Who's Worth More - Anthropic or OpenAI?

Summary

Bloomberg Intelligence's Mandeep Singh discusses Anthropic's $65B funding round at a $965B valuation, eclipsing OpenAI's value. He highlights Anthropic's explosive revenue growth as justification for AI infrastructure spending, but warns about eventual profitability concerns. The conversation also covers private market dynamics, IPO speculation, and Apollo's role in financing AI chip purchases.

• Anthropic raised $65B at a $965B valuation, surpassing OpenAI's valuation.
• Anthropic's revenue run rate surged from $9B to $47B in five months, a 500% increase.
• Mandeep Singh says this justifies the AI infrastructure investment frenzy.
• He compares the situation to Uber's pre-IPO cash burn and profitability concerns.
• SpaceX/X AI is building data centers and plans to rent compute to Anthropic for $15B in annual revenue.
• Singh speculates OpenAI will IPO first to own the narrative before Anthropic.
• Apollo is helping finance AI chip purchases for neoclouds that lack balance sheet capacity.
• The market is rewarding AI narratives, but long-term winners are uncertain.