Anthropic拟将循环信贷额度扩至150亿美元以铺路IPO

[music] Bloomberg audio studios podcasts radio news. [music] Bloomberg Tech [music] is live from the heart of Silicon Valley with Ed Ledllo in San Francisco. [music] Coming up, Anthropic set to finalize an expansion of its revolving credit facility to $15 billion before its public filing. We'll have those details. Plus, a strong US jobs report, but not so [music] much for tech with the IT sector shutting 23,000 jobs in August.

We'll dig into those numbers. And Apple kicking off the John Turnis era with what could be the biggest run of the new devices [music] in its history. This is Bloomberg Tech. I'm Lisa Matteo in for Ed Lello. Let's get a check of the markets. Look at the 5day NASDAQ and pretty flat on the day. Um it's been a quiet trading day. We're heading into a holiday weekend so pretty sleepy right now. We'll get to today's big number and that is 15 billion.

That is the size of the revolving credit facility. Anthropic is set to finalize. That's according to Bloomberg sources. All ahead [music] of the firm's public filing for its highly anticipated IPO. So let's get more with Bloomberg's Bailey Lipul who kind of broke this story. Um Bailey, so how does this help kind of clear the path for the firm's IPO? What's the significance of this?

Yeah, the reason it matters, Lisa, is this sets the table for these other banks to kind of come in under the tent, if you will, and see what Anthropics numbers look like. So the expectation is this deal did close this morning. So that would mean the likes of Barclays, Wells Fargo, some of the other banks outside of the big three will now be a part of this process. That means that going forward now, this could tee up an analyst day.

This could set the stage for uh kind of public flip early next week or sometime next week, next week that would kickstart that 15-day waiting period for the formal marketing to start.

Now, you mentioned some few banks. So, generally syndicated loans, the higher the commitment of a bank, it's the higher the fees it gets paid by the borrower. So, that's why this is important.

Well, it's important too because normally your position on the revolver looks pretty darn similar to your position on the IPO. So if you're Morgan Stanley who led this process, the expectation is you would then turn around and lead the IPO process. It's seen as a big win for the likes of a Barclays or a Wells Fargo because they're on that top line of the revolver. What that would then indicate is they should be higher on the IPO which then to that point means better fees from that sale from the first time share sale and the expectation that this is a company that's going to sell stock and debt in the future.

Okay. I got to ask you because you cover SpaceX IPO very closely. um is anthropic. Are they looking to raise as much as SpaceX or or even more?

At least at what SpaceX SpaceX or higher has been kind of the the verbiage coming from the banks. So that would mean pre-green shoe $75 billion closer to $82 billion from the IPO. But when we talked to some folks on the street, that number could get a lot higher pretty quickly just given the excitement and the view that Anthropic is seen as a true mustowned company whereas SpaceX had uh its tit tits and tats.

It did. Okay. Any update on the Anthropic IPO? you're following it. When are we going to see this? I

I [laughter] think the expectation from talking to sources they still need to schedule that analyst day. Uh you do need to then have the banks working on this have their analysts be able to formulate their models which would then mean public flip sometime next week. So we're realistically looking at anthropic pricing its IPO at the earliest the last day or two of September, but most likely sometime in early October.

Okay. You're going to be keeping on top of it.

I'll be on top of it. I'll be back stuck at my desk, Lisa, [laughter] checking on every little update.

All right. I'll send you some food. Thank you, Billy, very much. [laughter] It's Billy Lip Schultz. Uh, thanks for joining us. All right, so with more on the anthropic and the IPO landscape, Raymaker Securities co-founder and managing director, Greg Martin, he joins us now. Uh, Greg, I have to ask you, so set the scene before we dig into anthropic. Set the scene. What does the IPO landscape look like right now?

Well, it's a really interesting landscape because it was obviously completely dominated by SpaceX um, back in June and we've obviously followed the SpaceX story very well. They raised a historic amount of capital at 85 billion. Um, and they traded up and traded down and they traded back up above their IPO price and I think the market was really paying close attention to them and they really sucked the oxygen out of the room uh for the most part uh for the summer and now we have an extremely exciting uh fall coming starting with Enthropic um you know the most meteoric uh company we've ever seen uh you know crossing 100 billion of ARR you know uh in and and 10xing in one year and and potentially being valued more than SpaceX and raising more capital than SpaceX, although I expect it'll be somewhat similar in the market.

And then there's a really interesting pipeline after Anthropic, but again, it's another situation of do they suck the oxygen out of the room. Um, is there anything left for these other also great companies, but not at the same kind of scale as Anthropic? So, it's going to be a very interesting and potentially exciting uh fall season for the IPO market.

So, you mentioned sucking the air out of the room. Do you think private companies companies overall are they waiting longer to get to that IPO? I I think right I think the the conventional wisdom was we want to see SpaceX and we want to see Enthropic because we're not going to get any attention until those guys uh have gone public and SpaceX has gone anthropic uh we expect as Bailey said to go end of September early October and then I think after that if things go well and the market's still you know strong and there's you know everything else is stable I do think we're going to see a potential opening of the floodgates but the SpaceX sex entropic IPOs need to happen first.

Um, and I do think there's a very solid pipeline behind them, but let's let's see how the anthropic IPO goes.

Now, speaking of the anthropic IPO, uh, does that $15 billion number, did that surprise you at all?

Uh, no, not at all. Uh, really, it's just a giant corporate credit card. So, it's not necessarily 15 billion of debt that they intend to draw immediately. It's just what uh a company especially a company with large capital needs like Anthropic uh would wisely do right before an IPO. It removes the IPO timing risk. So, you know, no none of the potential investors would have leverage over them because they don't need the capital.

They can always draw on the $15 billion facility. Um the, you know, the IPO might take a little time to close. So, there's no timing risk. The debt avoids dilution. Obviously, it was the best uh time to negotiate this debt. As Bailey said, uh uh everyone's fighting for fees and positions in the IPO and so I'm sure they got incredibly favorable terms. It was obviously led by their underwriters. Um and it really just strengthens the IPO story.

It gives them uh a large amount of cash to handle some of their large commitments. So, there's going to should be no concerns about their ability, at least in the near term, to to meet some of their compute uh uh contracts that they've signed. So, I think it's it makes a ton of sense and I think they did it perfectly and I expect it'll really help their IPO.

All right. You kind of mentioned this a little bit, but can you dig more into the the the challenges that Anthropic might face coming up?

I mean, it's a it's a young company. It's a very fast changing market. Um, and one day they can be they can have the best model and the next day they coul