Anthropic disclosed earlier this week it aimed to raise up to $100 billion at a valuation of up to $1.4 trillion, down from $2 trillion bankers had floated this summer, before market jitters appeared.

JPMorgan and Citi are stewarding efforts to sell to individual investors, which Anthropic has said it expects to make up about 20 percent of the offering. Another critical group of investors: Seven of the tech industry’s biggest players, including Broadcom, Nvidia and Microsoft, which have already signed up to invest a total of $26 billion in Anthropic immediately after listing.

Each of those seven technology firms also stands to benefit from a successful Anthropic listing: Some, like Nvidia, Google and Microsoft, were already investors. All of them count Anthropic as a customer, and a successful Anthropic offering means a sustainable buyer of their services.

And the banks themselves could stand to collect roughly $400 million in fees on the deal, according to analysts at Evercore.

Anthropic is entering a market that has been less than ideal. Concerns about debt-fueled spending on artificial intelligence have whipsawed stock and bond prices for weeks. This week’s shocking resignation of Jensen Huang as Nvidia’s chief executive added more turmoil and uncertainty.