Episode summary
OpenAI Joins a Massive IPO Pipeline Now Worth $3.6 Trillion | Bloomberg Intelligence
Bloomberg Intelligence
· · 24 min · Hosts: Paul Sweeney, Scarlet Fu, John Tucker · Guests: Dan Ives, Carmen Arroyo, Sam Fazeli, Jennifer Rie
Summary
OpenAI’s confidential IPO filing was framed as part of a crowded AI listing wave that also includes Anthropic and the looming SpaceX deal. The host and Dan Ives argued that capital is not the problem; instead, investors are watching the competitive race among foundational AI businesses and how much first-mover advantage matters. Ives also said SpaceX should be valued less as a pure rocket company than as part of Musk’s broader data-and-AI ecosystem, with Tesla serving as a blueprint for how Musk can reframe a business over time.
The discussion then shifted to Apple’s AI strategy, which Ives described as a long-awaited shift from promises to deployment. He argued Apple’s new Siri and developer roadmap finally give the company a monetizable AI platform, even if it will not compete directly with OpenAI or Anthropic. Carmen Arroyo’s reporting on SpaceX emphasized investor unease about related-party transactions, governance, and the difficulty of valuing Musk’s increasingly intertwined companies.
Later segments covered Eli Lilly’s obesity pipeline, where Sam Fazeli said retatrutide could deliver about 30% weight loss and keep Lilly in the efficacy lead. Jennifer Rie also walked through the regulatory review of the Paramount-Skydance deal, saying UK and US antitrust scrutiny remains the key hurdle before closing.
Key takeaways
- Dan Ives said OpenAI’s IPO is not a sign the market is out of capital; it is part of a battle for AI leadership with Anthropic and SpaceX.
- Ives argued SpaceX is increasingly a data-and-AI play, not just a space company, and said investors are effectively buying into the Musk ecosystem.
- Carmen Arroyo said investors are focused on related-party transactions and governance risk because Musk’s companies are becoming more vertically integrated.
- Sam Fazeli said Eli Lilly still leads the obesity market on efficacy, with retatrutide showing about 30% weight loss in a study.
- Jennifer Rie said Paramount-Skydance still needs multiple antitrust clearances, and a UK phase-one review could push the deal toward a slower phase-two process.
Notable quotes
“I don't think there's a risk, you know, in terms of if you're last, there's no more capital”
“I think the big focus is just is it a space play, is it a data play, right”
“if you're buying SpaceX stock, you need to take all of Elon's world into account, not just the company itself”
“now you finally have an AI strategy. It's finally a foundational piece that you could sell into the ecosystem”
“they continue to lead in terms of efficacy”
How the episode opens
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Listen on demand wherever you get your podcasts or watch us live on YouTube. Open AI, that's the latest big AI tech company to announce its intention to go public. And uh, of course, it comes on the heels of SpaceX uh, potentially listing as early as this Friday.
The IPO is supposed to be priced on Thursday and Anthropic filing confidentially for an IPO in the recent weeks. So, let's bring in our next guest. He is Dan Ies.
Dan is global head of technology research at Wedbush Securities. And Dan, I'm curious to hear from you whether um being the last of the three mega tech IPOs is a good place or potentially a troubling place for Open AI. Is the company is any company really at risk of the public market capital exhausting itself?
Because there's a lot of money um that needs to find a home for these companies.
Yeah. I mean, I'd start at the ladder. I don't think there's a risk, you know, in terms of if you're last, there's no more capital.
I mean, look, we're talking about three of the core foundational pieces of the AI revolution. Enthropic open AI, of course, SpaceX, but look, first to market, there's an advantage. It's important.
And that's why this is going to be a continued sort of battle arms race between Open AI and Anthropic. And you know, that's essentially what investors are watching. Obviously SpaceX, you know, very important almost watershed moment for the overall markets this week, but to get the popcorn out, I mean, it's just starting.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai ipo pipeline
- investment banks dealmaking
- biotech drug development
- space ipo and valuation risks
- media merger review
Companies and tickers mentioned
- GS
- MS
- LLY
- OpenAI
- Goldman Sachs Group Inc.
- Morgan Stanley
- Wedbush Securities
- SpaceX
- Eli Lilly & Co.
- Paramount Skydance Corp.
- Warner Bros. Discovery Inc.
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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