Anthropic启动IPO路演，摩根大通负责零售端

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You know, I think one day soon Charlie might be giving us price updates on another stock that on a stock that's not yet trading and that would be Anthropic.

I can't wait for that.

I'm looking forward to that. I wonder if uh Anthony Hughes is looking forward to that because there is a lot of news when it comes to the pre-public company of Anthropic. Let's read a couple of the headlines right now. The company, as we know, targeting this $ 1.4 4 trillion valuation in this Blockbuster IPO. But then there was this weird kind of back and forth late last night. I don't know if you saw this before you went to bed.

There was like a report about a number that came out. Then that report was retracted. It's this filing snaflu that jolted investors in the run-up to this mega IPO. I want to bring in Anthony Hughes, equity capital markets reporter for Bloomberg News. He joins us here in the Bloomberg Interactive Broker studio. Um I just want to start with the snafu last night because I got this alert on my phone. It said a certain number and then it said anthropic retracts that there was an error in the filing.

What happened?

Well, I think this was uh this was in the communications between the banks and the lawyers and the participants in the deal and I think this wasn't something that was necessarily happening in the public realm was happening in behind the scenes. But I think there was various leaks coming out ahead of uh the deal being launched this morning about what what the final terms were going to be. And I think it really speaks to the fact that there was a lot of back and forth in the recent days around a whether this deal should go ahead and then b what the terms should be.

And uh I guess um you know I think exactly what happened is a matter of mystery but I think uh perhaps there were a few different versions of what the term should be and uh one of the versions that went out was an earlier version as far as I'm aware but u I think this would is something that would probably blow over and maybe not be a huge consequence but certainly it speaks to the fact that uh exactly what terms anthropic should have gone out in this these market conditions and you know this sort of pretty testing time for the AI trade. uh you know there was a lot of obviously a lot of back and forth and uh you know we saw what the final terms were today and uh you know I guess at some point in the recent days it was the numbers were a little bit different to that so

so it starts marketing it this morning

yeah marketing began so basically the road show begins the public road show begins which means that uh you know the bankers uh get out there and meet formerly with investors institutional investors um mainly and obviously there's a retail component of the IPO as well and uh this is really a 7-day road show where they the the uh the bankers and the management travel largely around the US and um I think four of the days are in New York but there's a there's some of the there's one day in San Francisco there's a day in Boston

okay I mean like you know you know they say some stuff sells itself

isn't it already aotted like isn't it already

you need to market this

what is this about invite people to lunch and say hey we have this company I don't know if you've heard of it but your clients might be interested in investing in it

yeah well um you know when it's a large sum of money it does take a while to get to basically um get get everyone's orders in. And uh there's this it's a it's a process of price discovery. I mean this is a little bit different from the SpaceX IPO where Elon Musk went for a fixed price and and that actually happened a little bit quicker that IPO would happen in in a slightly shorter time frame and uh that was a bit more of a straightforward exercise I think because the markets are pretty testing at the moment particularly around the AI trade particularly with Nvidia coming down.

Nvidia is actually putting up $10 billion for this IPO as well through as the separate priv private place. That's an interesting point. You consider like right the push back and the selling that we've seen that maybe Anthropic is like I got to just kind of test the waters a little bit, right?

Yeah. Well, I think it's just the standard IPO is is this is just the standard way in which an IPO is conducted in America and usually the road show goes about this length. I mean it can differ by a day or two, but um

they have to do it. They do it. It just it's going to happen even if it's like as you said it's already like everybody knows what they're going to get for the most part right at this point.

Well, I think it depends on the level of demand. I think uh obviously the the big uh institutional investors will get large allocations and the the banks will favor you know large long only investors who who'll commit to holding the stock as long as possible but obviously there'll be uh a bunch of other investors who hope to get stock and might get cut back. Uh those might be investors who are more short-term and focused but you know that's all all the art of art out of an IPO.

We know the retail side really wants

Yeah. I'm glad you went there. Our heads in the same place. I mean, we spoke to Chevma um just last week, the CFO of of Robin Hood, who told us that it's competing with other retail brokerages for a bigger slice of Anthropics IPO.

He said, quote, "It's a food fight out there, so we're going to let our demand speak for itself and then let the companies decide." How how big will retail be in this IPO?

Uh well, we expect it to constitute about 15 to 20% of the deal. Now the confusing thing about the IPO is that if you put all the bits together it's about a hundred billion deal but 26 billion of that is in this private placement. So the shares that are going to be available for the public market is going to be more on the order of like 74 uh billion dollars if you include the green shoe. And then of that uh the retail component is probably going to be about 20%.

So you can see like perhaps uh I don't know somewhere in the order of 15 billion you know 10 15 billion something like that going to retail. Now, when we say retail, you got to be a bit clear about what you mean by retail. That can include high net worth individuals. It can include Robin Hood customers who are self-directed, very some people have very small accounts. Yeah. Uh it also includes the clients of other brokers, brokers who are not necessarily hugely wealthy people, but it's a range of different types of investors.

Tell us about um your story. I love this story about uh anthropic planning and IPO live stream um with Dario Amade and uh JP Morgan Chase's CEO Jamie Diamond. What did you hear or find out?

Well, JP Morgan, as we've reported previously, is running the retail aspect of this IPO, which basically means cor you mentioned Robin Hood, but they're overseeing the high net worth uh uh retail investors, but also they're, you know, they're organizing the the other uh retail brokers who are involved. And so, they're overseeing this whole process, but obviously the stock will go out to a range of clients of different uh retail brokers and platforms.

But um yeah, JP Morgan uh when if you go back to SpaceX, they did a similar event where they live streamed over X interview with um or a fireside chat is is the phrase that they're using um with Elon Musk. And so this will be similar, although my understanding is it may not necessarily be on X. It might be on another live stream platform.

Well, Anthropi