00:00Anthropics credit facility is set to rise above its $10 billion target.
00:04For more on these stories, we are joined by Bloomberg reporter Anthony Hughes.
00:08Anthony, again, it's a drip feed of information as we await this IPO.
00:11What is the latest?
00:12Well, yeah, there's lots of information about Anthropics,
00:15a lot of cross-currents and stories about how they're going relative to OpenAI.
00:19But it seems like OpenAI is really allowing Anthropics to go first here.
00:24And the talk is that Anthropics is looking at perhaps a late September, early October IPO,
00:29whether that's when it launches and prices.
00:32And, you know, it's obviously going to be the big event of the post-Labor Day period
00:36for equity capital markets, for the IPO market.
00:39And, you know, a lot of other people who want to go public are going to have to work their
00:42way around that.
00:43And it's going to potentially soak up a lot of capital.
00:45But we've seen with SpaceX in June that the market could absorb an $86 billion IPO,
00:50which had a few ups and downs early on, but it's trading okay now.
00:53So, you know, I think the bank is very confident the money's out there to support the deal.
00:56And, you know, really interesting that the banks have also lined up this revolving credit facility,
01:02which is something that banks do for these large deals.
01:04And it really sends a strong signal about Anthropics' financial strength and liquidity.
01:09They won't necessarily draw on that for their capex and stuff like that.
01:12But it sends a strong signal about, you know, that they're doing well,
01:17they're getting close to profitability, or they're profitable, I think, on some level at the moment.
01:21And also that, you know, they may be approaching an investment-grade rating as well,
01:26which would also, you know, be an indicator that they're going to be a big force in the financial markets
01:30going forward.
01:30Well, some of the other IPOs we might get, you and the team reporting that General Atlantic might be pursuing
01:35going public,
01:36too, certainly a signal to have a private capital player who presumably wants to IPO companies like Sheehan,
01:42which it owns a piece in, looking at maybe going public itself, too.
01:45Yeah, so General Atlantic is one of the, like, three or four names that have seemed quite prominent in this
01:49post-Labor Day window.
01:50Obviously, they'll have to skirt their way around Anthropic.
01:53But, you know, General Atlantic is a 45-year-old private equity firm very well-known on Wall Street
01:58and quite well-regarded, not as big as Blackstone, but it has 130 billion of assets under management.
02:03It could be quite a sizable deal.
02:04And from the sources we speak to, the partners there are quite rich,
02:08and therefore they haven't necessarily been in a rush before,
02:11because this deal's been in the pipe for a few years, but they haven't rushed it out.
02:15And, you know, I think one view is that it's a partnership, a partner-owned company,
02:21and therefore they're not necessarily in a rush.
02:22But we've seen that other types of companies like this, going public does serve a purpose.
02:26It helps with succession, and it also helps with, you know, periodically these partners can then go forward
02:32and sell a little bit of stock and remunerate themselves that way.
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