OpenAI Joins a Massive IPO Pipeline Now Worth $3.6 Trillion

Summary

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Bloomberg Intelligence Podcast

Episode: OpenAI Joins a Massive IPO Pipeline Now Worth $3.6 Trillion

Hosts: Paul Sweeney, Scarlet Fu, John (co-host)
Date: June 9, 2026

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Episode Overview

This episode examines the burgeoning tech IPO pipeline—including OpenAI, Anthropic, and SpaceX—collectively worth an estimated $3.6 trillion. Special focus is placed on the AI revolution’s impact on public markets, how investors are valuing these companies, and the interplay of Elon Musk’s expanding business empire. The episode also explores major developments in pharma (Eli Lilly), and delves into regulatory scrutiny in the megamerger between Paramount Skydance and Warner Bros Discovery.

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Key Discussion Points & Insights

1. The Mega Tech IPO Pipeline: OpenAI, SpaceX, Anthropic

With guest Dan Ives, Wedbush Securities Global Head of Technology Research

• Investor Appetite for AI IPOs

  • Despite massive capital requirements, there’s no fear of investor fatigue as OpenAI, SpaceX, and Anthropic all advance towards public offerings.
  • Dan Ives (02:48): “We’re talking about the core foundational pieces of the AI revolution… The battle, arms race between OpenAI and Anthropic is what investors are watching.”

• The SpaceX Roadshow and Valuation Debate

  • Investors are split on evaluating SpaceX: is it a “space play” or a “data play”?
  • Dan Ives (03:58): “I continue to believe… it’s much more around data and AI and the ecosystem than maybe just when you think about space in its first sort of phase.”
  • Speculation about SpaceX merging with Tesla within a year (05:20).

• Elon Musk as Central Investment 'Theme'

  • The market sees Musk’s companies as a combined bet on his vision and network effects.
  • Dan Ives (05:20): “If you’re buying SpaceX, you’re buying Musk.”

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2. Apple’s AI Strategy Unveiling

WWDC announcements and developer response

• New Direction for Apple in AI

  • Apple’s latest event finally delivered an “AI strategy as a foundational piece” to integrate within its ecosystem, after years of delay.
  • Dan Ives (06:13): “Now you finally have an AI strategy, it’s finally a foundational piece you can sell into the ecosystem… They’re a tool collector on the AI consumer highway.”

• Implications for Developers & Monetization

  • Developers now have a clear pathway to build AI-powered applications leveraging Apple’s hardware install base.
  • Data privacy is emphasized as a point of differentiation.
  • Dan Ives (08:16): “This is no longer something on a whiteboard… now it’s actually going to be deployed… Apple basically saying—from a privacy security [perspective]—your data is not going to be shared externally.”

• Market Reception and Leadership Transition

  • Investor skepticism remains high, with Apple shares falling on the day.
  • The episode notes Tim Cook’s probable last WWDC and the absence of Turnus, the potential successor.
  • Dan Ives (07:24): “It’s Cook’s show. You don’t want Turnus there… This is really Cook hand[ing] the baton.”

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3. Elon Musk’s Empire: Conglomeration and Investor Concerns

With Carmen Arroyo, Bloomberg News Tech Reporter

• Interconnectedness of Musk’s Businesses

  • Investors must now assess “Elon’s universe”: SpaceX, Tesla, X (formerly Twitter), XAI, and more, as intertwined rather than independent bets.
  • Carmen Arroyo (12:30): “If you’re buying SpaceX stock, you need to take all of Elon’s world into account, not just the company itself.”

• The Conglomerate Debate

  • Market is divided: some see value in Musk’s extreme vertical integration, others warn of poor governance and valuation confusion.
  • Carmen Arroyo (14:28): “It depends who you ask. There’s those that really believe in Elon… others don’t like it, think there’s not enough corporate governance.”

• Acquisition Pattern: Strong Units Absorbing Weak

  • Musk’s trend of having “more successful ventures buy flailing ones” is scrutinized.
  • Carmen Arroyo (16:21): “Tesla first bought SolarCity… Twitter was struggling, XAI bought it, then SpaceX bought XAI.”

• Speculation: SpaceX to acquire Tesla?

  • The marketplace is actively discussing this possibility.

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4. Pharmaceutical Industry Update: Eli Lilly’s Obesity Drug Surge

With Sam Pizzelli, Bloomberg Intelligence

• Lilly’s Lead in Obesity Treatments

  • The company’s new drug (Retatrutide) boasts “blowout efficacy,” outpacing rivals on weight-loss outcomes.
  • Sam Pizzelli (21:06): “They have this triple product that seems to be doing very well… you can lose 30% of your body weight and not be seriously suffering.”

• Growth and Market Dynamics

  • Revenue grew from $28B in 2022 to a projected $85B in 2026, mostly due to obesity drugs.
  • Sam Pizzelli (23:38): “It’s majority of it is obesity. I mean, this has been a great company for a long time.”

• Deal-Making and Pipeline Strategy

  • Lilly’s disciplined acquisitions are positioned as long-term strategic moves rather than simple financial arbitrage.
  • Sam Pizzelli (24:44): “I think they’re very disciplined… they must know something. And of course as the data’s come out, yes, they did know something.”

• Industry Consolidation: GSK’s $10.6B Purchase of Neuvilant

  • Noted as yet another strategic move to shore up pharma portfolios, here specifically in lung cancer.

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5. Paramount Skydance–Warner Bros Discovery Merger: Regulatory Hurdles

With Jennifer Rees, Senior Litigation Analyst, Bloomberg Intelligence

• Regulatory Review in the UK & US

  • The UK’s antitrust investigation is focusing on whether the merger will lessen competition (especially streaming), but neither party has sufficient market share to trigger traditional concerns.
  • Jennifer Rees (31:45): “I don’t see the streaming overlap being problematic anywhere in the world… their combined market share gets nowhere near 30%.”

• US Antitrust Complications

  • Mandatory antitrust reviews have technically ended, but ongoing Department of Justice and state probes could still affect closing.
  • Jennifer Rees (32:33): “Even though the Department of Justice allowed [the waiting period] to expire, they are continuing to investigate… even if that period has expired, the DoJ could still do something.”

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Notable Quotes & Memorable Moments

The Big Picture on Tech IPOs:

• Dan Ives (02:48):
  "We're talking about three, the core foundational pieces of the AI revolution...get the popcorn out, I mean, it's just starting."

On the Musk Factor:

• Paul Sweeney (05:20):
  "If you're buying SpaceX, you're buying Musk."
• Carmen Arroyo (12:30):
  "If you're buying SpaceX stock, you need to take all of Elon's world into account, not just the company itself."

Apple’s Late AI Start:

• Dan Ives (06:13):
  "Now you finally have an AI strategy, it's finally a foundational piece that you could sell into the ecosystem...They're no longer watching us from the sidelines."

Pharma’s Biggest Rocket Ship:

• Sam Pizzelli (23:38):
  "It’s majority of it is obesity. ... They’ve hit the jackpot today."

Market Governance Concerns:

• Carmen Arroyo (14:28):
  "There's not enough corporate governance and it's going to be less, especially if SpaceX ends up buying Tesla."

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Timestamps for Important Segments

• 02:01 – 04:40: Tech Mega IPOs (OpenAI, Anthropic, SpaceX) with Dan Ives
• 06:02 – 09:05: Apple’s AI strategy and developer implications
• 12:02 – 17:04: Musk’s conglomerate and implications for investors, with Carmen Arroyo
• 21:06 – 26:32: Eli Lilly’s obesity drugs and pharma industry dynamics with Sam Pizzelli
• 29:46 – 34:00: Paramount Skydance–Warner Bros Discovery merger, regulatory reviews with Jennifer Rees

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Conclusion

This episode dives into the rapidly shifting landscape at the intersection of technology, artificial intelligence, and public markets. The massive upcoming IPOs, Musk’s web of companies, and the AI competition between OpenAI, Anthropic, and incumbents like Apple symbolize an arms race that’s only intensifying. Coupled with transformative pharma breakthroughs and ongoing regulatory scrutiny in the media sector, this snapshot captures a market defined by ambition, consolidation, and transformation.

For further details, check out Bloomberg Intelligence LIVE on YouTube or listen to the full episode on your podcast platform of choice.

Transcript

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[Podcast Host (Paul)]

AI that's the latest big AI tech company to announce its intention to go public. And of course it comes on the heels of Space X 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 Ives. Dan is global Head of Technology Research at Wedbush securities. And Dan, I'm curious to hear from you whether you being the last of the three Mega Tech IPOs is a good place or potentially a troubling place for OpenAI? Is the company is any company really at risk of the public market capital exhausting itself because there's a lot of money that needs to find a home for these companies?

[Dan Ives]

Yeah, I mean I'd start at the latter. I don't think there's a risk in terms of if you're last there's no more capital. I mean look we're talking about three, the core foundational pieces of the AI revolution. Anthropic, 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 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 for our viewers

[Podcast Co-host (John)]

on YouTube, I always try to figure out where in the world is Dan Ives when we have him on via Zoom, because it could be anywhere, literally on the planet.

[Podcast Host (Paul)]

He's joined us from Asia.

[Podcast Co-host (John)]

I know, you know, everywhere. I don't know.

[Podcast Host (Paul)]

In the middle of his night today,

[Podcast Co-host (John)]

I can't figure it out. I think he's in a bunker somewhere, like in the Pentagon. But Dan, talk to us about what's the feedback.

[Dan Ives]

Just got out. Just, just got off the red eye. But I know what a better place to be than with you guys.

[Podcast Co-host (John)]

Exactly. Appreciate that. Dan, we're day three of the roadshow for SpaceX. What are the, what's some of the feedback you're hearing from your institutional investor clients?

[Dan Ives]

I mean, look, I think the big focus is just, is it a space play, is it a data play? Right. I mean, I think that's really how investors overall are focused on SpaceX. Look, and I continue to believe, like when it comes to SpaceX, it's much more around data and AI and the ecosystem than maybe just when you think about space and its first sort of phase. But what we're talking about, what's going to be a decade build out of space. And it's not just about SpaceX, it's about the broader sector. Then now investors are really starting to focus. You're now going to have a lot in months, not just tech, retail, you're going to have a space analyst.

[Podcast Host (Paul)]

Very well said. And I guess the question is how do people value it going forward? Because there's different explanations for whether this is a rocket company, a data company, as you put it, or kind of a vertically integrated new technology company, which is kind of what Elon Musk is envisioning here. In the same way that Tesla started off as an electric vehicle company and has become a lot more. How are you anticipating Elon to kind of set the benchmark for how he's going to talk about the, the kinds of numbers that Space X can achieve? We got a sense of it through the IPO prospectus but you know he's going to have to manage expectations quarter after quarter here.

[Dan Ives]

Yeah, no doubt. As well as what's on the horizon. I look, I think Tesla is a good blueprint because look, if you go back right, I mean you know when it came out here, Mini bet against Musk, Tesla, the numbers in terms in the near term and then ultimately what's proven out to be now it's really changed the world I think to some extent. If you're buying SpaceX, you're buying Musk. I mean you're buying into the Musk ecosystem now the challenge and the opportunity to build that out execution step by step. But it's also our view like in a year has some merger we've said over 80% chance between SpaceX and Tesla.

[Podcast Co-host (John)]

Dan, it was an important day yesterday for our friends in Cupertino, Apple and with their AI story and the narrative there. What did you learn from their announcement?

[Dan Ives]

Yeah, I mean look, being there live, I think this was one where a lot different than the last two years in in a great way because two years ago there was all the promise and, and none of that really came true last year it was kind of really absent in terms of AI strategy. I mean Paul, now you finally have an AI strategy, it's finally a foundational piece that you could sell into the ecosystem. They're no longer watching us from the sideline. They're not going to be an anthropic or an open AI, but they don't need to be. You have 1.5 billion iPhones and I think this is really going to be the start of monetization when it comes to AI. They weed it out but now businesses will follow the hardware ecosystem build out and I think what this is going to do services. I've seen stocks off in terms of what we've seen knee jerk but I think this is one it leaves the foundation for Turnus. As the batons handed from Cook.

[Podcast Contributor (Scarlett)]

Were you disappointed that Turnus didn't speak?

[Podcast Host (Paul)]

Some people have cited that as one reason why overall the unveiling of the air infused series is not impressing investors. Today the Stock is down 2.9% and yesterday when the stock gave up its early gains.

[Dan Ives]

Yeah, I think this was it's Cook's show. I mean you're talking about, you know, a Mount Rushmore hall of famer CEO you don't want turn is there. I think that would take away a little of the spotlight. I mean this is really Cook hand in baton his last WWDC after what's obviously been just a historical legendary, you know, Mark but Scarlet, some of it it's going to be execution now it's like executing, it's showing developers it's building it out. I think investors, they always tend to be skeptical on app. I think this time is different.

[Podcast Host (Paul)]

Okay, so let's talk about the fact that this time it's different. What does you know, the unveiling of this new Siri mean for developers?

[Podcast Contributor (Scarlett)]

Do they walk away with a clear

[Podcast Host (Paul)]

roadmap for how to integrate their offerings with Apple's ecosystem or does this remain a wait and see like it has been for the past two years?

[Dan Ives]

Well, I think they finally got what they want. I think as developers now they actually have the platform to build out. This is no longer something on a whiteboard or you know, some conceptual, I mean now it's actually going to be deployed and, and also it's about the app ecosystem built in. It's about Gemini obviously as a foundation which isn't just cookie cutter Gemini in terms of what they built. And now Apple basically saying like from a privacy security you, your data is not going to be shared externally. And now it's the start of how they monetize it. Cloud more applications, more devices that ultimately will feed into this, the consumer AI revolution. Apple, they're essentially, they're, they're a tool collector on the AI consumer highway.

[Podcast Contributor (Scarlett)]

Stay with us.

[Podcast Host (Paul)]

More from Bloomberg Intelligence coming up after this.

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[Podcast Co-host (John)]

Support for the show comes from public. Public is an investing platform that offers access to stocks, options, bonds and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R and D spend small cap stocks with improving operating margins or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market and paid for by

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[Podcast Contributor (Scarlett)]

business takes everything you've got, but with Chase for Business, you're not alone. They bring together local support and a broad range of resources to more than 7 million customers with a deep understanding of your day to day needs. They provide products and guidance built to help you thrive right now. Earn $500 when you open a new Chase Business Complete Checking Account for New Business Checking customers with qual Qualifying Activities Offer Expires June 18, 2026 Chase Business Complete Checking has the flexible tools you need to accept payments, make deposits and manage your finances with confidence. Learn [e-mail] PodcastBizOffer Chase make more of what's Yours Fees may apply to Chase Business Complete checking accounts. The $500 offer is available for new business checking accounts with qualifying activities through June 18, 2026. Eligibility and qualification requirements must be met. Additional restrictions may apply. Please speak with a business banker for more information. JPMorgan Chase Bank NA member FDIC

[Bloomberg Intelligence Podcast Host]

you're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Podcast Co-host (John)]

Carmen Arroyo joins us here. She's a tech reporter for Bloomberg News. She and Dana hall have a great great story out today. Space X IPO forces investors to bet on Musk's entangled empire Carmen, thanks so much for joining us here in studio. I guess this IPO is really just a bet on Elon Musk and his vision and all that type of stuff. But he's got a lot of interest out there and a lot of different companies. How do investors thinking about that?

[Carmen Arroyo]

Yeah, that's exactly kind of like the point we tried to do with the story. It's like it's not only a bet on this specific company, it's like all his companies have like intermingling businesses and it's becoming more so he's trying to create this like vertically integrated AI company basically that has all this supply chain in it. So if you're buying SpaceX stock, you need to take all of Elon's world into account, not just the company itself.

[Podcast Host (Paul)]

It kind of reminds me of how Tesla was once upon a time an electric vehicle company, and it's become something much more than that. SpaceX was a rocket company, a rocket launch company, but now it's got AI in there, it's got what was formerly known as Twitter in there. And a lot of people are expecting it's going to also have Tesla in there as well. They're going to combine the two.

[Carmen Arroyo]

Yes, exactly. I It feels like both Musk's key companies, which are Tesla and SpaceX, had their own goals at one point. And then in the past six years he's turned both of them into AI. And now with the purchase of like Xai and X into SpaceX, that's become a lot more clear. Like Tesla's like, no focusing on humanoid robots and SpaceX want to do the satellites on space. And it's kind of like all in search of like AGI, like artificial general intelligence and like who's going to get there first and how they're going to do it. And Elon clearly doesn't want to lose and he's really concerned with like having the right infrastructure in place. He doesn't. He thinks like compute and power are going to be like bottlenecks for the industry. So he's trying to make sure that he doesn't have those bottlenecks.

[Podcast Co-host (John)]

When I first started on Wall street nearly 40 years ago today, somebody taught me go to the when you go to see IPO prospectus and pick one up, go to the related party transactions, that's the first place you go. And boy, there are a lot of related party transactions here. Are we getting any reporting back that from this roadshow that there's pushback from investors or investors willing to give Elon benefit of the doubt?

[Carmen Arroyo]

It depends on who you ask. There's some investors that really believe in Elon, you have to bet on him that think that if it's more integrated just because it's going to become a conglomerate and it makes sense for innovation, there's others that don't really like it. They think there's not enough corporate governance and it's going to be less. Especially SpaceX ends up buying Tesla. And sometimes it's hard to figure out what's the valuation if like Elon is at both sides of every transaction. So there's definitely concerns around what's the value here.

[Podcast Host (Paul)]

Not just that I feel Like a while ago, there was a lot of premium put into the idea that you could have a big conglomerate with businesses that are kind of loosely integrated, but you know, just tangentially. And now companies, especially those industrials, want to be very, very narrowly focused on the other side of the equation. You're looking at some of these big tech companies, like a Space X like Tesla, get bigger and bigger and, you know, kind of mimic what those industrials were doing. Is SpaceX kind of like the new GE?

[Carmen Arroyo]

That's what some investors are starting to think about. Like, is it. Does it become too unwieldy and it ends up like G? Or does he manage to actually have it vertically integrated? Other tech companies have gotten bigger, but sometimes they spin off their ventures. It doesn't seem like that's what Elon wants to do. It's kind of like the opposite. So that's definitely a question on everyone's mind.

[Podcast Co-host (John)]

All right, what I like about your story, in addition to the deep reporting, is you have this nice graphic that tries to explain Musk's universe and how it's become more intertwined. It's a graphic here and it tries to show you how things are interrelated. It's not helping me here, dude. I mean he is. There is so much stuff out there that he owns, kind of owns influences. This is a lot for investors, isn't it?

[Carmen Arroyo]

Yeah, I mean the graphic is a lot, but it kind of shows how Tesla first bought SolarCity and like all his like more successful ventures tend to buy his more flailing ones. So SolarCity was struggling and then Tesla bought it a decade ago and then Twitter was struggling under the dead load. XAI bought it then. Xai was burning a lot. SpaceX bought it. So it just feels like every single struggling company and sub swallowed is the

[Podcast Co-host (John)]

expectation that SpaceX will buy Tesla.

[Carmen Arroyo]

That's part of the market chatter now. I don't know, I mean it would

[Podcast Contributor (Scarlett)]

make this graphic a lot more simple.

[Podcast Host (Paul)]

Swallowed up all by SpaceX.

[Podcast Co-host (John)]

All right, so folks, you have to go out on the Bloomberg terminal, go into bloomberg.com and check out this story. It's really, really good. If you're trying to get a handle on one aspect of this deal, which is the inter party and the related transactions, this, this story really.

[Podcast Contributor (Scarlett)]

Stay with us.

[Podcast Host (Paul)]

More from Bloomberg Intelligence coming up after this.

[Podcast Co-host (John)]

Support for the show comes from Public. Public is an investing platform that offers access to stocks, options, bonds and crypto. And they've also integrated AI with tools that can assist investors in building customized portfolios. One of these tools is called Generated Assets. It allows you to turn your ideas into investable indexes. So let's say you're interested in something specific like biotech companies with high R and D spend small cap stocks with improving operating margins or the S&P 500 minus high debt companies. Chances are there isn't an ETF that fits your exact criteria. But on Public you just type in a prompt and their AI screens thousands of stocks and builds a one of a kind index. You can even backtest it against the S&P 500. Then you can invest in a few clicks, go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by

[Public.com Advertiser]

Public Holdings Brokerage Services by Public Investing member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor crypto services by ZeroHash sample prompts are for illustrative purposes only, not investment advice. All investing involves risk of loss. See complete [e-mail] disclosures running a small

[Podcast Contributor (Scarlett)]

business takes everything you've got, but with Chase for Business, you're not alone. They bring together local support and a broad range of resources to more than 7 million customers with a deep understanding of your day to day needs. They provide products and guidance built to help you thrive right now. Earn $500 when you open a new Chase Business Complete Checking Account for new business Checking customers with qualifying Activities offer expires June 18, 2026. Chase business complete Checking has the flexible tools you need to accept payments, make deposits and manage your finances with confidence. Learn [e-mail] PodcastBizOffer Chase make more of what's yours. Fees may apply to Chase Business Complete checking accounts. The $500 offer is available for new business checking accounts with qualifying activities through June 18, 2026. Eligibility and qualification requirements must be met. Additional restrictions may apply. Please speak with a business banker for more information. JPMorgan Chase Bank NA member FDIC Whether

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[Bloomberg Intelligence Podcast Host]

you're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at 10am Eastern on Apple CarPlay and Android Auto with the Bloomberg business app Listen on demand. Wherever you get your podcasts or watch us live on YouTube.

[Podcast Co-host (John)]

Talk a little health care. Here we do that with Sam Pizzelli, Director of research for Global Industries and a senior pharmaceuticals analyst, Bloomberg Intelligence. He's based in London. I have no idea where he is, but he's based in London. Sam, talk to us about Eli Lilly and their obesity products offerings. Where do they stand in this market? Where are they going to go going forward?

[Sam Pizzelli]

Yes, Paul, they continue to lead in terms of efficacy. So Zeb Bound has the better efficacy proven in a head to head trial versus Wegovy and they now have this drug called Retatrutide or Retatrutide as I like to call it, which is a triple mechanisms of action and that is called blowout efficacy. Particularly obviously they tried it in people with very high level of obesity where you can lose 30% of your body weight and and not be seriously suffering. So again they have this mechanism of action that this triple product that seems to be doing very well. A whole bunch of other companies have reported and they still lead in the oral space. AstraZeneca has had some good data and that looks good, that looks competitive and they're moving to phase three. They have other plans for that space. So Lilly still really is in the in the lead here in terms of efficacy.

[Podcast Host (Paul)]

Particularly how much do consumers, patients care about efficacy? I mean all of these drug makers have treatments that are effective, but are they making the distinction between 27% versus 30%?

[Sam Pizzelli]

A very good question, Scarlett. The interesting thing here is that you are coming and I'm sure you have across more and more people who talk about micro dosing, right? So they lose the desired amount of weight that they want and then they just want to keep it at bay so they go into a lower dose that I don't even know how they calculate that. Their physician maybe helps them calculate it. It gets rid of some of the side effect profiles. So really these big numbers and you know, and I've said this before and although the answer to your question was Lilly leads bone efficacy but when you think about it, does it matter for me if I'm, I don't know, 95 kilos and I lose 10 kilos over the space of six months, whether that was 12 or eight, I'm still losing quite a lot of weight and getting into shape and then allowing me to do everything else that I need to do. So I agree with you. It's not as important. And the market's telling us that except Zeppelin is the best drug out there.

[Podcast Co-host (John)]

So Sam was quoting weight in kilos, like, we know what a kilo is, but at least he didn't go stone on us.

[Sam Pizzelli]

Like, I lost the stone by 2.2, 2.2 to get to pounds.

[Jennifer Rees]

There you go, Sam.

[Podcast Co-host (John)]

Eli Lilly in 2022 had $28 billion of revenue. You guys out there on Wall street are projecting 85 billion this year. Where did that 60 billion of revenue come from?

[Sam Pizzelli]

It's majority of it is obesity. Wow. So, you know, I mean, this has been a great company for a long time as. Because how do we measure pharma companies? Their growth profile, their earnings profile, their margin evolution, but also their pipeline. Right. And so they've hit the jackpot today. And I'll tell you what, Paul, they're out there deal after deal. We talked about it last week. I think the Amazonification of being a pharma company do everything right. They go after infectious diseases, everything they can get their hands on, and just to, you know, feather that nest. So are they. And we've had another deal in the sector, right?

[Podcast Host (Paul)]

Yes. I wonder to what extent Eli Lilly going out there and being and doing this from a position of strength means that they're setting new benchmarks and overpaying and forcing everyone else to overpay. Maybe they're not overpaying, but I defer to you on that.

[Sam Pizzelli]

But they certainly have bigger firepower. Right. I mean, my checkbooks. Bigger than your checkbook is the kind of situation I think they're in. But I think they're very disciplined. I think you sometimes look at things, you go, wow, that's a big number for. For a deal of this size at this stage of development. But then what do you find after 6 months, 9 months, 12 months? Of course drugs fail. There's issues that happen. But we just had been looking at one called Colonia that they'd done, and the data is looking really good. It's a totally novel way of treating cancers using what we call in vivo car t. Let's not go into the detail, but totally novel way. And at the time they did the deal scratching head a little bit. They must know something. And of course as the data's come out, yes, they did know something. Some of that data is looking better. So I think pharma companies have to think strategically too. It's not just about a multiple today or an NPV analysis. Does this really give me a great portfolio to go and make a difference in this disease and be heard by

[Podcast Co-host (John)]

physicians real quick, Sam GSK. GSK, a big pharma company bought Neuvilant for 10.6 billion. What is neuvilint?

[Sam Pizzelli]

So newvalent is a biotech company that did what a lot of these new biotech companies are doing. Finding ways of making fourth generation, third generation drugs with the science and technology that's been evolving over the past five to 10 years. Fifteen years. And that's exactly where this deal comes into you look at the headline number, you can go that's really, you know, it's a full price if you don't want to say it's overpaying. But then of course for gsk, it's a strategic decision. Right. They need to have they're getting into lung cancer. Here's two drugs to put into your lung cancer bag.

[Podcast Contributor (Scarlett)]

Stay with us.

[Podcast Host (Paul)]

More from Bloomberg Intelligence coming up after this.

[Podcast Co-host (John)]

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[Bloomberg Intelligence Podcast Host]

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at 10am Eastern Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app Listen on demand wherever you get your podcasts or watch us live on YouTube.

[Podcast Co-host (John)]

You know we're looking at Paramount Skydance $110 billion takeover, Warner Brothers Discovery. This is right in my backyard. I spent decades putting these companies together and now we got Paramount Skydance looking to buy Warner Brothers Discovery, but apparently the UK's got a problem with it. Apparently it's some. I think a lot of people have a problem with it. I think so. So apparently you know, so I think it's just something that's not necessarily going to be passed without some big time review. And we want to review the antitrust. We go to Jennifer Rees, Senior Litigation Analyst at Bloomberg Intelligence. Jen, thanks so much for joining us here. Talk to us about what's going on with this deal and the United Kingdom.

[Jennifer Rees]

Thank you for having me, Paul and John. I mean, you know what's happening here is that like most big global Deals. This deal triggered these notification requirements across across the world, not just in the US and EU and uk, but elsewhere also. And they have to get clearance from these entities before they can go ahead and close their deal legally. So, you know, you've heard, as you mentioned, there's been a lot of opposition, there's been political opposition, there's been opposition from labor groups coming for this deal. And so these agencies really have to investigate. You know, this is just the position they're in. And you have a lot of different markets that they're going to be looking at. So the UK's opened an investigation. They've set an end date for that phase one investig investigation of August 7th. And at that point they're going to have to decide what they want to do. Do they have some concerns about the impact on different markets from this combination? Are there remedies that have been offered that could resolve those concerns, that they can get it closed up more quickly, or do they need to continue to investigate, which would be opening a phase two, which I think would be, you know, a difficult thing for these companies that intend to close in the third quarter and also have a ticking fee that's going to start to kick in for paramount as of September 3rd, and so they're going to want to get this cleared up before then.

[Podcast Co-host (John)]

Is there one concern that trumps everything else? I mean, are my streaming prices going up?

[Jennifer Rees]

You know, it's funny, I think what everybody thinks about is streaming, because that's what we all understand and we're consumers, all of us, for these streaming services. But I just don't see that streaming overlap being problematic anywhere in the world. You know, Paramount plus and HBO are the two entities that would come together, and they are still relatively small in the world of streaming compared to, you know, Netflix and Disney plus and all the others. And I, I don't think anywhere their combined market share gets anywhere near 30%, and that's kind of a flashpoint for antitrust. Under 30%, you probably don't have concerns over 30%, you probably do. So I think any agency regulator that's looking at this can probably get past that streaming concern.

[Podcast Co-host (John)]

Jen, just summarize for us where what's the status of the regulatory review in the US here, the federal versus state?

[Jennifer Rees]

You know, it's really complicated. In the United States, there's a mandatory antitrust waiting period that allows the Department of Justice in this case to investigate the deal if that period expires, if the Department of Justice allows it to expire legally, the companies are free to close. That happened. But even though the Department of Justice allowed that period to expire, there have been news reports that it's it is continuing to investigate the deal, which is a little bit odd. It's just an unusual sort of set of circumstances. And even if that period has expired, the Department of Justice could still do something. They could still sue, which I highly doubt they will, or they could still seek remedies and enter a consent order. There's nothing that stops them. But if they don't do something and all these other clearances come through, the companies legally can go ahead and close their deal. Now, we've heard that the states, led by California, a group of states, I should say, are thinking about suing to block the deal as well. If they do that, what they're going to need to do is get a preliminary injunction because the time it will take them for a judge to get to a decision on permanently blocking the deal is, you know, probably nine months, eight months, nine months, maybe even more from the time they file. And by then I think the other clearances will probably be in and the companies could close and it is much harder to get a decision unwinding a deal. So the first thing they would do is seek a preliminary injunction. And that process can be much more, much quicker than permanent. It can get resolved within about four or five months.

[Bloomberg Intelligence Podcast Host]

This is the Bloomberg Intelligence Podcast, available on Apple, Spotify and anywhere else you get. Your podcasts listen live each weekday 10am to noon Eastern on Bloomberg.com, the iHeartRadio app, TuneIn and the Bloomberg Business app. You can also watch us live Every weekday on YouTube and always on the Bloomberg Terminal.

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