Morgan Stanley Introduces Zero-Fee OpenAI Shares as Anthropic Demand Surges
Investor demand for OpenAI secondary shares has collapsed after attempts to sell $600 million of paper failed, while buyers hold $2 billion ready for Anthropic. Morgan Stanley has begun offering OpenAI equity to wealth clients without carry fees and charges 15%-20% carry on Anthropic investments.
1. Drop in Secondary OpenAI Trading
Institutional holders including hedge funds and venture firms tried to unload about $600 million of OpenAI shares on the secondary market but found no buyers as demand pivots sharply toward Anthropic, where investors have $2 billion in cash available.
2. Morgan Stanley’s Fee-Free OpenAI Offering
Morgan Stanley now provides wealth clients direct access to OpenAI equity through authorized channels without any carry fees, countering traditional high-fee broker models and aiming to attract retail and institutional investors.
3. Anthropic Carry Fees and Competitive Dynamics
While OpenAI shares are offered fee-free, Morgan Stanley applies its standard 15%-20% carry on Anthropic investments, reflecting confidence in Anthropic’s perceived upside and generating revenue where risk-reward appears more attractive.