00:00This is investors going to Anthropic and saying, let's do this. But take that and give us the
00:07details that we have so far. Yeah, sure. So last week we talked about unsolicited term sheets
00:13getting ahead of Anthropic's way at around an 800 billion valuation, which we said Anthropic
00:19rebuffed. They basically said, no, thank you. Exactly. The update now is that Anthropic is
00:25actually engaging in those conversations at a 900 billion valuation, even higher. But no term
00:32sheet has been signed. So this is not one of those deals where we expect to see a press release,
00:37the ink dry by end of day. This is one of those deals where Anthropic is hearing these offers and
00:43is responding to the investors that have approached them. And it comes in the backdrop of Google and
00:50Amazon putting tons of capital into Anthropic at around a 350 billion value valuation. So to me,
00:57this is a really interesting example of there being kind of two tails of capital raising at the same
01:02time. Yeah. Natasha, why the change of heart? Is it a change of heart? Is there a need that before
01:07they could tap the public markets? Because we've all been talking about an IPO for this year.
01:12You know, it's it's pretty much the standard dance in AI fundraising these days is how I see it. When
01:19investors approach a company with an offer to invest, a million things could be, you know, wrong,
01:24so to speak. It could be the wrong investor, the wrong price. With Anthropic, we all know very clearly
01:30that they need capital to fund their compute needs. It's why they've brought on so many strategics. It's
01:35also what financial investors are, frankly, you know, taking advantage of by saying, listen, we'll come
01:39to you before you go public. We'll offer you a fresh, you know, tranche of capital, get it all ready
01:45and then go public. And so is it a change of heart? I would say, yeah, it's different than them
01:51completely ignoring the offers. These are serious investors that are approaching them with real
01:56capital offers. The next thing to break is who they'll accept and at what price. Like we said,
02:01right now, it's at above a 900 billion valuation, which, if accepted, would surpass their biggest rival
02:07open AI.
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