00:00We've been waiting for this one, and now we're getting a little bit of detail when it comes to Anthropics
00:03IPO plans.
00:05We've been waiting for this one. Did we think it was going to come literally the Monday after they closed
00:10a mega private round?
00:12No. I mean, this is like procedural, right? It's a confidential filing.
00:16We don't know the number of shares being offered. We don't know the price range.
00:20But this is a company that was valued on a post-money basis at $965 billion last week in a
00:28round that was joint led by Altimeter.
00:30Dragoneer, Sequoia, et cetera, and included backing from the hyperscalers.
00:34And, you know, it was an open-ended question. I think you guys were just talking about just then.
00:38How much does the SpaceX IPO either suck the oxygen out of the room, because you think of the commonality
00:45of the types of crossover funds that would need to support IPOs of this scale,
00:48or why not just go public? You know, maybe we can get into where Anthropics stands against open AI.
00:55Yeah. But it's not just a three-line race to go public. It's a three-line race for the market,
00:59which is basically enterprise AI software.
01:01Well, let's go exactly there, Ed, because we've been talking about this race among these big AI companies to go
01:08public.
01:09SpaceX, of course, in a couple of weeks. Anthropics submitting their draft F1 confidentially here.
01:14Where does this stack up with open AI factored in as well?
01:18Yeah. I mean, just prior to the red headline that just hit the Bloomberg terminal, the working assumption based on
01:24the reporting was SpaceX will price and list in the next two weeks, by the end of June at least.
01:30Then it was looking like open AI could also file confidentially imminently. It never happened. But look at September to
01:37go public.
01:38And we had previously reported that Anthropic was looking at October to go public. So there is some modeling and
01:43math to be done on when those those can happen mechanically.
01:47But the big number that came out of Anthropic's round last week was revenue run rate at $47 billion. And
01:54a lot of the narrative has been Anthropic kind of accelerating beyond open AI in terms of its financial performance
02:02and the traction that its underlying models and coding products are getting with the world at large.
02:08The interesting bit that's changed now is that Anthropic and open AI have had time to read SpaceX's S1 and
02:17look at what SpaceX is basically saying for its TAM number and how it sees its future in the world.
02:22And they've basically, according to the confidential filing, said, you know what, this provides an interesting environment for us to
02:28also go public.
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