00:00I want to talk about the big news earlier this week that Anthropic has filed confidentially for an IPO.
00:05SpaceX is also filed. OpenAI is expected to file any time now.
00:10How far back have you been planning to file?
00:12And do you think that there's a race here to be first among the AI companies?
00:18So, yes, you're correct. We confidentially filed our S1.
00:22And that gives us the option to potentially go public after the SEC review.
00:28Unfortunately, that's all I can say about anything IPO-related. I'm sure you understand.
00:33I mean, if we can just maybe level up a little, what is the calculus for a kind of an
00:39AI company generally to go public or not in this moment?
00:43What are some of the pros and cons here? Because on the one hand, yes, you can access more capital
00:47if you're not a startup.
00:49But on the other, then you're beholden to quarterly results, shareholder calls, et cetera.
00:54So what are some of the pros and cons just generally for an AI startup, do you think, to go
00:58public in this moment?
01:00So I think, at least speaking for ourselves and I think probably really for the AI industry more broadly, it's
01:08a very capital-intensive business to train AI models.
01:11I think that's something we've been very open about from day one.
01:14I don't think that's a surprise in the industry.
01:17And I think this kind of concept of, like, how do you access the level of capital that you need
01:22to train these models, right?
01:24It's a really big kind of upfront cost to train the models and to sort of inference on them.
01:29And I think that is my guess is that, you know, over time, the sort of core set of companies
01:38that are working to advance the frontier are just going to need access to capital.
01:45And I think the public market is very well suited to that.
01:47So there's obviously, of course, tradeoffs, but my sense is there's just a fundamental structure of how training and kind
01:55of serving these models for customers works that it will require that level of access.
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