00:00Bloomberg understands that Anthropic expects to match or beat the size of SpaceX's record-setting $75 billion IPO.
00:07The cloud developer is said to be running the numbers as it prepares to file publicly as soon as the
00:12end of this month.
00:13Well, let's get more on this from Bloomberg's Anthony Stevens.
00:16Anthony, what's the latest from Anthropic ahead of this mega IPO?
00:21Yeah, Anthropic continues to barrel towards this IPO coming after the strong ARR numbers that it released, you know, about
00:27$65 billion.
00:28And now it's targeting something in the realm of SpaceX.
00:31So that puts it in the $1 to $2 trillion kind of valuation range.
00:35And the size of the IPO is in and around this $80 billion mark that SpaceX had, including the over
00:40-allotment option.
00:41Now it's added another banker to its roster with Citibank coming on board.
00:45Citibank was part of the SpaceX deal.
00:47And what's very interesting here is the structure of this deal, right?
00:50We have Anthropic management looking for super-voting shares.
00:53So that's one aspect.
00:54The second aspect is that this company has been able to raise capital relatively easily in the credit markets with
01:00the $10 billion revolving line above what they were expecting.
01:05So as long as the revenue continues to grow at the pace it's growing, the market does not seem to
01:11be concerned on profitability just yet.
01:13Remember, this company lost $40 billion in 2025, which was a big jump on 2024 numbers.
01:19So this company has to turn around to profit later.
01:22But as it moves into positive net adjusted income, investors are looking at the pure growth rate.
01:27And it looks like there is a lot of fervent demand for this IPO.
01:31Now bear in mind, this is going to be the biggest listed LLM play after the Chinese had Minimax and
01:37Zerpu earlier.
01:38So how much space will investors have to make in the rest of their AI portfolio to buy this IPO?
01:43Now that's going to be another factor that's really in focus in the next coming weeks.
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