00:00What is the appetite likely to be. Say we go into Cerebra so we think about how yes they've suddenly
00:06galvanized revenue growth but the margin has been hit as Ed articulates.
00:10Are people just going to be betting still on this desire for AI compute the rampant bottlenecks that we see
00:15in terms of just access for AI iterations and innovations.
00:20Well it's a great question and clearly this is going to lead off you know what could be a big
00:25AI infrastructure year.
00:26There's already some public companies like CoreWeave and Nebius who have had nice run ups recently.
00:32You know so there's clearly demand for AI infrastructure and Cerebrus numbers they've grown revenues.
00:38I think the biggest question mark with Cerebrus was customer concentration.
00:42Now they've added OpenAI but they still have customer concentration and so it's also a very high valuation.
00:49The company did $510 million in revenue last year. Their last round was at $23 billion which was just done
00:56in February.
00:57And so it's meantime the secondary market for Cerebrus has actually traded down to about $10 billion recently.
01:05And so there's a big question mark of whether they can hit a big enough number in the IPO pricing
01:10such that their last round investors won't have a down round.
01:13So I think the market will be watching Cerebrus closely. It's not the marquee name like SpaceX Anthropic or OpenAI
01:20but it will be interesting to see if the market really is open again for a company like Cerebrus with
01:26such customer concentration.
01:27And this is why we go to you Greg because we think about the liquidity that you can see you
01:32can tell our audience about in the secondary market.
01:34Just how hot is it for the really exciting names? Like we were just reporting Edge and team about how
01:40Anthropic basically is turning away more money in terms of a capital raise that could drive its valuation up to
01:46$800 billion or so.
01:48Yeah. Anthropic is one of the hottest companies we've ever seen. Unbelievable demand on our platform at Rainmaker.
01:55Obviously the company added $10 billion of ARR in one month.
02:00There are now up to about $30 billion of ARRs reported publicly.
02:04So it's just it's people are starting to value Anthropic as a share of the economy, not not in sort
02:11of traditional metrics that you might see.
02:13And of course, their growth actually does start to rationalize the valuation that they've had.
02:17We're starting to see them, you know, enter into just about every software category.
02:21So Anthropic is about as hot a company as we've seen every day raise money at $350 billion just in
02:27February.
02:28We're now seeing potential $800 billion. We're seeing unlimited demand on our on our platform.
02:34So clearly Anthropic is the hottest company we've seen in a long time.
02:38You know, with those names, SpaceX, OpenAI, Anthropic, people always ask when we report something, you know, how do I
02:45as an everyday person invest into those companies?
02:47And the first thing I say is we don't do that. I don't do financial advice. Just read my reporting.
02:52But the second thing is I say, oh, but we have reported that SpaceX, OpenAI and Anthropic are all likely
02:58to go public in 2026.
03:00And with that flood into the market of three names at that scale, how does that translate to activity on
03:08the secondary market?
03:09Do people try and position themselves in anticipation of a big listing or public debut moment like that?
03:16Yeah, absolutely. You know, these three companies in particular, there's they're obviously, you know, enormous market caps, 800 billion, 2
03:25trillion potentially for for SpaceX.
03:27So we're seeing a ton of demand pre IPO because people do think that there's going to be a run
03:33up in the markets.
03:34All of these companies are oversubscribed in the in the secondary markets.
03:37And as companies get closer to IPO, there's a feeling that, hey, now I'm going to have liquidity.
03:43Now I'm going to have access to more information. But, you know, we've seen in the past IPO allocations get
03:48cut back substantially.
03:50And so if you want to get into these companies with any kind of scale, you may have to come
03:54into the private markets and buy it via secondary or primary.
03:56So we're seeing rabid demand for all three of these companies in the secondary market.
04:01Greg, really quick. We had lots of little IPOs last week. Many of them came on this show. What did
04:05that signal to you?
04:08Not a lot. You know, I'm much more focused on the bigger IPOs. There's clearly a massive backlog.
04:14And so companies are companies that just need to go public. I don't think there's a lot to be learned
04:19from from what we saw last week.
04:21Listen, we have the potential for one of the biggest IPO years in history.
04:25The three companies you mentioned are going to potentially raise up close to 200 billion between them, which which could
04:32suck the entire oxygen out of the market for a while.
04:36So I think what's really going to be interesting is how those three companies, SpaceX, Centropic and OpenAI, perform.
04:43And of course, it's a function of whether the IPO market is truly open, because I don't I don't think
04:47the market's open until the Straits of Hormuz are open.
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