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AI IPOs: European Banks Squeezed Out of Equity, Better Placed in Debt

Johann Scholtz , Niklas Kammer

May 27, 2026

SpaceX has filed for one of the largest IPOs in history, with Anthropic and OpenAI expected to follow in the most significant fundraising cycle in years. No European bank holds a lead equity arranger role; that honor belongs to five US banks.

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AI IPOs: European Banks Squeezed Out of Equity, Better Placed in Debt

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