Episode summary
Anthropic Files Confidentially for IPO in Race With OpenAI | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec, Emily Graffeo · Guests: Ed Ludlow, Charlie Wells, Andrew Groves, Roderick Wong, Stephanie Sirota
Summary
Anthropic’s confidential IPO filing was the lead story, with the host and Ed Ludlow framing it as a potential move to beat OpenAI to the public market this fall. Ludlow said Anthropic disclosed almost nothing about size or pricing, but the timing is notable because it came just days after a $65 billion fundraise that lifted the company to a $965 billion valuation and put it ahead of OpenAI on a market-value basis.
The discussion then broadened to the private-markets boom around SpaceX and the rise of retail products that try to mimic venture capital exposure. Charlie Wells said retail participation has grown as companies stay private longer, but the funds often come with high fees, lockups, and the risk of buying in late. Ed Ludlow argued that the biggest private companies now draw in mutual funds, sovereign wealth funds, and other large institutions, while retail investors are mostly left with indirect exposure.
The final segment shifted to copper, where Andrew Groves argued that years of underinvestment and declining ore grades are tightening supply just as AI data centers boost demand. He said the Democratic Republic of Congo is especially attractive because of its high grades and underexplored geology, and he expects prices to stay strong as demand continues to outstrip supply.
Key takeaways
- Ed Ludlow said Anthropic’s confidential filing could let it reach public markets before OpenAI, even though the company disclosed almost no offering details.
- Charlie Wells said retail investors are gaining access to private names through closed-end funds, but higher fees and six-month lockups limit the appeal.
- Wells said many retail products are arriving late in the cycle, so investors may miss some of the upside that early venture backers capture.
- Ed Ludlow said large institutions, not retail traders, are still the main force shaping late-stage private-company ownership.
- Andrew Groves said copper supply is tight because of years of weak mine investment and low grades, while AI infrastructure is boosting demand.
Notable quotes
“The number of shares to be offered and the price have not yet been set”
“there was a 6-month lockup period, right? So, retail investors could get involved. They have to pay pay much higher fees”
How the episode opens
Bloomberg Audio Studios. Podcasts, radio, news. — This is Bloomberg Businessweek Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance, and tech news as it happens. The Bloomberg Businessweek Daily podcast with Carol Massar and Tim Stenovec on Bloomberg Radio.
So, Anthropic has confidentially submitted draft paperwork for a public listing, potentially leapfrogging long-time rival OpenAI in the race toward a Wall Street debut as soon as this fall. The company, in a blog post today, said, quote, "The number of shares to be offered and the price have not yet been set. I want to bring in Ed Ludlow.
He's the co-host of Bloomberg Tech every day at 11:00 a.m. Wall Street time. He joins us from the San Francisco bureau.
So, Ed, this comes just days after we learned about this monster, I believe it was a series H round for Anthropic, uh close to a trillion-dollar valuation. I looked at the blog post from the company. Not much in there.
Just telling us that they filed confidentially for this. Did we learn anything about numbers and or or any more about their their books?
I mean, literally not. Uh you know, as you outlined, they said that that they're not disclosing the the the size of the offering, the the price range, just that it would be dictated by market conditions. Um but, you know, the timing uh when it when a company files confidentially, they have a choice.
They don't have to uh do a big blog post. They don't have to say anything. And Anthropic did choose to say something.
So, you know, that kind of got it out there. Um it is it uh unusual, let's say.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai ipo race
- openai vs anthropic
- ai funding valuation
- spacex ipo
- biotech innovations
Companies and tickers mentioned
- Anthropic
- OpenAI
- SpaceX
- Copper Intelligence
- RTW Investments
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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