full screen surfaced 27 more U.S. equity capital markets and IPO underwriters with equally compelling stories that are not covered in this article. To identify your own potential high conviction targets, head straight into the US Equity Capital Markets and IPO Underwriters screener to filter and analyze the wider group.
FactSet Research Systems (FDS)
FactSet Research Systems is effectively the data utility behind many bankers and deal teams, supplying the information pipes that help equity capital markets and IPO desks assess deals, monitor portfolios, and respond quickly when activity spikes.
FactSet Research Systems runs a global financial data and analytics platform that supports investment research, trading, and reporting workflows, indirectly tied to ECM and IPO cycles through higher demand for deal data and tools. It generates about US$1.7b in the Americas, US$621 million in EMEA, and US$266 million in Asia Pacific, and the group is valued at roughly US$10.7b.
“Cobalt is attacking the Private Equity market (20 trillion USD TAM), and the integration with CUSIP is the “secret weapon” enabling FactSet to create unique standardized identifiers for private assets, unifying clients’ portfolios (public + private).”
What matters next is how one quiet shift in how clients pay for these analytics ends up flowing through to long term profitability.
That payment shift is the real hinge. Read the full narrative for FactSet Research Systems to see how recurring spend, private markets and ECM intensity could be quietly rewiring FactSet’s earnings power.
Nasdaq (NDAQ)
Nasdaq matters for this ECM and IPO underwriters screen because it runs one of the primary U.S. listing venues. Any rush of Anthropic scale deals feeds directly into its exchanges, data feeds, and fintech software stack.
Nasdaq operates exchanges and capital markets technology, closely tied to equity listings and trading, and earns US$4.4b from Market Services, US$2.3b from Capital Access Platforms, US$2.0b from Financial Technology and US$37 million from Corporate, with a market value around US$52.5b.
