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 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.
NYSE:FDS Earnings & Revenue History as at Oct 2026
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.
“The expansion of Verafin’s AI driven solutions has progressed, with 22% revenue growth, 17% ARR growth and 110% net revenue retention in Q2 2026, 11 enterprise deals signed so far in 2026 and roughly 750 clients using agentic AI workers.”
What really could move margins is how one less visible part of Nasdaq’s broader capital markets software stack scales from here.
That quiet engine of capital markets software is exactly where the story gets interesting, so read the full narrative for Nasdaq to see how Nasdaq’s earnings mix could be quietly accelerating.
NasdaqGS:NDAQ Earnings & Revenue History as at Oct 2026
Houlihan Lokey is a full service investment bank that advises on M&A, restructurings, valuations and equity issuance, so it fits the ECM and IPO underwriters theme while still leaning heavily on advisory work. It generated about US$1.6b from Corporate Finance, US$520 million from Financial Restructuring and US$354 million from Financial and Valuation Advisory, and the group is valued at roughly US$9.1b.
For investors looking at capital markets exposure with some built in defensiveness, Houlihan Lokey offers a mix of equity issuance advice, sponsor relationships and counter cyclical restructuring work that ties directly into equity deal cycles without relying solely on them.
“Sustained elevated restructuring activity, now supported by widening credit spreads and higher default rates among smaller private credit borrowers, is reinforcing the role of Financial Restructuring as a stabiliser for group revenue and net margins.”
What really matters from here is how one quiet shift in where the highest fee transactions land ultimately shapes the firm’s earnings power.
As those high fee deals shift, read the full narrative for Houlihan Lokey to see how Houlihan Lokey’s mix of restructuring and issuance could be quietly accelerating its earnings engine.
NYSE:HLI Past Earnings Growth as at Oct 2026
Seeking Alternatives Beyond Anthropic Hype
Fresh opportunities move first. Breakout stories gain momentum, then the gap closes as the crowd piles in and pricing power starts dropping. Scan under the radar for now and get in early.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
