Anthropic拟IPO募资640亿美元，目标估值1.4万亿美元

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Listen on demand wherever you get your podcasts or watch us live on YouTube. [music] Of course, we also are waiting for more details on Anthropic. We have gotten some because uh the company, the AI Frontier Lab, is holding its investor road show right now. And Bailey Lip Schultz is our go-to guy for all things on IPOs. He's in our Bloomberg Interactive Broker studio in New York City. And Bailey, there was some snafu with paperwork that, you know, added some last minute drama.

Well, it was a little confusing, Scarlet. So basically the TLDDR if you were asleep or watching Monday Night Football yesterday was there was a report from Reuters about a filing that was sent around our understanding and and some of our competitors reporting that there was an an incorrect S1 filing sent around from an external firm working on the deal. That was a little bit weird because it caused a lot of headlines, but it really if you kind of subtract the fact that it was reporting on not too weird.

It wasn't like there was something submitted to the SEC that was wrong. It was just reporting and kind of uh the spread across social media and other outlets yesterday evening, late last night really throughout this morning. And then that was all kind of put to rest when the company began marketing this deal this morning at about 6:30 a.m. New York time.

So talk to us about valuation, Bailey. What do we know uh in terms of what they're looking to raise here? What valuation? So they're looking to sell in the IPO primary and secondary share sales up to $64 billion. On top of that though is a $26 billion private placement participating that AMD, Broadcom, Google, Micron, Microsoft, Nvidia, Taiwan Semi, pretty much a who's who of circular financing concerns participating in that uh private placement. uh at the top of that range when you include things like equity stock options for employees, restricted shares, stock reserve for the company's donation program, fully diluted valuation targeting at the top and $1.4 trillion, which is below the $2 trillion number that had been circulating about a month ago, but above where we were hearing folks on the buy side were trying to push the company to last week when they were targeting maybe as low as 1.1 1.2 trillion dollars.

So, a lot unfolding again in a market backdrop where over the last 12 months, Nvidia's down 25%, Alphabet's down 17, and Meta's down 10%.

And Bailey, just remind us of all the things that we need to watch out for in order for this IPO to go off without a hitch. What kind of timeline are we looking at here? If all goes according to plan, when is the likely pricing date and when's the likely listing date? As far as we know, they will be on the road starting this morning, Tuesday through Wednesday of next week postmarket. The deal should be priced by its bankers in the company Wednesday evening here in New York.

And the first trading day will be next Thursday. Uh again, similar to SpaceX, you can kind of expect this to be a deal that there's a pricing announce Wednesday night, but the stock doesn't open until late late morning, early afternoon on Thursday, and that'll be the first trading day for Antropic.

So, do we know how much of this is going to retail investors? cuz I would think there'd be a lot of demand there. We had reported that 15 to 20% was expected. When you think back to SpaceX, similarly 20% was the top range. I think it ended up shaking out about 15 to 16%. So still quite a large sum being sold or marketed to retail. But Paul, the one thing you got to remember is it's interesting or going to be interesting how they kind of quantify retail.

You can still lump in high net worth individuals as retail clients. So think about the people who have accounts at JP Morgan that are individuals who manage their own investments. They do fit into the retail crowd alongside the folks buying Ant on Robin Hood. So a lot of money to go around. One thing that we did see back when Antropic went public was a global push for retail investors and obviously a lot of excitement on day one when SpaceX went public and day two.

So, it'll be interesting to see not only how they dole those shares out, but what really happens with the retail trading community across social media and kind of just in their trading accounts uh next Thursday and Friday.

And just before we let you go, Bailey, um the company is going to hold a live stream event as well to kind of be able to speak directly to the public.

Yeah, they did this uh with SpaceX. It was Jamie Diamond interviewing Elon Musk. And it does seem like JP Morgan, according to Bloomberg reporting, they will have another live stream event uh this Friday with Jamie Diamond interviewing none other than Daario Modi. So, similar mood, similar kind of flavors, if you will, to what we saw with SpaceX, trying again to discuss the company's vision and trying to really, at least from the JPM perspective, according to our reporting and our understanding, trying to make this an offering that can cater to their retail clients and retail clients writ large.

Again, when you think about historically IPOs marketed to a who's who of investors, a lot of closed door meetings. Well, the pitch at least from the bank running this doing it on Friday like that. Stay with us. More from Bloomberg Intelligence coming up after this. [music]

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Paul and I are downtown in the financial district uh at B Mutual. That's right. Fried eye as the kids say. Um we're going to check in with Sean McCarthy, the CEO and co-founder of Bam Mutual in just a moment, but we need to get an update on the latest with Nvidia. The stock down another 3.8% trading at about a seven-month low right now. Michael Shepard is our Bloomberg News senior technology editor. He joins us right now from Washington DC.

And Michael, what we've heard from President Trump is that the FBI is now looking into uh Jensen Hong's relationship with this alleged Chinese spy in addition to Nvidia opening up a probe into this yesterday. So just give us an update on what we know so far.

Well, you know, the Trump uh news conference yesterday did shed some light on the administration's view toward Jensen Wong. Right now, the president offered his unvarnished support, calling Jensen Wong an honorable man despite the allegations that came out and the admission by Jensen Wong of an extrammarital affair. Uh, but the president did say also that the FBI was looking into the matter. He didn't elaborate on the nature of the probe, exactly which direction it was going, and if it was focused on the relationship itself.

Uh, we contacted the FBI. They have not returned our request for comment. Uh so we are still reporting out exactly what the government is doing in terms of an inquiry. There have been investigations underway though Scarlet as we already know into the company where uh Jensen Wong's power more were. This is Mega Speed International. It had been the focus of commerce department inquiries into whether it had violated export controls and diverted some of the Nvidia chips it had purchased to China in violation of US rules.

So that is something we're going to be tracking and trying to figure out whether that probe is expanding or accelerating and including whether the US is also going to take further steps when it comes to export controls too.

Michael, what have we heard if anything from the company itself, specifically the board of directors? Well, the board