This Week in Pre-IPO Stocks: Recent Episodes
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This Week in Pre-IPO Stocks reports on pre-IPO stock research, trends, trading, and venture capital funds. Visit www.agdillon.com for more.
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00:00 - Intro
00:51 - Anthropic Crosses $30B ARR as Revenue Triples in Three Months
01:51 - Anthropic Launches $1B PE Consulting Venture to Monetize Enterprise Adoption
02:47 - OpenAI and Anthropic: Massive Capital Burns, Racing to Break Even
04:51 - Firmus Raises $505M for Next-Gen AI Data Centers Across Australia
05:39 - Perplexity Hits $500M ARR as It Shifts from Search to Autonomous Agents
06:14 - Canva Acquires Two AI Startups to Build End-to-End Marketing Platform
07:14 - Stripe Launches Agentic Commerce Suite to Become the Payment Layer of the AI Era
08:12 - Stripe Powers In-Chat Shopping Inside Microsoft Copilot
09:03 - Databricks Lands Tata Power in Enterprise-Wide AI Platform Adoption
09:58 - Revolut Eyes $9B Revenue and 100M Users as IPO Moves Closer
10:50 - Revolut in Talks to Acquire Turkish Neobank FUPS
11:37 - Anduril Tapped to Build Orbital Interceptors for $185B Golden Dome Program
13:02 - Cursor 3 Launches with Parallel Agents and a Proprietary In-House Model
14:20 - Anysphere Targets $50B-$60B Valuation as Cursor ARR Surpasses $2B
15:15 - Neuralink Targets Hearing Restoration as Clinical Enrollment and Valuation Surge
16:37 - Ramp and Visa Deploy AI Agents to Automate $100B+ in Annual Corporate Spend
17:43 - OpenEvidence Embeds AI Directly into Epic EHR at Mount Sinai's 48,000-Person System
18:48 - Harvey Study Exposes "Mobile AI Gap" as Legal Professionals Preview Mobile App
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00:00 - Intro
00:50 - SpaceX Is Targeting the Largest IPO in Stock Market History at $2 Trillion
01:41 - Tether Is One of the Most Profitable Financial Companies Per Employee in the World and Almost Nobody Knows It
02:23 - Supabase Just Doubled Its Valuation to $10 Billion in a Matter of Months
03:03 - 103% Subscription Growth and $1.1B in Bookings: Whoop May Be Done Raising Private Capital
03:49 - Saronic Has a $1.75 Billion Raise, a $392M Navy Contract, and Is Rethinking Warfare at Sea
04:39 - Starcloud Went From Y Combinator to $1.1 Billion Unicorn in Just 17 Months by Putting Data Centers in Orbit
05:39 - Rebellions Raised $650 Million in Six Months and South Korea's AI Chip Contender Is Heading for an IPO
06:30 - Nuclear Power Is Back and Valar Atomics Just Raised $450 Million to Power the AI Industry
07:33 - Medvi Generated $401 Million in Revenue in Its First Year With Two Full-Time Employees
08:25 - Sarvam Is Chasing the Largest Indian AI Fundraise Ever With 22 Languages and 1.4 Billion People
09:16 - OpenAI Is Now the Most Valuable Startup in History After Raising $122 Billion at $852 Billion
10:15 - OpenAI Just Bought TBPN, a $30M Revenue Media Company, and It Is Only Getting Started
10:59 - Anthropic Just Paid $400 Million for an 8-Month-Old Company With Fewer Than 10 People
11:51 - Mistral Just Secured $830 Million From Seven Banks to Build Europe's Own AI Infrastructure
12:51 - ElevenLabs Hit an $11 Billion Valuation and Is Now Taking Aim at Suno and Udio in AI Music
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00:00 - Intro
00:46 - Reflection AI Hits a $25B Price Tag in Nvidia’s Open Model Push
01:42 - Shield AI Lands $1.5B as Valuation Jumps 140%
02:31 - Physical Intelligence Nears $11B Just 4 Months After Its Last Round
03:15 - Harvey Reaches $11B as Legal AI Keeps Scaling
04:02 - Aetherflux Targets $2B as It Pivots to Space Data Centers
04:46 - Granola Reprices to $1.5B as Meeting Notes Become Workflow Software
05:37 - Anthropic Pushes Claude Further Into Computer Use
06:35 - Anthropic Eyes a $60B+ IPO as Soon as Q4
07:31 - Anthropic and Google Line Up a 500 MW Texas Data Center
08:11 - Anthropic Mythos Emerges in a Leak of 3,000 Assets
09:06 - OpenAI Pushes Its Fundraise Past $120B
09:55 - OpenAI Ads Cross $100M ARR in Under 2 Months
10:35 - Databricks Uses Its $5B Raise to Expand Security and M&A
11:29 - Crusoe Signs a 12 GWh Battery Deal for AI Infrastructure
12:18 - Sierra Rebuilds the Customer Service Stack Around Agents
13:11 - Figure AI Brings a Humanoid Robot to the White House
14:03 - Cohere Launches a 2B-Parameter Voice Model for Enterprise AI
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00:00 - Intro
00:49 - Vast Data rockets to $30B after a $1B raise and a +229.7% valuation jump
01:51 - Kalshi hits $22B as revenue reaches $1.5B and monthly volume tops $10B
02:53 - Fal races to $8B with revenue at $400M and growth hitting +100% in months
03:43 - Yotta targets $4B valuation with a $1B capital plan and 30,000+ next-gen GPUs on deck
04:41 - Mastercard acquires BVNK for $1.8B
05:37 - Canva heads toward IPO territory at $47B with $4B revenue and 265M users
06:48 - Unitree files to raise $610M after hitting $248M revenue and #1 humanoid shipments
07:33 - Nvidia’s Huang likes their Lambda, Together AI, and Nscale investments
08:38 - Gecko Robotics lands a $54M Navy award with a $71M ceiling and 18 ships to start
09:31 - Mistral pushes deeper into enterprise with ‘Mistral Forge’ launch
10:33 - OpenAI is folding 3 products into 1 superapp as IPO prep accelerates
11:37 - OpenAI is reorganizing for a $665B compute buildout with a 6GW AMD chip deal
12:48 - Atoms brings Travis Kalanick back with $100M from Uber
13:30 - xAI offers forward deployed engineers as it chases enterprise growth with Shift4 win
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00:00 - Intro
00:47 - Cursor’s $50B Round Would Cement AI Coding’s New Heavyweight
01:43 - Wiz Closes $32B Deal with Google; Google’s Biggest Acquisition Ever
02:32 - Moonshot AI’s $18B Ask Shows Chinese AI Valuations Are Repricing Fast
03:34 - Nscale’s $14.6B Valuation Signals Europe’s AI Infra Race Is Scaling Up
05:06 - Legora’s $5.55B Jump Marks a Breakout Moment for Legal AI
06:08 - Alan’s Nears $1B ARR as Europe’s Digital Health Insurer Keeps Repricing Higher
07:12 - Replit’s $9B Valuation Shows Vibe Coding Investors Still Want More
08:01 - Nebius’s $2B Bet Extends Its Grip on AI Infrastructure
08:52 - Gumloop’s $50M Raise Says No-Code AI Agents Are Becoming Enterprise Software
09:52 - Wonderful Hits $2B in Just 13 Months as Global AI Support Rollouts Accelerate
10:45 - Rox Reaches Unicorn Status on an $8M ARR Sales-AI Story
11:36 - Sunday $1.15B Round Shows Embodied AI (Humanoids) Is Still Attracting Premium Capital
12:24 - Thinking Machines Lands 1 GW Nvidia Deal
13:24 - Yann LeCun’s AMI Labs Lands a Record-Scale $1.03B Seed
14:11 - Forethought - AI Service Automation Platform - Acquired by Zendesk
15:05 - Meta Acquires Viral AI-Agent Network Moltbook
15:57 - Eridu $200M Series A Targets a Hidden Bottleneck in AI Infrastructure
17:00 - Mind Robotics Raises $500M as Factory AI Becomes the Next Robotics Battleground
18:03 - OpenAI Buys Promptfoo to Harden Enterprise AI Agents
19:17 - Kraken Partners with Nasdaq to Push Tokenized Equities Closer to Market
20:19 - Anthropic Turns Code Review Into a New Enterprise AI Revenue Lever
21:25 - Anthropic, Blackstone, Hellman Strike AI Consulting JV
22:13 - Lovable Hits $400M ARR With Just 146 Employees
23:02 - Anduril Acquires ExoAnalytics in Defense Space Push
24:25 - Anduril Lands Potentially $20B Army Deal as Revenue Heads Toward $4B
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00:00 - Intro
00:47 - SpaceX Eyes the Biggest IPO Ever, $1.75T
01:50 - SpaceX Moves to Wipe Out $17.5B of Debt
02:23 - Anduril New Primary Round at $60B, Secondary Still Trading at $90B+
03:20 - Anduril’s $4.3B 2026 Revenue Forecast
04:05 - Together AI New Round at $8.5B Post-Money
05:01 - Decagon Closes Employee Equity at $4.5B
05:57 - Eight Sleep Lands at a $1.5B Valuation
06:44 - Cursor $2B Feb 2026 Revenue Run Rate
07:37 - Cursor Wants Agents Working Without Supervision
08:15 - Stripe Wants to Monetize AI Usage
09:15 - Anthropic Revenue Up 100% In Just Last Few Weeks, $20B
09:44 - Arda Is Taking AI to the Factory Floor
10:34 - Epic Forced Google to Cut the Toll
11:30 - OpenAI Revenue at $25B
12:22 - OpenAI New Model GPT-5.4 Pushes the Frontier Again
13:15 - Kraken Gets Fedwire Access, First For Crypto Firm
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00:00 - Intro
00:51 - Stripe Initiates $159B Tender
01:29 - Stripe Annual Letter Shows Scale and Faster Cohorts
03:16 - Stripe PayPal Optionality Creates a Valuation Spread
04:15 - Plaid Employee Liquidity Up-Round at $8B
05:19 - Saronic Targets Mega-Round at $8.5B
06:18 - Profound Hits $1B at 18-Month Pace
07:35 - Cerebras Reopens IPO Window With $10B Compute Deal
08:29 - Axelera AI Funds Edge Inference Buildout
09:17 - Basis Crosses $1B With Accounting AI Penetration Metrics
10:20 - Anthropic Claude Code Security Turns Reasoning Into AppSec
11:18 - Anthropic Consumer Momentum Accelerates
12:15 - Anthropic Tender Formalizes Late-Stage Liquidity
13:02 - Anthropic Targets Mainframe Modernization With COBOL
13:55 - OpenAI $110B Round at $840B Post-Money Sets New Bar
15:04 - OpenAI Hardware Roadmap Points to 2027 and 2028
16:12 - OpenAI Consultants Push Enterprise Adoption in 2026
17:05 - AMD and Crusoe Use Credit to Accelerate Chip Pull-Through
18:10 - Starlink Drops Prices To Accelerate Growth, Subscribers at 10M
19:37 - Canva Buys Motion and Ad Optimization as Scale Compounds
20:44 - Mistral and Accenture Signal Consultant-Led Distribution
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00:00 - Intro
00:02 - AG Dillon Funds closing on Mar 31, 2026
00:51 - OpenAI Financials $280B revenue target meets $665B cost wall
03:58 - OpenAI “buys” OpenClaw, Steinberger joins OpenAI
04:42 - OpenAI Series C aims to shatter records at $850B post money
05:41 - OpenAI and Tata bet on India with a 100 MW to 1 GW buildout path
06:29 - Grafana’s $9B round talks ride a $400M ARR wave
07:23 - World Labs lands Autodesk and targets a rumored $5B valuation
08:18 - Temporal wants to be the load bearing layer for agent execution
09:31 - Mesh Optical’s $50M Series A targets the chokepoint inside AI data centers
10:43 - Render’s $1.5B valuation is a bet that AI apps need a new runtime
11:40 - Stash acquired by Grab for $425M
13:06 - Physical Superintelligence pitches a physics breakthrough factory with a 20 person team
14:07 - Figma plugs Claude Code into design and risks losing the workflow
15:00 - Anthropic ships Sonnet 4.6 just 12 days after Opus 4.6
15:26 - Stripe’s Bridge wins OCC trust charter signal as stablecoin scrutiny rises
16:37 - Cohere puts 70 plus languages on device with a 3.35B parameter model
17:53 - ElevenLabs turns agent risk into an insurable product at $12.2B secondary
19:05 - Mistral buys Koyeb and adds 16 engineers to harden its compute stack
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00:00 - Intro
00:15 - OpenClaw Own the Memory File Thesis
02:37 - Anthropic $30B Series G, $380B Valuation
03:35 - Stripe Tender at $140B While Secondary Prints $151B
04:24 - Databricks $5B Equity at $134B and $2B Debt Capacity
05:23 - Harvey Talking $200M at $11B Up 38% From December
06:28 - Runway $315M at $5.3B Up 75% in Under 1 Year
07:37 - Apptronik Series A Reopened to $935M Total
08:32 - Modal Labs Discussed $2.5B Valuation Up 127% vs Recent Series B
09:22 - Gather AI $40M Series B for Warehouse Vision and Drones
10:31 - Simile $100M for AI Digital Twins With Brand Heavy Roster
11:30 - Erebor Bank National Charter and $635M Capital With 12% Requirement
12:45 - MrBeast Beast Industries Buys Fintech Step
13:42 - SpaceX Moon City Under 10 Years and Mars Still on the Roadmap
15:13 - Monaco Launches With $35M Raised for AI and Service Sales Model
16:26 - xAI Reorg Into 4 Areas and Colossus Expands Toward 2GW
17:54 - X Hits $1B ARR From Subscriptions With $3 to $40 Pricing
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00:00 - Intro
00:07 - SpaceX Acquires xAI at a $1.25T Combined Valuation
01:39 - SpaceX Seeks Early Index Inclusion Once Public
02:50 - SpaceX Files for 1M AI Data-Center Satellites
03:37 - Anthropic Lines Up a $350B Employee Tender
04:16 - Anthropic Opus 4.6 Ships With 1,000,000 Tokens and “Agent Teams” for Parallel Work
04:53 - Goldman Uses Anthropic’s Claude for AI Agents
05:49 - Waymo Nears a $16B Round at $110B as Alphabet Writes Most of the Check
06:34 - Cerebras Jumps to $23B Post-Money on a $1B Raise and a 750MW OpenAI Compute Deal
07:15 - ElevenLabs Raises $500M at $11B and Targets a 2x ARR Step-Up
07:59 - Clay’s New Employee Tender - $5B Tender After ARR Hits $100M
08:52 - Lotus Health Raises $35M to Build a Free AI Primary-Care Practice Across All 50 States
09:46 - Goodfire Raises $150M at $1.25B to Make Black-Box Models Debuggable
10:42 - Accrual Raises $75M to Deliver AI to Slower-Adopting Industries/Sectors
11:28 - Fundamental Emerges With $255M and a $1.2B Valuation to Own Structured Data AI
12:33 - OpenAI Launches Standalone Coding App
13:29 - OpenAI Frontier Pitches the Enterprise Agent Control Plane as B2B Revenue Targets 50% of Total Rev
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00:00 - Intro
00:07 - Decagon’s $250M Round Triples Valuation to $4.5B
01:17 - xAI Gets $2B From Tesla After $20B Series E
02:06 - Synthesia Raises $200M at $4B as ARR Targets Hit $200M
03:25 - SpaceX Eyes June 2026 IPO With $50B Raise at $1.5T
03:52 - SpaceX Starship V3 Heads for Mid-March
04:27 - SpaceX Starlink Lands Gulf Air Deal as Fleet Rollout Begins Mid-Year
05:19 - Richard Socher’s Recursive Talks $4B Valuation and Big Compute Spend
06:12 - Ricursive Hits $4B Valuation Two Months After Launch With $300M Series A
07:04 - Automation Anywhere in Talks to Buy C3.AI and Go Public by Merger
08:02 - Harvey Buys Hexus as $8B Secondary Valuation Holds Flat
08:54 - Anduril Plans 5,500-Job Long Beach Buildout as Valuation Jumps 157%
09:49 - Anthropic Brings Slack and Figma Into Claude as Valuation Tops $370B
10:54 - Anthropic Wins GOV.UK Pilot to Build AI Assistant for Job Seekers
11:48 - Anthropic Forecasts $18B Sales This Year, $55B Next, But Pushes Profit to 2028
13:02 - Moonshot’s Kimi K2.5 Upgrades to Omni as Valuation Target Moves Toward $5B
13:53 - OpenAI Preps for Q4 2026 IPO
14:32 - OpenAI’s $100B Raise Takes Shape With Amazon at $50B and SoftBank at $30B
15:17 - OpenAI Launches Prism on GPT-5.2 as Science Usage Hits 8.4M Messages a Week
16:28 - Tether Launches USAT With Anchorage as US Stablecoin Rules Tighten
17:47 - Redwood Upsizes Series E to $425M as Google Joins and Valuation Clears $6B
18:56 - US DOE Cuts Nuclear Rulebook by a Third as Startups Raise $1B+
19:51 - Perplexity Signs $750M Microsoft Cloud Deal While Keeping AWS Preferred
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00:00 - Intro
00:07 - ClickHouse $400M Series D $15B Valuation Langfuse M&A
01:29 - Runpod $120M Run Rate 500K Developers 31 Regions
02:59 - Humans& $480M Seed $4.48B Valuation 3 Months Old
04:03 - Baseten $300M Raise $5B Valuation Nvidia $150M
04:49 - Noveon Magnetics $215M Raise 2,000+ Tons Per Year Target
06:17 - Zipline $600M+ New Funding $7.6B Valuation 2M+ Deliveries
07:34 - Hatch Yelp Acquisition $300M Deal 12x ARR
08:26 - Brex Capital One Acquisition $5.15B Deal $13B Deposits
09:30 - DayOne Data Centers IPO Target Up to $20B
10:14 - World Labs Funding Talks at $5B Potential $500M Balance Sheet Add
11:08 - TikTok US New Entity 50% New Investors 200M US Users
12:42 - Inferact $150M Seed $800M Valuation vLLM Commercialization
13:16 - RadixArk $400M Valuation SGLang Commercial Push
14:07 - Blue Origin TeraWave 6 Tbps 5,408 Satellites Q4 2027 Deployment
15:15 - OpenAI Shopify Checkouts Jan 26 Launch 4% ChatGPT Fee
16:24 - OpenAI API Revenue +$1B ARR in One Month $20B+ Total ARR
16:51 - OpenAI Ads Testing Coming Weeks Go Plan Included
17:31 - OpenAI ServiceNow 3-Year Enterprise Integration
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00:00 - Intro
00:08 - Cerebras Eyes $23B Post-Money as IPO Nears
00:55 - Cerebras Lands $10B OpenAI Capacity Deal Through 2028
01:29 - Skild’s $1.4B Series C Prices In $14B+ Robot Brain Ambition
02:24 - Temporal Nears $5B in Talks as ARR Tops $100M
03:00 - Parloa Jumps to $3B Valuation After $350M Series D
04:08 - Higgsfield Hits $1.3B After Extending Series A to $130M
05:06 - Torq Reaches $1.2B Valuation With $140M for AI SOC Automation
05:49 - Etched Scores $500M at $5B as Investors Back Specialized Silicon
06:21 - Harmattan Hits $1.4B a Year After Founding on $200M Series B
07:13 - X to Open-Source Its Algorithm as Grok Rates 100M+ Posts a Day
07:55 - Anthropic Ships HIPAA Claude as 22K Banner Clinicians Adopt
08:52 - Anthropic’s Cowork Puts Claude in Your Files With Guardrails and Risk
09:38 - OpenAI Leads Merge Labs Seed as Noninvasive BCI Raises $252M
10:20 - OpenAI Buys Torch for $100M to Build a Unified Medical Memory
11:05 - 1X Holds $10B Valuation as Neo Targets Homes With a World Model
12:00 - ElevenLabs Hits $330M ARR as Growth Pace Accelerates
12:50 - Erebor Raises $350M to Build a Regulated Crypto Bank
13:52 - Replit Talks $400M Round at ~$9B as It Ships AI-Made iOS Apps
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00:00 - Intro
00:08 - xAI Lands a Massive $20B Round, $230B Valuation
01:22 - xAI Financials Show Hypergrowth Economics With Losses Still Expanding
02:51 - Grok for Business Targets Enterprise Wallet Share With Security and Admin Controls
04:05 - Anthropic Signs Up a $10B Round, $350B Valuation
05:07 - OpenAI Targets a $100B Raise, $830B Valuation
05:51 - OpenAI Pushes Deeper Into Healthcare With ChatGPT Health
06:45 - OpenAI’s New $50B Stock Compensation Program
07:45 - Lambda Lines Up a Pre-IPO Raise, IPO in Next 12 Months
08:43 - Databricks Raises Over $4B, $134B Valuation
09:30 - Figure’s Adcock Launches New AI Lab, Hark, With $100M Personal Capital
10:05 - Lovable Raises $330M, $6.6B Valuation, 267% Step-Up in Five Months
10:58 - OpenEvidence Targets a $12B Valuation on 150M Annualized Ad Revenue and 90 Percent Gross Margins
12:04 - Waymo Explores a $15B Raise With Valuation Talks at $100B
12:48 - Rain Raises $250M at a $1.95B Valuation to Expand Stablecoin Cards Across 150 Countries
13:26 - ServiceNow Buys Armis for $7.75B Cash After a Fresh $6.1B Pre-IPO Mark
14:05 - Cursor Acquires Graphite and Reinforces a $38.5B Secondary Mark
14:56 - Plaud Expands Hardware Line With a $179 NotePin S Ahead of CES 2026
15:51 - Mobileye Buys Mentee Robotics for $900M and Expands the Physical AI Playbook
16:42 - LMArena Reprices to $1.7B and Hits $30M Annualized Consumption in Under Four Months
17:22 - Swap Commerce Raises $100M Six Months After Its $40M Series B
17:51 - Discord Files Confidentially for IPO With Secondaries Pricing at $7B to $8B
18:25 - Commonwealth Fusion Systems Builds a Digital Twin and Targets 19-Magnet Completion This Summer
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00:00 - Intro
00:06 - SpaceX Tender Offer & IPO Plans
00:43 - SpaceX Revenue Outlook
01:54 - Airwallex $330M Raise
02:54 - Disney $1B OpenAI Investment
03:53 - OpenAI Enterprise Adoption Surge
04:54 - OpenAI GPT-5.2 Launch
05:54 - OpenAI Hires Slack CEO as CRO
06:28 - Meta Acquires Limitless
07:50 - Harvey $160M Round
08:44 - Cohere Enterprise Momentum
09:38 - Overtone AI Dating Launch
10:29 - Boom Supersonic Turbine Pivot
11:38 - Revolut Employee Buyback
12:42 - 1X Technologies EQT Deal
13:42 - Port $100M Series C
14:42 - Harness $240M Series E
15:50 - Anthropic $21B Broadcom Orders
16:48 - World Updates App with New Features
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00:06 - Databricks $134B Primary at 32x 2025E Sales
02:20 - Revolut $75B Tender (+56% vs Aug 2025)
04:30 - Physical Intelligence (Pi) $5B Primary (+>2.5x in <1 Year)
06:32 - Black Forest Labs $3.25B Series B (<2 Years Post-Launch)
07:47 - Wealthfront IPO Targeting $2.05B
09:15 - Moonshot AI Nearing $4B Round
10:58 - X-energy $700M Series D; $1.4B in <1 Year
12:44 - Celestial AI Acquired by Marvell for $5.5B
14:31 - Canva Positioning for IPO In Few Years
15:23 - Sierra $10B Valuation at 100x ARR
17:11 - K2 Space Targeting $3B (+~4x YoY)
18:39 - Anthropic Claude Opus 4.5 Launch
21:00 - Anthropic Bun Acquisition For Claude Code
22:58 - Anthropic IPO Preparation for 2026
24:43 - OpenAI Shopping Research Tool
26:24 - OpenAI Investor SoftBank Implies $756B Valuation
26:59 - OpenAI Forecasts 2030 User & Revenue
29:26 - OpenAI + Thrive Holdings Partnership
30:38 - OpenAI Neptune Acquisition
32:14 - Redwood Materials $6B Valuation; 5% Layoffs
33:19 - xAI Targeting $230B Valuation
34:36 - Fleet Space Lithium “District-Scale” Discovery
36:07 - Runway Gen 4.5 Tops Video Arena
37:35 - Vulcan Elements $620M DoD Contract
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00:00 - Intro
00:08 - Anthropic Mega-Scale Infra + $350B Valuation Surge
01:44 - xAI $15B Raise at $230B Valuation
02:45 - xAI Saudi Arabia 500MW Data Center
03:57 - xAI Grok 5 to be Released in Q1 2026
04:42 - Databricks $130B+ Valuation in Discussion
05:55 - Ramp Hyper-Growth to $32B Valuation
06:47 - Kraken $800M Raise at $20B Valuation
07:51 - Kalshi $1B Raise at $11B Valuation
08:54 - Faire Employee Tender at $5.2B
09:42 - Apptronik $5B Raise for Humanoid Robots
10:44 - Tenstorrent $800M Raise at $3.2B Valuation
11:45 - Function Health $298M Raise at $2.5B Valuation
12:55 - Suno $250M Series C at $2.45B Valuation
13:51 - Bezos Returns as Co-CEO of Prometheus
14:42 - Thinking Machines to Raise $5B
15:27 - Lambda raised $1.5B + Multibillion Microsoft Deal
16:31 - Blue Origin’s New Glenn 9x4 Super-Heavy Rocket
17:29 - Starlink’s New $40 Plan + 10,000 Satellites
18:15 - Starlink Wins Emirates Airlines Fleet Deal
19:10 - Target to join OpenAI ChatGPT Shopping + Enterprise Rollout
20:01 - Perplexity Comet AI Browser Launch
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00:00 - Intro
00:07 - Thinking Machines Lab Eyes $50-60B Post-Money Valuation
01:00 - Anysphere (Cursor) $2.3B Raise Triples Valuation to $29.3B
02:14 - Clio (LegalTech) Hits $5B Valuation on $500M Series G
03:00 - Skims Raises $225M at $5B Valuation
04:06 - Scribe’s Workflow Automation Hits $1.3B Valuation
05:24 - WisdomAI Raises $50M Series A
06:20 - Wonderful Raises $100M Series A Only 4 Months Post-Stealth
07:30 - Blue Origin Lands Booster!
08:39 - Anthropic $50B Direct Data Center Build-Out + Europe Expansion
10:45 - OpenAI Chips Act Expansion Push
12:15 - Cerebras Systems Multibillion Guyana Sovereign AI Deal
13:23 - Sweet Security Raises $75M Series B
14:42 - World Labs’ Marble 3D World Model Launches Commercial
15:52 - ElevenLabs Celebrity Voice Deals
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Invest in pre-IPO stocks with AG Dillon & Co. Contact aaron.dillon@agdillon.com to learn more. Financial advisors only.
00:00 - Intro
00:07 - Tether $10B+ Profit Fuels $20B Buyback Ambition
01:05 - Ripple $500M Raise at $40B Valuation Boosts Global Payment Push
01:53 - Decagon Eyes $4-5B Valuation on 100x ARR Multiple
02:38 - Crusoe Tender Implies $13B Valuation (+30%)
03:20 - Google-Wiz $32B Deal (+39%) Clears DOJ
04:09 - Armis $435M Pre-IPO Round at $6.1B (+36%)
04:52 - Harvey Raises $150M at $8B Valuation (+multi-round 2025 surge)
05:34 - OpenAI Revenue Soars … $574.9B Secondary Valuation (+15%)
06:35 - OpenAI 1M Business Customers + 800M Weekly Users
07:25 - OpenAI-AWS $38B Cloud Deal Reshapes Infra Market
07:55 - Lambda + Microsoft Multibillion AI Infra Deal (+90.1%)
08:56 - Gemini Prediction Markets Expand Crypto Derivatives Frontier
09:57 - Perplexity v. Amazon Tests AI Agent Commerce Rules
10:54 - Anthropic $70B revenue + wins Cognizant Deal
12:19 - Epic Games-Google Settlement Redefines App-Store Economics
13:15 - SpaceX Starlink 8M Users >> $446.3B Secondary Valuation (+11.6%)
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Invest in pre-IPO stocks with AG Dillon & Co. Contact aaron.dillon@agdillon.com to learn more. Financial advisors only.
00:00 - Intro
00:08 - Mercor $350M Series C Quintuples Valuation to $10B Amid AI Data Pivot
01:47 - OpenAI Restructuring to PBC Unlocks $40B Fundraising at $500B Valuation
03:14 - SoftBank Greenlights $22.5B Final Tranche to OpenAI Contingent on PBC Shift
04:06 - OpenAI Advances Generative Music Tool to Rival Suno in $200B Media Market
05:14 - Poolside $2B Raise at $12B Valuation Backed by Nvidia's $1B Commitment
05:49 - Bending Spoons $270M Raise at $11B Valuation Funds $1.4B AOL Buy
06:56 - Whatnot $225M Series F at $11.5B Valuation Drives Global GMV Doubling
08:08 - Figma $200M+ Weavy Acquisition Boosts AI Media Tools Post-IPO
09:07 - MiniMax M2 Tops Global Open Models in Sovereign AI Push
10:00 - 1X NEO Robot Preorders at $20K Target 2026 Deliveries
11:10 - SpaceX $2B Pentagon Deal Bolsters $11B Starlink Revenue
12:15 - Canva Debuts Foundational Design Model in Affinity Free Shift
13:28 - Grammarly Rebrands to Superhuman with 40M DAU AI Suite
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00:00 - Intro
00:07 - Kalshi Fields $10B+ Valuation Offers Post-$5B Raise
01:12 - Crusoe $1.38B Raise at $10B+ Valuation Fuels AI Infra Expansion
02:31 - Redwood Materials $350M Series E at $6B Valuation Boosts Battery Recycling
04:04 - OpenEvidence $200M Series C at $6B Valuation Drives Medical AI Adoption
05:35 - Cohere $7B Tender Offer Amid $150M ARR Enterprise LLM Growth
06:40 - Synthesia $4B GV-Led Round Talks Post-Adobe $3B Acquisition Bid
08:05 - Suno $100M+ Raise at $2B+ Valuation in AI Music Surge
09:04 - Anduril Acquires AIRS to Bolster Multi-Domain Infrared Sensing
10:13 - Revolut Mexico Banking Launch Amid $4B Revenue Expansion
11:18 - X Launches Inactive Handle Marketplace for Premium Monetization
12:10 - Anthropic Tens of Billions Google TPU Deal Expands Compute Footprint
13:08 - OpenAI $15B Wisconsin Data Center Partnership with Oracle
14:17 - OpenAI Acquires Sky AI Mac Interface Team in Consumer Push
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00:00 - Intro
00:08 - Anysphere $1B Raise Talks at $27B Valuation Amid AI Coding Boom
01:07 - Deel $300M Series E at $17.3B Valuation Fuels $1.2B ARR Growth
02:31 - Oura $900M Series E Doubles Valuation to $11B on 5.5M Ring Sales
04:02 - Zepto $450M Raise Hits $7B Valuation in $42B Indian Quick-Commerce Surge
05:22 - Kalshi $300M Raise at $5B Valuation as Trading Volume Nears $50B Annualized
06:24 - Plata $250M Series C at $3.1B Valuation Targets 10M Users by 2026
07:34 - Ripple $1B GTreasury Acquisition Caps $2.45B 2025 Deal Spree
08:21 - Black Forest $200M-$300M Raise at $3.25B Valuation Fuels FLUX.1 Expansion
09:27 - Prompt AI Apple Acquihire Targets HomeKit Vision Boost
10:13 - Thinking Machines Co-Founder Tulloch Departs for Meta Amid Talent Wars
11:10 - OpenAI Broadcom 10GW Custom AI Chip Partnership at $350B-$500B Cost
12:17 - OpenAI Walmart Instant Checkout Taps 270M Customers for Agentic Commerce
13:06 - Revolut UK License Delay Amid $4B Revenue and 65M Customer Expansion
14:03 - SpaceX Starship V2 Success Targets 2027 Moon Mission, $15.5B Revenue
15:01 - Anduril EagleEye MR Helmet Secures $159M Army Award in $22B IVAS Pivot
16:08 - Anthropic IBM Partnership Rolls Claude to 500K Deloitte Users
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Invest in pre-IPO stocks with AG Dillon & Co. Contact aaron.dillon@agdillon.com to learn more. Financial advisors only.
00:08 - xAI $20B GPU Financing Structure Nears Close
01:42 - Reflection AI Raises $2B Round Builds Open-Source Frontier Lab
02:37 - n8n $180M Series C Drives 7x Valuation Jump to $2.5B
03:26 - Base Power $1B Raise Targets 200k Home Batteries by 2027
04:13 - ICE Takes Polymarket Stake as Prediction Volume +700% YTD
05:01 - Cerebras $1.1B Series G at $8.1B Valuation Ahead of IPO
05:51 - BVNK Acquired by Coinbase-Mastercard
06:41 - OpenAI ChatGPT Go Expands to 16 Asian Markets
07:31 - OpenAI $18B AMD GPU Deal Diversifies Beyond Nvidia
08:19 - OpenAI Sora 2 Hits 30M Users in Week One
08:57 - OpenAI Instant Checkout Allows eCommerce in ChatGPT
09:47 - OpenAI AgentKit Launch Accelerates AI Agent Economy
10:30 - Google Gemini Enterprise Targets Copilot’s 15M Seats
11:12 - SpaceX | Starlink Revenue +40%, 120 Launches in 2025
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00:00 - Intro
01:16 - Wealthfront's Robo-Advisor IPO Sprint: $88B AUM, $194M Profits
02:43 - OpenAI's Instant Checkout: Etsy Surge 16%, Taps 700M Users
03:51 - OpenAI H1 2025: $4.3B Sales vs $2.5B Burn, Breakeven by 2026?
05:23 - Cerebras' $1.1B Pre-IPO Raise: $8.1B Val, Q2 Rev 11x YoY
06:39 - Black Forest Labs' $4B AI Image Raise: FLUX.1 Downloads 5M+
07:59 - Rebellions' $1.4B Series C: 3x Rev YoY, Arm GPU Co-Dev
09:28 - TikTok US Divestiture: $14B Val at 1.4x P/S, ByteDance Keeps 50% Profits
11:04 - Meta's Rivos Acquisition: Cuts GPU Reliance 20-30%, $10B Annual Spend
12:27 - Anthropic's Claude Sonnet 4.5: 30-Hour Autonomy, $5B ARR Run-Rate
14:01 - Perplexity's Free Comet Browser: ARR Nears $200M, 50% Query Boost
15:24 - Stripe Bridge's Stablecoin Open Issuance: $300B Market to $2T by 2028
16:52 - Thinking Machines' Tinker API: 95% Nondeterminism Fix, $12B Seed Val
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00:00 - Intro
00:08 - Tether's $500B Valuation
00:54 - OpenAI-Nvidia $100B AI Powerhouse Deal
02:10 - Stripe BuyBack at $106.7B
02:48 - TikTok US Valuation at Only $14B!
03:45 - Fermi's $13B IPO for AI Data Center Energy
04:18 - 1X Robotics' $10B+ Valuation
05:21 - Anthropic for Microsoft AI Copilot
05:51 - Databricks-OpenAI $100M Enterprise Pact
06:26 - CoreWeave's $6.5B New OpenAI Deal
Send us a text
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:55 - Groq's $750M Funding, $6.9B Valuation
02:23 - Figure's $1B+ Robotics Raise, $39B Valuation
03:20 - Workday's $1.1B Sana Acquisition for AI Agents
04:12 - Irregular's $80M AI Security Boost
05:34 - xAI's 64M User Milestone
06:27 - OpenAI's New ChatGPT Usage Report
07:59 - OpenAI to Cut Microsoft Rev Share
08:45 - Starlink Direct-To-Cell Testing Starts in 2026
10:06 - Google's Gemini Chrome Integration
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00:00 - Intro
00:02 - SpaceX to enter the cell service business
04:26 - Anduril wins $1.26b of new deals
12:43 - OpenAI + Microsoft work out non-profit to for-profit switch
17:33 - Will AI/robotics yield a decade long bull market?
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:51 - Klarna's $15.1B IPO + Up in Public Markets (as of Thu, Sep 11)
01:51 - Cognition's $400M Raise at $10.2B Valuation
02:43 - ElevenLabs' $100M Tender at Doubled $6.6B Valuation
03:05 - Replit's $250M Funding at $3B Valuation
04:05 - X Square Robot's $140M Raise, New Robot OS Released
04:41 - Mistral Finalizes $1.5B Funding at $11.7B Valuation
05:12 - Perplexity Finalizes $200M Round at $20B Valuation
05:32 - Databricks >$4B ARR in Jul 2025, up 50% YoY
06:07 - Ramp's $1B ARR, +43% in 6 Months
06:51 - SpaceX's $17B Spectrum Deal with EchoStar
08:01 - Anduril's $1.26B of New Contracts
09:06 - AlterEgo's Silent Sense Wearable Launch
10:02 - OpenAI's $300B Oracle Data Center Deal
10:39 - OpenAI + Microsoft Agree on Nonprofit to For-profit Shift
11:05 - Thinking Machines' $2B Seed at $12B Valuation
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00:00 - Intro
00:11 - Revolut $75b valuation after 72% yoy revenue growth, 35 million customers
11:09 - AI App investment cases; Sierra AI Agents and OpenEvidence
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:54 - Anthropic Secures $183B Valuation Funding Milestone
01:32 - Revolut Achieves $75B Valuation Share Sale
02:10 - OpenAI Expands Tender from $6B to $10.3B
03:07 - OpenAI Completes $1.1B Statsig Acquisition
04:00 - OpenAI Launches Proprietary AI Chip Development Initiative
04:47 - Lambda $6B Round + IPO Preparation with Nvidia Partnership
05:24 - Mistral Drives $14B Valuation
06:05 - Sierra Captures $10B Valuation
06:57 - OpenEvidence Achieves $6B Valuation
07:29 - Pinecone Considers Sale Amid Market Shifts
07:59 - Klarna Targets $14B Valuation IPO
08:52 - Gemini Pursues $2.1B Valuation IPO
09:49 - SpaceX Wins 120 Annual Launches in Florida Base
10:33 - Anysphere (Cursor) Explores Data Licensing Deals
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00:00 - Intro
00:52 - ByteDance Buyback at $330B, More Revenue vs Meta
02:17 - Klarna IPO Back On
03:28 - Framer $2B Valuation Series D
04:21 - Rain Raises $58M for Stablecoin Payments Platform
05:34 - Commonwealth $863M for Fusion Prototype
06:38 - SpaceX 10th Starship Test a Huge Win
07:42 - Anthropic Launches Chrome AI Agent
08:47 - xAI Launches AI Coding Assistant
Send us a text
00:00 - Databricks Targets $100b in New Round
08:42 - Canva Launches Tender at $42b Valuation
15:27 - Eight Sleep Raises $100m at $1.5b
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:54 - Databricks Targets $100b in New Round
01:53 - Canva Launches Tender at $42b Valuation
02:49 - Crusoe Eyes $1b Raise at $10b Valuation
03:27 - Anthropic Doubles Raise to $10b at $170b
04:15 - Eight Sleep Raises $100m at $1.5b
04:47 - Manus Hits $90m ARR in 6 Months
05:17 - Anduril Sponsors Ohio State Athletics
06:18 - Stripe / MetaMask Launch mUSD Stablecoin
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00:00 – OpenAI Tender Eyes $500b Valuation
06:32 – Cohere Raises at $6b Valuation
12:11 – n8n Raises at $2.3b Pre-Money
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:54 - OpenAI Tender Eyes $500b Valuation
01:38 - OpenAI Offers Govt ChatGPT for $1
02:14 - OpenAI Releases Open-Weight Models
02:57 - OpenAI Launches GPT-5 Model
03:33 - Bullish Targets $4.23b IPO Valuation
04:46 - n8n Raises at $2.3b Pre-Money
05:47 - Figure Technology Files $3.3b IPO
06:37 - Clay Raises $100m at $3.1b
07:21 - Groq Hosts OpenAI Open Models
08:25 - ElevenLabs Launches AI Music Generator
09:28 - Brex Secures EU Payments License
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00:00 - Intro
00:52 - Figma Surges 250% on NYSE Debut to $56b
02:10 - Anthropic Triples Valuation to $170b in New Round
03:01 - Ramp Jumps 40% to $22.5b in 45 Days
04:23 - iCapital Raises $820m to $7.5b Valuation
05:28 - BitGo Files IPO at $3.43b Secondary Valuation
06:05 - Substack Boosts 70% to $1.1b on $100m Raise
06:51 - Shein Posts $10b Q1 Revenue Amid Valuation Pressure
08:09 - Klarna Eyes $15b IPO with $11.8b Secondary Valuation
09:26 - OpenAI Doubles Revenue to $12b Annualized at $326b
10:58 - Groq Projects $500m 2025 Revenue at $6b Valuation
12:34 - Lovable Hits $100m ARR in 8 Months
13:51 - xAI Scales to 1m GPUs for 20,000 ExaFLOPS
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CHAPTERS
00:00 – Anthropic $150b valuation (now $170b!!!)
15:13 – xAI + Valor for GPUs
29:55 – Figma IPO valuation set at $15-$16b
PARTICIPANTS
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:53 - Anthropic Targets $100B Valuation
02:21 - Anthropic Launches Claude 4 Financial Tools
03:20 - Thinking Machines Raises $2B at $12B Valuation
04:58 - OpenEvidence Secures $210M at $3.5B Valuation
07:11 - Xtend Adds $30M to Reach $100M Total Funding
09:10 - Cognition Acquires Windsurf with $82M ARR
11:12 - Via Files IPO with $326.6M Projected Revenue
12:13 - Polymarket Clears Probes After $3.6B Election Bets
13:00 - xAI Wins $200M DoD Contract at $121.1B Valuation
14:00 - Scale AI Cuts 14% Staff Post-$870M Revenue
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00:00 – Aquihires in AI: A better form of M&A?
13:02 – JPMorgan's Data Fees: Innovation Killer in Fintech?
26:03 – Mega Funding Rounds: Revolut, SpaceX, Groq, Mistral, Harmonic, xAI(?)
41:39 - Electricity as Commodity: Does anyone have a guy?
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
00:00 - Intro
00:55 - SpaceX Soars to $400B Valuation
01:46 - Revolut Banks on $65B Valuation Boost
02:37 - Groq Chips In at $6B Valuation
03:42 - Mistral AI Storms to $1B+ Raise
04:41 - Harmonic AI Tunes Up to $875M Valuation
05:36 - xAI Unleashes Grok 4 at PhD-Level Smarts
07:32 - X's Yaccarino Exits After X Merger
08:19 - Perplexity AI Launces Browser
09:37 - OpenAI Browser?, Competes With Chrome
10:48 - Shein Threads $50B IPO Hurdles
11:51 - Epic Games Levels Up Antitrust Victory
12:58 - Hugging Face Robots Out $5.3B Valuation
Send us a text
00:00 – Groq is the private market Nvidia?
07:24 – Figma’s IPO a buy?
13:30 – Robinhood’s pre-IPO stock tokenization legal and good for investors?
PARTICIPANTS
Nick Fusco = CEO at PM Insights, a pre-IPO secondary market pricing company
…X - @TheFuscoKid
…LinkedIn - www.linkedin.com/in/nickfusco
Evan Cohen = Founder/COO of withVincent.com, a media company focused on alternative investments
…X - @evvcohen
…LinkedIn - www.linkedin.com/in/evcohen
Clint Sorenson = Chief Investment Officer at WealthShield, an outsourced CIO and investment research company
…X - @clint_sorenson
…LinkedIn - www.linkedin.com/in/csorensoncfacmt
Aaron Dillon = Managing Director of AG Dillon Funds, pre-IPO stock investing for RIAs
…X - @AaronGDillon
…LinkedIn - www.linkedin.com/in/aarondillonnyc
Send us a text
The Compound is a go to source of financial news and insights for me on a weekly basis. What Are Your Thoughts on Tuesdays, Animal Spirits on Wednesdays, and The Compound and Friends on Friday. Incredible insights from Josh, Michael, and Ben Carlson. I highly recommend a Youtube subscribe at https://www.youtube.com/@TheCompoundNews .
In this discussion…
The IPO market has reopened with strong momentum, marked by blockbuster debuts from companies like CoreWeave and Circle. Circle benefited from perfect timing and favorable regulatory signals. Concerns remain over IPO pricing inefficiencies, especially when stocks surge post-IPO, raising questions about value left on the table. Several private companies - such as Safe Superintelligence, SpaceX, OpenAI, Stripe, Databricks, Anthropic, and Anduril - are generating strong pre-IPO interest. Debt financing is a growing trend among capital-intensive AI and chip firms, offering a non-dilutive alternative to equity. Meta is aggressively acquiring top AI talent, signaling intense competition. Emerging companies like Harvey (AI for law firms), Groq (AI chips), and Clue (context-aware AI assistant) highlight the sector’s evolution into apps, platforms, and infrastructure layers. Despite the IPO window being open, many companies opt to stay private due to robust, orderly secondary markets providing liquidity without public scrutiny.
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00:00 - Harvey disrupting the law firm industry, or driving it to new revenue levels?
15:41 - Wealthfront a buy post-IPO?
24:45 - Prediction markets a business with staying power?
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00:00 - Intro
00:53 - Harvey Eyes $5B Primary Valuation Amid Legal AI Surge
01:58 - Wealthfront Preps IPO After Strong $290M Revenue
02:42 - Snyk Acquires Invariant to Secure AI Risks
03:47 - PlayAI In Acquisition Talks With Meta
04:46 - OpenAI and Microsoft Clash Over AGI Clause
06:12 - Kalshi Hits $2B Primary Valuation Amid Legal Wins
07:00 - Polymarket Nears $1B Valuation With $200M Raise
07:49 - Melio Acquired by Xero at $2.5B
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00:00 - Intro
00:39 – OpenAI proposes Microsoft own 33% equity in for-profit transition
11:10 – Cluely records everything you see, say, and hear
25:32 – Canva secondary deal at $37b valuation
31:54 – What is Scale’s secondary valuation post-Meta deal?
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00:00 - Intro
00:54 - OpenAI Strikes Defense Deal, Hits $314B in Secondaries
01:54 - OpenAI-Microsoft Standoff Over Equity, Revenue, IP, and AGI
03:07 - xAI Burns Billions, Seeks $9.3B More Amid $121B Valuation
04:13 - Anysphere Doubles Valuation Weeks After Raise
05:30 - GENIUS Act Sets Stage for Stablecoin Innovation
06:39 - X Builds Financial Tools, Eyes Full-Stack Money Play
07:58 - Scale AI Pivots After Losing OpenAI, Potentially Google
09:07 - Revolut Builds AI Financial Assistant
09:58 - Meta’s Safe Superintelligence Acquisition Bid Rejected, Hires CEO
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00:00 - Intro
00:40 – Meta buys 49% of Scale AI
11:19 – Ramp raises at $16b
24:11 – AI app, Glean, raises at $7.2b
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00:00 - Intro
00:51 - Scale AI gets $14.3B from Meta, hits $29B valuation
02:03 - Starlink doubles subs to 6M, adds 100K in Africa
03:22 - SpaceX expands Starship launch capacity in Florida
04:08 - Databricks adds Google Gemini, hits $72.8B valuation
05:09 - Perplexity partners with Nvidia, eyes $14B raise
06:08 - Glean raises $150M at $7.2B valuation
07:13 - Mistral hits $6B valuation, expands sovereign AI reach
08:32 - Gecko Robotics doubles to $1.25B valuation
09:28 - Bullish files confidentially for US IPO
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00:00 - Intro
00:46 - AI teaching our kids, Alpha School (Texas)
23:48 - Circle IPO a huge success
35:55 - Meta’s $10b investment into Scale AI
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00:00 - Intro
00:46 - Musk's political bets pay off
08:21 - Future of personal devices (Neuralink, OpenAI/Ive, Meta/Google glasses)
22:42 - AI Apps the next huge investment opportunity?
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00:00 - Intro
00:29 - OpenAI & Microsoft closer to deal
10:58 - Wonder is no bueno?
22:02 - Function Health, wearables + pre-IPO health stocks
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00:00 - Intro
00:07 - SpaceX Cleared for 25 Starship Launches at Starbase
00:58 - Wonder Raises $600M at $7B+ Valuation
01:46 - Function Health Seeks $2B Valuation After Ezra Deal
02:38 - OpenAI Seeks to Restructure Microsoft Deal
03:51 - OpenAI Appoints Instacart CEO to Lead Applications Division
05:26 - Stargate Plans $500B Global AI Data Center Expansion
06:35 - Whoop Launches 5.0 and Medical Grade Devices
07:50 - Klarna Gains from Regulatory Rollback
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00:00 - Intro
00:21 - Nick in Omaha for Warren Buffett
13:14 - eToro IPO is happening!
19:09 - Epic wins vs Apple, Fortnite back on iOS
28:52 - Starlink winning in Africa, Congo approval
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00:00 - Intro
00:07 - Neuralink Raises $500M at $9B Valuation
01:01 - Discord Appoints New CEO Amid IPO Speculation
01:52 - Last of X debt sold by MStanley
03:01 - Glean Raises at $7B Valuation as ARR Tops $100M
03:43 - Anthropic Adds Claude Features, Projects $34.5B Revenue by 2027
04:37 - Epic Games Wins Against Apple, Returns to iOS App Store
05:37 - Stripe Enables iOS Developers to Bypass Apple’s 30% Fee
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00:00 - Intro
00:21 - Revolut is killing it!
15:16 - Shein + tariff impact
24:21 - Autonomous driving regulation
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00:00 - Intro
00:24 - Buyer of Rippling at $16b?
08:00 - Figma IPO at $21b?
21:29 - Humanoid robots run marathon
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00:00 - Intro
00:39 - Safe Superintelligence, Thinking Machines
15:44 - Tariff opportunities
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights
00:00 - Intro
00:08 - Thinking Machines Targets $10B Valuation with $2B Seed Round
01:12 - ByteDance Revenue Hits $155B; Valuation Diverges
02:15 - Anysphere Revenue Quadruples; Eyes $10B Valuation
03:01 - Nuro Raises $106M at $6B Valuation
03:51 - Base Power Raises $200M to Scale Affordable Home Batteries
05:06 - Anthropic Launches Claude Max, Valued at $61.5B
06:15 - Ripple Acquires Hidden Road for $1.25B
07:13 - Canva Adds GenAI Tools; Valued at $37.9B
08:19 - Electricity Demand for AI Surges Globally
10:31 - OpenAI Rolls Out ChatGPT Memory Feature
11:30 - Google Joins Anthropic’s Model Context Protocol
12:43 - Safe Superintelligence Taps Google Cloud for Compute
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00:21 - Navigating pre-IPO stock opportunity in a shifting market
17:00 - Protectionism’s impact on pre-IPO stocks
34:00 - Embracing efficiency: AI, automation, and the future of work
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00:00 - Intro
00:22 - CoreWeave IPO disappointing
13:53 - Model Context Protocol great for AI agents
27:15 - AI App Cursor $9.6b valuation
42:13 - Respect to Musk taking care of his X shareholders with xAI deal
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:07 - CoreWeave Prices IPO at $19B Valuation
01:18 - eToro Files for US IPO as Commissions Surge
02:07 - Crusoe Secures $225M to Expand AI Data Centers
03:15 - OpenAI Targets $29.4B in 2026 Revenue
05:43 - Databricks and Anthropic Strike Enterprise AI Deal
06:39 - Flexport Misses Profit Target, Remains at $8B Valuation
07:43 - Starlink Signs Distribution Deals in India
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00:00 - Intro
00:22 - Exits are back! Wiz, CoreWeave, Klarna
11:34 - X raise at $44b! back to "par"
33:11 - Perplexity, an AI app, at $18b
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:08 - Wiz Acquired by Google for $32B in All-Cash Deal
01:17 - CoreWeave IPO at $30B, Down From $35B
02:53 - X Raises Nearly $1B, Back to Musk Purchase Price
03:53 - Perplexity in Talks to Raise at $18B Valuation
04:37 - xAI Joins $100B AI Infrastructure Partnership
05:30 - Kraken Acquires NinjaTrader for $1.5B
06:18 - Klarna Partners with DoorDash for BNPL in the US
07:20 - Ualá Closes Series E Round at $2.75B Valuation
08:13 - OpenAI to House 400K Nvidia Chips for Stargate Project
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00:25 - Klarna's IPO is Big For Venture
The team kicks off the episode with a deep dive into Klarna’s upcoming IPO, highlighting its strong financials and competitive position. Klarna reported $2.8 billion in 2024 revenue, up 23% from the previous year, with net income reaching $232 million — a 108% increase. The company also processed $105 billion in gross merchandise volume, reflecting a 98% jump. Klarna now boasts 93 million active customers and 675,000 merchants, with a major win coming from Walmart’s decision to switch from Affirm to Klarna for its payment services. Klarna’s current secondary market valuation sits at $10.5 billion, up 57% from its July 2022 round — a promising setup for the IPO. Klarna and Affirm are direct competitors, while Affirm has higher gross margins, it remains unprofitable. Klarna has maintained profitability and stronger credit loss management. Klarna’s valuation at IPO, rumored to be around $15 billion, appears reasonable given its financial strength and market position. The company’s long-term presence in the fintech space and the strategic advantage of its cost-conscious approach, which has allowed it to outperform competitors like Affirm.
11:49 - Are You Ready to Give All Your Personal Data to Get A Proper AI Assistant?
The episode wraps up with a compelling conversation about AI’s growing influence on business and investing. The panelists share how they regularly use tools like ChatGPT Pro, Grok, and Claude for research, writing, and coding — saving time and improving efficiency. AI is helping with market analysis, investment strategy development, and even Python coding for data analysis. The group agrees that AI is poised to disrupt white-collar industries and could significantly change how financial and operational decisions are made.
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:08 - Klarna Plans NYSE IPO at $15B Valuation
01:27 - Applied Intuition in Talks for $15B Valuation
02:36 - Anysphere Eyes $10B Valuation After Rapid ARR Growth
03:11 - Gemini Confidentially Files for IPO
03:55 - CoreWeave Signs $11.9B AI Infrastructure Deal With OpenAI
05:04 - Moveworks Acquired by ServiceNow for $2.85B
05:57 - Chainguard in Talks for $3.5B Valuation
06:31 - OpenAI and Oracle Launch $100B Stargate AI Infrastructure
08:02 - xAI Expands Memphis Data Center to 350K GPUs
08:43 - Anthropic Revenue +40% to $1.4B ARR
09:49 - Binance Secures $2B Investment From MGX
10:46 - TikTok US Deal with Oracle has High Potential
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00:27 - Are AI Apps now investable?
AI applications like Harvey ($3B valuation), Cursor ($10B), and Perplexity ($9B) may form a sub-asset class. They act as service providers, cutting operational costs (e.g., reducing law firm expenses by 30-50%), but face risks from AI platforms like OpenAI encroaching unless they secure proprietary data or niche use cases.
11:30 - Pre-IPO stocks that will never IPO?!
Companies increasingly avoid IPOs, leveraging private markets for higher valuations and liquidity without public burdens like quarterly earnings. This trend, seen with figures like the Colson brothers, boosts secondary market opportunities.
31:13 - Are AI Platform valuations justifiable?
AI platforms like OpenAI, with rumored $2K-$20K/month PhD-level agents, hold stronger moats via data and infrastructure. Apps built on top struggle to justify valuations (e.g., $10B for Cursor), though strategic investments (e.g., OpenAI Ventures backing Harvey) may offer protection.
New AI ventures like Safe Superintelligence ($30B) and Thinking Machines Lab ($9B), founded by ex-OpenAI billionaires, ride a valuation surge dubbed “greater fool theory.” High employee compensation (e.g., millions in 1-2 years) might misalign incentives, potentially slowing innovation.
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01:19 - CoreWeave Prepares for $35B IPO After 737% Revenue Growth
04:00 - Stripe Hits $91.5B Valuation in Tender Offer
05:12 - OpenAI Raises $40B at $300B Valuation, Partners with SoftBank
07:59 - X Seeks $44B Valuation for New Fundraising Round
09:01 - Thinking Machines Eyes $9B Valuation With $1B Raise
09:34 - MrBeast Targets $5B Valuation for Media Business
10:19 - Shein Plans London IPO at $50B Valuation Despite Profit Drop
11:05 - SpaceX’s Starlink Becomes Nigeria's No. 2 ISP
14:23 - Unitree Robotics Gains Traction in Global Markets
16:12 - ByteDance Valued at $400B After Internal Buyback
18:37 - Ramp Hits $13B Valuation After Secondary Sale
19:40 - Safe Superintelligence Hits $30B Valuation With $2B Raise
20:50 - Plaid Plans $6B Secondary Share Sale
21:31 - Scale AI Secures Major US Military Contract
22:47 - Epirus Raises $250M to Scale Counter-Drone Tech
23:54 - Klarna Plans $15B IPO on NYSE in April
24:56 - Discord Plans 2025 IPO, Valued at $5.6B
THANK YOU TO OUR RIA/IBD PARTNERS*: AG Dillon closed 6 pre-IPO stocks funds on Mar 7, 2025. We’re making investments into Anduril, OpenAI, xAI, Groq, Figure AI, and a space economy company in this recently closed offering and raised a record $30 million with 33 RIAs/IBDs participating. A great result and a special thank you to our RIA/IBD partners. AG Dillon assets under management now stand at $93 million in just under two years since closing our first fund. If you’re a financial advisor and would like to use our single stock funds to build bespoke pre-IPO stock portfolios please drop us an email. You select pre-IPO stock company exposures and weight allocation to each pre-IPO stock to express your unique investment thesis. Our funds are available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Funds. $2,500 minimum investment. Email aaron.dillon@agdillon.com to invest.
- NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company. Some pre-IPO companies may require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
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00:24 - The Capital Game! xAI Raising $10B at $75B Valuation, Maybe Higher? OpenAI raising $40b at $300b post … DILUTION!
13:10 - Figure AI Raises $1.5B at $39.5B Valuation
17:21 - Anduril Doubles Valuation to $28B with $2.5B Raise
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00:00 - Intro
00:53 - xAI Raising $10B at $75B Valuation, Maybe Higher?
02:21 - Figure AI Raises $1.5B at $39.5B Valuation
03:13 - Anduril Doubles Valuation to $28B with $2.5B Raise
04:01 - Groq Secures $1.5B Contract from Saudi Aramco
04:35 - Klarna Plans April IPO at $15B Valuation
05:23 - Safe Superintelligence Seeks $20B Valuation
05:59 - Stripe Considers Share Sale at $85B Valuation
06:39 - Eudia Secures $105M for Legal AI Expansion
07:19 - Plaid Plans $300M-$400M Share Sale
08:09 - Harvey Raises $300M at $3B Valuation
08:59 - Mercury Eyes $3B Valuation in New Round
09:39 - Databricks Partners with SAP, Valued at $63.6B
10:35 - Canva Expands Daily Plans, Valued at $33.9B
11:19 - OpenAI Prepares GPT-4.5 Launch, Valued at $300B
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00:00 - Intro
00:23 - Klarna April IPO at $15b
06:33 - Anduril raise at $28b
14:43 - Groq crushing it w/ $1.5b Saudi deal
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FUNDS CLOSING MAR 7*: AG Dillon is closing six (6) pre-IPO stocks funds on Mar 7, 2025. Anduril, OpenAI, xAI, Groq, Figure AI, and a space economy company. Use these single stock funds to build bespoke pre-IPO stock portfolios. You select pre-IPO stock company exposures and weight allocation to each pre-IPO stock to express your unique investment thesis. Available for purchase at Charles Schwab, Fidelity, and directly at AG Dillon Funds. $2,500 minimum investment. Financial advisors only. Email aaron.dillon@agdillon.com to invest.
00:00 - Intro
00:55 - Deel Valued at $12.6B After $300M Secondary Sale
01:51 - Winklevoss’s Gemini Crypto Exchange Eyes IPO
02:31 - Neuralink Expands Human Trials, Valued at $8.7B
03:49 - OpenAI Secures $40B Investment at $300B Valuation
05:03 - Thinking Machines Lab Seeks $100M, Recruits OpenAI Veterans
06:03 - Stripe Acquires Bridge for $1.1B, Strengthening Stablecoin Play
07:22 - Figure AI Drops OpenAI Partnership, Pursues Proprietary Models
08:29 - Groq To Deliver 2M AI Chips In 2025, Challenging Nvidia
- AG Dillon ("AGD") is not affiliated with any pre-IPO company. Some pre-IPO companies may require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
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00:00 - Intro
00:31 - OpenAI in Talks for $40B Raise at $300B Valuation
01:27 - Skild AI Nears $4B Valuation with $500M SoftBank Investment
02:10 - ElevenLabs Raises $180M, Triples Valuation to $3.3B
02:59 - X’s Cash Reserves Drop 71% as Bankers Offload $3B in Debt
03:53 - Quince Raises $120M as Revenue Nears $1B
04:34 - Kraken Relaunches Staking in the US After SEC Settlement
05:39 - SpaceX Expands Starlink to iPhones with Apple and T-Mobile
06:40 - Figure AI Lands Major Customer, Aims to Ship 100K Robots
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00:00 - Intro
00:27 - DeepSeek shakes up AI stocks
17:27 - Crypto pre-IPO stocks are back with Trump?
35:11 - Huge $s going into data centers in 2025
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:31 - OpenAI Launches "Operator" for ChatGPT Pro
01:36 - Together AI Hits $3B Valuation with $200M Raise
02:13 - ElevenLabs Triples Valuation to $3.3B in Series C
03:03 - Phantom Doubles Valuation to $3B in Series C
03:48 - Databricks Secures $10B Round, Hits $64.9B Valuation
04:45 - Anthropic Targets $60B Valuation with $2B Raise
05:56 - Mistral Plans $6B IPO Amid Global Expansion
06:38 - Stargate: $500B AI Infrastructure Initiative
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NEW FUND ANNOUNCEMENT*: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
00:00 - Intro
00:31 - Anduril Plans $100M Tender at $14B Valuation
01:33 - Rokt Valued at $3.5B After Secondary Share Sale
02:25 - Harvey Doubles Valuation to $3B with $300M Round
03:18 - Shield AI Partners with Palantir, Targets $5B Valuation
04:15 - OpenAI Partners with Axios for Local Journalism Expansion
05:31 - Revolut’s Founder Sells $400M Stake, Valued at $41B
06:34 - Blue Origin Enters Commercial Launch Market
07:41 - eToro Prepares for US IPO at $5B Valuation
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
00:16 - TikTok US shutting down at $50b valuation?!
08:33 - xAI launches Grok iOS app
18:00 - Anthropic raise at $60b
Send us a text
NEW FUND ANNOUNCEMENT*: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:07 - Anthropic Targets $60B Valuation with $2B Raise
01:33 - Whatnot Hits $4.97B Valuation with $265M Raise
02:31 - xAI Reaches $83B Valuation, Launches iOS App for Grok
03:55 - SandboxAQ Raises $300M at $5.6B Valuation
05:03 - Wiz Prepares for IPO, Valued at $20.5B
06:10 - Cohere Launches North, Valued at $5.4B
07:38 - Epirus in Talks for $1B Valuation Amid Defense Focus
08:38 - Hippocratic AI Raises $141M, Valued at $1.64B
09:27 - Pre-IPO Stock Market Weekly Performance
10:18 - Pre-IPO Stock Vintage Index Weekly Performance
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
00:26 - OpenAI to hit AGI in 2025, per Altman. What is the revenue implications of AGI and how much incremental is that vs agents?
17:32 - Anduril, Palantir, SpaceX, + others are going to run circles are incumbent defense primes
25:47 - Valtr and AI Infrastructure businesses are very interesting; [1] compute demand is off the charts, [2] Nvidia and AMD are allocating chips and investing in to the companies, and [3] important to look at the balance sheet to ensure debt does not get too heavy (e.g. maintain positive cash flow)
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00:00 - Intro
00:07 - Perplexity AI Reaches $9B Valuation with Rapid Growth
01:20 - Databricks Hits $62B Valuation After $10B Funding Round
02:33 - Chime Prepares for 2025 IPO with $8.6B Valuation
03:50 - Oura Valued at $5.2B After $200M Series D
04:56 - Vultr Raises $333M at $3.5B Valuation in First Round
06:07 - OpenAI Transitions to Public Benefit Corporation
07:19 - xAI Reaches $69B Valuation After $12B Total Funding
08:22 - Anduril Forms Consortium to Disrupt $850B Defense Market
09:36 - Pre-IPO Stock Market Weekly Performance
10:16 - Pre-IPO Stock Vintage Index Weekly Performance
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00:00 - Intro
01:06 - What investment themes popped in 2024?
04:07 - What new developments happened in the pre-IPO stock market in 2024?
11:23 - Which pre-IPO stock company was the big winner, big loser in 2024?
17:14 - What emerging investment themes to look for in 2025?
35:11 - What pre-IPO stock market developments do you expect in 2025?
42:54 - Which pre-IPO stock company will be the big winner, big loser in 2025?
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00:00 - Intro
00:08 - ServiceTitan Surges to $8.9B After Strong Nasdaq IPO
01:12 - Snyk Hits $9.4B Valuation with $300M ARR
02:10 - OpenAI Rolls Out Real-Time Video Analysis for ChatGPT
02:56 - Fleet Space Doubles Valuation to $525M
03:37 - Runway Projects $265M Revenue in 2024
04:12 - Crusoe Raises $600M, Valued at $2.8B
04:55 - Google and Samsung Enter XR Market with Mixed-Reality Headset
06:31 - Pre-IPO Stock Market Weekly Performance
07:16 - Pre-IPO Stock Vintage Index Weekly Performance
NEW FUND ANNOUNCEMENT*: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
00:15 - eToro 2025 IPO
11:19 - CoreWeave 2025 IPO at $35b!?
20:04 - TikTok US a $150b company?
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00:00 - Intro
00:06 - TikTok Faces US Ban Order, ByteDance Valued at $300B
02:09 - SpaceX Hits $350B Valuation, Surpasses Private Market Records
03:09 - Anduril Partners with OpenAI for AI-Powered Defense Tech
04:17 - OpenAI Launches ChatGPT Pro at $200/Month
05:12 - Databricks Finalizes $61B Valuation in Latest Round
05:31 - CoreWeave Prepares for IPO at $35B Valuation
06:15 - eToro Explores US IPO at $8.7B Valuation
07:14 - Fidelity Increases Valuation of X by 32%
08:02 - Revolut Strengthens Board for UK Banking License Bid
09:00 - Pre-IPO Stock Market Weekly Performance
09:44 - Pre-IPO Stock Vintage Index Weekly Performance
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
00:19 - Anthropic $4b raise from Amazon
06:57 - Too early to invest in AI Apps?
20:41 - Data and Reasoning saviors of potential AI scaling issues?
Send us a text
NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
01:02 - SpaceX Hits $250B Valuation Amid Starlink Expansion
01:51 - xAI Raises $5B, Valuation Doubles to $50B
02:52 - Databricks Targets $61B Valuation with New Tender Offer
04:01 - ByteDance Hits $300B Valuation Amid Employee Buybacks
05:00 - Anthropic Secures $4B from Amazon, Valued at $40B
06:33 - ServiceTitan Files for IPO with $614M Revenue
07:46 - Stripe Conducts Buyback at $70B Valuation
08:21 - 1Password Prepares for IPO at $6.8B Valuation
09:07 - Pre-IPO Stock Market Weekly Performance
10:00 - Pre-IPO Stock Vintage Index Weekly Performance
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
00:25 - Databricks tender delay IPO?
10:39 - xAI raised $6b in weeks, why ever go public?
25:11 - Bytedance parts with more than whole?
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NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:53 - Klarna Confidentially Files for US IPO
01:41 - Pony.ai Targets $4.5B Valuation with Nasdaq IPO
02:35 - CoreWeave Completes $650M Share Sale, Prepares for IPO
03:25 - Databricks in Talks for $1B Investment, Valued at $55B
04:26 - Synthesia Raises $150M, Doubling Valuation to $2.1B
05:24 - OpenAI to Launch "Operator" AI Agent in January
06:18 - Nvidia Unveils Jetson Thor for Humanoid Robots by 2025
07:17 - X Hires New CFO Amid $13B Debt Struggles
08:13 - Pre-IPO Stock Market Weekly Performance
08:59 - Pre-IPO Stock Vintage Index Weekly Performance
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:00 - Intro
01:11 - Vuori tender offer
09:34 - Tiktok in Canada
17:18 - Outlook for pre-IPO stocks post election & Fed cut
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00:00 - Intro
00:57 - Perplexity AI Nears $9B Valuation with $500M Funding Round
01:57 - Vuori Plans $825M Secondary Share Sale at $5.5B Valuation
02:39 - CoreWeave Hires Bankers for 2025 IPO
03:36 - Anthropic Partners with Palantir, Expands in Defense Sector
05:00 - Mistral Launches AI Moderation API, Valued at $6B
06:05 - ByteDance Faces Canadian Order to Shut Down TikTok Offices
07:25 - SpaceX Targets Sixth Starship Flight for November 18
08:38 - Pre-IPO Stock Market Weekly Performance
09:22 - Pre-IPO Stock Vintage Index Weekly Performance
NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:57 - xAI Aims for $40B Valuation with New Fundraising Round
02:15 - Canva Hits $32B After Secondary Market Sales
03:15 - OpenAI Challenges Google with "ChatGPT Search" Feature
04:25 - Databricks and Mastercard Launch AI Assistant for Onboarding
05:21 - Anthropic Expands Claude to Desktop Apps
06:15 - Klar Plans IPO Following 2025 Run Rate Goal
06:54 - Insider Raises $500M, Expands AI-Driven Marketing Tech
07:39 - Waymo Valued at $45B in Recent $5.6B Round
08:29 - Pre-IPO Stock Market Weekly Performance
09:13 - Pre-IPO Stock Vintage Index Weekly Performance
Send us a text
NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
01:01 - Starlink's Explosive Growth in Africa
02:10 - Anthropic Launches AI Tool "Computer Use" for Developers
03:46 - Klarna Prepares for IPO, Removes Board Member
04:44 - Anduril Boosted by US AI Defense Directive
05:55 - Infinitus Raises $51.5M, Now Valued Over $600M
07:00 - Agility Robotics Raises $150M, Valued at $1B
07:52 - Notion Introduces Integrated Email Client, Notion Mail
09:12 - Pre-IPO Stock Market Weekly Performance
09:55 - Pre-IPO Stock Vintage Index Weekly Performance
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:00 - Intro
00:20 - Perplexity +1631% YTD 2024
08:32 - Hugging Face investment case
16:44 - Shein to be in developed market indices?
Send us a text
NEW FUND ANNOUNCEMENT: The AG Dillon Anduril Pre-IPO Stock Fund is now accepting investors. Anduril Industries is a defense technology company that specializes in building advanced artificial intelligence (AI) and autonomous systems for military and national security purposes. Financial advisors only. Email aaron.dillon@agdillon.com to invest or request fund materials. Note important disclosures at the end of this post.
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:58 | SpaceX Achieves Milestones with Starship Test
- Caught Super Heavy booster mid-air; landed the rocket in the ocean
- Starship needs 10 refueling flights for moon missions; demo projected by 2025
- Aims for multiple daily Starship flights to reduce costs, boost Starlink deployment
- Payload capacity 5x that of Falcon 9; increases incremental revenue
- Secondary market valuation: $226B (+7.4% vs Jul 2024)
01:55 | Science Corp Targets Brain-Computer Interface Market
- Founded by Neuralink co-founder Max Hodak
- Affordable tech: Axon probes ($500), SciFi units ($1,000) – 10% of traditional costs
- Nexus software manages terabytes of data for brain research
- Running clinical trials for ocular implants; plans for human applications
- Raised $186M; no public valuation announced
03:09 | Stripe Eyes Acquisition of Bridge Amid Stablecoin Focus
- Acquiring fintech Bridge to enter $170B stablecoin market
- Bridge has raised $58M, including $40M Series A led by Sequoia
- Follows Stripe’s USDC crypto payments resumption after six years
- Secondary market valuation: $83B (+18% vs Jul 2024)
04:05 | Databricks Partners with Amazon for AI Chip Cost Reduction
- Five-year deal to use Amazon Trainium AI chips, reducing costs by 40%
- Expanded collaboration on AWS, generating $1B+ in revenue
- Aims to save companies up to $950,000 monthly on AI model development
- Secondary market valuation: $43.8B (+1% vs Nov 2023)
05:16 | Klarna Integrates with Apple Pay for Flexible Payments
- Integration in the US and UK; expansion to Canada planned
- Offers installment payments for $35-$2,000 purchases with 0% APR financing options
- "Apple from Klarna" storefront launched for U.S. customers
- Secondary market valuation: $10.3B (+54% vs Jul 2022)
06:17 | Shein Adds Bankers to London IPO
07:11 | Hugging Face Expands as AI Developer Platform Grows
- 5M AI developer community
- 1M public and 1M private models
- 300,000 public apps and numerous private spaces for enterprise use
- 200,000 data sets for model customization
- Decentralized team, largest office in Paris; freemium model for enterprise users
- Secondary market valuation: $4.5B (+1% vs Aug 2023)
08:20 | OpenAI Tests ChatGPT Windows App with Enhanced Features
09:15 | X Updates Privacy Policy to Monetize User Data
10:28 | Pre-IPO Stock Market Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
11:13 | Pre-IPO Stock Vintage Index Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
- NOTE: AG Dillon ("AGD") is not affiliated with Anduril. Anduril may require company approval for purchases (aka transfers). AGD has not been pre-approved by Anduril to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third-party fund (aka special purpose vehicle, or SPV).
Send us a text
00:16 - Should pre-IPO stocks be part of a U.S. equity allocation
06:00 - Importance of tech stocks and private companies in your portfolio
12:00 - Difficulties in gaining access to long-private companies
18:00 - Liquidity and growth trends in the pre-IPO secondary market
24:00 - Alternative strategies for investing in private markets like defense
30:00 - Understanding liquidity and fees in pre-IPO investments
36:00 - Balancing public and private markets for diversification
42:00 - Comparing pre-IPO stock performance with public indices
48:00 - Exploring the risk-return profiles of pre-IPO companies
54:00 - Predicting future developments in access to pre-IPO stocks
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:07 | OpenAI Secures $6.6B Round, Expands Capabilities
- Introduced real-time voice assistant capabilities through API for businesses
- New API features and developer events announced to engage 3M+ developers
- Workforce doubled to 1,700 employees from 770 in November 2023
- Raised $6.6B funding round at $157B valuation (primary round)
- Secured $4B revolving credit line with potential to expand to $10B in liquidity
01:31 | Cerebras Files for IPO with 220% Revenue Growth
- Specializes in AI hardware, particularly wafer-scale chips for AI training
- Revenue of $136.4M in H1 2024 vs. $78.7M for full year 2023
- Faces customer concentration risk with 87% of H1 2024 revenue from G42
- Raised $715M in venture capital, valuation at $6.7B (secondary), up 124% since June 2024
03:11 | Anthropic Hires Former OpenAI Co-Founder, Valued at $25.2B
- Added Durk Kingma, co-founder of OpenAI, to its growing talent pool
- Continues attracting top talent from OpenAI and other tech giants
- Positioned as a leader in responsible AI development under CEO Dario Amodei
- Secondary market valuation: $25.2B (+40% vs Jan 2024), rumored to be raising at $40B
04:09 | Flexport Restructures to Improve Profitability, Valuation Plummets
- Logistics tech company plans to sublease warehouse space, integrate sales teams
- Faced layoffs (20% in October, 15% in January) and loss of key customers like Crocs
- Aiming for global expansion by 2027 with an asset-light model
- Secondary market valuation: $1.95B (-75% vs Jan 2022 primary round)
05:15 | Epic Games Files Antitrust Lawsuit Against Google and Samsung
- Filed lawsuit over Samsung’s "Auto Blocker" feature, alleging it blocks third-party app stores
- Claims Google Play’s dominance is reinforced by Samsung's preinstalled feature
- Lawsuit follows mixed success in earlier legal battles against Google and Apple
- Secondary market valuation: $16.6B (-26% vs Feb 2024 round)
06:20 | CoreWeave Raises $421M, Valued at $23B
- Cloud provider specializing in Nvidia GPUs for AI computing
- Raised $421M in Series B, backed by Nvidia, Magnetar Capital, Blackstone
- Secured $2.3B in debt financing in August 2024
- Appointed former Google Cloud VP of finance as CFO, signaling potential IPO
- Currently raising a primary round at a $23B valuation
07:34 | Pre-IPO Stock Market Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
- Pre-IPO +0.77% for week, +67.25% for last 1yr
- Up week: Synk +17.1%, OpenAI +13.7%, Canva +6.9%, Rippling +5.9%, Notion +5.3%
- Down week: xAI -5.3%, CoreWeave -2.2%, Cohere -1.7%, Epic Games -1.6%, Neuralink -0.6%
- Top valuations: ByteDance $301b, SpaceX $229b, OpenAI $157b, Stripe $84b, Databricks $46b
08:20 | Pre-IPO Stock Vintage Index Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
- 2024 Vintage Index top contributors since inception: Revolut +201%, Rippling +113%, Anduril +76%, OpenAI +56%, Klarna +40% … the 2024 Vintage Index is up 63% since its inception, or year to date 2024
- Key metric averages for all Vintage Indexes 5 years old or older…
472% cumulative return since inception
58% realized, distributed to investors
5.72 TVPI; 3.31 DPI, 2.41 RVPI
4.1 years to return the fund
Send us a text
00:00 - Intro
00:21 - OpenAI employees are rich! Natural for them to leave?
16:16 - Chime hires MStanley for IPO
24:04 - Secondaries drive primary valuations?
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:02 | AG Dillon Pre-IPO Stock Funds closing to new investors. Wires due on Oct 15. Top 10 Index Fund, OpenAI, xAI, Groq, Hugging Face, and Databricks.
00:45 | Anthropic Aims for $30-40B Valuation in New Capital Raise
- AI company behind Claude conversational AI
- Projected annual revenue: $1B in 2024, up 1000% YoY
- Gross profit margins dropped to 38% from 50-55%
- Expects $2.7B cash burn in 2024
- Current secondary market valuation: $25.3B (+40% vs Jan 2024)
01:49 | Wiz Considers Share Sale, Valued at $15-20B
- Cybersecurity company scanning data stored in cloud providers
- Shareholders may cash out $500M-$700M
- Rejected $23B acquisition offer from Google in July 2024
- Raised $1.8B from investors like Sequoia Capital and Index Ventures
- Secondary market valuation: $18.2B (+52% vs May 2024)
02:35 | Revolut Gains Investment from Mubadala at $45B Valuation
- London-based fintech with 45M global customers
- Founder Nik Storonsky sold $200-$300M worth of shares
- Mubadala participated alongside Coatue, D1 Capital Partners, and Tiger Global
- Processes over 500M transactions monthly; B2B service generates €450M annually
03:17 | Chime Gears Up for 2025 IPO with Morgan Stanley
- Fintech banking startup with 7M active users
- Became profitable in Q1 2024
- Launched a cash advance product for users up to $500 before payday
- Secondary market valuation: $9.2B (-63% vs Sep 2021)
04:03 | Scale AI's Revenue Quadruples to $400M in H1 2024
- Provides data for AI developers like Meta and Google
- Operating margin improved: $1.20 spent per $1 revenue, down from $1.50
- Annualized revenue near $1B, valued at $13.8B (primary, May 2024)
- Secondary market valuation: $14.1B (+2% vs May 2024)
04:56 | OpenAI Transitions to Public Benefit Corporation, Hits $156.5B Valuation
- Raised $6.5B in funding round led by Thrive Capital ($1B commitment)
- New voice technology "Advanced Voice Mode" rolling out to more users
- Key departures: CTO Mira Murati, Chief Research Officer Bob McGrew, and others
07:40 | Google Expands Gemini Chatbot for Workspace Integration
- Gemini API requests increased 36-fold in eight months
- Targeting enterprise adoption via Workspace subscribers
- Emphasizes security with SOC 1/2/3, ISO 27001, and ISO 27701 certifications
08:41 | Rippling Launches AI Talent Signal Tool, Valued at $15.9B
- HR/IT business software platform with a new AI-driven tool
- Evaluates employees with task-specific metrics
- Built using AI models from OpenAI and Anthropic
- Secondary market valuation: $15.9B (+18% vs Apr 2024)
09:36 | Anduril Secures Major Defense Contracts, Valued at $17.4B
- Defense tech contractor partnered with Microsoft for US Army goggles
- Ghost-X UAS chosen for Army’s reconnaissance capabilities
- Potential $21.9B in orders over a decade
- Secondary market valuation: $17.4B (+24% vs Aug 2024)
10:37 | Klarna Expands BNPL Services with Adyen
- Partnership integrates BNPL into 450K+ Adyen payment terminals
- BNPL market gaining traction with 26% of paycheck-to-paycheck consumers
- Secondary market valuation: $10.3B (+54% vs Jul 2022)
11:34 | Pre-IPO Stock Market Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
12:18 | Pre-IPO Stock Vintage Index Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
Send us a text
00:00 - Intro
00:18 - AI Agents are coming for our jobs and that’s a good thing
08:59 - Canva's 300% price increase
17:04 - Pre-IPO stocks +70% in last 6 months alone
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:07 | CoreWeave Plans Share Sale at $23B Valuation
- AI cloud computing company
- Share sale to allow existing shareholders to tender $400M-$500M
- Valuation increased from $19.1B in May 2024 to $23B (primary)
- Previously valued at $7B in December 2023
- Secured $7.5B credit facility from Blackstone and Carlyle in May 2024
01:05 | Revolut to Launch Stablecoin Amid $45B Valuation
- London-based online bank
- Plans to enter $119B stablecoin market dominated by Tether and USDC
- Recently received UK banking license, revenues reached $2.2B with 45M users
- Stablecoin may not be available in the U.S. due to regulatory issues
- Valuation: $45B (primary, Aug 2025)
01:57 | Alan Secures $193M in Series F, Valued at $4.5B
- French insurance tech company
- Raised $193M led by Belfius, with participation from Ontario Teachers’ Pension Plan and others
- Covers over 500,000 people; added 150,000 new customers since February 2024
- Expected to reach $500M annual recurring revenue
- Valuation: $4.5B (primary)
02:47 | Neuralink’s FDA Breakthrough Device for Restoring Vision
- Elon Musk's brain chip company
- Blindsight implant for blind patients received FDA "breakthrough device" status
- Device aims to restore low-resolution vision, similar to "Atari graphics"
- Also working on implants for paralyzed patients to control digital devices
- Secondary market valuation: $7.2B (+107% vs Nov 2023 round)
03:49 | Lionsgate Partners with Runway for AI-Driven Film Production
- Studio behind Hunger Games, John Wick, partners with AI startup Runway
- Runway provides custom AI models for storyboarding and special effects
- Expected to save millions in production costs
- First of its kind for Runway, reflecting broader AI adoption in Hollywood
- Runway in talks for new funding at $4.0B valuation (primary)
04:51 | OpenAI Partners with T-Mobile to Launch AI Platform, IntentCX
- Partnership to create AI-driven platform, IntentCX, enhancing customer retention
- Platform to leverage data from millions of T-Mobile subscribers
- Launch scheduled for 2025, aims to prevent churn and automate services
- OpenAI's valuation at $150B (primary)
05:39 | OpenAI’s Oversubscribed $6.5B Capital Raise
- OpenAI nearing completion of a $6.5B fundraising round
- New pre-money valuation set at $150B (primary), up from $86B earlier in 2024
- Investors include Microsoft, Nvidia, Apple, and Thrive Capital
06:21 | Databricks Opens European HQ, Valued at $45.5B
- AI data management company
- Opening new five-story European HQ in London to support 400 UK employees
- Valuation: $45.5B (secondary), +5.4% vs Nov 2023 round
07:01 | Canva Raises Subscription Prices by Over 300%
- Graphic design SaaS company
- Canva Teams subscription price increases from $120 to $500 annually
- New features include AI tools like Magic Studio; Pro and Enterprise plans unchanged
- Secondary market valuation: $27.6B (+6.3% vs Jan 2024 round)
08:02 | Wiz Launches Cloud Application Security Tool, Wiz Code
- Cloud security provider
- New tool integrates with developer environments to resolve cloud risks in code
- Enhances collaboration between security and development teams
- Valuation: $17.8B (secondary), +48.3% vs May 2024 round
08:55 | Pre-IPO Stock Market Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
09:47 | Pre-IPO Stock Vintage Index Weekly Pe
Send us a text
00:15 - OpenAI to $1.0 trillion valuation?
17:11 - Fly United with Starlink?
26:39 - Broker-dealers ever offer crypto?
[1] OpenAI in Talks for $6.5B Funding Round at $150B Valuation
-Does OpenAI have potential to be a $1.0 trillion company? 6.7x return from here.
-OpenAI in discussions to raise $6.5B at a $150B valuation (primary round)
-Previous valuation: $86B earlier in 2024
-Seeking $5B in debt via revolving credit facility
-Key investors include Thrive Capital, Microsoft, Apple, Nvidia, and UAE-backed MGX fund
-30x revenue multiple on $5b Dec 2024 forward ARR
-Appears only 29% of revenue is B2B; $1b ARR vs $3.4b ARR total as of Q2ish 2024
[2] United Airlines to Offer Starlink Wifi
-Does the type/quality of wifi determine which airline you use?
-United focused on premium and business travelers
-Adding power outlets, back seat screens, and now Starlink WiFi
-United says Starlink is faster, more reliable, can be used over oceans, and allows travelers to use more than one device at a time
-Release in late 2025
-No cost to use Starlink Wifi
-Starlink already has deals with Hawaiian Airlines and Qatar Airlines
-Delta uses Viasat, American uses Intelsat
[3] eToro Settles with SEC, Limits Crypto Offerings in the U.S.
-If you're a broker-dealer or RIA how do you approach crypto now? Just stick with the ETFs?
-Retail brokerage company
-Agreed to $1.5M penalty with SEC over operating as an unregistered broker and clearing agency
-U.S. users can trade only Bitcoin, Bitcoin Cash, and Ether; 180-day window to sell/withdraw other tokens
-38M registered users globally, offering over 100 cryptoassets outside the U.S.
-Secondary market valuation: $7.3B (+107.7% vs Mar 2023 round)
Send us a text
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:06 | SpaceX Sets New Record in Civilian Space Travel
- Space payload delivery and satellite internet company
- Polaris Dawn mission: first commercial spacewalk, civilian crew led by Jared Isaacman
- Crew spent 20 minutes outside SpaceX Crew Dragon capsule
- Reached 870 miles above Earth, setting a civilian space travel record
- Tested new EVA suits, conducted 40 experiments
- Secondary market valuation: $223B (+6.3% vs Jul 2024 round)
01:20 | OpenAI Launches New AI Model, "OpenAI o1"
- AI large language model business
- Announced "OpenAI o1," focusing on enhancing reasoning abilities in math, coding, and science
- Achieved 83% on International Mathematical Olympiad exam (up from 13% with prior models)
- Available to ChatGPT Plus and Team users
- Competitors like Google and Anthropic developing similar AI models
01:59 | OpenAI in Talks for $6.5B Funding Round at $150B Valuation
- OpenAI in discussions to raise $6.5B at a $150B valuation (primary round)
- Previous valuation: $86B earlier in 2024
- Seeking $5B in debt via revolving credit facility
- Key investors include Thrive Capital, Microsoft, Apple, Nvidia, and UAE-backed MGX fund
02:55 | OpenAI's ChatGPT Hits 10M Paying Subscribers
- ChatGPT: 10M paying subscribers, 1M on higher-priced business plans
- Generates $225M in monthly revenue, or $2.7B annually
- Projected $4B in annual revenue in the next 12 months (up from $1.6B in late 2023)
- Valuation at $150B, 37.5x forward revenue
03:48 | Glean Raises $260M Series E, Valued at $4.6B
- Enterprise AI solutions company
- Raised $260M in Series E, valuing Glean at $4.6B (primary)
- Competes with Microsoft Copilot and Amazon's chatbot
- Global generative AI spending expected to rise to $143B by 2027
04:30 | Klarna Cuts Losses and Integrates AI Across Operations
- Consumer credit and payments company
- Severed ties with Salesforce and Workday, focusing on AI automation
- 2023 losses dropped to $241M (from $1B in 2022)
- AI-powered customer service assistant handled 2.3M interactions in its first month
- Headcount reduced from 4,500 to 3,800, aiming for 2,000
- Secondary market valuation: $10.1B (+50.4% vs Jul 2022 round)
05:33 | Poolside in Talks to Raise $500M, Potential $3B Valuation
- AI solution for software developers
- In talks to raise $500M, potentially valuing the company at $3B (primary)
- Co-founded by former GitHub CTO Jason Warner and Eiso Kant
- Secured $126M in seed funding; secured Nvidia GPUs with Iris Energy Ltd
06:17 | eToro Settles with SEC, Limits Crypto Offerings in the U.S.
- Retail brokerage company
- Agreed to $1.5M penalty with SEC over operating as an unregistered broker and clearing agency
- U.S. users can trade only Bitcoin, Bitcoin Cash, and Ether; 180-day window to sell/withdraw other tokens
- 38M registered users globally, offering over 100 cryptoassets outside the U.S.
- Secondary market valuation: $7.3B (+107.7% vs Mar 2023 round)
07:05 | Anduril Launches Modular, Autonomous Barracuda Air Vehicles
- Defense contractor
- Introduced Barracuda family of autonomous air vehicles with three versions
- Barracuda-100, 250, and 500 models: ranges from 85 to 500 nautical miles
- Systems are 30% cheaper and 50% faster to produce than competitors
- Secondary market valuation: $17.0B (+21.5% vs Aug 2024 round)
08:10 | Pre-IPO Stock Market Weekly Performance
09:08 | Pre-IPO Stock Vintage Index Wee
Send us a text
00:00 - Intro
00:14 - OpenAI Hits 200M Weekly Active Users for ChatGPT
09:16 - Anthropic’s Claude AI Powers New Amazon Alexa
23:55 - X Launches Beta Version of TV App for Fire TV and Google TV
Send us a text
PRE-IPO STOCK FUNDS CLOSING TO NEW INVESTORS ON SEP 13 (NEXT FRIDAY)AG Dillon has seven (7) pre-IPO stock funds closing on Friday, Sep 13. Next Friday. See fund list at www.agdillon.com/product (page 3). Available for purchase at Schwab, Fidelity, or directly at AG Dillon. Email aaron.dillon@agdillon.com to invest
Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:07 | Safe Superintelligence Raises $1B for new AI LLM
- AI venture focused on creating safe AI models
- Co-founded by Ilya Sutskever, Daniel Gross, and Daniel Levy
- Raised $1B in May 2024 from investors like Andreessen Horowitz and Sequoia Capital
- Offices in Palo Alto and Tel Aviv
- For-profit entity addressing AI safety
00:43 | OpenAI Hits 200M Weekly Active Users for ChatGPT
- AI large language model business
- ChatGPT now has 200M weekly active users, doubling since Nov 2023
- 1M paid corporate users, up from 600K in April 2024
- Expected to generate $2B annually from $20/month premium subscriptions
- 50% of corporate users are in the U.S.; strong presence in Germany, Japan, U.K.
- Secondary market valuation: $103.8B (+20.7% vs Apr 2024 round)
01:33 | Salesforce Acquires Own Company for $1.9B
- Data management firm specializing in data backup and recovery
- Acquired by Salesforce for $1.9B in cash
- Previously valued at $3.35B in Aug 2021
- 7,000 customers; raised $507.3M from Tiger Global and Salesforce Ventures
- Global data backup market valued at $12.9B in 2023, growing at a 10.9% CAGR
02:14 | ByteDance Raises $600M for Dongchedi, Valued at $3B
- Chinese parent company of TikTok
- Raising $600M for car trading platform Dongchedi
- Dongchedi boasts 35.7M monthly active users
- Competing with platforms like Autohome and Bitauto
- Secondary market valuation: $300B (+11.8% vs Dec 2023 round)
03:00 | Anthropic’s Claude AI Powers New Amazon Alexa
- Amazon to release new Alexa powered by Anthropic’s Claude AI in October
- Paid version to cost $5-$10/month; current version remains free
- Estimated $600M in annual sales if 10% of Alexa’s 100M users opt for the paid version
- Anthropic has a $23.6B secondary market valuation (+31.4% vs Jan 2024 round)
03:49 | xAI’s Colossus System Becomes Most Powerful AI Trainer
- AI large language model business by Elon Musk
- Colossus built with 100,000 Nvidia H100 GPUs in 122 days, doubling to 200,000 GPUs
- Phase 1 cost estimated at $2B, located in Memphis
- Colossus will consume 150 megawatts of power and 1M gallons of water daily for cooling
- Secondary market valuation: $26.1B (+8.9% vs May 2024 round)
04:45 | X Launches Beta Version of TV App for Fire TV and Google TV
- Formerly Twitter, now focusing on becoming a "video-first" platform
- Launched beta version of TV app for Amazon Fire TV and Google TV
- Initial feedback suggests bugs, but fixes are anticipated soon
- Aimed at reviving ad revenue and attracting video creators
05:26 | Fidelity Cuts X Holdings Valuation by Another 4%
- Fidelity reduced X Holdings (formerly Twitter) valuation by 4% in July
- Total decrease of 72% since Elon Musk’s acquisition in Oct 2022
- New valuation implies X shares are worth $15, down from Musk’s original $54.20/share
- X’s total value now approximately $21B
06:03 | Pre-IPO Stock Market Weekly Performance
06:48 | Pre-IPO Stock Vintage Index Weekly Performance
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00:19 | FigureAI (humanoid robots)
- AI and humanoid robots drive efficiency and will drive cost of goods/services to $0, drive unlimited GDP
- $675m raise $2.6b valuation; OpenAI, Microsoft, Nvidia
- 10b humanoid robots by 2040
- Musk is projecting 16b to 32b humanoid robots, Telsa Optimus is a humanoid robot
- humanoid robots fit easily into a human world to easily replace humans
11:49 | Stripe
- These companies are so big they’re doing share buybacks!
- Planning new tender offer to repurchase shares from employees
- Entire offer financed with Stripe’s own cash, a shift from external funding
- Generated $615M in free cash flow in June quarter vs. $500M cash burn in 2022
- Valuation at $70B (secondary), up from $50B in 2022 and $65B in last tender
- Up to 8,000 employees can sell up to $50,000 of vested shares at $27.51/share
- Expanding beyond core payments into billing software; segment on track for $500M annual revenue
25:39 | xAI
- xAI differentiators are becoming clear; real time data, most accurate answers, Musk effect (i.e. unlimited capital)
- AI large language model platform business
- Released Grok-2 and Grok-2 Mini beta LLMs on X platform
- Enterprise API arriving later this month
- Top-four position on LMSYS chatbot leaderboard
- Grok-2 Mini: efficient, ideal for speed/resource-critical scenarios
- Focus on expanding multimodal understanding
- Available to Premium/Premium+ subscribers on X at $8/month
- Secondary market valuation: $25.7B (+6.9% vs May 2024 round)
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Subscribe to AG Dillon Pre-IPO Stock Research at agdillon.com/subscribe;
- Wednesday = secondary market valuations, revenue multiples, performance, index fact sheets
- Saturdays = pre-IPO news and insights, webinar replays
00:07 | xAI Launches Grok-2 and Grok-2 Mini on X Platform
- AI large language model platform business
- Released Grok-2 and Grok-2 Mini beta LLMs on X platform
- Enterprise API arriving later this month
- Top-four position on LMSYS chatbot leaderboard
- Grok-2 Mini: efficient, ideal for speed/resource-critical scenarios
- Focus on expanding multimodal understanding
- Available to Premium/Premium+ subscribers on X at $8/month
- Secondary market valuation: $25.7B (+6.9% vs May 2024 round)
02:11 | Klarna Expands into Banking with New Products
- Payments and consumer lending business
- Launched "Klarna balance" and "cashback" in 12 markets, including U.S. and Europe
- Klarna balance offers up to 3.58% interest in EU, no interest in U.S.
- Expansion to disrupt retail banking and increase customer loyalty
- Tied to lending products, potentially reducing default rates
- Secondary market valuation: $10.3B (+53.4% vs Jul 2022 round)
- Rumored tender offer could precede IPO
03:15 | Epic Games Targets Mobile Market with New Storefront
- Virtual reality and video game tech company
- Launching new mobile storefront, targeting 100M installs by year-end
- Aims for significant share of $188B games market, 50% from mobile
- 12% transaction fee vs. 30% from Apple/Google
- Store to open to third-party developers in December
- Secondary market valuation: $18.0B (-20.2% vs Feb 2024 round)
04:21 | Ramp’s AI-Powered Growth Drives $9.1B Valuation
- Fintech company founded in March 2019
- Valued at $9.1B (secondary), +19.6% vs Apr 2024 round
- Serving 25,000+ businesses, including Shopify and Boys and Girls Club of America
- AI used for transaction categorization, bookkeeping, expense management
- AI in sales and marketing boosts efficiency and profitability
- Rapid growth with lean operational structure
06:28 | X/Twitter Projects $2B in 2024 Ad Revenue
- Projected $2B in 2024 ad revenue, down from $2.5B in 2023 and $4.5B in 2021
- Focus on payments, video, and AI innovations
- Plans for payments system with "Payments" button in navigation
- X TV app launched on Amazon and Google platforms
- Competing directly with YouTube's massive market share
- Fidelity values X at $12.3B (-72% from Oct 2022 acquisition)
08:45 | Databricks Acquires Tabular in $2B Deal
- Analytics and AI company
- Acquired Tabular for nearly $2B, despite $1M in annual recurring revenue
- Tabular backed by $30M from Altimeter Capital, Andreessen Horowitz, Zetta Venture Partners
- Acquisition driven by competition with Snowflake
- Databricks' current valuation: $42.7B (secondary), -1.2% vs Nov 2023 round
- Snowflake's struggles compounded by a data breach affecting AT&T customers
09:49 | Hadrian Acquires Datum Source to Enhance Defense Capabilities
- Defense tech company
- Raised $220M since 2020, valued at $500M (secondary)
- Acquired Datum Source, valued at $30M, to better serve defense startups
- Acquisition brings 30 new customers, Datum's 14-person team
- Part of a broader trend of acquisitions in defense tech, with $129.3B VC invested since 2021
10:50 | Pre-IPO Stock Market Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
11:38 | Pre-IPO Stock Vintage Index Weekly Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox
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00:22 | Groq’s $640M series D drives valuation by 143%
- Semiconductor company focused on AI inference chips
- Raised $640M in Series D, valuation up to $2.8B (primary)
- 143% increase from Feb 2024 round
- Backed by Cisco, Samsung, BlackRock
- Funds to scale tokens-as-a-service and deploy 108,000 LPUs by 2025
- Aims to challenge Nvidia in AI chip market
09:12 | Anduril’s $1.5B round pushes valuation to $14B
- Defense tech company
- Raised $1.5B, new valuation $14B
- Significant increase from $10B in Dec 2023
- Revenue doubled to $500M; 28x valuation multiple
- Funding led by Founders Fund, Sands Capital; new backers: Fidelity, Baillie Gifford
- Investment to expand "Arsenal" manufacturing platform; 5M+ sq ft for mass production of military systems
19:41 | AI use cases playing out
- JP Morgan, Morgan Stanley, Goldman Sachs all announced live AI projects in the last two months
- Klarna replacing 70 employees per month with AI; headcount down from 4500 to 3700, $40m+ annual savings, more efficient and higher quality outcomes
- Businesses are adopting?!
- Agreed that usage will only increase from here?
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WEBINAR ANNOUNCEMENT: AG Dillon will be hosting a webinar on August 14 at 1:30pm ET titled “How RIAs Can Invest into Venture Capital and Still Custody at Schwab”. Step by step details of investing into alternatives at Schwab and we’ll explore how AG Dillon venture capital funds are specifically designed to eliminate incremental RIA operational and administrative work when investing into alternatives. Register at www.agdillon.com/webinar.
Weekly pre-IPO reports…
- Valuations, revenue multiples, performance = www.agdillon.com/reports
- Market update pdf = www.agdillon.com/update
- Index fact sheet = www.agdillon.com/index
00:06 | Revolut's $45B Valuation with Employee Share Sale
- Online bank initiated $500M share sale at $45B valuation (secondary)
- Europe’s most valuable start-up
- Eligible employees (7,000 staff) can sell 20% of vested shares at $865.42/share
- Secured UK banking license; 9M UK customers, 45M globally
- 2023: £438M pre-tax profit, revenue almost doubled to £1.8B
- Valuation surged from $15B, Jan secondary market valuation, to $45B in 8 months (+200%)
01:19 | Anduril’s $1.5B Round Pushes Valuation to $14B
- Defense tech company
- Raised $1.5B, new valuation $14B
- Significant increase from $10B in Dec 2023
- Revenue doubled to $500M; 28x valuation multiple
- Funding led by Founders Fund, Sands Capital; new backers: Fidelity, Baillie Gifford
- Investment to expand "Arsenal" manufacturing platform; 5M+ sq ft for mass production of military systems
02:40 | Groq’s $640M Series D Boosts Valuation by 143%
- Semiconductor company focused on AI inference chips
- Raised $640M in Series D, valuation up to $2.8B (primary)
- 143% increase from Feb 2024 round
- Backed by Cisco, Samsung, BlackRock
- Funds to scale tokens-as-a-service and deploy 108,000 LPUs by 2025
- Aims to challenge Nvidia in AI chip market
03:18 | Google Acqui-hires Character.AI Team
- Custom AI chatbot company
- Google licensed Character.AI's technology in an acqui-hire deal
- Co-founders and some team members to join Google
- Character.AI’s valuation rose to $2.5B (secondary), up from $1B
- Company will operate independently with interim CEO Dominic Perella
- Users sent 371M messages to chatbots; introduced voice features
04:06 | Reddit Acquires Memorable AI
- Reddit’s first acquisition since IPO
- Acquired Memorable AI to enhance ad content with generative AI
- Memorable AI founded in 2021; optimizes ad effectiveness
- Reddit generates 98% of its revenue from ads ($804M in 2023)
- Terms of the deal not disclosed
04:42 | JPMorgan Rolls Out LLM Suite to 60,000 Employees
- JPMorgan Chase launched generative AI tool LLM Suite
- Tool assists with tasks like email writing, document summarization
- Rolled out to 60,000 employees; part of broader AI integration strategy
- Aims to boost productivity, avoid dependency on a single AI model provider
- Key for operations, including global payments business moving $8T daily
05:22 | Ola Electric Pops 20% on IPO
- Indian electric scooter company surged 20% on IPO
- Raised $731.6M, valuation $4.8B
- India’s largest IPO since May 2022
- Fiscal year revenue grew 90% to $603M; net loss of $191M
- Delivered 330,000 electric scooters, more than doubling sales
- Proceeds to fund capital expenditures and R&D
05:58 | Pre-IPO Stock Market Weekly Performance
- www.agdillon.com/reports for full pdf
06:29 | Pre-IPO Stock Vintage Index Weekly Performance
- www.agdillon.com/index for pdf with constituent level performance by year
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WEBINAR ANNOUNCEMENT: AG Dillon will be hosting a webinar on August 7 at 1:30pm ET titled An Introduction to the AG Dillon Top 10 Pre-IPO Stock Fund. Fund invests into the top 10 pre-IPO stock by valuation. Pre-IPO stock exposure to artificial intelligence, robotics, space economy, fintech, virtual/augmented reality in one fund. Pre-IPO Indexing delivers 450% cumulative returns over the last 20 yrs, on average. Register at www.agdillon.com/webinar.*
Weekly pre-IPO reports…
- Valuations, revenue multiples, performance = www.agdillon.com/reports
- Market update pdf = www.agdillon.com/update
- Index fact sheet = www.agdillon.com/index
00:06 | Cerebras Targets October IPO
- AI semiconductor company
- Targeting IPO launch as soon as October
- Enlisted Barclays and Citigroup as lead banks
- Confidentially filed with the SEC
- 2021 funding round: $4B valuation (primary)
- Raised $250M in Series F
- Flagship system CS-3 for AI workloads
- Secondary market valuation: $5.4B (+26% vs Nov 2021 round)
01:01 | OpenAI Rolls Out Advanced Voice Mode
- AI large language model company
- Launching ChatGPT's Advanced Voice Mode
- Initially for ChatGPT Plus users, full rollout in fall 2024
- Features hyperrealistic audio responses, emotional recognition
- Tested by over 100 external red teamers
- Secondary market valuation: $105B (+22% vs Apr 2024 round)
01:54 | Harvey's $100M Series C Round
- AI startup for lawyers
- Raised $100M in Series C led by Google Ventures
- Total funding: $206M
- Valued at $1.5B (primary)
- Uses OpenAI's GPT-4 for legal tasks
- Annual recurring revenue and workforce tripled since December
03:08 | Canva Acquires Leonardo.ai
- Graphic design tech company
- Acquired Leonardo.ai to enhance AI tech stack
- Leonardo.ai to continue operating independently
- Canva's valuation: $28.4B (secondary)
- Over 19M registered users, 1B+ images generated
- Canva's revenue close to $2B with 180M monthly users
04:16 | Ramp's AI-Powered Financial Tools
- Business-focused fintech
- Uses AI to streamline financial processes for 25,000+ businesses
- Customers include Shopify and Boys and Girls Club of America
- AI capabilities: OCR for receipt matching, fraud detection, spend optimization
- Tripled annual recurring revenue and workforce since December
- Secondary market valuation: $8.8B (+15% vs Apr 2024 round)
05:44 | Anduril Secures Air Force Contracts
- Tech-focused defense contractor
- Developing prototypes for Collaborative Combat Aircraft (CCA)
- Expected production contracts by 2026
- CCA to perform strike, reconnaissance, electronic warfare missions
- Secondary market valuation: $15.5B (+11% vs May 2024 round)
06:45 | Airtable Acquires Dopt
- Productivity SaaS company
- Acquired Dopt to enhance AI capabilities
- Dopt to wind down service on August 15
- Airtable's AI group to integrate Dopt's team
- Launched Airtable Cobuilder for app creation via chat interface
- Secondary market valuation: $3.5B (-70% vs Dec 2021 round)
07:44 | Pre-IPO Stock Market Weekly Performance
- www.agdillon.com/reports for full pdf
- Pre-IPO +2.91% for week, +69.42% for last 1yr
- Up week: Snyk +80.2%, Notion +13.2%, Revolut +8.1%, Airtable 6.9%, Plaid 5.2%
- Down week: Hugging Face -16.1%, Groq -10.4%, Cohere -5.6%, Klarna -3.5%, ByteDance -2.5%
- Top valuations: ByteDance $286b, SpaceX $210b, OpenAI $105b, Stripe $70b, Databricks $44b
08:40 | Pre-IPO Stock Vintage Index Weekly Performance
- www.agdillon.com/index for pdf with constituent level perfo
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Visit www.agdillon.com to learn more about AG Dillon Pre-IPO Stock Funds.
00:00 – Intro
00:48 – 2024 IPO Overview
06:00 – Current Pre-IPO Market Analysis
13:33 – Liquidity in the Private Pre-IPO Stock Market
13:41 – RIA Demand for Pre-IPO Stocks
14:37 – Two US Stock Markets; Public & Pre-IPO Market
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00:00 - Intro
02:52 - Continuation funds vs single stock SPVs
21:20 - xAI to raise another $5b?
33:02 - Klarna savings millions using AI
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Weekly pre-IPO reports…
- Valuations, revenue multiples, performance = www.agdillon.com/reports
- Market update pdf = www.agdillon.com/update
- Index fact sheet = www.agdillon.com/index
00:07 | Wiz walks away from $23B Google deal
- Cloud security company
- Opted for IPO over $23B Google deal
- Influenced by antitrust concerns
- Aims for $1B annual revenue; reached $350M last year
- 40% of Fortune 100 clients
- Valuation $13.1B (+9.1% vs May 2024)
- 37x revenue multiple; Google deal 65x
- Potential $20B IPO at 20x revenue
01:34 | Revolut's $45B valuation surge
- UK online bank
- Nearing $500M employee share sale
- Valuation up to $45B (previously $40B)
- Investors: Coatue Management, Tiger Global
- $429M net income in 2023, forecast $976M in 2024
- Revenue: $2.2B in 2023, projected $3.7B in 2024
- 20M customers (March 2024)
- Aiming for $9.3B revenue by 2026
- 17x revenue multiple
02:32 | Revolut secures UK banking license
- Secured UK banking license
- Can offer credit products, take deposits
- Serves 45M global customers, 9M in UK
- Previously relied on EU banking license
- "Mobilisation" phase, capped at £50K deposits for up to 12 months
03:22 | OpenAI launches SearchGPT
- AI large language model company
- Launching SearchGPT search engine
- Summarizes info, cites sources like WSJ
- Follow-up questions, linked sources
- Sidebar for more results
- Data: reputable news sources; e.g. News Corp, Axel Springer
- Valuation $103B (+20% vs Apr 2024)
04:04 | Cohere's $5.5B valuation boost
- AI large language model company
- Valued at $5.5B after $500M Series D
- Led by PSP Investments, new backers include Cisco, Fujitsu
- Doubled from $2.7B in 2022
- Annual revenue: $13M (2023) to $35M (March 2024)
- Headcount to double from 250
- Models support 10 languages
- Valuation $5.7B
05:17 | Goldman’s pre-IPO investment
- Goldman leading $540M investment in NEA's continuation vehicle
- Includes stakes in 11 companies: 38% Databricks, 10% Plaid
- Provides liquidity to NEA's partners
- Investors: Industry Ventures, Pathway Capital, Goanna Capital
- Priced at 19% discount to NEA valuations
- Highlights venture capital innovation
07:23 | Neuralink tender?
- Brain computer interface company
- Preparing stock buyback for employees, investors
- Valuation up to $8B (from $3.5B)
- Secondary market trades reflect 117% premiums
- Employees compensated in shares; trade at $50 (up from $35 in January)
- Prefers controlled tender offers
08:10 | Tesla to invest $5B in xAI?
- AI large language model business by Elon Musk
- Polled users on Tesla investing $5B in xAI
- Raised $6B, valuation $24B post-money
- X rumored to have 25% ownership
- Valuation $26.1B (+8.6% vs May 2024)
08:54 | Klarna replacing 70 employees per month with AI
- Consumer lender and payments company
- AI enhances efficiency across operations
- AI-driven customer service cut backlog from 30 days to zero
- Saved $40M; reduced 700 outsourced personnel
- AI handles 80% of marketing copywriting
- Headcount down from 4500 to 3700
- Increased cost per employee; higher salaries, more equity
- Valuation $10.7B (+60% vs Jul 2022)
11:27 | Pre-IPO Stock Market Weekly Performance
- www.agdillon.com/reports for full pdf
- Pre-IPO +0.30% for week, +63.28% for last 1yr
- Up week: xAI +8.8%, Stripe +5.7%, Anthropic +3.7%, Rippling +3.3%, Ramp +2.8%
- Down week: Groq -7.6%, Chime -7.5%, CoreWeave -4.2%, OpenAI -2.8%, Canva -1.3%
- Top valuations: ByteDance $294b, SpaceX $210b, OpenAI $103b, Stripe $70b, Databricks $
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Weekly pre-IPO reports…
- Valuations, revenue multiples, performance = www.agdillon.com/reports
- Market update pdf = www.agdillon.com/update
- Index fact sheet = www.agdillon.com/index
00:07 | Stripe’s $70b valuation
- Online payments company
- Sequoia inter-fund transaction
- $27.51/share at $70b valuation, +7.7% vs its last round
- Sequoia LPs get liquidity, realized returns
- Emerging tech is staying private for longer
- Growth companies are private not public, time to allocate to pre-IPO stocks
01:41 | Revolut $40b valuation
- UK online bank
- Tiger Global to lead $40b round
- $2.2b 2023 revenue, 2x vs 2022
- $574m 2023 pretax profit vs -$33m in 2022
- 18.1x revenue multiple
- $25b secondary market valuation, +60% overnight return!
02:25 | Anthropic, Menlo launch fund
- Anthropic is AI large language model biz, Menlo is premier Silicon Valley VC firm
- $100m fund to invest into AI startups
- Menlo makes investment
- Anthropic provides AI LLM credits
- Anthropic = $22b secondary market valuation, +20% vs Jan 2024 round
03:22 | $267m for Human Interest
- 401k focused fintech
- 3 minutes to open 401k account
- 25,000 small business customers
- $100m in ARR
- 70% projected 2024 sales growth
- IPO planned within two years
04:03 | Tekion $4b valuation
- Automotive technology business
- $200m investment from Dragoneer
- Founder is former Tesla CIO, jay Vijayan
- 2025 to be 1st profitable year
- Other investors = Index Ventures, BMW i Ventures, Advent International
04:53 | Starlink approved in South Sudan
- SpaceX’s satellite internet business
- Only 36% of South Sudan citizens connected to internet
- SpaceX seeks official distributor in South Sudan
- $210b valuation based on current tender offer in process
05:44 | OpenAI GPT-4o Mini launched
- AI large language model business
- 4o Mini is 60% cheaper vs 4o proper
- 4o Mini is replacing GPT-3.5 Turbo
- Businesses like smaller models as they get job done but at lower expense
- Lower expense improves ROIs
- Watch for big earnings pop and acquisitions from businesses that implement AI
07:32 | Pre-IPO Stock Market Weekly Performance
- www.agdillon.com/reports for full pdf
- Pre-IPO +0.19% for week, +65.28% for last 1yr
- Up week: Revolut +8.0%, Chime +5.5%, Deel 4.4%, Ramp +3.4%, SpaceX 3.2%
- Down week: Cohere -11.2%, Epic Games -3.2%, Anduril -2.8%, Neuralink -2.4%, eToro -2.3%
- Top valuations: ByteDance $290b, SpaceX $205b, OpenAI $106b, Stripe $70b, Databricks $44b
08:23 | Pre-IPO Stock Vintage Index Weekly Performance
- www.agdillon.com/index for pdf with constituent level performance by year
- 2024 Vintage Index top contributors since inception: Rippling +107%, Revolut +68%, Anduril +51%, Klarna +46%, Epic Games +32%
- Key metric averages for all Vintage Indexes 5 years old or older…
445% cumulative return since inception
61% realized, distributed to investors
5.45 TVPI; 3.31 DPI, 2.14 RVPI
4.1 years to return the fund
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00:00 - Intro
00:21 - Google buying Wiz for $23b
09:05 - BlackRock buys Preqin for $3.2b
21:07 - OpenAI defines AGI for the world
Pre-IPO stock valuations = www.agdillon.com/reports
Pre-IPO weekly market update pdf = www.agdillon.com/update
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Axiom Space, Gravitics space station deal
- Axiom Space, Gravitics develop space stations
- $125m deal to develop new space station
- Drive in-space manufacturing (new industry!)
- SpaceX rockets will deliver new space station to orbit
- Axiom Series C in Aug 2023 put the company at a $2.5b valuation
- Gravitics posted a seed round in Dec 2022 at a $100m valuation
01:41 | $50m for Athletic Brewing
- Non-alcoholic beer
- General Atlantic led
- 10th largest US craft brewery
- 19% non-alcoholic beer market share
- $90m 2023 revenue, 3m cases sold
- $800m valuation
- 40% of Americans … 49% millennials, 61% Gen Z … trying to drink less alcohol
02:25 | Neuralink second patient next week
- Brain computer interface company
- First patient, Noland Arbaugh (Jan 2024), can control a computer with just thoughts
- Goal is to mitigate chip “thread” retraction and improve thread placement
- $7.7b secondary market valuation, +122% vs its Nov 2023 round
03:22 | xAI kills Oracle deal
- AI large language model company
- Owned by Elon Musk, X owns 25%
- xAI was renting 24k Nvidia chips from Oracle
- Deal ended as xAI building 100k Nvidia chip facility in Tennessee
- $24b secondary market valuation, flat to its May 2024 round
04:03 | $270m “investment” fund from Shein
- Fast fashion company, direct to consumer
- $270m into UK/Europe to combat industry waste, support regional brands
- IPO expected on London Stock Exchange
- Headquartered in Singapore, developed market company?
- $66b valuation in its May 2023 Series G
04:53 | AGI test from OpenAI
- AI large language model business
- New test details exactly what an artificial general intelligence (AGI) is
- 5 “Levels”, OpenAI currently at Level 1
- Level 5 has AI performing organizational work, or AI has autonomous decision making
- CEO Altman believes AGI will be accomplished by 2030
- $105b secondary market valuation, +22% vs its Apr 2024 last round
05:44 | Apple, Microsoft off OpenAI board
- Microsoft is $13b investor in OpenAI
- OpenAI to power Apple Siri assistant
- US/EU regulators voices antitrust concerns
- Both companies recused themselves from board observer roles
- OpenAI plans to consistently meet with both in future, so no real change?
06:35 | 400% increase in SpaceX Starship launches
- Space payload delivery and satellite internet company (Starlink)
- Seek FAA approval to increase from 4 to 25 Starship launches
- Starship has 4x the payload capacity of the current Falcon 9 and 97% less expensive per launch ($2m vs $62m)
- $199b secondary market valuation, +10% vs its Jan 2024 round
- Note that SpaceX is currently closing a tender round at a $210b valuation
07:32 | Pre-IPO -0.23% for week, +62.79% for last 1yr
- www.agdillon.com/reports for full pdf
- Up week: Chime +13.6%, CoreWeave +8.5%, SpaceX +2.3%, Anthropic +1.8%, ByteDance +1.3%
- Down week: Groq -21.9%, Ramp -8.5%, eToro -2.0%, Notion -1.2%, Scale AI -1.0%
- Top valuations: ByteDance $289b, SpaceX $199b, OpenAI $105b, Stripe $78b, Databricks $44b
08:23 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for pdf with constituents level performance by year
- 2024 Vintage Index top contributors since inception: Rippling +107%, Anduril +56%, Revolut +56%, Klarna +45%, Epic Games +37%
- Key metric averages for all Vintage Indexes 5 years old or older…
444% cumulative return since inception
61% realized, distributed to investors
5.44 TVPI; 3.31 DPI, 2.13 RVPI
4.1 years to return the fund
00:00 - Intro
03:49 - Okay for Revolut CEO to sell stock?
09:09 - Should crypto shops just be broker-dealers/RIAs already?
25:01 - Do we need "AI apps" for small/mid businesses to adopt AI?
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Revolut revenue +95% yoy
- UK online bank
- $553m 2023 pre-tax revenue vs -$32m 2022
- $2.2b 2023 revenue, +95% vs 2022 ($1.1b)
- $638m 2023 interest income vs $106m 2022
- $638m 2023 customer loan book vs $260m 2022
- 45m customers as of Jun 2024, 12m added in 2023
- $23b secondary market valuation
- Out for a $40b primary round now, +75% vs secondary valuation
01:30 | Chime acquires Salt Labs
- US online bank
- Acquired Salt Labs, employee rewards platform
- Chime Enterprises will focus on driving deposits and payment volumes through employer relationships
- $6.6b secondary market valuation, -74% vs its Sep 2021 last round
02:32 | xAI announces new AI models
- Elon Musk AI large language model biz
- Grok 2 launching Aug 2024
- Grok 3 launching Dec 2024
- Grok 3 to be trained on 100,000 Nvidia H100 GPUs
- xAI has exclusive access to X/Twitter real-time date, a huge differentiator
- $23.8b secondary market valuation, flat from its May 2024 round
03:37 | Apple joins OpenAI board
- AI large language model biz (ChatGPT)
- ChatGPT will power Apple Siri
- Phil Schiller, head of Apple App Store, will observe at OpenAI board meetings
- $104b secondary market valuation, +21% vs its Apr 2024 round
04:20 | $300m for Thiel’s The Enhanced Games
- The Enhanced Games is Olympics + performance enhancing drugs
- Peter Thiel is an investor
- Raising $300m in debt, equity … valuation not disclosed
- 10 sports; freestyle swimming, 100m dash
- International Olympic Committee doesn’t approve (naturally)
05:12 | Klarna wins Adobe deal
- Payments and consumer credit company
- Klarna buy now pay later product offered to Adobe Commerce merchants
- 85% of merchants noted an increase in BNPL usage at online checkouts in 2023
- Other Klarna customers = Away, Uber, and Expedia
- $10.7b secondary market valuation, +60% vs its Jul 2022 round
06:13 | Kapoor new CPO at CoreWeave
- AI cloud provider
- Chetan Kapoor now chief product officer
- Kapoor was previously at Amazon Web Services
- $19.8b secondary market valuation, +4% vs its May 2024 round
07:17 | Apple, Alibaba AI models on Hugging Face
- AI developer solutions platform
- Apple adds 20 AI models, 4 data sets to Hugging Face
- Alibaba Qwen models now 3 of top 10 on Hugging Face LLM Leaderboard
- Hugging Face is the go to platform for AI developers
- $5.4b secondary market valuation, +20% vs its Aug 2023 round
08:13 | Groq wins Saudi Aramco deal
- AI chip and cloud service provider
- Huge Saudi Aramco deal win
- 70,000 AI developers registered, 19,000 AI applications running
- Groq LPUs for inference (vs Nvidia GPUs for training)
- LPUs faster responses, lower electricity use
- 42,000 LPUs in 2024, 1.5 million LPUs by Dec 2025
- $2.8b secondary market valuation, +147% vs its Feb 2024 round
- Note: Groq currently closing primary round at $2.5b
09:33 | Pre-IPO +0.29% for week, +62.29% for last 1yr
- Up week: Ramp +5.7%, Revolut +4.1%, Hugging Face +3.5%, CoreWeave +2.8%, SpaceX +2.8%
- Down week: Deel -2.7%, eToro -2.6%, Databricks -2.2%, Wiz -2.1%, Notion -1.4%
- Top valuations: ByteDance $285b, SpaceX $194b, OpenAI $104b, Stripe $79b, Databricks $44b
10:12 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Rippling +107%, Anduril +56%, Revolut +55%, Klarna +45%, Epic Games +37%
- Key metric averages for all Vintage Indexes 5 years old or older…
440% cumulative return since inception
61% realized, distributed to investors
5.40 TVPI; 3.31 DPI, 2
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:06 | MStanley OpenAI solution yields 2,800 more financial advisors
- “Debrief” acts as notetaker, summarizer, and 1st draft email composer for client meetings
- Powered by OpenAI ChatGPT-4
- Estimated 30 mins of advisor time saved per meeting
- Assume 1.5 hrs saved per day per advisor across 15,000 total MStanley advisors is equivalent to adding 2,800 new advisors to ranks
- Productivity gains to show in revenue, net income in 2025?
01:18 |OpenAI acquires Multi
- Multi allows developers to screenshare, work on code together
- OpenAI Enterprise division aims to integrate collaboration tools with OpenAI’s AI solutions
- Multi has 5 employees and raise only $13m, most of team will join OpenAI (acqui-hire)
- OpenAI Enterprise has 600,000 users, 93% of Fortune 500 companies
- OpenAI has a $105b secondary market valuation; +22% vs its last round in Apr 2024
02:30 | Parker, Schmidt invest into Stability AI
- AI image and video generation business
- Parker (ex-Facebook pres), Schmidt (ex-Google CEO), + others to invest $80m
- $100m in debt, $300m in cloud obligations negotiated away
- Prem Akkaraju (CEO) to provide a commercial strategy in 3 months
- Focus on Hollywood studios as customers
04:01 | SpaceX wins NASA/ISS contract
- International Space Station (ISS) to be decommissioned
- SpaceX won $843m contract to build the US Deorbit Vehicle to safely deorbit the ISS
- Deorbit occurs in 2030
05:04 | SpaceX tender now at $210b
- Current tender raised from $200b to $210b
- Last round was $180b ($97/share) to $210b ($112/share)
- Bloomberg reported 2024 revenue forecast to be $15b with Starlink delivering big revenue gains in the year
- At 20x revenue multiple that is $300b valuation
- $210b is a very attractive valuation, in our opinion
06:12 | Hyperplane acquired by Nubank
- Builds foundation AI models for banks re: risk, collections, and marketing
- Acqui-hire as Hyperplane just raised a $6m seed 7 months ago
- Nubank has $10.8b in ARR, serves 100m customers in Brazil, Mexico, Colombia
07:03 | Perplexity gets SoftBank investment
- AI search that competes with Google Search
- SoftBank to invest $10m to $20m at $3.0b valuation
- Part of a broader $250m round
- SoftBank to make $100b in AI investments
07:48 | Pre-IPO +0.77% for week, +63.08% for last 1yr
- Up week: Scale AI +19.1%, Stripe +3.0%, Chime +2.9%, Databricks +2.8%, Wiz +2.1%
- Down week: CoreWeave -2.8%, Anduril -2.3%, Revolut -1.8%, Notion -1.6%, SpaceX -1.5%
- Top valuations: ByteDance $285b, SpaceX $189b, OpenAI $105b, Stripe $78b, Databricks $45b
08:29 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Rippling +107%, Revolut +49%, Klarna +43%, Epic Games +36%, Anduril +27%
- Key metric averages for all Vintage Indexes 5 years old or older…
435% cumulative return since inception
62% realized, distributed to investors
5.35 TVPI; 3.31 DPI, 2.04 RVPI
4.1 years to return the fund
00:16 - Photorealistic avatars
- Full pod at www.youtube.com/@thisweekinpreipostocks
- Tiktok avatars for advertising announced
- HeyGen round at $500m (built on top of OpenAI/ElevenLabs, $24/month subscription fee, 40,000 customers, $35m ARR in 2023)
- Dillon uses ElevenLabs to publish research video in chinese and Spanish
- Disruption in the entertainment industry by AI-generated content and avatars
18:42 - More secondary market dislocation
- Full pod at www.youtube.com/@thisweekinpreipostocks
- Revolut at $40b, secondary at $23b … 75% higher vs secondary
- UP dislocation: Scale AI closed $13.8b valuation, secondaries at $7.4b last week
- DOWN disclocation: Anduril targeting $12.5 valuation, secondaries at $13.2b and Groq targeting $3.0b valuation, secondaries at $4.4b
- Are secondaries misjudging company valuations or are companies “managing” their valuations
- Time between primary rounds is a factor to secondary market price accuracy
24:08 - Tender offers – good for companies, good for investors?
- Full pod at www.youtube.com/@thisweekinpreipostocks
- VCs need liquidity, DPI back to LPs (distribute cash back to investors)
- Employees need liquidity; options expire, life (house, wedding, kids in college, etc)
- Structured tenders (e.g. a tender every year or every 6 months) is smart; natural price for stock, no surprises/volatility once stock is public and out of blackout window
- Secondary funds are popping up all over the place … SecondaryLink highlights a new fund every week that is raising billions to buy these assets
- No IPO for Stripe? “…tenders to happen annually going forward…”
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
Pre-IPO stock funds = www.agdillon.com/funds
00:06 | No IPOs for Stripe
- Online payments company
- Stripe co-founder, John Collison; Stripe will continue to do tenders in the future
- Two tenders in the last two years, perhaps one tender a year?
- Tender offers = no IPO on the horizon
- $76b secondary market valuation, +16% vs its last round in Feb 2024
01:03 | X as “everything app”
- X Payments being stood up now
- Approved in 28 states, aims to be live by Dec 2024
- X Payments will compete with Venmo, Cash App, Zelle
- No crypto
- Fidelity has X at a $12.5b valuation, ballpark 3x-4x revenue multiple
- Payments are foundational to be an everything app, we believe an X App Store is next
02:40 | Starlink Mini launched
- Starlink Mini is a compact version of standard satellite internet antenna
- Weighs 2lbs, 12x10x1.5 inches in size
- $599 for mini antenna, $150/month service fee
- Starlink has 6,000 satellites in orbit, 3m customers in 100 countries
- $192b secondary market valuation, +7% vs its last round in Jan 2024 … $200b tender announced expected to close late summer
03:55 | Cerebras AI chip IPO
- Hired Citigroup to lead IPO
- 2H 2024 for listing
- $4b+ IPO valuation, above last round in 2021
04:36 | SoftBank’s $100b for AI companies
- Goal is to deliver “artificial super-intelligence”, or ASI
- SoftBank owns Arm, AI chip maker
- SoftBank activity in the VC market led to the inflated valuations in 2021, could same happen now in AI ecosystem
05:17 | New Anthropic AI model
- AI large language model company
- Claude 3.5 Sonnet launching
- 2x as fast as Claude 3 Sonnet; excels in coding, text-based reasoning vs OpenAI GPT-4o
- Enterprise pricing = $3 per million tokens fed into the model, $15 per million tokens generated
- $1b 2024 revenue forecast
- $21b secondary market valuation, +18% vs its last round in Jan 2024
06:21 | HeyGen raised $60m
- AI-driven video content company
- $500m valuation
- Product = upload video of yourself, photorealistic avatar created, upload transcript, AI avatars reads as if you, translate to 40+ languages
- $24/month subscription fee
- 40,000 customers
- $35m ARR in 2023
- HeyGen builds on top of OpenAI and ElevenLabs (“last mile” AI app)
08:10 | Revolut tender at $40b!
- Morgan Stanley to bank tender offer
- $500m raise
- £1.7 billion 2023 revenue, +84% vs 2022
- $23b secondary market valuation, -31% vs its last primary round in Jul 2021
- Recent secondary market buyers stand to make a quick +75% return if $40b valuation holds
09:30 | Pre-IPO -1.07% for week, +65.20% for last 1yr
- Up week: Chime +22.3%, CoreWeave +19.3%, Wiz +13.1%, Cohere +11.3%, Scale AI +8.8%
- Down week: OpenAI -5.5%, Epic Games -4.0%, Deel -2.9%, Bytedance -2.1%, Notion -1.9%
- Top valuations: ByteDance $292b, SpaceX $191b, OpenAI $104b, Stripe $76b, Databricks $43b
10:27 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Rippling +106%, Revolut +52%, Epic Games +44%, Klarna +43%, Anduril +27%
- Key metric averages for all Vintage Indexes 5 years old or older…
3.31 distributed paid in capital
2.05 residual value to paid in capital
5.36 total value to paid in capital
4.1 years to return the fund
00:00 - Introduction
00:32 - Tesla's Optimus Robot and market projection
07:00 - Pre-IPO AI/robotics companies
14:36 - Personal and business applications of AI
19:01 - AI in legal and compliance
32:00 - Personal applications of AI
36:01 - Space mining and the future of the space economy
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Mistral’s new $6.2b valuation
- French AI large language model company
- Raised $645m at $6.2b valuation
- General Catalyst led; Nvidia, Salesforce, IBM participated
- Capital to be used to expand globally
- Tech is compliant with new EU AI regulation
00:48 | OpenAI $3.4b ARR
- AI large language model provider, partnerships with Apple and Microsoft
- $3.4b ARR as of May 2024, $2.0b ARR in Dec 2023, $1.0b in Jun 2023
- Anthropic $100m ARR, Cohere $22m ARR
- OpenAI has a 25x revenue multiple
- $200m ARR from Microsoft partnership
- New products; search engine, video generating models
01:30 | OpenAI + Apple deal terms unveiled
- OpenAI’s ChatGPT to be integrated into iPhones, iPads, Macs
- No Apple to OpenAI payment
- Apple believes brand and product exposure to Apple’s millions of customers is more valuable
- Users will need an OpenAI subscription for some Apple interface use cases; both OpenAI and Apple will make incremental revenue
- Apple deal is not exclusive; in talks with Google Gemini and Anthropic
02:21 | OpenAI new CFO, CPO
- Sarah Friar new CFO; Nextdoor holdings CEO, Square CFO, current Walmart board member
- Kevin Weil new CPO; Instagram, Twitter, Planet Labs PBC
- Focus on driving international revenue growth and enterprise customer revenue growth
- $103.8b secondary market valuation, +21% vs its Apr 2024 round
03:15 | Brex revenue +35% in 2023
- Online banking company for businesses
- Restructured leadership; co-CEO to Franseschi sole CEO, Dubugras as chairman
- Raised over $1.5b in capital
- 30,000 business customers; DoorDash, Roblox
- 20% staff reduction in 2024
- Reduced cash burn by 50%, extends runway 4 yrs
- 2023 revenue +35%, gross profit +75%
- $3.8b secondary market valuation, -69% vs its Jan 2022 round
04:18 | Investment case for electricity?!
- PG&E, California electric utility, reports 3.5 gigawatts of incremental electricity demand from 24 new data centers
- Equal to output of 3 nuclear power plants
- New data centers coming in next 5 yrs
- Electricity demand to grow 2% to 4% annually through 2040
- Electricity stands to be an incredible investment opportunity
05:19 | Databrick’s new chart/graph tool
- Data management, analytics, and AI company
- Launching AI/BI, a new visualization tool
- Competes with Salesforce Tableau, Microsoft Power BI
- AI/BI = uses AI to create charts/graphs via typed queries
- AI/BI is free to Databricks users, vs Saleforce/Microsoft which have fees
06:12 | Databricks revenue +60% vs 2023
- $2.4b ARR forecast as of Jun 2024, +60% vs 2023
- $1.6b in 2023 full year revenue, +50% vs 2022
- 221 sales deals over $1.0m
- Net revenue retention +140%
- R&D is 33% of revenue over last 3yrs
- 80% subscription gross margin over last 3yrs
- $400m ARR from data warehouse product
- $42.8b secondary market valuation, -1% vs its Nov 2023 round
07:17 | Pre-IPO +2.56% for week, +71.53% for last 1yr
- Up week: Chime +22.3%, CoreWeave +19.3%, Wiz +13.1%, Cohere +11.3%, Scale AI +8.8%
- Down week: OpenAI -5.5%, Epic Games -4.0%, Deel -2.9%, Bytedance -2.1%, Notion -1.9%
- Top valuations: ByteDance $292b, SpaceX $191b, OpenAI $104b, Stripe $76b, Databricks $43b
07:54 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Rippling +106%, Revolut +52%, Epic Games +44%, Klarna +43%, Anduril +27%
- Key metric averages for all Vintage Indexes 5 years old or older…
3.31 distributed paid in capital
2.05 residual value to paid in capital
5.36 total value to paid in capit
SHEIN to IPO at $64b, pre-IPOs future impact on public market indexes
- Online fashion retailer, manufactures cloths in China
- $64b IPO valuation
- Net income = $2b 2023, $700m 2022, $1.1b 2021 ; Revenue = $45b 2023 ; 1.4x revenue multiple, very low!
- Secondary market activity for Shein is very low, high volatility … $80m in bids, $85m in offers (per ApeVue)
- MSCI EAFE Index once public? Headquartered in Singapore, manufactures in China, customers in US/Europe (not China)
- Great example of how large pre-IPO finally going public impact indexes … Shein would be #71 in MSCI EAFE Index between Anheuser-Busch Inbev and London Stock Exchange Group
- S&P 500 is going to look very different in 10 years time; pre-IPOs going public, new companies that haven’t even started yet … technology is moving fast
Cohere new round, how many AI LLM platforms winners?
- AI large language model
- $5b valuation, +127 vs Jun 2023 round
- $35m ARR in Mar 2023, +169% vs prior year
- Strategic partnership with Oracle
- How many AI “platforms” will there be? 2 like apps; Apple and Android? OpenAI, Microsoft, Google? Apple has a competitive advantage with its access to personal data?
- AI application layer is an interesting investment opportunity but not enough companies in the market yet
- Future: proprietary data paired with AI models will drive usefulness of AI applications (Apple calls this “context”)
OpenAI wins Apple Siri deal, +14% on news
- OpenAI +14% to $110b valuation on news, last round at $86b in early Q2
- ChatGPT to power Siri
- Deal terms not disclosed
- Apple to OpenAI data privacy concerns
- Quality of use cases/applications will drive users to accept data sharing requests
- Most useful applications of AI will not even be notices by users, natural integration
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | Databricks buys Tabular
- AI-focused data management company
- Tabular = $1b acquisition, 40 employees, founded 2021
- Tabular to enhance Databricks AI capabilities
- $1.6b in 2023 revenue, +50% vs 2022
- $42b secondary market valuation
00:57 | Shein to IPO
- Online fashion retailer, manufactures cloths in China
- $64b IPO valuation
- Net income = $2b 2023, $700m 2022, $1.1b 2021
- Revenue = $45b 2023
- 1.4x revenue multiple, very low!
02:25 | OpenAI wins Apple Siri deal
- ChatGPT to power Siri
- Deal to be announced at Apple developer event
- Deal terms not disclosed
- OpenAI +13.6% to $110b valuation on news, last round at $86b in early Q2
03:29 | Stripe partners on fraud solution
- Online payments provider
- Partnership with Capital One, Adyen to address fraud
- $1b transactions approved that would have otherwise been declined
- $77b secondary market valuation, +18.5% vs Feb 2024 round
04:31 | SpaceX successful 4th Starship test
- Space payload and satellite internet company
- Booster “landed” in Gulf of Mexico, Starship “landed” in Indian Ocean
- Starship has a more payload capacity and aims to be reuseable, lower launch costs
- $188b secondary market valuation, +11% vs Dec 2023 round
- $200b tender announced in late May
05:51 | Cohere new round
- AI large language model
- $5b valuation, +127 vs Jun 2023 round
- $35m ARR in Mar 2023, +169% vs prior year
- Strategic partnership with Oracle
06:52 | Discord increases developer payouts
- Gaming social media platform
- Halving platform fees from 30% to 15% for first $1m in cumulative gross sales
- One-time purchases now available
- $7.1b secondary market valuation, -58% vs last round (ApeVue)
07:51 | FTC after Microsoft, Inflection AI deal
- Inflection AI is a large language model business
- Founder also co-founded Google’s DeepMind AI solution
- Microsoft “bought” Inflection AI in a $650m deal; hired all employees, struck licensing deal with Inflection
- FTC is basically taking M&A off the table for venture company ecosystem
09:15 | Carta new round
- Cap table management tech/services
- $2b tender offer run by Jeffries
- Down from $7.4b 2021 valuation
- 2023 = $380m revenue, -$65m net income
10:09 | Pre-IPO +3.37% for week, +51.52% for last 1yr
- Up week: Scale +20.3%, Neuralink +16.5%, OpenAI +13.6%, Anthropic +10.4%, Canva +6.8%
- Down week: Stripe -3.5%, Groq -2.7%, Airtable -0.5%, Databricks -0.4%, Brex -0.4%
- Top valuations: ByteDance $298b, SpaceX $188b, OpenAI $110b, Stripe $77b, Databricks $42b
10:52 | 2024 Pre-IPO Stock Vintage Index week performance
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Epic Games +173%, Rippling +104%, Revolut +49%, Klarna +43%, Anduril +27%
- Key metric averages for all Vintage Indexes 5 years old or older…
3.31 distributed paid in capital
2.04 residual value to paid in capital
5.35 total value to paid in capital
4.1 years to return the fund
AI SHOPS SELLING
-Inflection AI sold to Microsoft and Stability AI, Humane looking to sell
-Inflection AI sold for $650m; investors get 10% to 50% return on investment
-Stability AI last published round in Oct 2022 at $1.0b; $5m Q1 2024 revenue, -$30m Q1 2024 net income, $100m in outstanding payables to cloud computing providers
-Humane looking for a $750m to $1b price tag
-Winners and losers are starting to shape up in the AI play?
-AI "asset classes" ; chips, cloud, data, models, application/implementation
PRIMARIES LOWER THAN SECONDARIES
-YES! Anduril targeting $12.5 valuation, secondaries at $13.2b
-YES! Groq targeting $3.0b valuation, secondaries at $4.4b (-32%)
-NO! Revolut targeting $33b valuation, secondaries at $21.6b
-NO! Scale AI closed $13.8b valuation, secondaries at $7.4b last week
-Super interesting price activity here in primaries vs secondaries
00:07 | OpenAI inks PwC deal
01:16 | OpenAI inks deal with Grab
02:07 | OpenAI data deal with The Atlantic, Vox Media
03:13 | OpenAI ChatGPT Edu launches
04:43 | Grafana Labs new funding round
05:24 | Klarna profitable in Q1
06:53 | Mistral AI coming to US
07:30 | Stripe’s new UK products
08:48 | Databricks’ $1.6b revenue
09:45 | Revolut and Africa
11:01 | Epic Games following YouTube playbook
12:53 | xAI’s $24b valuation, 8th largest pre-IPO stock
13:52 | CoreWeave 1H 2025 IPO
15:17 | Canva cuts HP deal
16:06 | Perplexity new round
17:07 | Zhipu AI new round
17:48 | Pre-IPO +0.87% for week, +40.83% for last 1yr
18:30 | +0.94% 2024 Pre-IPO Stock Vintage Index
00:08 | Revolut new round
- UK online bank
- Launching new payment terminal in 2H 2024, expanding Europe availability for product
- Raising $500m tender at $33b valuation
- 40m customers, +144% from 2021
- $2.2b 2023 revenue, +100% vs 2022
- $21.6b secondary market valuation, - 35% from Jul 2021 round
- 9.8x revenue multiple at $21.6b secondary valuation
- 15x revenue multiple at target $33b valuation
- +53% return for secondary investors if $33b valuation plays out
02:06 | CoreWeave new debt financing
- AI-focused cloud provider
- $7.5b private debt financing
- Blackstone led; Carlyle Group, BlackRock participated
- $19b valuation from $1.1 equity round this month
- 14 to 28 data centers by Dec 2024
02:48 | Blue Origin resumes launches
- Bezos owned, space rocket company
- NS-25 mission successful
- Resumed crewed flights after 2yrs, 21 corrective actions
- 25th mission, 7th with humans … 37 total people to space
03:35 | Scale AI new round
- Data-labeling service provider for machine learning model training
- Raised $1b
- $13.8b valuation, +97% from 2021 round
- Accel led; Cisco, Intel, AMD, Nvidia, Tiger Global participated
- Clients; Microsoft, Toyota, GM, Meta, US DoD, OpenAI
- $7.4b secondary market valuation as of last week, some investors got a +86% pop
04:30 | Anthropic hires new CFO
- AI large language model company
- Hires Krishna Rao as CFO, formerly of Fanatics and Airbnb
- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)
05:17 | Anduril new round
- Military defense tech company
- Raising $1.5b
- Targeting $12.5b+ valuation, +25% from Dec 2023 round
- $500m in 2023 revenue, +100% vs 2022
- $670m in govt contracts, +50% vs 2022
- $12.5b primary round is -5.3% from current secondary market valuation levels, $13.2b
06:06 | DeepL new round
06:45 | OpenAI deals with News Corp, BBVA
- News Corp data deal; OpenAI to train on WSJ, MarketWatch, Barrons, NY Post data
- BBVA to use ChatGPT Enterprise solutions; 3,000 licenses to enhance productivity, innovation in business decisions and customer service
- BBVA is first European bank to partner with OpenAI
- $97b secondary market valuation, +12.8% from Apr 2024 round
08:06 | Humane looking for buyer
- AI personal device startup
- Seeking buyer at $750m to $1b
- Last round at $850m, 2023
08:34 | Groq new round
- AI chip startup
- $300m raise, MStanley as banker
- $3b valuation, +161% from Feb 2024 round
- Groq’s language processing units, LPUs, designed to generate LLM results faster with lower electricity use
- Monetization starts in Jun 2024
- $3b primary round is -32% from current secondary market valuation, $4.4b
09:30 | Pre-IPO +0.10% for week, +39.95% for last 1yr
- Up week: Cohere +7.5%, Klarna +3.8%, Wiz +2.1%, Anduril +1.6%, Revolut +1.5%
- Down week: Groq -10.3%, SpaceX -2.8%, Anthropic -0.9%, Airtable -0.4%, Neuralink -0.4%
- Top valuations: ByteDance $294b, SpaceX $186b, OpenAI $97b, Stripe $75b, Databricks $43b
10:12 | +0.42% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Epic Games +172%, Rippling +100%, Revolut +44%, Klarna +41%, Anduril +27%
- Looking at all 20 vintages … here are the contributors and detractors for the week; winners = Klarna +3.8%, Anduril +1.6%, Revolut +1.5% and losers = SpaceX -2.8%, Anthropic -0.9%, Chime -0.3%
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital (DPI)
…2.01 residual value to paid in capital (RVPI)
…5.32 total value to paid in capital (TVPI)
…4.1 years to “return the fund”
00:08 | Revolut new round
- UK online bank
- Launching new payment terminal in 2H 2024, expanding Europe availability for product
- Raising $500m tender at $33b valuation
- 40m customers, +144% from 2021
- $2.2b 2023 revenue, +100% vs 2022
- $21.6b secondary market valuation, - 35% from Jul 2021 round
- 9.8x revenue multiple at $21.6b secondary valuation
- 15x revenue multiple at target $33b valuation
- +53% return for secondary investors if $33b valuation plays out
02:06 | CoreWeave new debt financing
- AI-focused cloud provider
- $7.5b private debt financing
- Blackstone led; Carlyle Group, BlackRock participated
- $19b valuation from $1.1 equity round this month
- 14 to 28 data centers by Dec 2024
02:48 | Blue Origin resumes launches
- Bezos owned, space rocket company
- NS-25 mission successful
- Resumed crewed flights after 2yrs, 21 corrective actions
- 25th mission, 7th with humans … 37 total people to space
03:35 | Scale AI new round
- Data-labeling service provider for machine learning model training
- Raised $1b
- $13.8b valuation, +97% from 2021 round
- Accel led; Cisco, Intel, AMD, Nvidia, Tiger Global participated
- Clients; Microsoft, Toyota, GM, Meta, US DoD, OpenAI
- $7.4b secondary market valuation as of last week, some investors got a +86% pop
04:30 | Anthropic hires new CFO
- AI large language model company
- Hires Krishna Rao as CFO, formerly of Fanatics and Airbnb
- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)
05:17 | Anduril new round
- Military defense tech company
- Raising $1.5b
- Targeting $12.5b+ valuation, +25% from Dec 2023 round
- $500m in 2023 revenue, +100% vs 2022
- $670m in govt contracts, +50% vs 2022
- $12.5b primary round is -5.3% from current secondary market valuation levels, $13.2b
06:06 | DeepL new round
06:45 | OpenAI deals with News Corp, BBVA
- News Corp data deal; OpenAI to train on WSJ, MarketWatch, Barrons, NY Post data
- BBVA to use ChatGPT Enterprise solutions; 3,000 licenses to enhance productivity, innovation in business decisions and customer service
- BBVA is first European bank to partner with OpenAI
- $97b secondary market valuation, +12.8% from Apr 2024 round
08:06 | Humane looking for buyer
- AI personal device startup
- Seeking buyer at $750m to $1b
- Last round at $850m, 2023
08:34 | Groq new round
- AI chip startup
- $300m raise, MStanley as banker
- $3b valuation, +161% from Feb 2024 round
- Groq’s language processing units, LPUs, designed to generate LLM results faster with lower electricity use
- Monetization starts in Jun 2024
- $3b primary round is -32% from current secondary market valuation, $4.4b
09:30 | Pre-IPO +0.10% for week, +39.95% for last 1yr
- Up week: Cohere +7.5%, Klarna +3.8%, Wiz +2.1%, Anduril +1.6%, Revolut +1.5%
- Down week: Groq -10.3%, SpaceX -2.8%, Anthropic -0.9%, Airtable -0.4%, Neuralink -0.4%
- Top valuations: ByteDance $294b, SpaceX $186b, OpenAI $97b, Stripe $75b, Databricks $43b
10:12 | +0.42% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Epic Games +172%, Rippling +100%, Revolut +44%, Klarna +41%, Anduril +27%
- Looking at all 20 vintages … here are the contributors and detractors for the week; winners = Klarna +3.8%, Anduril +1.6%, Revolut +1.5% and losers = SpaceX -2.8%, Anthropic -0.9%, Chime -0.3%
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital (DPI)
…2.01 residual value to paid in capital (RVPI)
…5.32 total value to paid in capital (TVPI)
…4.1 years to “return the fund”
00:16 | OpenAI GPT-4o’s multi-modal AI changed the game
- GPT-4o release last Monday; capable of handling text, speech, and video (multi-modal)
- Best use cases; real-time translation, tutoring, Mac app
- Mac app is game-changer, Google Workspace with AI is a game-changer
- What will the world look like in 5 years after multi-modal AI?
- $97b secondary market valuation, +13% vs last round (Apr 2024)
15:52 | $20b IPO for Klarna!, is it an AI play?
- $20b IPO could come as early as Q1 2025
- 150m global customers, 40m US customers
- UK based holding company established, sign IPO is coming
- $10b secondary market valuation, +49% vs last round (Jul 2022)
- Investors could make a quick 100% return if entering in the secondary and $20b IPO plays out
- Affirm (close competitor) has 4.9x price to sales ratio, Klarna’s 2023 revenue is $2.17b implying a $10b valuation
- Could an AI valuation multiple be used to value Klarna? Or … is Klarna an AI play?
23:27 | $625m for Reka AI founders/employees in <2yrs, go get that $$$!!!
- Reka AI builds useful multimodal AI models for businesses
- $625m cash for Reka AI founders/employees
- Snowflake rumored to acquire Reka AI for $1.0b
- Reka AI investors; DST Global, Snowflake’s venture arm
- Reka AI founded in 2022, founders/employees still own 62.5% of company (my math) ... 22 people total
- $625m for Reka AI’s founders/employees if Snowflake deal goes through- current raise was $1b so I have to assume the current valuation is $4b+ post-money
- WE ARE ROOTING FOR REKA’S FOUNDERS AND EMPLOYEES! GET THIS DEAL DONE AND MAKE THAT MONEY!
Pre-IPO stock valuations = www.x.com/aarongdillon (see pinned post)
Pre-IPO stock index fact sheet = www.agdillon.com/index
00:07 | OpenAI impresses with GPT-4o
- Capable of handling text, speech, and video
- Refreshed ChatGPT UI and a macOS desktop app
- Verbal conversation improvement was the big surprise, in my opinion
- Watch live demos here = https://x.com/OpenAI
- $97b secondary market valuation, +13% vs last round (Apr 2024)
01:53 | Reddit + OpenAI data deal
- OpenAI to license Reddit data for training
- $ amount OpenAI pays Reddit not disclosed
- Follows OpenAI data deals with Dotdash Meredith, Financial Times
02:53 | Klarna IPO rumored at +100% vs 2ndary mrkt
- $20b IPO could come as early as Q1 2025
- 150m global customers, 40m US customers
- UK based holding company established, sign IPO is coming
- $10b secondary market valuation, +49% vs last round (Jul 2022)
- Investors could make a quick 100% return if entering in the secondary and $20b IPO plays out
03:55 | Anthropic hires new CPO, launches in Europe
- Mike Krieger is new chief product officer
- Krieger co-founded Instagram and sold to Facebook for $1.0b
- Anthropic also launched in Europe; full product suite
- $18.1b secondary market valuation, +0.6% vs last round (Jan 2024)
05:22 | Chime vs payday lenders
- cash advance of $500
- customer must have completed two payroll cycles
- $2 fee, 1-2 day wait to access advance
- 7m customers, profitable in Q1 2024
- $5.3b secondary market valuation, -79% vs last round (Sep 2021)
06:14 | $625m cash for Reka AI founders/employees
- Snowflake rumored to acquire Reka AI for $1.0b
- Reka AI investors; DST Global, Snowflake’s venture arm
- Reka AI founded in 2022, founders/employees still own 62.5% of company (my math)
- $625m for Reka AI’s founders/employees if Snowflake deal goes through
07:14 | Starlink live in Indonesia, Carnival ships
- Starlink live in Indonesia on May 19; Starlink available in 75+ countries
- Starlink live on all 90 Carnival Cruises ships; $15 to $19 per person per day
- $192b secondary market valuation, +6.4% vs last round (Jan 2024)
08:41 | Rippling launches performance mgmt product
- New product to help employers monitor performance continuously and free up HR for complex tasks
- $14.9b secondary market valuation, +11% vs last round (Apr 2024)
09:54 | Figma $12.5b tender
- $600m to $900m deal size
- Current investors, including current and former employees, allowed to sell
- a16z, Sequoia, Kleiner Perkins to invest
- Adobe $20b deal blocked by European regulators, paid Figma $1b breakup fee
10:53 | Pre-IPO -0.67% for week, +30.73% for last 1yr
- Week winners: Rippling +5.9%, Chime +4.2%, Discord +4.1%, Bytedance +2.2%, Revolut +1.3%
- Week losers: Flexport -27.5%, Canva -6.6%, OpenAI -2.4%, Epic Games -2.0%, Anthropic -1.1%
- Top valuations: ByteDance $295b, SpaceX $192b, OpenAI $97b, Stripe $74b, Databricks $43b
11:39 | +0.26% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index for fact sheet pdf
- 2024 Vintage Index top contributors since inception: Epic Games +172%, Rippling +100%, Revolut +42%, Klarna +35%, Anduril +33%
- Looking at all 20 vintages … here are the winners and losers for the week; winners = Rippling +5.9%, Chime +4.2%, Discord +4.1% and losers = Tanium -10.9%, OpenAI -2.4%, Epic Games -2.0%
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital (DPI)
…2.05 residual value to paid in capital (RVPI)
…5.36 total value to paid in capital (TVPI)
…4.1 years to “return the fund”
REVOLUT
- https://www.revolut.com/en-US/
- online banking
- 40 million customers, adding 1 million new customers a month
- Available in 150 countries, #1 finance downloaded app in 17 countries
- $2bn of revenue and $350m net income in 2023
- $21b secondary market valuation, -36% from last round ($33b) in Jul 2021
- 10.5x revenue multiple ... low for a profitable company adding 1m new customers a month?
WIZ
- https://www.wiz.io/
- NYC cloud security firm
- $12b post-money after $1b cap raise
- a16z, Lightspeed, Thrive invested
- $350m in 2023 annual recurring revenue
- 34x revenue multiple (HIGH!)
WAYVE
- https://wayve.ai/
- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures
- raised $1b round, valuation not disclosed
- Softbank, D1, Nvidia, Microsoft investors
- Last published valuation was $1.35b in Jan 2022 Series B
- current raise was $1b so I have to assume the current valuation is $4b+ post-money
00:08 | Wayve raises $1b
- UK AI-autonomous driving technology company, licenses AI-tech to car manufactures
- Softbank, D1, Nvidia, Microsoft investors
- Round valuation was not disclosed
- Last published valuation was $1.35b in Jan 2022 Series B
01:49 | Chime fined by CFPB
- online checking and savings accounts
- fined $3.25m for failing to refund customer funds on a timely basis
- growing pains, nothing to see here
- $5.1b secondary market valuation; -80% from Sep 2021 round
03:13 | Wiz $12b valuation
- NYC cloud security firm
- $12b post-money after $1b cap raise
- a16z, Lightspeed, Thrive invested
- $350m in 2023 annual recurring revenue
- 34x revenue multiple (HIGH!)
04:13 | Titkok sues US govt (obviously)
- challenging divest/ban law passed last month
- 170m US users
- $16b in TikTok US 2023 revenue
- estimated $152b valuation is Meta price-to-sales multiple applied
05:43 | OpenAI cuts another training data deal
- licensing partnership with Dotdash Meredith
- brands include People Magazine, Better Homes & Gardens, Investopedia
- OpenAI has data deals with FT, Axel Springer, Le Monde, Prisa, AP, StackOverflow
- $99.4b secondary market valuation, +16% from Jan 2024 last round
06:58 | FTX customers made whole!
- $11b owed to 2m customers
- $16.3b in total assets recovered
- customers and creditors made whole + interest, 118% of original value
08:43 | Pre-IPO +1.41% for week, +31.09% for last 1yr
- Week winners: Ramp +15.9%, Groq +12.1%, Notion +5.4%, Revolut +4.4%, Chainalysis +4.2%
- Week losers: Hugging Face -5.6%, Chime -2.9%, Bytedance -1.7%, Databricks -1.6%, Epic Games -0.9%
- Top valuations: ByteDance $288b, SpaceX $192b, OpenAI $99b, Stripe $75b, Databricks $43b
09:25 | +1.07% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Epic Games +177%, Rippling +89%, Revolut +40%, Klarna +36%, Anduril +34%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and
…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%
- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round
- Key metric averages for all Vintage Indexes 5 years old or older…
…3.31 distributed paid in capital
…2.06 residual value to paid in capital
…5.37 total value to paid in capital
…4.1 years to return the fund
00:07 | X Payments approved in 25 or 50 states
- X Payments functionality; pay a friend, pay a merchant, earn interest, shop, buy content
- X = YouTube, WhatsApp, Venmo, Amazon, NYT/CNN, Apple App Store … all in one app
- X needs “X Apps” to become everything app like WeChat in China
- $12.5b current valuation (Fidelity), -71% from Musk’s Oct 2022 $44b purchase price
02:42 | OpenAI cuts data deal with Financial Times
- OpenAI to use FT data to train models, users to access FT summaries, quotes, and links
- FT to use OpenAI for AI-focused journalism tools
- $98.7b secondary market valuation, +14.8% from Apr 2024 primary round
03:53 | CoreWeave’s $19b valuation, +171% in 5 months
- AI-focused cloud provider
- $1.1b raised at $19b post-money valuation
- +171% from last round in Dec 2023, just 5 months ago
- Use of proceeds = increase data center infrastructure, expand to Europe
- Coatue led w/ Altimeter, Nvidia, Fidelity participating
05:08 | Anthropic launches mobile app
- iPhone app for Claude chatbot
- new subscription plan; $30/month/user for increased chatbot usage + new collaboration tools
- $18.4b valuation, +2.3% from Jan 2024 primary round
06:14 | Pre-IPO +0.16% for week, +25.87% for last 1yr
- Week winners: Neuralink +4.5%, Ramp +4.4%, Rippling +3.2%, Chainalysis +3.2%, Groq +2.5%
- Week losers: ConsenSys -8.8%, OpenAI -3.3%, Anthropic -1.9%, Chime -1.2%, eToro -1.0%
- Top valuations: ByteDance $293b, SpaceX $189b, OpenAI $99b, Stripe $74b, Databricks $43b
06:58 | +0.17% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Rippling +73%, Stripe +58%, Klarna +34%, Revolut +34%, Anduril +30%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Rippling +3.2%, SpaceX +1.6%, Databricks +1.5% and
…losers = Automation Anywhere -20.9%, OpenAI -3.3%, Tanium -2.2%
- Rippling is in 2024 Vintage Index; 14% weight, +73% from index inception, +1.4% from last primary round
00:08 | Flexport wins Shein business
- Flexport wins Shein US shipping business with deep tech integration
- Shein to expand products outside of fashion and manufacturing from India/Latin America
- Flexport has $1.5b secondary market valuation, -81% from last primary round in Mar 2022
- Shein has $45b-$55b secondary market valuation, May 2023 primary round at $66b
01:29 | X/Twitter to launch TV app
- X TV App on all smart TV platforms
- X seeks to directly compete against YouTube
- Half of YouTube views are on its TV app and YouTube’s TV app has more viewership vs Netflix
- Fidelity, a X shareholder, has a $12.5b valuation for the company, -72% vs Musk’s Apr 2022 purchase price
02:55 | Tiktok US to have a $152b valuation
- US govt has passed a law requiring ByteDance to divest Tiktok US business in 1 year or less
- TikTok US has 170 million users
- AG Dillon believes TikTok US could have a valuation up to $152b if sold “as is”
- A $152b valuation places TikTok US as the 3rd largest pre-IPO stock globally
05:24 | xAI raising $6b at $18b valuation
- xAI is Elon Musk’s AI large language model business sourcing data from X/Twitter
- Sequoia leading $6b round
- Musk has already invested nearly $1b into xAI
06:19 | Stripe tech to accept stablecoin payments
- Online merchants using Stripe payment solutions will be able to accept payment in stablecoin cryptocurrencies
- Solana, Ethereum, and Polygon platforms will be initially accepted
- Stripe has a $74.1b secondary market valuation, +14% vs its Feb 2024 primary round
07:43 | Anduril wins another govt contract (unmanned jets)
- Anduril to develop and test unmanned fighter jets
- Potential to win multi-billion-dollar production contract in 2026
- US military aims to have a fleet of 1000 unmanned fighter jets
- Anduril has a $13.0b secondary market valuation, +53% vs its Dec 2022 primary round
08:42 | Pre-IPO +1.31% for week, +24.96% for last 1yr
- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%
- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%
- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b
09:25 | +1.92% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and
…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%
- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes
00:09 | Rippling raises at $13.4b
- HR tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- $870m raise at $13.4b post-money valuation
- $200m in capital for company
- $670m in secondaries for existing shareholder liquidity
- $13.4b valuation is +25% from current secondary market valuation of $10.7b
01:31 | Ramp raises at $7.6b
- Spend management company
- $150m raises at $7.6b post-money valuation
- 4x revenue increase vs 2022
- Surpassed $300m annualized revenue summer 2023
- 25,000 business customers
- Capital will be used to integrate AI into product suite
- $7.65b valuation is +14% from current secondary market valuation of $6.7b
02:44 | Klarna’s new US credit card
- Consumer credit tech company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Launching a credit card; pay by (a) buy now pay later installments or (b) revolving credit line
- Physical card and tap-and-pay with Apple/Google
- Up to 10% cash back on Klarna shopping marketplace app (like Amazon marketplace)
- $9.8b secondary market implied valuation, +45.6% vs its last primary round in Jul 2022
04:16 | AI clones in Hollywood
- Creative Artists Agency creating AI avatars of Brad Pitt, Reese Witherspoon
- Clear Angle Studios and Racket Sound scan/capture the actors’ bodily and vocal characteristics
- Actors have ownership of their digital likenesses
- Applications; reshooting scenes, dubbing in different languages
05:42 | Mistral raises at $5b
- AI large language models for developers to access with APIs
- Raising at a $5b valuation
- $2b valuation last round in Dec 2023
- $3b valuation increase in just 4 months!
06:54 | Anduril autonomous submarine for Australia Navy
- Defense technology company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Delivered Ghost Shark autonomous submarine for Australian Navy
- $90m contract for 3 Ghost Sharks
- $18.7b secondary market implied valuation, +39% vs its last primary round in Dec 2022
08:38 | Revolut changes bank partners in US
- Mobile banking company, constituent in AG Dillon Pre-IPO Stock 2024 Vintage Index
- Changes partner banks from Metropolitan Commercial Bank to Community Federal Savings Bank
- Metropolitan Commercial Bank fined $30m by the Fed/NY State banking regulators re: compliance issues for 3rd party program, MovoCash … could have contributed to decision
- No changes to product features or pricing
- $19.1b secondary market implied valuation, -42% from its last primary round in Jul 2021
09:33 | Pre-IPO +0.64% for week, +20.29% for last 1yr
- Week winners: Chime +17.2%, Ramp +3.5%, Stripe +1.5%, Chainalysis +1.2%, Bytedance +1.1%
- Week losers: OpenAI -2.7%, Anthropic -1.9%, Groq -1.5%, Flexport -0.9%, Revolut -0.7%
- Top valuations: ByteDance $289b, SpaceX $185b, OpenAI $100b, Stripe $74b, Databricks $42b
10:20 | -0.23% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +56%, Rippling +50%, Klarna +32%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Chime +17.2%, Automation Anywhere +1.8%, Stripe 1.5% and
…losers = OpenAI -2.7%, Anthropic -1.9%, Revolut -0.7%
- Chime is in the 2021, 2022, and 2023 Vintage Indexes; 3% to 4% weight in these indexes so not a material impact to overall TVPI for indexes
00:08 | ByteDance/TikTok stock buyback!
- Expanding Q4 2023 buyback to non-US employees
- $171/share for employees, $145/share for former employees
- $112b in 2023 annualized revenue (run rate as of YTD Q3 2023)
- $285b current secondary market valuation
- Meta, about same revenue, at $1.32 trillion market cap
01:09 | OpenAI extends $86b tender
- Extending $86b tender to former employees
- $150/share price
- Revenue: $2.0b in Dec 2023 annualized, $5.0b in Dec 2024 forecast
- $103b current secondary market valuation based on $150/share price
02:14 | Humane AI Pin officially launches
- Alternative to a smartphone, pin onto your shirt
- Engage by talking to the AI Pin
- $699 for AI Pin + $24/month subscription
- Rabbit R1 is main competitor; “large action model” is very cool
- Closed in Series C in Jul 2023 raising $100m at a $850m valuation
03:36 | Revolut’s India regulatory approval
- Reserve Bank of India approves for Prepaid Payment Instruments, including prepaid cards and wallets
- Revolut already has RBI approval for Category-II Authorized Money Exchange Dealer, multi-currency forex cards, and cross-border remittance services
- Received bank approval from Mexican regulators last week
- $19.2b secondary market valuation, -42% from its last primary round in Jul 2021
04:44 | Pre-IPO +0.38% for week, +20.43% for last 1yr
- Week winners: Groq +10.8%, Klarna +5.1%, Neuralink +3.8%, ConsenSys +2.9%, Hugging Face +2.7%
- Week losers: Ramp -17.9%, Chime -1.3%, Cohere -1.1%, Chainalysis -0.8%
- Top valuations: ByteDance $286b, SpaceX $185b, OpenAI $103b, Stripe $94b, Databricks $42b
05:38 | +0.98% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +54%, Rippling +50%, Revolut +28%
- 2024 Vintage Index top detractors since inception: None. All 10 constituents are in positive territory.
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Automation Anywhere +22.3%, Klarna +5.1%, Databricks +2.3% and
…losers = Tanium -3.2%, Chime -1.3%
- Automation Anywhere is only in the 2020 Vintage Index. It has a 2% current weight in the index so not a major impact to TVPI.
00:10 | Rubrik IPO, $5.7b valuation
- $5.7b secondary market valuation
- 1,700 business customers
- $627m fiscal 2024 revenue
- 91% of revenue is subscriptions
- $354m in net loss
- First major unprofitable tech IPO of the year
01:29 | OpenAI 600,000 business users
- Custom model program is driving growth in business users
- 600,000 business users, +300% increase from Jan 2024 (just 3 months ago)
- OpenAI raised a round at $100b valuation in Jan 2024
02:37 | SpaceX Starship test #4 in early May
- 3rd test flight was a massive success
- Starship has 5x payload capacity of Falcon 9 rocket
- Starship has more revenue, less cost per launch vs Falcon 9
- $187b secondary market valuation, +3.9% vs Dec 2023 tender round
04:10 | Starlink going live in Indonesia
- Starlink already in Malaysia, Philippines
- 2b+ people have no access to internet globally
- Starlink has a satellite internet monolopy
- $50 to $110 per month satellite internet fee, based on location
- We estimate Starlink to be $1.0 trillion valuation business, at scale
05:26 | Mexico approves Revolut Bank
- Mexican banking regulator approves Revolut Bank to operate in Mexico
- 35 million customers across 38 countries
- most downloaded finance app in 9 countries, top 3 position in financial app rankings in 15 European countries
- $19.2 billion secondary market valuation, -42% from its last primary round in Jul 2021
05:26 | Anduril wins US Army mandate
- Develop a software framework essential for testing and deploying payloads for future robotic combat vehicles, or RCVs
- Contract value and duration not disclosed
- $11.6 billion valuation, +37% from its last primary round in Dec 2022
05:26 | Klarna buy now pay later better vs credit cards!
- 41% of US credit card users carry revolving debt, 23% pay late fees, 8.5% were delinquent (Q4 2023)
- 31% of Klarna’s US buy now pay later users paid early, 65% on time, 4% incurred late fees, default rate under 1%
- $9.3b secondary market valuation, +38% from its last primary round in Jul 2022
07:16 | Pre-IPO +0.88% for week, +12.59% for last 1yr
- Week winners: Ramp +32.0%, Scale AI +13.6%, Revolut +5.7%, Anthropic +4.1%, Chainalysis +3.5%
- Week losers: Discord -5.6%, Groq -2.64%, Chime -1.6%, Cohere -1.6%, Databricks -1.2% … we picked up research coverage of Groq this week
- Top valuations: ByteDance $285b, SpaceX $187b, OpenAI $96b, Stripe $94b, Databricks $41b … We got our hands on some new data … the actual share price of the last primary rounds. Where we have that data it is now included and it has materially impacted several companies’ implied secondary market valuations. Make sure to look at the full report to understand the company by company impact.
08:01 | +2.23% 2024 Pre-IPO Stock Vintage Index
- www.agdillon.com/index to see all 20 Pre-IPO Stock Vintage Indexes
- 2024 Vintage Index top contributors since inception: Stripe +53%, Rippling +49%, Revolut +28%
- 2024 Vintage Index top detractors since inception: Just Epic Games but they’re only down 1% … so really no detractors in the 2024 Vintage Index
- Looking at all 20 vintages … here are the winners and losers for the week;
…winners = Tanium +33.8%, Revolut +5.7%, Anthropic +4.1% and
…losers = Discord -5.6%, Chime -1.6%, Databricks -1.2%
- Tanium is in four Vintage Indexes; 2017, 2019, 2020, and 2021. Tanium only has a 1% to 2% current weight in any of those four indexes so this 34% increase is not a major impact to the Indexes’ performance.
- Revolut is in the 2022, 2023, and 2024 index. Anthropic is in just the 2024 index
- Discord is in the 2022 and 2023 index
00:10 | Cohere $5b valuation
- Cohere has LLM and competes with OpenAI ChatGPT
- PSP Investments (Canadian pension fund) to co-lead $500m round
- 227x revenue multiple!
- $22m annualized revenue as of Feb 2024
- $4.3b current secondary market valuation
01:29 | Amazon $4b total into Anthropic
- Amazon puts in $2.75b for a $4.0b into Anthropic
- Amazon largest investment in external company in 30 yr history
- Anthropic to spend $4b at AWS and $3b at Google Cloud (also an investor)
- $18.4b valuation
02:37 | $26b Canva buys Affinity
- Acquisition to drive corporate division revenue
- $2.1b in 2023 revenue, +50% yoy
- 13x revenue multiple
- Tender closed in Jan 2024, Canva +5.8% to $27.5b in secondary
04:10 | Scale AI $13 valuation
- Accel targeting to lead next round
- $13b is +103% above $6.4b secondary market valuation
- $675m in 2023 revenue, +150% yoy
- 19x revenue multiple
05:26 | xAI launches Grok-1.5
- rival to Google Gemini and OpenAI ChatGPT
- Grok is available through X (formerly Twitter)
- Rumored to raise $6b at a $20b valuation in Jan 2024, unconfirmed if that round closed
07:16 | Pre-IPO +0.88% for week, +12.59% for last 1yr
- Week winners: Rippling +11.0%, OpenAI +4.7%, Airtable +3.6%, Anduril +2.4%, SpaceX +2.1%
- Week losers: Neuralink -2.8%, Chainalysis -2.7%, Chime -2.0%, Canva -1.6%, ConsenSys -0.5%
- Top valuations: ByteDance $278b, SpaceX $187b, OpenAI $94b, Stripe $67b, Databricks $50b
08:01 | +2.65% 2024 Pre-IPO Stock Vintage Index
- Tempus looks to IPO, hires MStanley … in 2021 Vintage Index, 5.1% index weight, -26% since index inception
- Week Winners: Rippling +11.0%, OpenAI +5.0%, Anduril +2.4% … all three in 2024 Vintage Index
- Week Losers: Tanium -22.7%, Chime -2.0%, Revolut -0.1% … Tanium in 4 Vintage Indexes; 2017, 2019, 2020, 2021 … only 1-2% index weight so negative performance will have little impact on indexes’ performance
- 2024 Vintage Index Update: +2.65% for week, +32.7% since inception, Epic Games and Rippling drive 68% of since inception return, Epic +178% since index inception
00:07 | Stripe 2024 revenue at $17b?, only 3.8x multiple!
- $1 trillion in 2023 total payment volume, +25% vs 2022
- Stripe 15yrs vs PayPal 23yrs to get to $1t
- Estimated $17b in 2023 revenue, positive cash flow
- $65b Feb 2024 tender, 3.8x revenue multiple is a steal
02:19 | Telegram’s $30b valuation!
- 900m monthly active users, +80% vs 2021; on track for 1b users by Dec 2024
- "hundreds of millions of dollars" from advertising and subscriptions revenue
- $30b valuation from investors
- Seeking IPO to maintain independence and drive company valuation
04:12 | SpaceX Starship successful 3rd test-flight
- Starship is 400 feet tall, powered by 33 rockets
- 5x payload of current Falcon9 rocket with lower cost per launch; incremental revenue AND profit
- Starlink estimated to have a $103b valuation ($3.4b in annual recurring revenue?)
06:24 | Tiktok US at $153b valuation if standalone biz?
- Steven Mnuchin, former US Treasury Secretary, seeks to buy TikTok
- US government is reviewing a bill that would require ByteDance to divest TikTok US biz
- TikTok US has 170m users
- ByteDance 2023 revenue is $120b (+20% vs 2022) and a $268b valuation, only a 2.4x revenue multiple (LOW!)
- TikTok US has $16b of 2023 revenue, applying Meta revenue multiple (9.58x) it’s a $153b valuation business
- Massive valuation unlock position for TikTok US by getting out of the ByteDance negative overhang?
09:09 | Pre-IPO +3.28% for week, +3.23% for last 1yr
- Week winners: Chime +28.6%, eToro +21.9%, ScaleAI +20.5%, Ramp +12.3%, Flexport +7.2%
- Week losers: Consensys -9.8%, OpenAI -4.5%, ByteDance -3.1%, Rippling -2.1%, Chainalysis -1.7%
- Top valuations: ByteDance $276b, SpaceX $184b, OpenAI $103b, Stripe $68b, Databricks $49b
00:10 | IPOs return in 2024?; Joshua Brown, Michael Batnick, CFA, + The Compound
- Nasdaq has to be performing well for IPOs to come and perform well
- the IPOs that are coming, e.g. Reddit, Inc., need to do well post-IPO if we want to see the flood gates open
Subscribe to Josh & Michael's The Compound….
- YouTube = https://lnkd.in/e3tnDAXc
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02:54 | $1.5 trillion Starlink valuation
- Starlink has satellite internet monopoly
- 2.6 billion people (33% of global population) have no access to internet
- Starlink charges a monthly subscription fee of $50 to $110 per month
- 10% market share, or 260m subscribers, at $50/month is $156b in annual recurring revenue
- 10x revenue multiple that’s a $1.56 trillion valuation
06:02 | MStanley Wealth’s new pre-IPO stock trading desk
- MStanley Wealth clients can now purchase pre-IPO stocks
- 1,000 stocks available
- Congrats to MStanley … this is a great solution/business
- AG Dillon & Co offers this same service to indie RIAs/IBDs
- AG Dillon SpaceX Fund and AG Dillon OpenAI Fund accepting new investors now
07:34 | X debt restructuring
- MStanley and other lenders looking to restructure $12.5b in X debt
- Banks seek to derisk position, negotiations have not been successful
- X placed a $19b internal valuation on the business in Oct 2023 which is down from its $44b purchase price in late 2022
08:52 | Monzo Bank’s $5b valuation
- Alphabet, HongShan (Sequoia China), and Tencent invested $430m
- 88% yoy revenue increase, profitable for 2023
- 9.4 million UK customers
- Last round was in Jan 2022 at a $4.6b valuation
10:19 | Revolut + Consensys’ Metamask new product
- Revolut Ramp steamlines purchase of crypto in Metamask wallets
- 20 cryptocurrencies converted from fiat in Revolut bank accounts or via Visa/Mastercard payments
- Revolut has a $17.7b secondary market valuation, -46% from its last primary round in Jul 2021
- ConsenSys has a $7.7b secondary market valuation, +9.5% from its last primary round in Mar 2022
11:56 | Apple kills Epic Games in EU
- Apple revoked developer account for Epic Games Sweden AB
- Epic cannot reintroduce Fortnite to iOS in Europe
- Epic has a $22.5b secondary market valuation, +26% from last primary round in Feb 2024. Disney invested in that round.
13:30 | Webull Financial $7.3b SPAC deal to close in 2H 2024
14:35 | Pre-IPO +0.39% for week
- Week winners: Chainalysis 15.5%, Epic Games 9.8%, Consensys 6.6%, Brex 4.6%, Stripe 2.2%
- Week losers: Flexport -11.9%, Neuralink -6.3%, Anthropic -4.9%, Discord -2.5%, Airtable -1.4%
- Top valuations: ByteDance $284b, SpaceX $184b, OpenAI $108b, Stripe $66b, Databricks $49b
00:11 | Stripe’s $65b valuation
- Online payment infrastructure company
- $1b buyback/tender at a $65b valuation; Sequoia and Goldman participated alongside Stripe itself
- Stripe has $59.8b implied secondary market valuation prior to this announcement; $65b valuation is +8.7% increase
- Second private company buyback in last few months; ByteDance $5b buyback from employees in Dec 2023 at $268b valuation
02:00 | Klarna’s $20b IPO?!
- IPO rumored for 2025 at $20b
- Klarna has $8.3b implied secondary market valuation; $20b is a +141%
- 2023: $2.2b revenue (+22% vs ’22), $1.1b gross profit (+60% vs ’22), 50% gross profit margin, -32% in consumer credit losses vs ’22, -31% reduction in sales/marketing expenses vs ‘22
- $20b valuation is 9x revenue multiple, I can see it based on these performance results
04:20 | Klarna replaces 700 humans w/ OpenAI
- Klarna implemented customer service solution using OpenAI, replaced 700 humans customer service reps with AI
- $40m annual profit improvement resulting from AI customer service solution
- 2.3m chats, 66% of all customer service inquiries
- Matched human-level customer satisfaction
- Increased accuracy by 25%, reducing repeat inquiries
- Resolved customer issues in 2 mins vs humans at 11 mins
- Operational in 23 markets (35 languages)
06:26 | Figure(robots) raise $675m from Bezos/others
- Humanoid robots that can complete tasks traditionally done by humans
- Jeff Bezos, Nvidia, Microsoft, OpenAI, others invested
- $2.6b valuation
- BMW is customer, robots for automotive manufacturing
07:50 | Deel acquires Zavvy
- HR management tech company helping businesses recruit and compliantly manage international employees
- Zavvy is a Munich-based AI "people development"; specializing in personalized career progression, training, and performance management tools
- Acquisition amount not disclosed
- Deel seeks to expand HR services, AI solutions
- Deel has 25,000 business customers; e.g. Reddit, Shopify, Klarna, Nike, and Red Bull
- Deel $400m in annual recurring revenue, profitable since Sep 2022, $600m in cash on balance sheet
- $13.2b implied valuation based on secondary market trading, +9% from last primary round in May 2022
09:29 | Pre-IPO +0.31% for week, +1.97% for last 1yr
- Week winners: ConsenSys +16.1%, OpenAI +6.7%, Anduril +6.2%, Flexport +4.7%, Chainalysis +4.0%
- Week losers: Scale.AI -19.4%, Airtable -14.7%, Klarna -1.8%, Anthropic -1.7%, SpaceX -1.5%
-Top valuations: ByteDance $283b, SpaceX $182b, OpenAI $109b, Stripe $65b, Databricks $48b
00:09 | Human controls computer with brain via Neuralink
- A robot surgically implanted the Nueralink chip into the human’s brain
- Human can control a computer mouse with just their brain
- $4.2b implied secondary market valuation, +21.2% from last primary round in Nov 2023
01:17 | Reddit sells data to AI shop for $60m/yr
- Filed S-1 for Mar 2024 IPO
- Licensing data for AI training is a new revenue stream
- $804m revenue, $91m net loss in 2023
- 75,000 most active Reddit users are invited to participate in the IPO
- Seeking $5.0b IPO; $5.8b secondary market valuation, -42% from $10b primary round in Aug 2021
03:20 | China’s Moonshot AI raises $1b
- Offers large language model like OpenAI’s ChatGPT to Chinese users
- OpenAI and other US based LLMs are not available in Mainland China
- Founded by renowned researcher Yang Zhilin
- Alibaba, Meituan, Xiaohongshu, HongShan (Sequoia Capital China) participated
04:11 | Astera Labs’ IPO at $116m revenue + $4b valuation
- Manufactures data center server components; Amazon and Microsoft are customers
- 45% increase in revenue 2023 vs 2022
- 2024 revenue projected at $250m to $300m
- IPO is targeted at $4b
05:16 | SpaceX won $1.8b US military contract in 2021
- US intelligence and military contract continue to be a major source of revenue for SpaceX
- Starshield, a military focused satellite internet solution, won a $70m contract in Aug 2023
- SpaceX hires military personnel; e.g. retired Air Force general Terrence O’Shaughnessy
- Jan 2024 tender locked a $180b valuation for SpaceX
06:41 | Pre-IPO +1.06% for week, +0.07% for last 1yr
- Week winners: eToro +24.01%, Rippling +20.27%, Epic Games +15.96%, OpenAI +7.15%, Neuralink +7.15%
- Week losers: Airtable -10.47%, Scale.AI -10.28%, ConsenSys -7.36%, Cohere -3.24%, Canva -3.18%
- Top valuations: ByteDance $284b, SpaceX $184b, OpenAI $102b, Stripe $60b, Databricks $49b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:10 | OpenAI hits $2b in run rate revenue
- $0 to $2b revenue in only 1 year
- Google 5 yrs to reach $1b in revenue, Meta 6 years
- 92% of Fortune 500 use OpenAI
- 100m weekly users
- 18,000 OpenAI customers through Microsoft Azure
- OpenAI currently raising a primary round at $100b valuation
01:16 | OpenAI launches Google Search competitor
- Search partnership with Microsoft Bing
- Goal is faster response times
- Perplexity AI also competing in AI search; $100m raise at $520m valuation
- Bing generates $18b in annual revenue, Google Search $150b
02:18 | OpenAI launches Hollywood movie/tv killer
- OpenAI Sora creates 60-second highly realistic videos from text prompts
- Potential to be massively disruptive to movie and tv industries
- Directors and storytellers will take center stage vs actors in the future?
03:34 | Canva CFO resigns ahead of IPO
- Damien Singh resigns
- IPO expected in 2025
- New CFO will have experience scaling companies
- Stripe, StubHub, Plaid all replaced CFOs recently and are also primed for an IPO
- $2b in revenue, profitable since 2017, 165m monthly users
- $1.5b tender offer in process at $26b valuation
04:29 | X and MrBeast ad partnership
- MrBeast video on X generated 156m impressions last week driving ad revenue
- X puts ads at beginning of video for selected creators, like MrBeast
- 80,000 users participating in new ad program
- X posted an internal valuation in Q4 2023 at $19b; a 57% decrease from Elon Musk’s purchase price
05:09 | X locks sports betting deal with BetMGM
- BetMGM is exclusive live odds sports betting partner for X
- X users can bet directly on X platform
- X aims to be the “everything app”, more than just social media
05:46 | Musk’s SpaceX and Neuralink leave Delaware
- SpaceX moved to Texax, Neuralink moved to Nevada
- Delaware court invalidated Musk’s $55.8b Tesla compensation package after independent board and individual shareholders voted to approve in 2018
06:47 | Pre-IPO -0.83% for week, +1.46% for last 1yr
- Week winners: Epic Games +8.68%, Anduril +0.95%, OpenAI +0.80%, Snyk +0.70%, Klarna +0.70%
- Week losers: Flexport -17.39%, Anthropic -7.75%, Hugging Face -3.50%, SpaceX -3.09%, ByteDance -2.25%
- Top valuations: ByteDance $283b, SpaceX $181b, OpenAI $95b, Stripe $59b, Databricks $49b lead in current valuation
00:10 | Epic Games takes $1.5b from Disney
- $22.5b valuation, Disney gets 7% stake of Epic
- Star Wars, Marvel, Avatar character’s in Fortnite
- Lego invested $1.0b at a $31.5b valuation in Apr 2022
- Disney transaction is -29% from Lego valuation
- Disney transaction is +118% from secondary market valuation of $10.3b
- 5.1x revenue multiple based on Disney transaction value and Sacra revenue estimates
02:32 | Adam Neumann aims to “buy back” WeWork
- Flow Global is Neumann’s new business
- Andreessen Horowitz invested $350m into Flow in Aug 2022
- Neumann founded WeWork and drove business to $47b valuation before toilet bowling the company in its S-1 IPO filing
- Tbd if Neumann will be able to secure financing to buy WeWork
03:45 | ByteDance’s CapCut to drive AI innovation
- Kelly Zhang to step down has head of China operations to focus on CapCut and its AI efforts
- ByteDance delivered $110b in 2023 revenue (vs Meta’s $134b)
- ByteDance has a $289b secondary market valuation; +8% from a Dec 2023 announced stock buyback at a $268b valuation (vs Meta’s $1.2 trillion market cap)
05:41 | Buy Now Pay Later moving to subscriptions
- Afterpay Plus Card with a $9.99 monthly fee; allows for Pay it in 4 at nearly any merchant
- Affirm Plus; 0% APR on loans up to $2,500, 4.75% APY savings account
- Klarna Plus; $8/month, no service fees, double reward points, and $30/month off popular brands
- Klarna has $8.3b secondary market valuation; +24% from last primary round in Jul 2022
07:19 | FTX’s $1.4b Anthropic stake
- FTX owns 8% of Anthropic valued at $1.4b vs its $500m investment
- FTX aims to sell Anthropic stake opportunistically after the current Anthropic current $18b primary capital raise currently in progress
- Based on my research, appears FTX may have enough capital to pay back creditors and return some capital to equity holders
08:36 | Databricks 4th acquisition in last 1yr
- Buys Einblick a natural language data science notebook developer
- Terms not disclosed
- Other acquisitions; Arcion ($100m), Mosiac ML ($1.3b), Okera (undisclosed amount)
- Databricks has a $48.5b secondary market valuation; +11% from last primary round in Sep 2023
09:40 | Hugging Face partners with Google Cloud
- Enables external developers on Hugging Face's platform to build, train, deploy AI models without a Google Cloud subscription
- Seamless access to TPUs and GPUs like Nvidia’s H100s
- Hugging Face has a $9.6b secondary market valuation; +113% from its Aug 2023 last primary round
11:15 | Anduril wins US Navy contract
- New product; Iris is a passive airborne imaging and targeting sensor system for aircraft
- New gov’t contact; US Navy to purchase Anduril’s Dive-LD (autonomous underwater vehicles)
- Anduril has $10.5b implied secondary market valuation; +23.8% from last primary round in Dec 2022
12:48 | Pre-IPO -0.83% for week, 0.99% for last 1yr
- Week winners: Revolut +7.1%, Deel +5.5%, Stripe +2.9%, OpenAI +2.9%, ByteDance +1.4%
- Week losers: Rippling -12.0%, Chime -11.2%, Epic Games -8.8%, Cohere -7.7%, Hugging Face -3.7%
- Top valuations: ByteDance $289b, SpaceX $187b, OpenAI $94b, Stripe $59b, Databricks $49b lead in current valuation
00:10 | Neuralink implants computer chip in human brain
- FDA approved human trials in May 2023
- Goal is allow quadriplegics to control a phone or computer with their thoughts, product is called Neuralink Telepathy
- 11 human surgeries planned in 2024
- $3.9b secondary market implied valuation, +12.5% from last primary round in Nov 2023
01:35 | FTX to make creditors whole!
- Restructuring advisers told bankruptcy judge that FTX creditors are likely to be made whole
- FTX Dec 2023 cash reserve is now $4.4b
- Top 50 FTX creditors are owed $3.1b
- FTX posted a $32.5b valuation in a Jan 2022 primary round, company was bankrupt in late 2022
- FTX invested $500m into Anthropic AI at a $4b valuation (12.5% stake) … Anthropic raising now at $18b valuation putting FTX’s stake at $2.25b
03:55 | Astera Labs $4b IPO in Mar 2024
- Make AI-focused data center infrastructure, proper AI picks and shovels play
- $3.15b valuation in May 2023 primary round
- 2024 revenue projected to be $250m to $300m putting valuation at 13x to 16x revenue
- Morgan Stanley and JPMorgan are bankers
05:21 | Apple Vision Pro + AR and photorealistic avatars
- $3,500 Apple Vision Pro is now available for sale, 400k units expected to be sold in 2024 for $1.4b total revenue
- Vision Pro will unleash a new set of tech companies similar to the app companies the iPhone powers, great VC investor opportunity
- End state of this technology is an eye contact and earpiece (or maybe a Neuralink chip in brain)
- AR and photorealistic avatars have potential to disrupt business travel … airlines, hotels … as business can easily reduce T&E expense
08:28 | Pre-IPO +1.13% for week
- Week winners: Cohere +25.2%, Revolut +11.8%, Epic Games 11.2%, Rippling +9.1%, Discord +8.9%
- Week losers: Snyk -29.2%, Brex -12.7%, Deel -6.9%, Flexport -6.1%, Anthropic -5.2%
- Top valuations: ByteDance $285b, SpaceX $185b, OpenAI $92b, Stripe $57b, Databricks $48b
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:14 | xAI raising $6b at $20 valuation or not?
- xAI is Elon Musk’s large language model; X owns 25% of xAI
- Media stated xAI was raising $6.0b at a $20b valuation, $500m already raised
- Musk posted on X that “xAI is not raising capital and I have had no conversations with anyone in this regard” … that seems pretty clear
- Musk's infrastructure and data resources at X and Telsa give him a competitive edge
- Quality of X data for training AI models may have poor data integrity (i.e. inaccurate facts posted by X users)
- xAI must need the capital if it aims to follow OpenAI, Anthropic, Cohere and their needs for chips/GPUs
06:54 | Chime at $16b, +185% above 2ndary market valuation?
- Chime is a fintech challenger bank that primary services low income customers
- Chime raised at a $25b valuation in Sep 2021, I have them at $5.6b implied secondary market valuation
- Chime has raised $2.65b in capital to date
- A 10 year Chime investors says Chime is closer to $16b to $20b
- Chime at 14.5 million customers and $1.8b in 2022 revenue ... thats a 8.8x revenue multiple to meet a $16b valuation
- Is 8.8x too high for a business of this type?
- Investing in profitable, fast-growing companies with depreciated secondary market values is an interesting investment thesis
- Important to have a long term investment horizon when investing into the private markets
16:03 | Lightspeed continuation fund sign of 2ndary market maturation
- Lightspeed Venture Partners is moving 10 investments worth $1b+ into a continuation fund and allow LPs to sell their interests
- A lot of secondary deals get done through buying/selling LP interests ... deals happen away from the company and do not require board approval or get ROFRed
- Lightyear has investments in companies like Stripe, Ripple, Anduril, Stability AI, Alloy, Cohere … tbd if these companies will be in the continuation fund
- Liquidity is a positive for investors and secondary market trading may be better vs VC funds taking loans against portfolio to meet investor liquidity needs
- SPVs and continuation funds are a positive for private stock market as its a sign of a maturing market, creating more investor comfort in the space
00:09 | ElevenLabs AI $1b valuation
- AI-powered browser-based app for generating lifelike voices; applications for audiobooks, film dubbing, game character voices, marketing
- $80m Series B at $1.0b+ valuation; co-led by Andreessen Horowitz, former GitHub CEO Nat Friedman
- 10x increase vs last round in Jun 2023
- co-founded in 2022 by ex-Google and ex Palantir employee
02:00 | Kazakhstan fintech Kaspi.kz IPO at $17b
- Kazakhstan fintech offering payments, e-commerce, buy now pay later, and e-grocery products
- $17.5b IPO last week on the London Stock Exchange
- $1b raise that went to founders/CEO, no $s to company
- Morgan Stanley, J.P. Morgan, and Citigroup underwrote the deal
03:13 | Klarna eyeing IPO at “triple digit” growth or valuation?
- Klarna offers buy now pay later, debit, and marketplaces services
- Potential $15b IPO coming soon
- US market is largest business segment with Klarna Plus launching this week; $7.99 premium service
- CEO Siemiatkowski stated that his investors need a “triple digit” IPO; unclear if this means $100b+ valuation or 100%+ return on investment
- Klarna closed rounds at $45.6b, $31.0b, and $10.7b over the last four years so some investors current have a negative return
- Current secondary market valuation is $8.1b, +20.5% vs last primary round in Jul 2022
04:51 | Brex fires 282 employees
- 20% reduction in staff
- cash burn rate of $17m/month in Q4, down from $22m/month in Q4 2022
- annualized net revenue reached $279m in Q4, +32% yoy but stagnating in 2H 2023
- enough cash to last through Mar 2026
- $3.7b secondary market valuation, -70% from last primary round at $12.3b valuation in Jan 2022
06:08 | Figma down 50% after Adobe deals crumbles
- Figma offers designs tools for technologists
- Adobe was acquiring Figma for $20b, deal was killed by European regulators
- recent hires are being offered equity at a $10b valuation, -50% from the Adobe offer
- longer-servicing employees will receive additional shares in the Fall
- company is offering a voluntary exit program; 3 months pays and vested equity
07:05 | xAI $6b raise at $20b valuation!
- xAI is Elon Musk’s AI-large language model that is training and distributed though X (Twitter)
- originally raising $1.0b, xAI is now raising $6.0b
- $20b valuation is at the top of the previously announced $15b-$20b range
- X owns 25% of xAI so X stands to see a $5b valuation pop once the xAI round closes
08:03 | Chipmaker Cerebras considering IPO
- AI chips are hot right now in the public markets, good time for Cerebras to IPO
- looking to IPO north of its $4b valuation it posted in 2021
- current investors; Abu Dhabi Growth Fund, Altimeter, Benchmark, Coatue
08:59 | Pre-IPO +1.88% for week
- Week winners: Notion +24.2% (…on the back of its new calendar product launching), ConsenSys +14.2%, Hugging Face +7.9%, Klarna +7.9%, Bytedance +5.7%
- Week losers: Airtable -8.6%, OpenAI -7.1%, Anthropic -1.9%, Deel -0.71%, Databricks -0.31%
- Top valuations: ByteDance $282b, SpaceX $182b, OpenAI $93b, Stripe $56b, Databricks $48b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:31 | Reddit IPOs in March
- IPO coming in Mar 2024, S-1s coming end of Feb
- Revenue growth from $400m in 2021 to $500m+ in 2023
- Only 10% of the company expected to float in the IPO
- Reddit's last funding round was at a $10b valuation in Aug 2021
- Current secondary market valuation at $5.6b, 43% decrease
05:45 | Private stock markets mature in 2023
- Companies offering tenders; Databricks, Canva, SpaceX, Stripe, OpenAI, Anthropic
- ByteDance doing a buyback!
- Private companies are using VCs to raise capital vs investment bankers; buyers pay fees vs the companies paying bankers, VCs raise the capital vs the company’s CFO/investor relations team
- More individual investor participation in the private stock market vs only pension/endowments/foundations
13:22 | $15b-$20b valuation for Musk’s xAI
- xAI is Elon Musk’s large language model
- raising $1.0b at $15b to $20b valuation, $500m already raised
- X owns 25% of xAI
- Oct 2023 X posts a $19b valuation which did not include a xAI stake at $15b-$20b
- X could get back to the $44b that Musk paid for it simple through its xAI ownership stake
19:34 | Personal data has real value in the AI-age
- Old model focused on data value for advertising, new model on data value for AI model training
- Could universal basic income be tied to individual data contributions; does government drive that or corporations drive it
- Individuals should own and profit from their data
- Should data ownership be added to the US Constitution’s Bill of Rights
23:13 | Argentina President Javier Milei’s speech rocked World Economic Forum
- Heygen AI translated speech from Spanish to English
- Libertarian ideas resonate with current political, economic world dynamics
- Desire for US politicians to deliver bold leadership similar to Milei
- Milei Argentina media interviews are entertaining; veins popping, yelling, cursing, name calling
00:09 | Shein IPO in US
- Shein filed with China securities regulator for its IPO (?)
- Shein to IPO in US market (NYSE or Nasdaq)
- Last valuation was May 2023; $66b post-money valuation, $2b raise
- Company moved headquarters to Singapore from China … Singapore is a developed market (MSCI EAFE) vs China emerging market … interested to see where MSCI/FTSE Russell/S&P place Shein in indexes
01:19 | Musk to build AI outside of Tesla
- Musk wants increased ownership of Tesla if he plans to continue to build AI within company
- Currently owns 20.6%, wants 25%
- Tesla self-driving and Optimus humanoid robots are both AI focused efforts
- Musk launched xAI, an AI large language model, in 2023 and leverages X.com data in model training
02:56 | SpaceX partners with John Deere
- Starlink satellites to provide internet connectivity to John Deere farmer tractors in US and Brazil starting 2H 2024
- 30% of large US farmers reporting high-quality internet access in a 2022 survey
- Deere aims to generate 10% of its revenue through recurring models like subscription fees by 2030
03:41 | SpaceX new B2B Starlink offering
- Starlink Community Gateways provides interest service providers (ISPs) a solution to service remote areas at scale
- Community Gateways fees = one-time upfront charge of $1.25 million and fees of $75,000 per Gbps used
- Unalaska, Alaska (literally an island in the middle of nowhere) is first Community Gateways and is now live; 10 gigabits of symmetric uplink and downlink throughput with over 99% uptime
04:52 | Synk acquires Helios
- Snyk is a developer focused security company
- Helios is a Tel-Aviv tech company focused on troubleshooting and understanding microservices in production
- Acquisition price not announced
- Acquisition aims to strengthen Snyk's AppRisk service and improve security services
- $6.9b current implied secondary market valuation; -7.4% from last primary round in Dec 2022
05:58 | $330m raise for Electra
- Paris based EV charging company
- 172 active stations and 1,000 charging points across Europe
- funding will support the expansion of Electra’s network, targeting 15,000 charging points across 2,200 stations by 2030
- Electra’s prior round was in Jun 2022 where is raised $169m in debt and equity at a $168m pre-money valuation
07:40 | Reddit IPO in Mar 2024
- IPO is slated for Mar 2024 with S-1 coming by end of Feb
- Revenue has grown 20% to $800m, not yet profitable
- $5.6b current implied secondary market valuation, -43% from last round in Aug 2021
08:19 | Pre-IPO +0.57% for week
- Week winners: Deel +16.51%, OpenAI +8.37%, Klarna +6.18%, ScaleAI +5.56%, Rippling +5.29%
- Week losers: Anthropic -15.28%, Chainalysis -13.52%, Discord -2.48%, Revolut -1.95%, Notion -0.92%
- Top valuations: ByteDance $267b, SpaceX $180b, OpenAI $100b, Stripe $54b, Databricks $48b lead in current valuation
00:09 | Circle (USDC) to IPO
- Circle offers the USDC stablecoin with a $25b market cap
- company was to go public via SPAC in 2021 but deal fell apart
- last round was $9.0b in Feb 2022
- good timing for IPO with bitcoin ETFs launching this week
01:13 | Rabbit large action model hits
- Rabbit R1 is an AI first personal device that could replace your iPhone
- Rabbit sold out of R1’s on first day of offering; 10,000 units (goal was 500)
- the Rabbit OS leverages a large language model (LLM), similar to OpenAI’s ChatGPT, and a large action model (LAM)
- LAM’s use AI to take action for you vs just give you information like a LLM does
- Rabbit Teach allows users to train the LAM to take actions on the internet or in apps, no coding required, similar to recording an Excel macro
- in the future, users will be able to sell their Teach models to other users and receive a fee
- Rabbit has raised $36m, Khosla Ventures led their Series A that closed in Dec 2023
03:27 | OpenAI GPT Store launches
- GPT Store is an app marketplace available to subscribers of ChatGPT Plus and higher-tier business plans
- platform enables developers and users to create and publish custom ChatGPT applications, or 'GPTs', similar to apps on you iPhone
- 3 million custom versions of ChatGPT have been created since Nov 2023
- OpenAI plans to share revenue with GPT app developers in the future
04:56 | Klarna replaces jobs with AI
- CEO Sebastian Siemiatkowski announced Klarna is under a hiring freeze
- company is not hiring new employees but replacing them with AI
- Klarna has a $7.1b valuation in the secondary market up 5.2% from its last round
06:20 | Anthropic raises capital with VCs/SPVs vs investment bankers
- Menlo Partners, a Silicon Valley VC, is using a SPV to raise capital for Anthropic’s $750m capital raise
- VC-backed startups are using the VCs on their cap tables to go out and raise capital from the market vs using investment bankers like Goldman or Morgan in an increasingly frequent trend
- VCs stand up special purpose vehicles, or SPVs, raise capital for a specific company directly from pension, endowment, foundations, and individual wealth families.
- what’s interesting about this … instead of the company paying an investment bank a typical 6% fee on the raise the VCs charge their LPs a one-time upfront fee, annual management fee, carry or some combination of those
08:28 | Discord lays off 17%
- 170 employees impacted
- 40 employees were laid off in Aug 2023
- Discord has a $5b implied valuation in the secondary market down 65% from its last primary round in Sep 2021
09:23 | Pre-IPO -1.11% for week
- Week winners: Databricks +3.35%, Neuralink +3.12%, Discord +2.06%, SpaceX +1.33%, Brex +0.53%
- Week losers: Anthropic -14.60%, Hugging Face -7.71%, OpenAI -5.10%, Canva -4.60%, Klarna -4.22%
- Top valuations: ByteDance $191b (current buyback at $268b), SpaceX $176b (current tender at $180b), OpenAI $68b (current primary round at $95b), Stripe $54b, Databricks $48b lead in current valuation
00:21 | Carta’s public blow up
- Kerri Saarinen, CEO of Linear, complained on X about Carta's secondary brokers contacting his shareholders for secondary market stock sales
- Saarinen raised concerns about the use of private data from Carta's cap table management for brokerage purposes
- These conflicts are not new in financial services but Chinese walls are important
- Carta can use cap table data but any product/service would need to benefit their startup clients; e.g. Carta Venture Fund to invest in cap table client’s equity or issue loans
14:40 | 2023 pre-IPO stock recap … Scale.AI, Databricks, SpaceX, Anduril, Chainalysis big winners + AI shops
- Top 2023 performers: Scale AI +93%, Databricks +42%, SpaceX +22%, Anduril +18%, Chainalysis +15%, and Deel +10%
- Top 2H 2023 performers: Anthropic +302%, OpenAI +155%, and a recovery for Plaid +40%
- Broader private markets lagged behind public markets in 2023 due to liquidity preferences and economic trends, Magnificent Seven drove public markets
- Venture capital and long-duration investments are seen as potentially lucrative in an improving economic and liquidity environment
23:17 | 2024 pre-IPO stock outlook … its all AI and SpaceX
- AI: Anthropic, Databricks, Hugging Face and other picks and shovels AI plays have massive potential
- SpaceX: Starlink is monetizing and is forecasted to deliver $10b in 2024 revenue, as this revenue is realized expectations for valuation to increase dramatically
- IPO Outlook: Stripe, Databricks, Starlink, Reddit
00:10 | SpaceX’s satellite-to-cell launches
- 6 Starlink satellites launched providing satellite to cell service
- Text messaging now; voice and data coming later
- T-Mobile is US partner
- In conversation now with cell providers in Australia, Switzerland, Canada, New Zealand, Chile, Peru, and Japan
- Starlink to generate $10b in 2024 revenue
- SpaceX is currently completing a tender at $180b
01:16 | Fidelity cuts X 71% to $12.5b
- Fidelity cut its X position valuation by 10.7% in Nov 2023
- Fidelity has X valuation down 71.5% since Musk’s purchase at $44b in Oct 2022
- Decline is attributed to loss of ad revenue
- X owns 25% of xAI, Musk’s large language model AI solution
- xAI is currently in market raising a round and, we believe, the xAI valuation will start to impact X’s valuation in the very near future
02:08 | xAI now a benefit corp
- xAI filed as a benefit corporation in Nov 2023
- Anthropic is also a benefit corporation
- OpenAI is a non-profit with a for-profit subsidiary
- Very interesting governance structures for very important AI companies
02:51 | $5.0b in OpenAI revenue?!
- $1.6b in annualize revenue is a 20% increase from the previously announced Oct 2023 number
- OpenAI management believes $5.0b in annualize revenue is possible by end of 2024
- Currently closing a tender at $86b and raising a primary round at $100b
03:46 | Customers diversifying AI providers
- OpenAI CEO snafu in Nov 2023 has led to customers diversifying AI providers
- Anthropic, Cohere, Hugging Face, and other stand to be beneficiaries
- OpenAI models currently appear to be deemed best in market
04:48 | OpenAI cutting publisher licensing deals
- In discussions with multiple publishers to license data
- Recently cut deals with Axel Springer (Politico, Business Insider) and The Associated Press
- The New York Times has sued OpenAI which is complicating negotiations with other publishers
- We believe NYT lawsuit is a negotiating tactic to receive better terms from OpenAI
05:52 | TikTok + Peloton partnership
- Peloton will have dedicated hub on TikTok
- Goal is to attract younger users to Peloton
- Live classes, original instructor content, celebrity collaborations
- TikTok is a division of ByteDance, the largest pre-IPO company globally
- ByteDance is in a buyback valuing the company at $268b
07:11 | Pre-IPO +0.02% for week
- Week winners: OpenAI +7.68%, ByteDance +3.12%, Brex +0.90%, Cohere +0.85%, Stripe +0.74%
- Week losers: Anthropic -6.91%, Databricks -1.88%, Discord -1.68%, Notion -1.48%, Anduril -1.13%
- Top valuations: ByteDance $193b (open buyback at $268b), SpaceX $174b (open tender at $180b), OpenAI $72b (open tender at $86b, open primary round at $100b), Stripe $54b, Databricks $46b lead in current valuation
00:09 | Revolut £1.5b 2023 revenue
- £1.5b 2023 revenue, +76% vs £850m 2022 revenue
- 300,000 new users weekly
- 40 million total customers globally
- $14.9b secondary market valuation, -55% from $33b primary round in Jul 2021
01:13 | $20b Adobe+Figma deal off
- European/UK regulators suggested significant remedies that were rejected by Adobe
- Adobe to pay Figma $1.0b breakup fee
- Tbd on Figma’s currently valuation; Canva, a competitor, is at $25.3b down 37% from its last primary round in Sep 2021
- Figma’s last primary round was Jun 2021 at a $10b valuation
02:23 | ByteDance $110b 2023 revenue
- $80b 2022 revenue
- 2023 revenue is 30% increase vs 2022
- $25b in 2022 EBITDA; +79% vs prior year
- currently closing a $5b share buyback at a $268b valuation
03:32 | Anthropic raise at $18b valuation
- Raising $750m
- Menlo Ventures led
- Google has committed $2.0b, Amazon committed $4.0b
04:22 | Stripe revenue up 35%
- $1.0b in Q3 2023 revenue, +35% vs prior period
- $150m in Q3 2023 operating income
- Stripe has been ringing in expenses; reducing spending on engineers and salespersons and laying of 14% of staff
- $50.7b current secondary market valuation
05:37 | Flexport plans 3x 2024 revenue
- $330m in 2024 net revenue forecasted
- 2024 forecast is 3x 2023 net revenue of $100m
- $500m of operating expense reduction planned in 2024, 20% of staff let go in Oct 2023
- $2.1b implied secondary market valuation, -73% from last primary round in Mar 2022
06:47 | Big capital raises
- SumUp (sumup.com) | $307m Series G, $8.6b valuation
- Hikstor Technology (hikstor.com) | $168m Series B, $869m valuation
- Tome Biosciences (tome.bio) | $118m Series B, $418m valuation
- Parse Biosciences (parsebiosciences.com) | $50m Series C, $220m valuation
- Synnovation Therapeutics (synnovationtx.com) | $70m Series A, $200m valuation
07:55 | Pre-IPO +0.01% for week
- Week winners: SpaceX +6.26%, Neuralink +6.03%, Deel +5.34%, Anduril +3.38%, Klarna +2.17%
- Week losers: Anthropic -8.88%, Discord -8.65%, Epic Games -8.08%, Notion -2.32%, Hugging Face -2.21%
- Top valuations: ByteDance $195b, SpaceX $168b, OpenAI $71b, Stripe $51b, Databricks $48b lead in current valuation
00:29 | 2013 to 2023 emerging tech trends; apps, social media, EVs, blockchain, cloud, data, clean energy
- Mobile apps following the iPhone's release in 2008
- Shift from desktop to mobile platforms
- Explosive growth in social media
- Evolution of electric cars from a novelty to a mainstream choice
- Integration of the Internet of Things (IoT) in daily life (e.g., smart appliances)
- Emergence and growth of blockchain and cryptocurrencies
- Increased focus on data analytics and knowledge graphs
- Advancements in cloud computing with services; Amazon AWS, Google Cloud
- Growth in clean energy technology and carbon credits markets
06:40 | 2023 to 2023 emerging tech trends; AI, biotech, brain-computer interface, data
- Exponential growth and human impact of wearable technology; health monitoring (e.g. Apple Watch detecting heart attacks)
- Advancements in biotech and brain-computer interface technologies like Neuralink, enhancing human capabilities and treating health issues
- Nanorobots in healthcare for targeted treatments
- AI's role in revolutionizing all industries, AI offers personalization of services … pharmaceuticals, healthcare, education, professional services
- Data as the key driver in AI's effectiveness, with better data leading to better outcomes
- Future of individual data ownership and compensation, “you are no longer the product”
- AI enabling more effective, individualized learning experiences … every kid has their own personal teacher
- Societal and economic impacts of AI … inability for humans to adapt fast enough … potential need for universal basic income
20:16 | 2023 to 2023 emerging tech trends; more AI, robots, universal basic income
- Tesla's new Optimus Generation 2 robot
- Robots, possibly humanoid, will be common in households for tasks like cleaning
- Integration of robots into society and their potential to disrupt the labor market, leading to discussions on Universal Basic Income (UBI)
- Robots in manufacturing, construction, home services
- Data gathering through wearable tech for AI and robot development; e.g. Telsa logging driving video for autonomous driving technology
- New, trillion-dollar companies emerging from current technological advancements to advance to the top 25 of the S&P 500
- Potential of AI to solve major problems like cancer, heart disease, and addiction
- Positive outlook on the future, with technology leading to increased human consciousness and better quality of life
- Anticipation of rapid changes leading to political and societal disruptions
00:10 | SpaceX ups tender to $180b
- Tender from $175b to $180b, or $97.00/share
- +26.0% from beginning of 2023, +19.8% from last tender in Jul 2023
- Tender is seeing strong demand after SpaceX forecasted StarLink $10b in 2024 revenue vs $0 in 2020
01:28 | TikTok Shop posts 5m new customer in Nov 2023
- Blended social media with shopping
- TikTok offers sellers 100% payouts, covers shipping, and covers discounts
- Brands like Mondelez and Benefit Cosmetics have adopted the service
- TikTok is a ByteDance company, ByteDance is the largest pre-IPO stock globally and is currently executing a $5b buyback at a $268b valuation
03:16 | Blue Origin to launch rocket
- Launch could occur as soon as Dec 18
- Blue Origin was on pause after an uncrewed launch auto-aborted (exploded) in Sep 2022
- Blue Origin’s New Shepard has completed 22 flights, carrying 31 people to space
- Blue Origin is working on a heavy lift rocket (New Glenn) and lunar lander (Blue Moon)
04:18 | Mistral AI’s $2b valuation
- Mistral AI is a large language model provide that competes with OpenAI, Anthropic, and Cohere
- Mistral raised $487m from Andreessen Horowitz, Nvidia, and Salesforce
05:12 | OpenAI contracts with Politico and Business Insider
- ChatGPT to provide users with article summaries, including subscription-based content, with proper attribution and links to the full articles
- Axel Springer, partner of Politico and Business Insider, will also supply content for training OpenAI's AI models
- OpenAI signed a similar agreement with the Associated Press
- OpenAI is currently in the process of closing a tender offer that will value the company at $86b
06:09 | Harvey’s $700m valuation
- Harvey is a AI large language model for lawyers built on top of OpenAI
- Raising $70-$80m at a $700m valuation
- Round led by Kleiner Perkins and Elad Gil
- Harvey already has strategic clients like PwC and Allen & Overy
07:19 | Big capital raises
- VAST Data (vastdata.com) | $118m Series E, $9.1b valuation
- Scalable Capital (de.scalable.capital) | $228m Series E, $2.1b valuation
- MaintainX (getmaintainx.com) | $50m Series C, $900m valuation
- Gecko Robotics (geckorobotics.com) | $173m Series C, $633m valuation
- Pragmatic (pragmaticsemi.com) | $227m Series D, $624m valuation
08:33 | Pre-IPO +1.23% for week
- Week winners: Cohere +21.58%, Klarna +6.52%, Ramp +3.49%, Stripe +3.43%, Snyk +3.33%
- Week losers: Brex -5.30%, Anduril -5.07%, Notion -2.75%, Canva -2.20%, ByteDance -1.04%
- Top valuations: ByteDance $193b, SpaceX $158b, OpenAI $71b, Stripe $50b, Databricks $47b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:16 | $5b ByteDance buyback at $268b
- $5b buy back at $160.00/share, or $268b valuation
- First ever pre-IPO stock buy back???
- Pitchbook has a $220b valuation as of Mar 2023
- +37% from implied valuation of $196b based on secondary market price performance
- $29 billion in Q2 and $85 billion annually with a 67% jump in net profit
10:08 | New SpaceX tender at $175b valuation
- SpaceX announced their Dec 2023 tender
- $175b valuation at $95.00/share
- Raising $500m to $750m
- +17% from last round in Jul 2023 at $150b valuation
- +28% from valuation at beginning of 2023, $137b valuation
- Nick Fusco: “The price they're [SpaceX] setting is almost methodical. It steps up consistently and it's almost not even market driven. It's kind of like it's driven by them internally at SpaceX, right? So if we can see these coming and there's always enough demand to satiate it, I can look at it as is it the tail wagging the dog or I can look at it as it might be worth way more interestingly. They are throttling it because there's
so much demand on the back of it. Just every time we're looking at the market, SpaceX is one of those other anomalies in there. It defied where the private markets have performed over the last year or two, even in the down market. And then the buy side demand on it has been traditionally higher than most other stocks as well. So I don't know which way it's going to go, but I feel as though they internally as a company, have so much control over that share price that it's not necessarily going to going to be correlated as well to other names in the market.”
15:00 | Epic Games LEGO Fortnite a MASSIVE success
- LEGO Fortnite launched on Dec 7, 2023
- New Fortnite player record; 6.6 live players, 11.6m watchers ... of which, 2.4m live LEGO players
- Minecraft like experience and available for 10yrs+ vs the standard 13yrs+
- Sony and KIRKBI, the family-owned holding and investment company behind The LEGO Group, each invested $1b ($2b total) into Epic Games in Apr 2022 at a $31.5b valuation
- ApeVue data has Epic down 65% since Apr 2022 to an implied $11b valuation
00:09 | SpaceX’s $175b valuation
- SpaceX announced their Dec 2023 tender
- $175b valuation at $95.00/share
- Raising $500m to $750m
- +17% from last round in Jul 2023 at $150b valuation
- +28% from valuation at beginning of 2023, $137b valuation
01:07 | ByteDance $5b buyback at $268b valuation
- $5b buy back at $160.00/share, or $268b valuation
- Pitchbook has a $220b valuation as of Mar 2023
- +37% from implied valuation of $196b based on secondary market price performance
- $29 billion in Q2 and $85 billion annually with a 67% jump in net profit
02:40 | Navan fires 5% of staff
- spend management for companies, formerly TripActions
- 145 employees impacted
- IPO preparations underway, Goldman Sachs advising
- Focus is to drive profitability and operational efficiency
- $300m in annual revenue
03:55 | X.AI to raise $1.0b
- X.AI’s Grok aims to compete with AI solutions from OpenAI, Google, Anthropic
- $135m of $1.0b raised to date, remainder under binding agreement
- X owns 25% of X.AI
- X will “distribute” Grok, Premium+ subscribers will get access to Grok under their $16/month subscription … compared to OpenAI’s $20/month premium subscription
05:19 | Big capital raises
- Wormhole (wormhole.com) | $225m Series A, $2.5b valuation
- Castore (castore.com) | $180m Series E, $1.2b valuation
- Kandou (kandou.com) | $100m Series E, $814m valuation
- Center (getcenter.com) | $30m Series C, $600m valuation
- Tower 28 (tower28beauty.com) | $28m Series A, $228m valuation
06:50 | Pre-IPO -1.48% for week
- Week winners: Airtable +5.60%, Rippling +4.87%, Canva +1.44%, Klarna +1.27%, Neuralink +1.05%
- Week losers: Flexport -22.37%, Deel -8.46%, Ramp -8.40%, OpenAI -8.34%, Notion -3.19%
- Top valuations: ByteDance $196b, SpaceX $157b, OpenAI $71b, Stripe $49b, Databricks $46b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:18 | Freedom of speech and pre-IPO stocks
- Freedom of speech is the hot topic on social media and its impact on pre-IPO companies like ByteDance's Tiktok and X
- Advertisers are a primary source of revenue for social media shops
- Tiktok is moving into commerce, X is moving to subscription model and AI … a desire to migrate away from advertiser driven revenue model
07:36 | $32b Shein 2023 revenue
- Shein looking to IPO in 2024
- Headquartered in Singapore (developed market), operations in China, 100% of customers outside of China, listing in
- $32b 2023 revenue run rate, +41% from 2022 building on a 45% year over year increase 2022 vs 2021
- $66b valuation as of May 2023 Series G; Sequoia Capital, General Atlantic, Mubadala invested
- Goldman Sachs, JPMorgan, Morgan Stanley are lead underwriters for IPO
15:03 | 50% Canva YoY revenue growth rate
- Canva is a graphic design + AI solution to help the layperson become a marketing expert
- Canva currently doing a tender, preparing for an IPO
- $25 billion current valuation
- $2 billion annualized revenue, 50% growth YoY rate, positive cash flow
21:23 | KISS avatar show coming soon
- George Lucas's Industrial Light & Magic is creating a KISS avatar show
- ABBA has done avatar concerts and makes $2m per week
00:08 | Shein files for US IPO
- $32b 2023 revenue run rate, +41% from 2022 … following a 45% year over year increase 2022 vs 2021
- $66b as of May 2023 Series G; Sequoia Capital, General Atlantic, Mubadala invested
- Goldman Sachs, JPMorgan, Morgan Stanley are lead underwriters for IPO
01:41 | Neuralink raises $323m
- Neuralink offers brain-computer interface solutions to help people paralysis, neurodegenerative diseases, or simple connect their brain to the internet
- $43m additional capital raised last week to finalize a $323m Series D
- $3.5b valuation for this Series D, 66% increase from prior round
03:05 | Canva to IPO in 2025
- Canva provides graphic design tools, infused with AI, to make the layperson a graphic design/marketing savant
- $2.0b in annualized revenue, 50% yearly growth rate, positive cash flow
- Tender sale happening now, tbd on valuation
- $25b secondary market valution
04:21 | CEO Zhao out at Binance
- US Treasury Dept fines Binance after violations of Bank Secrecy Act (i.e. bad AML controls); $4.3b for firm, $50m for CEO
- Changpeng Zhao, Binance CEO, is out and Richard Teng, Binance head of regional markets, is new CEO
05:19 | Anthropic up +42.5% this week
- Anthropic is an OpenAI ChatGPT competitor
- +42% in the secondary market last week as a result of the OpenAI board/CEO snafu
- $40b secondary market valuation, +61% from Oct 2023 round at $25b just 1 month ago
05:50 | Big capital raises
- Envision AESC (aesc-group.com) | $1.5b Series C, $10.0b valuation
- Neuralink (neuralink.com) | $323m Series D, $3.5b valuation
- AI21 Labs (ai21.com) | $208m Series C, $1.4b valuation
- BioCatch (biocatch.com) | $70m Series D, $1.1b valuation
- Rokid Technology (global.rokid.com) | $112m Series I, $1.0b valuation
07:24 | Pre-IPO +1.14% for week
* NOTE: Neuralink's Nov 22, 2023 primary round valuation at $3.52b now included in the analysis below
- Week winners: Anthropic +42.49%, Neuralink +5.65%, Klarna +3.17%, Databricks +1.64%, SpaceX +1.42%
- Week losers: Ramp -7.17%, Rippling -5.57%, Notion -3.20%, Revolut -2.84%, Chainalysis -1.46%
- Top valuations: ByteDance $201b, SpaceX $157b, OpenAI $77b, Stripe $48b, Databricks $46b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
Full TCAF episode = https://podcasts.apple.com/us/podcast/sam-altman-and-openai-spacex-and-starlink-nvidia-earnings/id1456467014?i=1000635616090
01:31 | SpaceX overview, Starlink IPO, revenue forecasts
- SpaceX is a space payload delivery and satellite interne business. They have developed reusable rocket technology, significantly reducing the cost of space missions.
- SpaceX payloads typically include resupplying the space station, deploying satellites, and transporting astronauts.
- A significant portion of SpaceX's revenue comes from government contracts, including a substantial deal with NASA and projects for the U.S. Space Force.
- SpaceX is projected to be a $41 billion annual revenue business in five years. This growth is largely attributed to the success of Starlink.
- Starlink, SpaceX's satellite internet business, is expected to generate $10 billion of the projected $15 billion revenue in 2024. With over 5000 satellites in space, Starlink aims to provide global internet coverage.
- Starlink is becoming popular due to its ability to provide reliable internet service in areas with poor connectivity. Its partnership with T-Mobile to connect phones directly to satellites in areas without cellular service.
- There's speculation about Starlink potentially spinning off from SpaceX and going public, possibly in 2024 or 2025. The business is already profitable and growing rapidly.
16:00 | OpenAI governance, CEO changes, latest drama
- OpenAI was valued at approx. $30b just a few months ago and is currently in a tender offer valuing the company at $80b to $90b
- The breaking news surrounding OpenAI and Microsoft has been surprising and is still evolving. Satya Nadella, Microsoft's CEO, is ripping out tweets at 2:30am.
- It takes about five years to develop a large language model like OpenAI, along with significant capital investment (around $2 to $5 billion).
- OpenAI's existing large language model, GPT-4, is highly regarded in the tech community.
- Developers consider OpenAI's new solutions for developers to be game-changers.
- Anthropic, another AI company with a focus on AI safety first and significant investment from Amazon, is growing rapidly and gaining investor attention despite leading with an AI safety-first model. This serves as a proof point that a safety-first approach doesn’t necessarily hinder business growth and investor interest.
- The current situation with OpenAI's board and executive team will get resolved soon, providing more clarity on the company's future trajectory.
00:15 | OpenAI + Microsoft CEO shuffle
- Sam Altman (CEO) fired on Friday by board of directors
- Greg Brockman (President) and other senior OpenAI employees resign on Friday
- OpenAI investors demand that board bring back Altman, Brockman, and other employees that resigned
- Monday AM ... Microsoft announces that Altman, Brockman, and other OpenAI execs are going Microsoft
- OpenAI announced Emmett Shear is interim CEO ... Shear was former CEO of Twitch
07:48 | SpaceX Starship successful test flight
- Starship delivers 5x the payload capacity as the Falcon 9 and significant cost efficiency
- Starship second test flight was a success; "hot stage separation" and no launch pad damage
- Potential for Starship to revolutionize the transport, freight, and travel sectors
- Watching Starship launches live is a must
- Musk highlighted that three more Starships are in the wings and ready for launch … next test launch could happen in just a few weeks time
14:12 | Brex/Ramp new AI tools
- Brex and Ramp announced AI solutions for business banking
- Are you comfortable with AI handling your sensitive personal information? This crew is not there yet…
- AI is becoming integral in various sectors … has potential to replace traditional roles in industries like accounting, legal, and wealth management
- Brex and Ramp’s businesses are thriving but valuations are down … Brex is down 69% since its last round to $3.8b, Ramp is down 49% since its last round to $4.2b
00:07 | Klarna to IPO!
- Klarna, a buy now pay later company, is setting up a new British holding company, a step towards a potential IPO
- Current secondary market valuation is $6.2; IPO rumored at $15b, 142% increase
01:17 | xAI launches LLM model
- Grok is xAI’s first product, a LLM model to compete with OpenAI ChatGPT and Google Bard
- Grok has been trained on X/Twitter data
- xAI is an independent company from X and has yet to raise external capital
02:07 | OpenSea lays off 50% of staff
- Exact number of affected employees undisclosed
- Current cuts follow a 20% staff reduction in Jul 2022 and 10 staff in May 2023
- OpenSea transaction volume is down 99% since start of 2022
03:05 | $15b of 2024 SpaceX revenue
- $9.0b in 2023 estimated revenue
- $3.0b in 2023 estimated EBITDA
- $15b in 2024 estimated revenue, a 67% year over year increase
- Starlink now cash flow positive and will be a majority of SpaceX revenue in 2024
04:16 | Shein to IPO!
- Shein targets up to $90 billion valuation for a potential U.S. IPO
- IPO valuation is higher than the $64 billion earlier this year but below Apr 2022's $100 billion
- Shein is positioning itself as a global brand, moving its base to Singapore and recruiting international leaders
05:26 | Big capital raises
- Next Insurance (www.nextinsurance.com) | $265m Series G, $2.5b valuation
- Zilch (www.zilch.com) | Series D, $2.0b valuation
- WeLab Holdings (www.welab.co) | $260m Series E, $2.0b valuation
- Tabby (www.tabby.ai) | $200m Series D, $1.5b valuation
- SkyCell (www.skycell.ch) | $57m Series D, $600m valuation
06:26 | Pre-IPO +0.36% for week
* NOTE: Pitchbook posted Anthropic's Oct 2023 primary round at $25.0b post-money valuation. This has now been updated in the implied valuation report below.
- Week winners: Brex +9.11%, Epic Games +2.48%, Airtable +1.48%, Deel +1.08%, SpaceX 0.92%
- Week losers: Anthropic -2.97%, Byju's -1.61%, Reddit -1.25%, Stripe -0.81%, Databricks -0.51%
- Top valuations: ByteDance $204b, SpaceX $153b, OpenAI $80b, Stripe $51b, Databricks $47b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:10 | Andreessen is a Techno-Optimist
- Marc Andreessen is co-founder of Andreessen Horowitz, a $35b AUM venture capital firm
- "The Techno-Optimist Manifesto" celebrates potential of technology, markets, and human intelligence for societal progress and abundance
- Challenges tech stagnation, anti-technology sentiment, and excessive tech regulation
- Created in response to government and public apprehension on AI, the metaverse, nuclear technology, and other emerging tech
01:40 | SpaceX 2nd Starship attempt
- FAA completes safety review of SpaceX's Starship rocket, clearing major hurdle for its second liftoff
- Next US Fish and Wildlife Service review and approve the new water deluge system
- Launch date remains TBD
02:32 | Startup bankruptcies could be a bottoming?
- OliveAI, Convoy, Pebble, Hello Bello all declared bankruptcy or had a fire sale
- Each were big companies that a few years back would have easily been able to raise additional capital to keep going
- Large business failures like this force startup CEOs to recognize that they need to drive to profitability fast in order to control their own destiny and also acknowledge that the valuations of their businesses are not going back to 2021 levels
- The goal is to get to market clearing prices and these realizations are catalysts to get the market there
03:57 | X.com -57% to $19b
- X announced a $19b internal valuation, -57% below the Musk purchase price of $44b
- Musk envisions X as the ‘everything app’, implying integration of functionalities like tweets, YouTube videos, checking accounts, Venmo, merchant payments, sports betting, news article micro-payments, and shopping
- Investment thesis for X centers on Musk's ability to [1] actualize the 'everything app' concept, and [2] its potential adoption by US users akin to Chinese users' engagement with WeChat, the China ‘everything app’
- WeChat a primary product for Tencent with a $373b market cap
06:11 | Anthropic +400% in 5 months
- Google invests $500m now and commits $1.5b in the future at a $25b post-money valuation (source Pitchbook)
- Google previously invested $300m in Apr 2023 for a 10% stake
- Amazon invested $1.25b in Sep 2023, with potential to add $2.75b at a future date
07:18 | Big capital raises
- Anthropic (www.anthropic.com) | $2.0b Series F, $25b valuation
- Pony.ai (www.pony.ai) | $100m Series D2, $8.5b valuation
- Island (www.island.io) | $100m Series C, $1.5b valuation
- Zhizi Automobile (www.xn--i8sq31b1uyx4b.com) | $76m Series B, $1.45b valuation
- AgentSync (www.agentsync.io) | $125m Series B, $1.25b valuation
08:28 | Pre-IPO -0.21% for week
- Week winners: Klarna +2.81%, Rippling +2.41%, Scale.ai +1.53%, Airtable +1.40%, Databricks +0.70%
- Week losers: SpaceX -5.29%, Anthropic -2.82%, Deel -2.54%, Stripe -1.73%, Discord -1.64%
- Top valuations: ByteDance $203b, SpaceX $152b, OpenAI $80b, Stripe $51b, Databricks $47b lead in current valuation
Invest in pre-IPO stocks with AG Dillon Funds - www.agdillon.com
00:14 | Deel is a screaming buy?
- global HR payroll and compliance provider; 15,000 active customers, $5.5b payroll payments processed
- $12.5b implied secondary market valuation, up from last round in May 2022 at $12.1b
- Deel was -53% in Mar 2023 in the secondary from May 2022 primary round but is now up 33% from its secondary lows
- Deel's revenue grew 470% from 2020 to 2021 and 417% from May 2021 to 2022
03:40 | $2b Google investment into Anthropic, White House AI executive order
- Google invested $2b in Anthropic; the deal is structured with $500m upfront and $1.5b later, Google invested $300m in Apr 2023 for a 10% stake
- White House new AI executive order aims to regulate AI development; consensus is the executive order is well done, not regulatory capture
09:58 | Can X/Twitter be the ‘everything app’
- Musk has owned X/Twitter for 1 year; purchased for $44b now at $19b, a 57% decrease
- X aims to be the ‘everything app’ similar to WeChat in Mainland China
- ‘Everything app’ could mean the following on X; tweets, YouTube videos, checking accounts, Venmo, payments to merchants, sports betting, news article micro-payments, etc
00:18 | Plaid IPO?
- Plaid hired former Expedia exec, Eric Hart, as their CFO, sparking IPO rumors
- Plaid laid off 20% of their staff in 2022, IPO prep?
- Visa's attempt to acquire Plaid for $5b was killed by regulators re: antitrust
- Plaid at $15.4b implied secondary market valuation, +15% from Apr 2021 round at $13.4b valuation
- “High quality” IPOs are coming … larger valuations, broader current investor base … Plaid, Databricks, Stripe
06:53 | NY State sues Gemini
- Gemini’s Earn product allocated money to DCG’s Genesis which subsequently allocated to Three Arrows Capital and Alameda Research, both of which went bankrupt, leaving a $1.1b deficit
- FTX’s Anthropic investment could fill the $1.1b deficit
- “Picks and shovels” crypto companies are of particular interest; e.g. Kraken, Fireblocks, ConsenSys
- Secondary market buyers have pulled back, both buyers and sellers
13:12 | Amazon + humanoid robots
- Amazon testing Agility Robotics’ Digit humanoid robot in warehouses
- Robotics and AI would play a significant part in lives over the next 5 to 10 years, impacting business and geopolitics
- Robotics will have a positive impact on economic growth, population decline will require robotics to enhance productivity
- Robotics have been around for a while but humanoid robots are making the opportunity very tangible and real for many
- Robotics will drive onshoring manufacturing due to lowered costs of production
21:13 | AI and your kids/business
- I turned by 5 year old, Duke, loose on ChatGPT audio option this past weekend
- Duke has a full on conversation with “Mr. George”, the name he gave ChatGPT
- ChatGPT knew Duke was 5 years old and was prompting Duke with questions to further engage and education him
- Clint uses ChatGPT to write investment research and create initial drafts of chapters for a book he is writing
- AI, like ChatGPT, will make to possibility of “1-person-companies” a reality
- A $1.0b valuation 1-person-company is close!
00:10 | $10b valuation for Anduril
- Raising $400m to $500m at a $10b valuation, 17.6% increase from last round
- Use of funds = acquisitions, research/development
- Recently won $1.0b contract from US Special Ops Command
01:07 | OpenAI next “Apple App Store”
- releasing developer tools on Nov 6 conference
- updates will reduce costs by 20x and include vision/image capabilities
- current tender offer at $90b, 210% above its Apr 2023 round just 7 months ago
02:51 | Loom acquired for $975m
- Atlassian is acquiring for -36% vs last round ($1.53b)
- Loom provides an asynchronous video solution
- Loom has 25m customers, 5m monthly video conversations; Ford, Tesla, Amazon are customers
03:46 | Flexport lays of 20% of staff
- 660 of 3300 employees impacted
- 70% drop in 1H 2023 revenue
- Former CEO Dave Clark removed five weeks ago
04:14 | Big capital raises
- Electric Hydrogen | $380m Series C, $1.0b valuation
- Headway | $125m Series C, $1.0b valuation
- Bizongo | $50m Series E, $980m valuation
- SuperOrdinary | $58m Series B, $800m valuation
- Pulumi | $41m Series C, $391m valuation
04:57 | Pre-IPO 5.75% for week
- Week winners: Anthropic +100.1% (not a typo), Rippling +26.2%, Hugging Face +22.9%, OpenAI +14.7%, Brex +8.3%
- Week losers: Epic Games -5.5%, Airtable -4.5%, ByteDance -3.7%, Cohere -3.0%, Deel -2.2%
- Top valuations: ByteDance $203b, SpaceX $157b, OpenAI $77b, Stripe $53b, Databricks $45b
00:26 | ByteDance nearing Meta revenue?!
- ByteDance nearly reaching Meta-level in quarterly revenue; Meta $28.6b vs ByteDance $24.5b
- Cash flow +$6.8b in Q1, profit of $2.7b, cash reserves at $30.4b
- ByteDance has current secondary market valuation of $211b, Meta has a $820b market cap
- Mutual funds (e.g. Fidelity) are valuing ByteDance much higher vs other players in the private markets
- ByteDance is undervalued due to US regulatory concerns?
- Tiktok US is not a big part of ByteDance revenue but is a focus for future growth
08:50 | Wegovy/Ozempic’s impact on society
- Wegovy, Ozempic help people stop eating ... appears reduces desire for other impulses; smoking, alcohol, etc
- Walmart earnings call highlighted people taking drugs bought less food
- Highlight the impact emerging pharma and biotech companies can have on society, potential for major cultural shifts
- CEOs are discussing weight loss drugs on earnings calls and their impact on financials
- Early-stage life sciences companies get acquired by larger pharmaceutical companies due to regulatory overhang
16:42 | FTX creditors made whole via Anthropic
- $8.9b total missing in FTX bankruptcy owed to creditors, $7.3b recovered to date
- FTX invested $500m into Anthropic at a $4.0b valuation, FTX led the Series B
- FTX Anthropic stake worth $3.0b to $4.5b after Anthropic announces its recent round at a $20b to $30b valuation
- FTX Anthropic investment/gain could make all FTX creditors whole
- Several pre-IPO companies have corporate venture divisions their investments could mean a huge positive impact to corporate valuations … Naspers is a great example … 46% ownership of Tencent, up 9,200% in last 20 years with almost the entire net asset value of the company coming from its Tencent investment
00:08 | JasperAI down 20%
- Jasper AI, previously a leading player in generative AI, has decreased its internal valuation to $1.2b from $1.5b
- 2023 ARR down 30%
- CEO and co-founder Dave Rogenmoser stepped down, replaced by former Dropbox president Timothy Young
01:29 | +300% for Anthropic since May
- Anthropic to raise additional $2b at $20b to $30b valuation, up 300% from May ’23 round
- 200x valuation multiple!!!
- Anthropic's partnership with Amazon is expected to materially drive incremental revenue
02:53 | Chainalysis lays off 15%
- Second downsizing this year; 5% lay off in Feb 2023
- Recent partnerships with Four Inc. and Deloitte
- Current secondary market valuation of $4.8b, -45% from April 2022 $8.6b primary round
03:46 | $24b Q1 revenue for ByteDance
- Nearly reaching Meta-level in quarterly revenue, $28.6b vs $24.5b
- Cash flow +$6.8b in Q1, profit of $2.7b, cash reserves at $30.4b
- Current secondary market valuation of $211b
05:01 | Revolut locks a win with SoftBank
- Revolut has reached an agreement with primary investor SoftBank to simplify its ownership structure
- The Bank of England required Revolut to consolidate its six share classes for the license
- Current secondary market valuation $16.2b, -51% from July 2021 $33b valuation
06:11 | Big capital raises
- Xiaohongshu (www.xiaohongshu.com) | Series F, $14.0b valuation
- CoreWeave (www.coreweave.com) | Series B, $7.0b valuation
- Sierra Space (www.sierraspace.com) | $290m Series B, $5.3b valuation
- Nord Security (www.nordsecurity.com) | $100m Series B, $3.0b valuation
- Harbinger Health (www.harbinger-health.com) | $140m Series B, $570m valuation
07:20 | Pre-IPO 3.08% for week
- Week winners: OpenAI +83.9% (not a typo, starting to reflect new primary round), Airtable +12.0%, Cohere +8.7%, Brex 5.2%, Neuralink +3.1%
- Week losers: Anthropic -10.9%, Stripe -3.2%, Consensys -2.6%, Hugging Face -2.3%, Discord -2.1%
- Top valuations: ByteDance $211b, SpaceX $152b, OpenAI $67b, Stripe $52b, Databricks $45b lead in current valuation
00:29 | Zuckerberg will change the world with augmented reality
- Mark Zuckerberg, CEO of Meta, was interviewed by podcaster Lex Fridman using Meta-driven photorealistic avatars in the metaverse
- Fridman, an MIT professor, was deeply moved by the experience predicting photorealistic avatars could “change the world”
- Zuckerberg highlighted that very soon Meta will have augmented reality solutions to hologram people into real-world settings for business or personal use
- Photorealistic avatars have potential to disrupt the airline, hotel, and office real estate sectors
10:58 | Recent IPOs were a success
- Instacart, Klaviyo, and Arm all went IPO in the last 2-3 weeks.
…Arm: IPOed at $51/share, now at $53.92 (+5.7%), market cap $55b
…Instacart: IPOed at $30/share, now at $29.70 (-1%), market cap $8.2b
…Klaviyo: IPOed at $30/share, now at $35 (+17%), market cap $8.7b
- IPOs were a success as IPO price held and investors now have liquidity
- Stripe, Databricks, Reddit, others may look to IPO now
- Pre-IPO stocks need to give investors and employees liquidity options
22:19 | How to play the AI investment opportunity
- OpenAI announced a valuation of $90b, up from a previous $29b
- Anthropic announced Amazon is taking a minority stake at an undisclosed valuation (north $10b?)
- AWS will be the cloud and chip provider for Anthropic and will also sell Anthropic AI through AWS, similar to OpenAI's partnership with Microsoft.
- Companies are getting valuations based on a 30x revenue multiple on projected “forward revenue”
- OpenAI previously announced $1b of revenue for the year, justifying its $29 billion valuation … predictions for next year's of “a few billion” revenue could justify the $90b valuation
- Winners could be those AI companies that partner with major cloud providers: Cohere with Oracle, Anthropic with Amazon, OpenAI with Microsoft, and Google's own AI for Google Cloud.
- Picks and shovels play are also interesting; Databricks, Hugging Face, Cerebras, Scale AI
00:09 | OpenAI up 200% at $90b
- In discussions for a share sale at $80b to $90b valuation
- Revenue project at $1b in 2023, multi-billion in 2024
- Employees will sell shares in round, CEO Altman signaled no desire to IPO or be acquired
01:13 | Jony Ive’s AI hardware with OpenAI’s Sam Altman
- Jony Ive, renowned iPhone designer, and OpenAI CEO Sam Altman are reportedly exploring the development of a new AI hardware device
- SoftBank CEO Masayoshi Son involved
- Altman is investor Humane, a company focusing on developing innovative AI-incorporated wearable devices
02:02 | Microsoft moves from OpenAI (a bit)
- Microsoft is developing cost-effective, “distilled” AI models as a contingency against rising costs of running advanced AI (i.e. OpenAI)
- Could provide Microsoft with more negotiating leverage with OpenAI
03:08 | $4b raise for Anthropic from Amazon
- Amazon invests $4 billion in Anthropic, minority take, over $10b+ valuation?
- Also strategic partnership btwn Amazon/Anthropic to allow AI models accessible to AWS customers
- AWS becomes Anthropic’s primary cloud provider, use Amazon chips
04:18 | Faire takes Shopify $s
- Shopify invests in wholesale e-commerce site Faire, Faire valuation not disclosed
- Shopify similarly invested $100m investment in Klaviyo in 2022
- Faire last raised $816m in May 2022 at a $12.6b valuation
05:10 | 16% layoff at Epic Games
- 830 employees impacted
- Divesting Bandcamp (music platform) and spinning off SuperAwesome (tools fro brands to target kids)
- Moves are an attempt to move the company back to profitability
06:13 | Big capital raises
- Cato Networks (www.catonetworks.com) | $238m Series F, $3.0b valuation
- Mapbox (www.mapbox.com) | $280m Series E, $1.8b valuation
- bolttech (www.bolttech.io) | $246m Series B, $1.6b valuation
- JOKR (www.jokr.com) | $50m Series D, $800m valuation
- ReCode Therapeutics (www.recodetx.com) | $260m Series B, $700m valuation
07:22 | Pre-IPO 0.65% for week
- Week winners: Anthropic +33.7%, OpenAI 15.2%, Brex +4.6%, Stripe +2.8%, Plaid +1.2%
- Week losers: Discord -11.4%, Klarna -5.0%, Airtable -4.4%, Neuralink -3.3%, SpaceX -2.5%
- Top valuations: ByteDance $211b, SpaceX $152b, Stripe $53b, Databricks $45b, OpenAI $37b lead in current valuation
00:10 | Next IPOs? Stripe, Klarna, eToro, Databricks
- Stable IPO valuations are favorable for pre-IPO companies, market is ready for more IPOs
- Arm, Instacart, Klaviyo IPOs bring transparency to private primary and secondary market valuations/multiples
- Probable next IPOs with go logic = Stripe, Klarna, eToro, Databricks, Starlink spun out of SpaceX
04:00 | Neuralink puts computers in brains
- First brain-computer interface (BCI) human trail approved by FDA
- Goal is to allow participants to control a computer cursor or keyboard using their thoughts alone
- $2.6b current valuation in the private secondary market
05:24 | TikTok Shop ramps up US presence
- TikTok Shop allows users to buy directly within TikTok social media app
- Currently $6m per month in gross sales, $500m total loss as of Aug 2023
- TikTok, a ByteDance company … ByteDance is currently the largest pre-IPO stock, valued at $210 billion
06:21 | Flexport founder Ryan Peterson back as CEO
- Revenue dropped nearly 70% to around $700 million in the first half of this year
- Petersen aims to revitalize Flexport by cutting waste and addressing customer quality issues
- $3.1b secondary market valuation, down 62% from its last primary round
07:26 | Big capital raises
- Databricks (www.databricks.com) | $500m Series I, $43.5b valuation
- EquipmentShare (www.equipmentshare.com) | $440m Series E, $3.6b valuation
- Shield AI (www.shield.ai) | $150m Series F, $2.5b valuation
- Generate Biomedicines (www.generatebiomedicines.com) | $273m Series C, $2.0b valuation
- VideoAmp (www.videoamp.com) | $150m Series G, $1.6b valuation
09:23 | Pre-IPO -1.15% for week
IPO Watch as of close Sep 22, 2023:
...Arm = $52.7b market cap, +0.6% from $51/share IPO price
...Instacart = $8.3b market cap, flat from $30/share IPO price
...Klaviyo = $8.4b market cap, +11.3% from $30/share IPO price
* Note: see disclosure below, stated market caps not fully diluted market caps
Week winners: Databricks +4.72%, Brex +3.80%, Deel +3.06%, Stripe +2.10%, SpaceX +1.70%
Week losers: Flexport -10.54%, Chime -8.39%, Neuralink -7.22%, ConsenSys -7.03%, -4.97% Reddit
Top valuations: ByteDance $210b, SpaceX $156b, Stripe $52b, Databricks $35b, OpenAI $32b lead in current valuation
Investing in pre-IPO stocks = www.agdillon.com
00:10 | Arm up 25% on IPO
- Arm is 90% owned by Softbank
- IPOed at $54.5b, closed at $65b
- Last round at $64b in Aug 2023
- Apple, Google, Nvidia purchased $735m of shares
01:37 | Dimon tells founders to “grow up”
- Dimon says 2020/2021 valuations were overpriced
- “…if you can go public, you want to go public, you need to go public, don’t wait too long.”
02:15 | Databricks raises at $43b
- $500m led by TRowe, Nvidia participated
- +13% from last round in Aug 2021, +39% from Oct 2022 internal valuation
- Company is eying the IPO market
03:17 | Starlink revenue up 533%
- $1.4b in 2022 revenue, up from $222m in 2021
- On track for 2.5m subscribers by end of 2023, averaging 127,000 new subscribers per month
- 37% of world’s population (3 billion people) has zero access to the internet
04:23 | Big capital raises
- Ola Electric (www.olaelectric.com) | $140m Series E, $5.4b valuation
- Getir (www.getir.com) | $500m Series G, $2.5b valuation
- Ascend Elements (www.ascendelements.com) | $460m Series D, $1.4b valuation
- Zopa (www.zopa.com) | $96m Series J, $1.1b valuation
- Imbue (www.imbue.com) | $200m Series B, $1.0b valuation
05:51 | Pre-IPO +0.58% for week
- IPO Watch:
...Arm (Sep 14) = $54.5b IPO valuation << $65.2b first day public close, last round $64b in Aug 2023
...Instacart (Sep 19) = $9.3b IPO valuation << $12.4b 2ndary valuation, last round $39b Mar 2021
...Klaviyo (Sep 20) = $8.4b IPO valuation << $4.3b 2ndary valuation, last round $9.5b Jul 2022
- Week winners: Chime +15.0%, Flexport +3.5%, Brex +3.1%, Ramp +2.1%, Rippling +2.0%
- Week losers: Airtable -6.2%, Databricks -5.1%, Klarna -3.3%, Anduril -2.2%, Discord -1.2%
- Top valuations: ByteDance $210b, SpaceX $153b, Stripe $51b, Databricks $33b, OpenAI $32b
00:32 | Arm, Instacart, Klaviyo IPOs all valued
- Arm = $55b vs $64b last round in Aug 2023, 10x oversubscribed
- Instacart = $9b vs $39b last round in Mar 2021 and $12b last internal valuation in Mar 2023
- Klaviyo $6.8b vs last round at $9.5b, updated to $8.6b Tue morning
- Bankers are priming these companies for a big pop in the public markets
08:53 | VCs/LPs selling in the private market secondary
- VCs and LPs are selling positions in the private secondary market
- Notable is Tiger selling Cohere for a gain
- VCs are attempting to lock in a gain to distribute capital or get liquidity to make other investments
- LPs have a need to rebalance across asset classes and realize gains
21:44 | Employees selling in private market secondary acceptable/smart?
- CoreWeave employees are selling $500m of stock and hired Morgan Stanley as banker
- This is a smart approach for employees to table some money off the table and lock in gains
- Historically, investors viewed employee/founder selling as taboo … as companies stay private longer liquidity points need to be established
00:09 | Redwood raises $1.0b!
- Redwood Materials, a battery recycling startup, raised $1 billion in a Series D round co-led by Goldman, T Rowe Price at an estimated $5.0b valuation
- US Dept of Energy also provided a $2 billion loan
00:41 | Greyscale beats SEC in lawsuit for spot BTC ETF?
- Federal appeals court challenges SEC's denial of Grayscale's bitcoin spot ETF application
- Court says SEC’s decision was "arbitrary and capricious"
- Bitcoin-related assets surge
02:06 | OpenAI revenue projected for $1.0b
- OpenAI is posting $80m in monthly revenue vs $28m one year prior, outpacing estimates
- ChatGPT Enterprise announced this week. Aims to assist employees in learning new skills and analyzing internal data. Focus on data privacy.
03:41 | Elf Beauty buys Naturium for $355m
- Elf doubles its skincare market share
- Elf's stock rises 250% in a year
- Investor interest in beauty brands is hot!
04:32 | Klarna’s net income +67% better in 1H 2023
- Klarna reduces losses by 67% in H1 2023, with a 21% increase in net operating income
- Company emphasizes AI advancements, launching a feature that saves 60,000 hours annually.
05:45 | Cohere AI to raise a primary round
- Cohere hires JPMorgan and Goldman to raise capital
- Tiger Global is selling in the secondary at a $3.0b valuation
- Cohere last raised in the primary at $2.2b in Jun 2023
06:11 | Big capital raises
- Ramp (www.ramp.com) | $300m Series D, $5.8b valuation
- Gympass (www.gympass.com) | $85m Series F, $2.4b valuation
- Zepto (www.zeptonow.com) | $200m Series E, $1.4b valuation
- Korea Credit Data (www.kcd.co.kr) | $76m Series F, $990m valuation
- Cellares (www.cellares.com) | $255m Series C, $666m valuation
07:09 | Pre-IPO +0.75% for week
- IPO Watch: I have Instacart at a $12.4b valuation, Klaviyo $4.3b. Keeping an eye out on where this IPOs will price.
- Week’s winners: Instacart +9.1%, Anthropic +6.8%, Databricks +5.9%, Brex +2.1%, SpaceX +2.0%
- Week’s losers: Neuralink -19.3%, Deel -8.7%, Airtable -8.4%, Rippling -7.6%, Chainalysis -3.1%
- Top 5 largest companies by valuation: ByteDance $206b, SpaceX $150b, Stripe $49b, Databricks $35b, OpenAI $32b
01:13 | Enhanced performance reporting requirements for VC/PE/RE funds
- Private funds are required to deliver a fee table and performance reporting similar to mutual funds/ETFs, some metrics are difference for VC/PE/RE funds
- A standardized approach to performance reporting will lead to a renewed focus on marking assets to market prices
- Late stage pre-IPO positions should use an ApeVue-like product that sources real world prices from 20+ institutional brokers
06:16 | 3rd party valuations on advisor-led secondary transactions
- Advisor-led secondary transactions require a 3rd party valuation on the asset being traded
- LP-led secondary transactions are out of scope
- Using a 3rd party pricing source or model valuation mitigates pricing risk when self-dealing; e.g. one AG Dillon Fund is buying LP interests from another AG Dillon Fund both with AG Dillon as general partner
14:29 | No more side letters?!
- Advisors running private funds are now required to disclose economic side letter terms to all investors
- Transparency will most likely push advisors to standardization, like mutual fund sales load breakpoints
- Many GPs will simply not allow 0/0 SPVs going forward pushing for buyers and sellers to find a 0/0 solution on their own
00:10 | Tiger sells Cohere AI stock
- Tiger Global is close to selling shares in AI startup Cohere at a $3b valuation, 40% rise since Cohere’s last round in June
- Cohere, competing with Anthropic and OpenAI, focuses on AI for tasks like email and document processing
00:51 | Arm IPO
- British chipmaker Arm hints at an IPO despite 2.5% revenue decline and a 50% profit drop
- SoftBank's Vision Fund recently valued Arm at $64b by purchasing 25%; market speculation on whether this valuation will hold in public markets
01:26 | Coinbase invests in Circle
- Coinbase acquires minority stake in Circle, platform responsible for USDC stablecoin
- PayPal launches its own stablecoin
02:00 | Ramp’s down round
- Ramp raises $300 million in funding at a $5.8 billion valuation, down from $8.1b in April 2022, but sees a surge in annualized revenue to $300 million
- Starting as a corporate card startup, Ramp diversified its services, recently acquiring AI tool Cohere.io, and serves over 15,000 businesses as of Aug 2023
02:52 | Shein’s Sparc investment
- Shein acquires about a third of Sparc Group, enabling it to feature Forever 21 products; Sparc to gain a minority stake in $66 billion-valued Shein
- Shein's recent U.S. marketplace initiative targets popular brands, and the partnership may lead to its in-store presence in Forever 21 outlets
03:36 | Better down 90%
- Better.com's shares dropped 90%+ post-SPAC merger, with its valuation falling to $2.4b from a planned $7.7b in 2021 amid mortgage market shifts
- Despite setbacks and anticipated decline, CEO Vishal Garg remains optimistic about the housing market and Better.com's tech-driven mortgage solutions
04:32 | Big capital raises
- SafetyCulture (www.safetyculture.com) | $34m Series F, $2.70b valuation
- BitGo (www.bitgo.com) | $100m Series C, $1.75b valuation
- Jada AI (www.jada-ai.com) | $25m Series A, $415m valuation
- Viome Life Sciences (www.viomelifesciences.com) | $87m Series C, $359m valuation
- Pivotal Commware (www.pivotalcommware.com) | $87m Series D, $297m valuation
05:16 | Pre-IPO +0.75% for week
- Week’s winners: Deel +21.9%, Brex +6.1%, Chainalysis +5.9%, Snyk +3.1%, Stripe +2.7%
- Week’s losers: Ramp -4.9%, Flexport -3.6%, Reddit -3.3%, ConsenSys -3.3%, Plaid -2.7%
- Top 5 largest companies by valuation: ByteDance $209b, SpaceX $147b, Stripe $50b, Databricks $33b, OpenAI $33b
00:24 | Instacart’s IPO
- Home delivery or store pick groceries is very popular
- Instacart did not have a primary round since they top ticked in 2021 at $39b
- Very interesting to see where IPO will be priced, secondary has Instacart at $11.4b implied valuation
06:48 | Databricks cuts deal with Microsoft
- Microsoft is letting customers create their own AI models with Databricks
- Microsoft appears to have an open architecture model with OpenAI and Databricks
- Databricks is up 50% in the secondary market since May 2023
12:32 | Securitize buys Onramp, benefits of buying LP interests
- Securitize allows crypto holders to buy private funds
- Onramp empowers independent wealth management firms invest into crypto, natural synergies for Securitize
- Its unclear on the exact benefit of tokenizing a private fund as fund counsel will still want to negotiate legal terms, if legal terms of a transaction can be standardized there is a lot of benefit to market participants
00:31 | ByteDance $15b 2022 net profit
- Revenue growth decreased from 68% to 25%, prompting a search for a new growth engine
- TikTok's access to the US ad and commerce market is becoming increasingly vital, TikTok's e-commerce business
01:15 | Wiz $10b valuation
- Wiz, a cloud security company, raised $300 million in a Series D at a $10b valuation
- Wiz claims to be the fastest to reach $100 million in ARR, 35% of the Fortune 100 as customers
02:00 | Parade sells to Ariela & Associates
- Parade, valued at nearly $200 million last year, struggled to convert its Instagram following into profitable growth
- Deal terms not disclosed
- Instagram to no-profits is a trend, including Cuup and Great Jones, selling themselves in recent months
02:41 | Yieldstreet acquires Cadre
- Asset manager Yieldstreet nearing deal to acquire Cadre, a real estate investment firm, for $100m
- Cadre’s peak valuation of $800m six years ago
- Cadre's shareholders expected to receive stock in Yieldstreet
03:18 | Happy Money, Sable sell
- Happy Money, an online lending startup, is in talks to sell itself, valued at $1.1b in Feb 2022
- Sable, a Y Combinator-funded credit card startup, sold to specialty lender Snap Finance
04:12 | Epic Games + Lego = Fortnite, sounds like Minecraft?
- Epic Games and Lego are creating a shared online space within Fortnite, where children can play, build, and communicate
- Aims to provide a child and family-friendly "immersive, creatively inspiring, and engaging digital experience"
- Expected to be launched within the year
05:21 | SpaceX Q1 $55m profit
- In Q1 2023, SpaceX generated a profit of $55 million on revenue of $1.5 billion
- SpaceX continues to invest heavily in ambitious projects, including the Starship rocket and the Starlink satellite internet service.
- $2 billion in proceeds from issuing stock last year
- $150b valuation as of last round in Jun 2023
05:52 | Big capital raises
- Capital Rx (www.cap-rx.com) | $72m Series D, $1.0b valuation
- Resilience (www.cyberresilience.com) | $100m Series D, $950m valuation
- ADARx Pharma (www.adarx.com) | $200m Series C, $840m valuation
- Modula (www.modular.com) | Series A, $600m valuation
- Tome (www.tome.app) | $60m Series C, $600m valuation
07:03 | Pre-IPO +1.25% for week
- Week’s winners: Discord +22.3%, Airtable +5.3%, Reddit +4.9%, Ramp +4.5%
- Week’s losers: Snyk -3.0%, Revolut -1.6%, Databricks -1.4%
- Top 5 largest companies by valuation: ByteDance $209b, SpaceX $147b, Stripe $49b, Databricks $33b, OpenAI $32b
00:28 | Canva valuation drops 36%
- Coatue Management and ICONIQ Capital acquired Canva shares at a $25.5b valuation, -36% from its $40b in 2021
- T Rowe Price marked down its Canva stake by 67.6% in Jun 2023
- Despite the decrease, Canva's co-founder views the valuation as "solid"
01:15 | Neuralink raises $280m
- Neuralink secured $280m in a series D round led by Founders Fund
- The company focuses on brain-computer interface technology for human implantation
- PitchBook estimates Neuralink's funding at $363 million as of Sept 2021
01:55 | Revolut kills US crypto biz
- Revolut halts crypto trading for U.S. users due to regulatory uncertainties
- The decision affects only 1% of Revolut's crypto clientele and follows the delisting of three tokens for U.S. users
- The SEC has increased its scrutiny on crypto, targeting major exchanges like Binance and Coinbase
02:42 | Discord layoffs
- Discord laid off 37 employees, 4% of its workforce, mainly from marketing, talent, and public policy teams.
- The layoffs were attributed to a "reorganization of some business units."
- Other social media giants like Meta, Snap, and Twitter have taken similar actions, though Discord's cut was smaller in percentage.
03:07 | Pre-IPO down rounds are happening
- Quora altered investor rights, hinting at a potential down round
- Turntide Technologies +80% valuation cut in its upcoming funding
- Rho Technologies 10% reduced valuation for next round
- Nuro, previously valued at $8 billion, considering a sale or cram-down financing , lowering valuation, after its new capital request was denied by board
03:54 | Big capital raises
- Weights & Biases | $50m Series D, $1.25b valuation
- Credgenics | $50m Series B, $340m valuation
- Tractian | $45m Series B, $205m valuation
- Halalbooking | $3m Series B, $102m valuation
- TechMagic | $15m Series C, $85m valuation
04:59 | Pre-IPO +3.67% for week
- Week to gainer: Neuralink +4.4%, Byju's +2.7%, Databricks +2.6%
- Week to losers: eToro -28.5%, Ramp -21.8%, Flexport -13.4%, Brex -11.0%
- Top 5 current valuation: ByteDance ($208b), SpaceX ($161b), Stripe ($48b), OpenAI ($33b), and Databricks ($33b) lead in current valuation
00:45 | Will pre-IPOs chose the SPAC structure (Better)?
- SPACs are still around in 2023; 16 SPACs having IPO'd and 64 having de-SPACed in H1 2023
- There are pros/cons of the SPAC structure vs traditional IPOs. SPACs have been speculative recently due retail optimism and platforms like Reddit
- Reputable companies prefer the traditional IPO route with support of big investment banks and proper roadshows
09:08 | Pre-IPOs give employees liquidity (eToro)
- High growth private companies are staying private for longer and are now offering secondary liquidity events for employees
- Secondary market liquidity events are beneficial for retaining talent, especially when a significant portion of their net worth is tied up in company stock
- Are company-led secondary market liquidity events good for the secondary market? They provide better price discovery and broadens the shareholder base but can reduce overall transaction activity.
16:52 | Pre-IPO valuations need to reset before going public (Stripe, Klarna)?
- Do companies need to bite the bullet and do a primary down round so they can prepare to go public
- Companies like Stripe and Klarna had primary rounds that reset their prices, and now their secondary market valuations align with their last primary round
- Liquidity and capital are important, especially for high-growth companies … taking a down round might be necessary for survival
www.agdillon.com to invest in pre-IPO stocks like SpaceX and OpenAI
00:29 | Stripe returns to profitability
- Stripe aims to increase its workforce by up to 12% by 2024, a move to return to profitability
- $100 million in adjusted 2023 ebitda, -$75 million in 2022
01:26 | Twitter’s new brand/direction
- Twitter rebrands to X
- X aims to be the China’s WeChat for the US market; social, messaging, payments, app store
- X has reduced advertising prices
03:35 | Shein’s record profit
- Shein reported record profits in the first half of 2023, with accelerated sales volume growth and improved profits compared to the latter half of 2022
- Expanded marketplace strategy incorporates third-party vendors, increasing revenue and attracting new customers
- Rumors of a US IPO by the end of 2024
04:24 | AI starts fast food take over
- Fast-food chains including White Castle, Carl’s Jr., Hardee’s, Del Taco, and Checkers are increasingly using AI chatbots to take drive-through order
- Presto is one company that makes this tech
- AI is being praised for its efficiency and ability to upsell vs humans
05:28 | Big capital raises
- Musinsa | $154m Series C, $2.3b valuation
- Sky Mavis | $11m Series B, $1.9b valuation
- Thunes | $72m Series C, $802m valuation
- Hightouch | $38m Series C, $615m valuation
- Manta Network | $25m Series A, $500m valuation
06:43 | Pre-IPO +3.67% for week
- Week to gainer: Brex +71%, Flexport +23%, Klaviyo +21%, OpenAI +11%
- Week to losers: Deel -5.5%, ConsenSys -5.3%, Revolut -4.4%, Neuralink -4.1%, Chainalysis -3.9%
- Top 5 current valuation: ByteDance/TikTok $207b, SpaceX $156b, Stripe $47b, OpenAI $36b, and Databricks $32b lead in current valuation
SpaceX hits $5b in revenue, Kardashian’s Skims raises $270m, Binance fires 1000 employees, Tucker Carlson to start new media company, Oddity Tech’s successful IPO | Pre-IPO Stock Market Update - Jul 14, 2023
00:30 | SpaceX hits $5b in revenue
- SpaceX's 2023 revenue is projected at $8b, up 100% from 2022
- Starlink's estimated $2b annualized run rate revenue
- $3 billion in 2023 EBITDA (37% profit margin)
01:38 | Kardashian’s Skims raises $270m
- Skims’s Series C funding round valued the company at $4b
- New capital will aid expansion into new areas like men's clothing and physical stores
- Skims predicts $750m in 2023 revenue, IPO expected within a year
02:37 | Binance fires 1000 employees
- Binance has laid off over 1,000 employees amidst escalating legal issues and numerous executive resignations
- The company has investigations/lawsuits with US Department of Justice, SEC, and CFTC.
03:18 | Tucker Carlson to start new media company
- Carlson raising “hundreds of millions” in capital
- New media company will be direct to consumer and potential subscription based
04:24 | Oddity Tech’s successful IPO
- Oddity, known for selling makeup brands Il Makiage and SpoiledChild, differentiates itself by using data and AI for customer recommendations
- Oddity’s IPO saw a 40% surge in trading, starting at $49.10 a share and reaching a market capitalization of about $2.8b
05:03 | Big capital raises
- SKIMS | $500m Series C, $4.0b valuation
- AlphaSense | $150m Series E, $2.5b valuation
- HawkEye 360 | $58m Series D1, $958m valuation
- Bobbie | $70m Series C, $570m valuation
- Cardurion Pharma | $300m Series A, $510m valuation
06:11 | Pre-IPO stocks were up 0.94% the past week
- Flexport +9.59%, OpenAI +9.43%, Ramp +6.65%, Chainalysis +6.40%, Stripe +2.89%. Airtable was down big at -9.04%.
- Top 5 companies by current implied valuation; $206b ByteDance, $157b SpaceX, $46b Stripe, $32b OpenAI, $31b Databricks.
00:35 | Air AI could be your next sales person
- Air AI launches product that can act as a sales person or customer service rep
- Imaging 100,000 sales people at your fingertips
- Could lead to AI wars … my AI is talking to your AI and no humans every speak
- There could be an 18 month window where early adopters really benefit
12:02 | Elon Musk launches xAI
- AI companies are starting to trade in the secondary market
- Look to the blue chips LPs are investing to see who the winners will be in AI
- Cloud providers, and their AI partners/businesses, stand to be the winners in the AI space
- Access to data will be a major driver of winners in the AI space
18:31 | IPOs can only heat up after market clearing prices?
- Several notable pre-IPO stocks are rumored to IPO in 2023, early 2024
- Pre-IPO stocks need market clearing prices in the primary or secondary private markets before they go public
- Pre-IPO stocks that have already cleared market in the primary market … Stripe, Klarna, etc … are primed to IPO if they elect to do so
Databricks acquires MosaicML, SpaceX $150b valuation and monopoly, Robinhood acquires X1, Anduril acquires Adranos, Shein competes with Amazon | Pre-IPO Stock Market Update - Jun 30, 2023
00:30 | Databricks acquires MosaicML
- Robinhood has acquired X1, an emerging credit card startup, for $95m
- Robinhood is set to introduce a range of credit card offerings for its 30m+ user base
01:07 | SpaceX $150b valuation, defacto monopoly per WSJ
- Fidelity, Schwab, and Citadel are backing the newly launched cryptocurrency exchange, EDX
- SEC lawsuit vs Coinbase/Binance has cleared the path for incumbents to come into crypto in a proper way
03:12 | Robinhood acquires X1
- OpenAI is considering an AI software app store
- An OpenAI app store could become a key hub for AI advancements and further strengthen OpenAI's position as a major player in the field
03:59 | Anduril acquires Adranos
- TikTok has begun selling products on its platform in the UK
- Move demonstrates TikTok's ambition to compete with established e-commerce giants and alter the way consumers discover and purchase products
05:25 | Shein competes with Amazon
- Twitter is focusing on video and payments as part of its strategic growth plan
- Video content generates 10x more engagement vs text tweets
- Twitter aims to tap into the growing trend of social commerce
07:09| Big capital raises
- Sunwoda EVB | $232m Series B, $5.0b valuation
- Hithium | $629m Series C, $4.2b valuation
- Inflection | $1.3b Series B, $4.0b valuation
- Aledade | $260m Series F, $3.5b valuation
- Cart.com | $58m Series C, $1.3b valuation
- 1Komma5 | $232m Series B, $991m valuation
- Unit21 | $45m Series C, $700m valuation
- 3vjia Technology | --- Series D, $600m valuation
- Redpanda | $100m Series C, $520m valuation
- Cyera | $100m Series B, $500m valuation
08:58 | Pre-IPO +0.76% for week, S&P 500 +2.35%
- YTD pre-IPO stocks still trail the S&P by 30%.
- Year to date. Databricks +14.42%, Deel +3.99%. Stripe, Discord -30% approx. Epic Games, Flexport, Chime, Brex all -40% approx.
- This week. Databricks +11.25%. Revolut +5.65%. Discord -3.76%.
Robinhood buys X1, EDX new crypto exchange, OpenAI app store?, Tiktok e-commerce in UK, Twitter in video/payments | Pre-IPO Stock Market Update - Jun 23, 2023
00:30 | Robinhood buys X1
- Robinhood has acquired X1, an emerging credit card startup, for $95m
- Robinhood is set to introduce a range of credit card offerings for its 30m+ user base
01:09 | EDX new crypto exchange
- Fidelity, Schwab, and Citadel are backing the newly launched cryptocurrency exchange, EDX
- SEC lawsuit vs Coinbase/Binance has cleared the path for incumbents to come into crypto in a proper way
03:01 | OpenAI app store?
- OpenAI is considering an AI software app store
- An OpenAI app store could become a key hub for AI advancements and further strengthen OpenAI's position as a major player in the field
04:34 | Tiktok e-commerce in UK
- TikTok has begun selling products on its platform in the UK
- Move demonstrates TikTok's ambition to compete with established e-commerce giants and alter the way consumers discover and purchase products
05:55 | Twitter in video/payments
- Twitter is focusing on video and payments as part of its strategic growth plan
- Video content generates 10x more engagement vs text tweets
- Twitter aims to tap into the growing trend of social commerce
07:02 | Big capital raises
- Lenskart | $600m Series I, $4.1b valuation
- Synthesia | $90m Series C, $1.0b valuation
- CubicPV | $33m Series C, $483m valuation
- Truework | $24m Series C2, $480m valuation
- Tomorrow.io | $87m Series E, $437m valuation
09:12 | Pre-IPO +0.79% for week, S&P 500 +2.58%
- YTD pre-IPO stocks still trail the S&P by about 30%.
- Year to date. Databricks +8.07%, Deel +2.77%. Stripe, Epic Games, Discord all -30%. Flexport, Chime, Brex all -30% or more.
- This week. Databricks +12.39%. Brex -2.91%.
Invest in pre-IPO stocks - www.agdillon.com
Databricks revenue surpasses $1.0b, SpaceX hires 14-year-old Kairan Quazi, Epic Games puts your face in the metaverse | Pre-IPO Stock Podcast – Jun 19, 2023 | Clint Sorenson, Jack Dreifuss, Luke Oliver, Aaron Dillon
00:44 | Databricks revenue surpasses $1.0b
- Databricks, a data analytics company, has surpassed $1 billion in revenue, with a 60% year-over-year growth rate.
- The interviewees discuss the importance of investing in infrastructure and data analytics to capitalize on the AI industry's potential.
- The emergence of AI is expected to disrupt various industries and enable personalized predictions and interpretations of data.
07:48 | SpaceX hires 14-year-old Kairan Quazi
- SpaceX hired a 14-year-old, Kairan Quazi, who recently graduated from Santa Clara University
- The move challenges traditional hiring practices and the value of a college education.
- More companies are considering skills and abilities over formal degrees in their hiring process.
13:41 | Epic Games puts your face in the metaverse
- Epic Games announced a new technology called Metahuman Animator, which allows users to create photorealistic avatars for the metaverse.
- The technology uses iPhone scanning to put users' faces into the metaverse.
- Specific use cases - like education, business, entertainment - will drive individuals to the metaverse.
1-person company sells for $54m, Revolut marked down 40%, Databricks revenue up 60%, AI delivers $10b for Microsoft, Stripe + FedNOW, Brex's $100m ARR two times, 14 yr old hired at SpaceX, Epic Games puts your face in the metaverse | Pre-IPO Stock Market Update - Jun 16 , 2023
00:36 | 1-person company sells for $54m
- WarGraphs, a single-employee gaming startup, sold to MOBA Networks for an impressive $54 million without external funding.
- Their popular League of Legends companion app, Porofessor, aids players in tracking and improving their stats.
01:38 | Revolut marked down 40%
- Revolut, a leading fintech company, experienced a setback as one of its major investors reduced its valuation by 40%.
- Molten Ventures, a European venture capital firm, wrote down its stake in Revolut from $115 million to $70 million.
02:25 | Databricks revenue up 60%
- Databricks, a leading data and analytics platform, achieved remarkable sales growth with a 60% surge in the past year, surpassing $1.0 billion in revenue.
- Their data warehousing product, competing with Snowflake, reached over $100 million in annualized recurring revenue within a year of its launch.
- Databricks' CEO, Ali Ghodsi is prioritizing investment in new AI-focused products for potential future growth.
03:06 | AI delivers $10b for Microsoft
- Microsoft's investments in AI, including its partnership with OpenAI, are estimated to generate an additional $10 billion in revenue, representing a 5% increase for the company.
- The collaboration between Microsoft and OpenAI has been crucial in advancing Microsoft’s AI technologies across industries, showcasing their commitment to innovation.
04:35 | Stripe + FedNOW
- FedNOW, the Federal Reserve's upcoming instant payments system, is set to launch in July 2023, similar to Brazil's successful PIX system.
- Stripe, an online payments company, is closely monitoring the development of FedNOW, recognizing the potential impact of real-time payments.
- The introduction of FedNOW could significantly affect the businesses of major payment providers like Visa, Mastercard, and American Express, with the possibility of merchants offering different pricing for card payments versus FedNOW payments to avoid interchange fees.
05:41 | Brex's $100m ARR two times
- Brex, a prominent fintech company, has two product lines generating $100 million in annual recurring revenue.
- Known for its innovative corporate credit card and cash management solutions, Brex has gained rapid traction among startups and incumbent businesses
06:20 | 14 yr old hired at SpaceX
- SpaceX, the innovative aerospace company led by Elon Musk, has hired 14-year-old Kairan Quazi, a college graduate, to work on its Starlink satellite internet project.
07:23 | Epic Games puts your face in the metaverse
- Epic Games has introduced "MetaHuman Animator," a tool that enables the creation of high-quality, realistic human faces in digital environments.
- Utilizing machine learning and advanced algorithms, MetaHuman Animator captures the subtleties and unique expressions of human faces, enhancing immersion and realism in gaming and other digital experiences.
08:35 | Big capital raises
- Cohere | $270m Series C, $2.2b valuation
- Instabase | $45m Series C, $2.0b valuation
- La Renon | $200m Series C, $900m valuation
- Thunes | $60m Series C, $795m valuation
- Upstream Bio | $200m Series B, $680m valuation
09:20 | Pre-IPO -0.69% for week, S&P 500 +0.17%.
- YTD pre-IPO stocks still trail the S&P by about 28%.
- Year to date. Deel +3.67%. Stripe, Discord, Epic Games, Flexport, Chime, and Brex are all -30%+.
- This week. Deel +4.88%. Flexport +1.45%. Epic Games -5.89%. Databricks -7.02%.
SEC sues Binance-Coinbase, Apple Vision Pro (AR headset), Twitter revenue down and Yaccarino started, VC’s a16z bullish on AI | Pre-IPO Stock Market Update - Jun 2, 2023
00:38 | SEC sues Binance, Coinbase
- The SEC has filed lawsuits against both Binance and Coinbase
- SEC says both firms operated unregistered exchanges and offered the sale of unregistered securities
- The SEC's actions identify how crypto will be regulated, will mainstream brokerages enter the market
02:09 | Apple Vision Pro, AR headset
- Apple has unveiled a spatial computing headset, Apple Vision Pro, priced at $3,500
- The headset is designed to provide an immersive augmented reality experience through the use of advanced spatial sensors and cameras
- Other headset companies (Meta) are expected to respond with similar offerings at various price points, potentially leading to widespread adoption for personal and professional uses
03:04 | Twitter revenue down and Yaccarino started
- Twitter's US ad sales reportedly dropped by 59% in April, a decline that owner Elon Musk ties to the platform's free speech stance
- The company is actively improving its ad products and targeting to boost advertiser confidence and shift from brand awareness to revenue generation
- Newly appointed CEO Linda Yaccarino, former NBCUniversal ad executive, is expected to bring in new clients and positively influence Twitter's revenue both in the short and long term
03:50 | VC’s a16z bullish on AI
- Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, wrote an opinion letter supporting AI, stating its potential to benefit the world, including providing every child with a personalized AI tutor.
- He envisions each individual having an AI assistant tailored to their profession, enhancing productivity and helping navigate daily opportunities and challenges.
- Andreessen debunks concerns about AI's potential negative impact, and the letter's recipient agrees, foreseeing an exciting future with advancements in AI, augmented reality, health and biotech, autonomous vehicles, and humanoid robots.
05:43 | Big capital raises
- Eikon Therapeutics | $141m Series C, $3.6b valuation
- CoreWeave | $421m Series B, $2.4b valuation
- Lightmatter | $153m Series C, $720m valuation
- Jiatuo New Energy | $82m raised, $655m valuation
- Substack | $3m Series C, $653m valuation
06:43 | Pre-IPO +0.51% for week, S&P 500 +1.86%
- YTD pre-IPO stocks still trail the S&P by about 29%.
- Year to date. Databricks +3.42%, Kraken flat at 0.22%. Stripe, Epic Games, Discord all -30%. Flexport, Chime, Brex all -30% or more.
- This week. Deel +13.02%. Databricks +4.91%. Stripe +2.14%. Rippling -3.14%. Epic Games -3.24%. Kraken -4.70%.
Neuralink’s FDA approval for chips in brains, Klarna posts strong Q1 financials, Instacart’s new ad business is big, AI: data ownership, every company needs to be an AI company | Pre-IPO Stock Podcast – Jun 5, 2023 | Clint Sorenson CFA, CMT, Nick Fusco, Jud Mackrill, Aaron Dillon
Neuralink’s FDA approval for chips in brains
- Neuralink could revolutionize healthcare and other industries by providing solutions for conditions like Parkinson's, Alzheimer's, and paralysis
- Neuralink has long-term applications in the military and technological sectors
- Neuralink's FDA approval marks a major milestone in the pursuit of merging humans with technology to enhance human capabilities and address medical challenges
- Neuralink, a company focused on connecting the human brain to the internet through a brain-computer chip, recently obtained FDA approval for a human trial. Neuralink has a $1.7b valuation as of its last primary financing round.
Klarna posts strong Q1 financials
- Buy now pay later can be predatory in nature of such services
- Buy now pay later, a term loan, is better vs credit cards at 20% interest
- FedNow, a fast and low-cost payment system in the US, which could impact the future of credit cards and debit cards
- Klarna and Apple’s new financial services solutions could take market share from incumbents in the payment space
- Klarna, a buy now pay later focused payments company, recently published its financials, reporting a 50% reduction in losses and a customer base of 150 million.
Instacart’s new ad business is big
- Instacart, a grocery delivery service, has entered the advertising business in a big way.
- Brands may advertise through the Instacart platform, targeting specific demographics and locations.
- By integrating advertisements into their service, Instacart aims to generate additional revenue and improve user experience.
- Instacart's advertising strategy is seen as a way to drive scale, attract more users, and potentially eliminate delivery charges by leveraging the data they have on their customers.
- Pre-IPO secondary market participants are not meeting on price.
- Instacart’s current valuation has decreased by 74% from its peak in August 2021.
AI: data ownership, every company needs to be an AI company
- Data ownership for AI will be very important going forward
- The winners and losers will be determined by who controls and monetizes the data.
- Various use cases and the potential of AI are crucial for companies to invest in.
- Incorporating AI into products is seen as essential for attracting capital and staying competitive.
- In the future every company will become an AI company, similar to the shift towards every company has become a tech company.
Pre-IPO Stock Market Update - May 19, 2023 | Klarna’s great Q1, TikTok Shop launches, Chime revenue up big, Neuralink to put chips in human brains, Instacart drives ad revenue, Revolut + 30m customers, Starlink wins Pentagon contract
00:33 | Klarna’s great Q1
- Klarna reports a 50% reduction in net loss in its Q1 results.
- Revenue boost driven by customer adoption and merchant partnerships, signaling the growing popularity of Klarna's flexible payment options.
- Klarna’s current valuation at $6.5b down 2.6% from its last round in Jul 2022.
01:20 | TikTok Shop launches
- TikTok integrates shopping features into its platform in Southeast Asia with TikTok Shop, posing a threat to established players like Shopee and Lazada.
- ByteDance, TikTok’s parent, is the largest pre-IPO stock globally with a $220b valuation.
02:01 | Chime revenue up big
- Chime reports a 27% revenue growth in Q1, showcasing its ability to generate significant revenue despite challenges.
- Chime is down 74% from its last primary financing round in Sep 2021 where the company printed a $25b valuation, current valuation is $6.5b
02:52 | Neuralink to put chips in human brains
- Neuralink receives regulatory approval for its first human trial, marking a significant milestone in its goal of connecting the human brain with computers.
- The trial will focus on testing Neuralink's technology to address neurological conditions and enhance human cognition, paving the way for potential advancements in brain-computer interfaces.
- Neuralink’s current valuation is $1.7b
03:33 | Instacart drives ad revenue
- Instacart's advertising business experiences significant growth, leveraging its customer base and transaction data for advertising partnerships.
- The growth highlights Instacart's potential as a dominant player in the online advertising space, providing brands with valuable opportunities to target engaged online grocery shoppers.
- Current valuation of $11.5b; -74% from its last primary round at $45b in Aug 2021
04:33 | Revolut + 30m customers
- Revolut surpasses 30 million retail customers globally, showcasing continued growth and popularity.
- Revolut is down 53% from its last primary round in Jul 2021. Current valuation stands at $15.6b.
05:16 | Starlink wins Pentagon contract
- SpaceX secures contract with the Pentagon to launch satellites for Ukraine, showcasing its growing prominence in the space industry.
- The contract highlights SpaceX's reliability and cost-effectiveness in providing launch services and signifies the increasing role of private space companies in supporting national security and international partnerships.
- SpaceX has a $137b valuation as of its last primary round in Jan 2023.
06:04 | Big capital raises
- Ola Electric | $300m Series I, $6.0b valuation
- Anthropic | $450m Series C, $5.0b valuation
- Insider | $105m Series C, $2.1b valuation
- Amplify | $350m Series C, $1.9b valuation
- Lyten | $100m Series C, $1.6b valuation
06:57 | Pre-IPO -1.34% for week, S&P 500 +0.36%.
- YTD pre-IPO stocks still trail the S&P by about 28%.
- Year to date. Kraken +5.17%. Stripe, Epic Games, Discord, Flexport, Chime, and Brex all -30% or more.
- This week. Discord +2.01%. Databricks -4.80%. Chime -4.93%. Flexport -12.41%.
Pre-IPO Stock Market Update - May 19, 2023 | Anthropic raises $50m, OpenAI launched iOS app, Meta + Magic Leap partnership, Flexport adds Uber trucking expert, Waymo + Uber partner, Starlink has 1.5m subscribers, Goldman invests in Go, Turo releases 2022 financials, Panera IPO, Revolut receives Brazil bank license
00:35 | Anthropic raises $450m
Anthropic, an AI research firm, secures $450 million funding led by Baillie Gifford and Insight Partners.
Founded by ex-OpenAI researchers, Anthropic aims to develop controllable AI systems aligned with human values.
The funding will fuel research expansion, talent acquisition, and emphasize safety and ethics in AI model development.
01:06 | OpenAI launched iOS app
- OpenAI releases a ChatGPT app for Apple iOS, enhancing mobile accessibility to their language model.
- The app enables interactive conversations with an AI assistant, incorporating safety features based on past experiences.
- Users can upgrade to the ChatGPT subscription service, granting internet access, potentially driving significant revenue for OpenAI.
01:54 | Meta + Magic Leap partnership
- Meta engages in discussions with Magic Leap, a prominent AR company, for a potential AR partnership or acquisition.
- The talks indicate Meta's intent to expand its presence in the AR space after its rebranding and metaverse-focused strategy.
- Collaboration with Magic Leap could lead to advancements in AR experiences and applications, leveraging Magic Leap's advanced hardware and software solutions.
02:45 | Flexport adds Uber trucking expert
- Flexport recruits former Uber Freight director, Bill Driegert, to head its new truck brokerage division.
- The hiring emphasizes Flexport's strategic focus on expanding trucking services and strengthening its logistics capabilities.
- By leveraging Driegert's expertise, Flexport aims to enhance its position as a comprehensive logistics provider, embracing the convergence of traditional freight and digital technology.
03:40 | Waymo + Uber partner
- Waymo and Uber partner to integrate Waymo's self-driving technology into Uber's ride-hailing platform.
- The collaboration aims to enhance safety and efficiency by utilizing Waymo's advanced autonomous driving systems.
- Waymo's autonomous vehicles will be available on the Uber app, starting in Phoenix, Arizona, with future expansion to other cities, accelerating the adoption of self-driving vehicles.
04:23 | Starlink has 1.5m subscribers
- Starlink, SpaceX's satellite internet service, surpasses 1.5 million orders for its high-speed internet service.
- The significant growth in subscribers reflects the rising demand for reliable internet, especially in underserved rural areas.
- Starlink's innovative satellite constellation approach enables internet access in previously unreachable regions, with an estimated annual recurring revenue of nearly $2.0 billion at $110 per month.
05:42 | Goldman invests in Go
- Goldman Sachs leads a funding round for Go, a Japanese taxi-hailing app, valuing the company at $1 billion.
- Go's comprehensive platform, integrating taxi services and payment solutions, has gained traction in over 50 Japanese cities.
- The investment will support Go's expansion, technology enhancements, and market penetration, highlighting confidence in its disruptive business model and convenient services.
06:31 | Turo releases 2022 financials
- Turo, a car-sharing platform, reveals 70% revenue growth in 2022, reaching $700 million.
- The company narrows its net loss significantly, indicating improved financial performance.
- Turo's success is driven by increased demand, market expansion, and its unique peer-to-peer car-sharing model, positioning it attractively for an IPO.
- large capital raises and pre-IPO stock performance update
Pre-IPO Stock Market Update - May 12, 2023 | BofE rejects Revolut, Crypto industry (Coinbase) vs SEC, Shein raises a down round, Montana bans TikTok, OpenAI's Altman at Congress
00:29 | BofE rejects Revolut
- The Bank of England plans to reject Revolut's UK banking license application over balance sheet concerns.
- Revolut attributes the issue to auditor concerns about revenues.
- Revolut’s last primary round was in Jul 2021 at $33b. They’re currently trading at a $15.6b in the secondary market.
01:15 | Crypto industry (Coinbase) vs SEC
- The SEC rejects Coinbase's request for new regulations in the crypto industry, stating that swift guidance is not mandatory.
- Coinbase filed a lawsuit to compel the SEC to respond to its rulemaking petition seeking clarity on applying securities rules to cryptocurrencies.
- SEC Chair Gary Gensler considers most tokens as securities and believes they should comply with existing securities laws, warning Coinbase of potential actions related to securities law violations.
02:17 | Shein raises a down round
- Shein secures $2 billion in its latest funding round, resulting in a valuation of $66 billion, a decrease from its previous $100 billion valuation in October 2022.
- The decrease is attributed to declining tech-company share prices and increased scrutiny from U.S. lawmakers on labor and environmental practices.
- Despite the lower valuation, Shein remains focused on growth, aiming for a 40% increase in revenue this year. The funding round was co-led by Sequoia Capital, General Atlantic, and the U.A.E. sovereign-wealth fund Mubadala.
03:08 | Montana bans TikTok
- Montana becomes the first US state to ban TikTok, citing national security concerns and "dangerous activities" on the platform.
- The ban, effective from January 1, prohibits TikTok's operation in Montana and restricts mobile app stores from offering the app.
- TikTok plans to challenge the law, arguing that it infringes on First Amendment rights, and emphasizes its commitment to defending users' rights both within and outside Montana.
- ByteDance, TikTok's parent company, is valued at $211 billion in the secondary market and is the largest globally-backed private VC company.
04:22 | OpenAI's Altman at Congress
- OpenAI's CEO, Sam Altman, addressed Congress, highlighting the organization's mission to ensure that artificial general intelligence benefits humanity.
- Altman recognized both the potential of AI in addressing global challenges and the risks associated with it, such as job displacement and bias.
- OpenAI recently raised $300 million at a $28 billion valuation in April 2023.
05:27 | Big capital raises
- Vesttoo | Series D, $1.75b valuation
- UVeye | $100m Series D, $800m valuation
- BillGO | $94m Series B, $500m valuation
- Noveon | $12m Series B1, $435m valuation
- Rewind | $83m Series A, $350m valuation
07:25 | Pre-IPO stocks -0.76% for the week, S&P 500 -0.21%.
- YTD pre-IPO stocks trail the S&P by 24%.
- Kraken is up 5.17% YTD. N26 is flat for the year. 7 pre-IPO stocks are down 20%+; Airtable, Stripe, Epic Games, Discord, Flexport, Chime, and Brex.
- This week. Databricks +5.64%. SpaceX +4.08%. Airtable +2.12%. Deel -4.35%. Rippling -7.31%. Stripe -9.87%.
Pre-IPO Stock Market Update - May 5, 2023 | AI cloud storage + cloud server provider partnerships, Twitter new CEO, Instacart Q1 slower gross order volume, SoftBank big portfolio losses
00:32 | AI cloud storage + cloud server provider partnerships
- Oracle and Microsoft are in talks for a potential agreement to rent servers to each other, aimed at addressing the shortage of computing power for their cloud customers using large-scale AI.
- Oracle has found success by renting cloud servers to AI startups, as it can run complex machine-learning models more cost-effectively.
- The collaboration between Oracle and Microsoft could leverage their data center connections to share GPU server capacity.
01:47 | Twitter new CEO
- Linda Yaccarino, the global advertising chief of NBCUniversal, has resigned to become the next CEO of Twitter, as confirmed by Elon Musk in a tweet.
- Yaccarino will focus on business operations at Twitter, while Musk concentrates on product design and new technology.
- Yaccarino will work to transform Twitter into an all-encompassing platform, X or X.com, and leverage her relationships with chief marketing officers globally to drive ad revenue.
02:28 | Instacart Q1 slower gross order volume
- Instacart experienced a Q1 growth slowdown, with gross order volume increasing by 5% to 10% compared to last year, down from 16% in 2022.
- The slowdown may delay Instacart's planned public debut.
- Despite the slowdown, Instacart maintains a significant market share among online grocery intermediaries.
- Achieving a favorable valuation for a public listing is challenging due to slower growth.
03:22 | SoftBank big portfolio losses
- SoftBank's Vision Fund reported a $2.3 billion loss in the quarter ending in March, as the value of its investments in private startups declined despite some recovery in publicly listed stocks.
- SoftBank Group recorded a net loss of $7.2 billion for the full fiscal year, primarily due to investment losses from the Vision Fund.
- The Vision Fund holds a vast portfolio of both public and private companies, including prominent tech companies like eToro, Klarna, Devoted Health, Chime, Gopuff, Flexport, and Revolut, with a total portfolio value of $138 billion as of March 31.
04:16 | Big capital raises
- Runway | $100m Series D, $1.5b valuation
- Flink | $100m Series D, $1.0b valuation
- Redaptive | $250m Series E, $1.0b valuation
- Monogram | $80m Series D, $980m valuation
- Semi-tech | $73m Series C, $870m valuation
05:14 | Pre-IPO stocks -4.14% for the week, S&P 500 -0.80%.
- YTD pre-IPO stocks trail the S&P by about 24%.
- Kraken is up 5.32% YTD. Brex is down 48%, Chime -43% and Stripe, Airtable, Epic Games, and Discord are all down over 10% plus.
- Stripe and Databricks had good weeks, up 3.69% and 2.76% respectfully. Brex just got crushed this week down 32%. So did Chime down 20%. Banking crisis?
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Pre-IPO Stock Market Update - Apr 21, 2023 | Tech billionaires + fusion, Klarna ad revenue growth, Discord financials disclosed, 'ChatGPT for Business'
00:33 | Tech billionaires invest into nuclear fusion companies
- Sam Altman (OpenAI), Peter Theil (Founders Fund); Helion Energy ($3.7b val, Nov 2021)
- Marc Benioff (Salesforce), Bill Gates (Microsoft); Commonwealth Fusion Systems ($1.8b val, Dec 2021)
- Jeff Bezos (Amazon); General Fusion
- Vinod Khosla (Khosla Ventures); Realta Fusion
- Chris Sacca (Lowercase Capital); Avalanche Energy ($130m val, Apr 2023)
03:05 | Klarna app updates to drive ad revenue
- added; AI discovery feed (like TikTok), customized shops for social media content creators, ability to sell secondhand goods
- AI will build a personal profile of shoppers based on shopping behavior, brands they like and provide recommendations to merchants
- Klarna already generates 10% of revenue from advertisements
- Klarna management forecasting monthly profitability in a few months time
04:59 | Discord financial update
- 2022 revenue $445m; up 44% yoy
- 2021 revenue was up 126% yoy
- 2022 ebitda $66m
- Q1 2023 ebitda -$11m, nearly double Q1 2022 ebitda -$6m
- Fidelity marked Discord’s valuation at $9.4b; -36% from last primary round in 2022 ($14.7b)
05:58 | OpenAI for Business
- Businesses will maintain control over the data they generate
- Controls include; turning off their chat histories to prevent OpenAI from using the data to train its language models and customizing models for individual users so their privacy is not compromised
07:16 | Large capital raises
- Getir | $300m Series F, $6.5b valuation
- Razor Group | $88m Series C, $1.2b valuation
- Odeko | $54m Series D, $604m valuation
- Coronet | $75m Series D, $575m valuation
- Cosmose AI | Series B, $500m valuation
08:26 | Pre-IPO stock market performance
- Pre-IPO stocks were down for the week -1.41%, S&P 500 -0.09%.
- YTD pre-IPO stocks trail the S&P by about 21%.
- YTD Kraken and SpaceX are the stars, up 6% and 2% respectfully. 7 pre-IPO stocks in the index are down over 20% YTD; Discord, Stripe, Airtable, Brex, Epic Games, Chime, and Flexport.
- Kraken +8.78%. Brex -14%, Stripe -8%, Revolut -5%, Flexport -3%.
AG Dillon & Co venture capital funds...
- SpaceX Fund = www.agdillon.com/spacex
- OpenAI Fund = www.agdillon.com/openai
Pre-IPO Stock Market Update - Apr 14, 2023 | Reddit charges AIs for API access, OpenAI investor terms, IPOs are coming!, Epic Games acquisition, SpaceX's Starship launches
00:34 | Reddit, Twitter and AI training and paying for data
- Reddit will impose a paywall around its API
- Pricing has yet to be determined
- “The Reddit corpus of data is really valuable,” Huffman (CEO) said. “But we don’t need to give all of that value to some of the largest companies in the world for free.”
- Twitter/Musk threatens to sue Microsoft over using Twitter data to train Microsoft AIs
02:10 | OpenAI investor ownership terms/structure
- OpenAI has completed a $300m tender offer employees liquidity
- Investors in the tender offer purchase rights to future profits rather than traditional equity
- Cash waterfall; original investors get paid back, then Microsoft gets 75% of profits, other investors 25% of profits until Microsoft is paid back, then Microsoft 49%, other investors 49%, OpenAI nonprofit 2%
04:29 | IPOs coming!
- Rippling eyeing an IPO; Conrad (CEO) believes an IPO would fulfill an “implicit agreement” made with the startup’s investors and employees to provide a meaningful exit
- SeatGeek files for IPO ... second attempt to IPO in last two years, first was a SPAC that fell apart
- Chia Network files for IPO ... cryptocurrency, XCH, already trades on crypto exchanges
06:04 | Tyler's Corner by Tyler Siconolfi ... Epic Games, Plaid, SpaceX
- Epic Games acquires Brazil-based game company, Aquiris to expand LatAm presence.
- Plaid partners with Finastra to streamline services customers of the Fusion Digital Banking platform.
- SpaceX attempts first orbital test flight of their new Starship spacecraft.
08:14 | Large capital raises
- Spring Health | $71m Series C, $2.5b valuation
- Kurly | $8m Series H, $2.3b valuation
- Clear Street | $435m Series B, $2.0b valuation
- ID.me | $132m Series D, $1.6b valuation
- Altruist | $112m Series D, $962m valuation
09:38 | Pre-IPO stock market performance
- Pre-IPO stocks were flat at 0.04% for the week vs the S&P 500 up 0.79%.
- YTD pre-IPO stocks still trail the S&P by about 20%.
- Only 3 of the 15 pre-IPO stocks in the index are up year to date … OpenSea up 2.31%, Revolut up 1.26%, and N26 is flat … five stocks are down over 20%; Discord, Airtable, Flexport, Epic Games, and Chime.
- Secondary market trading activity has totally dried up for OpenSea so I would not put much weight on that 2.31% number.
- Brex has a nice week last week up 1.04%. SpaceX was up 0.91%. Epic Games was the big loser down 4.00% for the week.
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Pre-IPO Stock Market Update - Apr 07, 2023 | Buys stocks on Twitter powered by eToro, Databrick's ChatGPT competitor, SpaceX's Starship to launch next week, Tyler Siconolfi research (OpenSea, Deel)
00:31 | Twitter + eToro partner to bring stock trading to Twitter users
- Twitter will allow users to view market charts on an expanded range of financial instruments and buy and sell stocks and other assets from eToro
- Twitter cashtags will be expanded to cover far more instruments and asset classes
- Twitter users will be able to click a button that says “view on eToro,” which takes you through to eToro’s site, and then buy and sell assets on its platform
- Musk wants to turn Twitter into a super app like China's WeChat
- Musk changed the corporate name of Twitter to X Corp last week
01:50 | Databricks releases ChatGPT competitor
- Dolly 2.0 = first open-source, instruction-following LLM fine-tuned on a transparent and freely available dataset that is also open-sourced to use for commercial purposes
- Dolly 2.0 is available for commercial applications without the need to pay for API access or share data with third parties like OpenAI requires
- Databricks is open sourcing the dataset on which Dolly 2.0 was trained on, called databricks-dolly-15k
02:59 | SpaceX new rocket Starship to launch next week
- Starship is nearly 40 stories tall and has 5.5x more payload capability vs Falcon9; 22 tons vs 125 tons
- Starship's first orbital launch to happen next week ... targeting Mon, 17 Apr
- Starship is designed to be reusable but for this initial orbital test the focus is simply reaching orbit
- The booster - Super Heavy - will splash down in the Gulf of Mexico
- The spacecraft - Starship - will splash down near Hawaii
- Musk said there is a 50% chance of success for the mission
- A second Starship orbital flight is estimated for later this year
04:09 | Tyler's Corner by Tyler Siconolfi ... OpenSea and Deel
- OpenSea, the NFT exchange, announced it will be launching OpenSea Pro, a NFT marketplace aggregator that allows users to trade NFTs from different marketplaces all under one platform. This move has now put OpenSea in front of Blur, a rival NFT marketplace, as the most popular NFT marketplace based on daily active user.
- Deel, the HR platform, has expanded its immigration service, making it significantly easier and less time consuming to hire and move people around the globe. The new expansion allows more than 25 different countries to use their platform and streamline the immigration process of global employees. Deel's 2022 revenue was up 418% but its stock price was down 45% in secondary market trading.
05:21 | Large capital raises
- Ledger | $452m Series C, $3.8b valuation
- Cart.com | $38m Series C, $1.6b valuation
- Sonoma Biotherapeutics | $30m Series B1, $715m valuation
- Graphiant | $66m Series B, $425m valuation
- ArriVent Biopharma | $155m Series B, $380m valuation
06:34 | Pre-IPO stock market performance
- Pre-IPO stocks were down 2.25% for the week vs the S&P 500 down -0.02%.
- YTD pre-IPO stocks still trail the S&P by about 19%.
- OpenSea and Kraken have given up all their gains YTD. OpenSea is now up only 2% … Kraken is down 3%. Discord, Epic Games, Airtable, Flexport, and Chime are still all down over 20%.
- A big week for the challenger banks. Chime and Revolut were both up big. 15% and 13% respectfully.
- OpenSea was down 25% just last week alone. Kraken was down 12% last week. Not a great week for crypto related businesses.
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Pre-IPO Stock Market Update - Mar 31, 2023 | China AI investments, Q1 startup funding vs prior year, Klaviyo IPO, ByteDance/Tiktok 2022 revenue, Instacart increases valuation
00:26 | China and AI
- Chinese AI companies are commanding big valuations and are attracting a lot of capital from US investors
- China AI companies must adhere to Chinese govt regulation ... this means they are limited on the data sets available to train their AI models
- Sequoia has invested into a new company by Yang Zhilin (a Google and Meta AI lab alum) who previously founded Recurrent AI, an AI solution for Chinese based sales teams
- Matrix (San Francisco) and Qiming (Boston) funded Frontis, a ChatGPT like solution for Chinese users
- Minimax, another China focused ChatGPT solution, is 16th months old and is currently raising $100m at a $1.0b valuation, up from its last round at $500m valuation less than 1 year ago
01:36 | Start up funding fell 53%
- Crunchbase Research on startup capital raises...
- Global startups raised $76b in Q1 2023 vs $162b in Q1 2022; down 113% year over year
- The $76b Q1 2023 number includes $10 billion raised by OpenAI and $6.5 billion raised by Stripe
- There was a slowdown in funding across all stages. Capital invested in seed deals fell 44%, while late-stage funding dropped 54%
- AI startups accounted for about 20% of capital invested in the first quarter
02:27 | Klaviyo to IPO
- Klaviyo, a marketing software company, has hired Goldman to explore an IPO
- the IPO could take place as soon as September
- Klaviyo helps companies send marketing emails and text messages
- The company has seen a surge in demand for its products following Apple’s 2020 changes that tightened up third-party access to customer data, which has made it more difficult for online sellers to reach shoppers through digital ads.
- Klaviyo last primary round was in Jul 2022. It raised $100 million from Shopify and Cross Creek Advisors, valuation was not disclosed. The company posted a $9.5 billion valuation in a May 2021 funding round
- Klaviyo delivered $575 million in 2022 recurring revenue
03:19 | ByteDance revenue up 30%
- ByteDance, the Chinese owner of TikTok, generated more than $80 billion in annual revenue in 2022, up 30%+ from $60 billion in 2021
- A substantial majority of ByteDance’s revenue growth came from its core advertising business in mainland China, not the US
03:56 | Instacart increases valuation by 18%
- Instacart, the grocery delivery company, increased its internal valuation by 18% this week to $12b
- This follows four conservative internal valuation decreases in 2022
- Instacart institutes a quarterly 409A valuation process
- The recent valuation gives Instacart 4.8x revenue multiple, Instacart 2022 revenue was $2.5 billion
- The company turned a profit in Q4 2022
04:36 | Large capital raises
- Ledger | $452m Series C, $3.8b valuation
- Cart.com | $38m Series C, $1.6b valuation
- Sonoma Biotherapeutics | $30m Series B1, $715m valuation
- Graphiant | $66m Series B, $425m valuation
- ArriVent Biopharma | $155m Series B, $380m valuation
05:34 | Pre-IPO stock market performance
- Pre-IPO stocks were down 2.04% for the week vs the S&P 500 up by 3.43%. That’s a 5% swing in one week.
- YTD pre-IPO stocks still trail the S&P by most 17%.
- Not much movement in the YTD numbers … OpenSea and Kraken still lead, 36% and 11% respectfully. Flexport, Discord, Airtable, Epic Games, and Chime continue to be down over 20%. Chime is down 38% ytd.
- Stripe was up 11% last week. Chime, Discord, and Databricks were down … 9%, 10%, and 13%.
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
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Pre-IPO Stock Market Update - Mar 24, 2023 | New SpaceX capital raise, Epic Games launches new creator payout model, Klarna launches OpenAI plugin, Tyler's Corner (Deel, Databricks, Kraken)
00:34 | New SpaceX capital raise
- Badeel (Saudi Arabia’s Water and Electricity Holding Company, part of Saudi's Public Investment Fund) and United Arab Emirates’ Alpha Dhabi are investing
- $74 and $79 per share, ballpark $140 billion
- Last round was $137b in Dec 2022
01:30 | Epic Games launches new creator payout model
- Epic introduced “Creator Economy 2.0” ... pay out 40 percent of Fortnite’s net revenues to creators based on how much players engage with their islands, estimated at $400m per year
- Previous “Support-A-Creator” system ... creators would only get 5 percent of a users purchase from the Epic store, users also had to input a unique creator code so the process was very complicated, many Fortnite creative studios relied on brand deals for income, building virtual worlds to advertise brands like Verizon, Chipotle, or Balenciaga.
02:41 | Klarna launches OpenAI plugin
- Shoppers can ask for specific shopping recommendations
- If the options provided are not suitable, the user can ask additional questions or request more product recommendations
- When shoppers click on the link that is provided in the chat, it then re-routes them to Klarna’s search and compare solution
03:45 | Tyler's Corner by Tyler Siconolfi
- Deel has struck a partnership with RAMP Global, another management and human resources platform based out of London. This partnership will empower RAMP to accelerate the talent search and hiring process and reduce costs.
- Databricks launched an AI chatbot called ”Dolly”. Dolly is considered to be a cheaper alternative than OpenAI’s ChatGPT and allows companies using Databricks to use AI while not giving away their data to a third party.
- Kraken has inked a sponsorship deal with the United Kingdom based Formula One racing team, Williams Racing.
04:41 | Large capital raises
- eToro | $250m Series G, $3.5b valuation
- Kin | $109m Series D, $859m valuation
- Thunes | $30m Series C, $776m valuation
- Ably | $38m Series C, $725m valuation
- Amogy | $139m Series C, $589m valuation
05:34 | Pre-IPO stock market performance
- Pre-IPO stocks were down 1.85% for the week vs the S&P 500 up by 1.09%.
- YTD pre-IPO stocks still trail the S&P by about 11.25%.
- Not much movement in the YTD company level numbers … OpenSea is now up over 30% … Kraken has come way off and is now only up 9% year to date. Stripe, Airtable, Epic Games, and Chime are still all down over 20%.
- Deel and Rippling were both up about 2.5% for the week.
- Kraken got smoked this week, down 10.5% for the week. Revolut was down 9%. Brex was down 5%.
AG Dillon & Co venture capital funds...
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Pre-IPO Stock Market Update - Mar 17, 2023 | Tiger Global marks down pre-IPO stocks, eToro cap raise, Checkout launches debit card issuing, Tyler's Corner (Revolut, Rippling, SpaceX)
00:34 | Tiger Global marked down one of its venture fund portfolio by 33%, or $23b
- SoftBank Group marks down 30% Vision Fund 2 ($48b)
- Preferred shares play an interesting role in this valuation process
Preferred shares have a liquidation preference, meaning that the preferred shareholder is guaranteed some level of return before other shareholders lower on the cap table are paid out.
02:12 | eToro secures $250M at a $3.5B valuation
- The company was to go public via a SPAC but called off the deal in Jul 2022
- Round was via Advanced Investment Agreement (AIA)
- 2.8m total 2022 funded accounts; up 17% from 2021 and 180% from 2022
- $631m total 2022 commissions; down 49% from 2021 and up 5% from 2020
- $5.8 billion in assets under administration across 100 countries
03:06 | Checkout.com launches virtual and physical card issuing
- The company has been testing Checkout.com Issuing for a while, and millions of cards have already been created with the new service
- Checkout.com customers now have an opportunity to earn interchange revenue
- $40b valuation at it last primary financing round in Jan 2022 but issues a 409A in Dec 2022 at $11b
04:32 | Tyler's Corner by Tyler Siconolfi
- Revolut partnered with Comic Relief to make it easier for Revolut customers to donate to those living in poverty. Comic Relief is a poverty focused charity in England.
- Rippling raised $500m in Series E financing in just 12 hours from Greenoaks, a long-time investor. The money was used to help Rippling’s customers pay employees that did not receive paychecks due to SVB failure.
- SpaceX CEO Elon Musk announced that they will perform their first orbital test flight of Starship in April and is waiting on FAA approval
05:42 | Large capital raises
- Stripe | $6.5b Series I, $56.5b valuation
- Rippling | $500m Series E, $11.8b valuation
- Adept | $350m Series B, $1.0b valuation
- Prizeout | $160m Series C, $760m valuation
- Paige | $20m Series D, $650m valuation
06:27 | Pre-IPO stock market performance
- Pre-IPO stocks were down 3.54% for the week vs the S&P 500 up by 1.36%. Not a great week
- YTD pre-IPO stocks still trail the S&P by about 8.5%
- OpenSea and Kraken are both up north of 20% … Stripe, Airtable, Epic Games, and Chime are all down over 20%
- No big winners this week. Kraken led the pack up 0.43%. Brex was down 17% for the week. Deel was down 14%. Revolut down 6%.
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
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EPISODE #11 - This Week in Pre-IPO Stocks Podcast - Mar 23, 2023 | Fusco, Sorenson, Nero, Dillon
01:25 | Tiger marks down venture fund portfolio by 33%, or $23b
12:16 | Kraken suspends ACH, Silvergate/Signature under FDIC receivership, Coinbase gets wells notice
22:26 | Tiktok CEO testifies to Congress, Biden Administration has demanded that ByteDance divest Tiktok, Chinese govt responded that it did not approve, Tiktok influencers protest in DC
35:05 | AI update; Google Bard invites, using ChatGPT in our businesses
Subscribe to the podcast...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Mar 10, 2023 | TikTok, Mint Mobile/Ryan Reynolds, OpenAI, Two new unicorns, Pre-IPO stocks down for the week but beat S&P big
00:29 | White House is demanding ByteDance to divest Tiktok
- ByteDance current cap table; 60% global investors, 20% employees, 20% founders. The business is already majority owned by non-Chinese investors.
- The company shares do give ByteDance founders control over the business, perhaps that needs to change.
- ByteDance produced $61b in 2022 revenue. Tiktok was $10b in 2022. (...per my sources).
- ByteDance closed a $100m Series F at a $220b valuation in Mar 2023, a 22% increase from its last round in Dec 2020. ByteDance is the most valuable pre-IPO stock globally.
- If data security is the issue ... how does changing the cap table solve a data security issue?
- Oracle managing the app, reviewing code, and publishing to the app stores appears to be a much better data security solution, in my opinion.
- Early investors include Susquehanna Asia Investments, DST Ventures, Sequoia China. Other notable investors include General Atlantic, Softbank, NEA, KKR, Tiger Global, Carlyle, Coatue.
- The illogical divesture demand by the White House leads us to believe this whole thing is political farse … similar to how Chinese companies were to be delisted from US stock exchanges which ended up never happening.
02:54 | T-Mobile buys Ka’ena Corporation, a cell service provider, for $1.35b; 39% cash and 61% stock
- Ka’ena includes brands Mint Mobile and Ultra Mobile
- T-Mobile is acquiring the brands' sales, marketing, digital, and service operations
- T-Mobile will; use its supplier relationships and distribution scale to help the brands to grow and offer competitive pricing and greater device inventory to more U.S. consumers seeking value offerings and leverage Mint’s industry-leading digital D2C marketing expertise (aka Ryan Reynolds) as part of its broader portfolio to reach new customer segments and geographies
- Ryan Reynolds, the Canadian actor, owns a 25% stake in Mint Mobile; analysts estimate that Reynold’s acquired the shares at a $15m valuation, Reynold’s shares are estimated to be valued at $150m to $200m
04:31 | OpenAI, the AI company, releases GPT-4, a multimodal AI
- GPT-4 API pricing
...Prompt (questions that the user types in) = $0.03 per 1,000 “prompt” tokens (about 750 words)
...Completion (words that GPT-4 responds with) = $0.06 per 1,000 “completion” tokens (again, about 750 words)
...Tokens represent raw text; for example, the word “fantastic” would be split into the tokens “fan,” “tas” and “tic”
- Early adopters using GPT-4
...Stripe: GPT-4 to scan business websites and deliver a summary to customer support staff
...Duolingo: GPT-4 built into a new language learning subscription tier
...Morgan Stanley: GPT-4 powers a system that’ll retrieve info from company documents and serve it up to financial advisors
...Khan Academy: GPT-4 as an automated tutor
- OpenAI worked with Microsoft to develop a “supercomputer” from the ground up in the Azure cloud, which was used to train GPT-4
- OpenAI has a $29b valuation as of Jan 2023
06:25 | Large cap raises for the week
- Anthropic | $300m Series C, $4.4b valuation
- Scroll | $50m Series C, $1.8b valuation
- Character | $200m Seed, $1.0b valuation
- Humane | $100m Series C, $850m valuation
- Ring Therapeutics | $87m Series C, $602m valuation
07:24 | Pre-IPO stock performance for the week
- Pre-IPO stocks down 0.81% outperforming S&P by 3.6%
- YTD OpenSea and Kraken still lead the group up 36% and 21% respectfully, Chime is down YTD 31%, Airtable and Stripe are both down 21% YTD
- last week Chime was up 0.56% to lead, Epic Games was down 7.5% and Stripe was down 5.6%
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund
EPISODE #10 - This Week in Pre-IPO Stocks Podcast - Mar 15, 2023 | Fusco, Sorenson, Nero, Dillon
00:53 | Post-SVB what comes next for venture debt
04:25 | Who fills the SVB product/service gap for venture capital firms and their portfolio companies
06:40 | How venture equity is impacted by changes in the venture debt market
13:26 | Pre-IPO market order activity update from Nick
14:25 | Commercial real estate issues impact on bank balance sheets
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Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Mar 03, 2023 | Current valuations for largest pre-IPOs stocks, SVB's problems, One new decacorn, Two new unicorns, Pre-IPO stocks down for the week
00:29 | Current valuation analysis for large pre-IPO stocks
- SpaceX and N26 are the only two companies to post positive gains from their last primary financing round; 9% and 1% respectfully
- Big losers are Instacart (-77% since last primary round), Kraken (-68%), Chime (-67%)
- Every stock – outside of SpaceX and N26 – is down double digits most down 40% or more
- From a ranking perspective SpaceX and Stripe still sit up top, Databricks jumped up two spots ahead of Instacart and Checkout.com … big movers were N26 moving from #16 to #9 – a 7 spot move – and Rippling from #14 to #8 – a 6 spot move
03:24 | SVB restructures balance sheet (UPDATE: SVB has failed and is under control of FDIC)
- Silicon Valley Bank (SVB) serves private fund managers (PE/VC) and their portfolio companies
- SVB is the 16th largest bank in the US with $209b in consolidated assets per the Federal Reserve
- SVB announced a balance sheet restructuring that included an equity capital raise
- SVB stock price plummeted by more than 60% on Thu, 9 Mar and was down another 60% in pre-market trading on Fri, 10 Mar
- SVB announced pre-market that they are looking to sell the business
08:08 | Wiz becomes decacorn, Kindbody and Headway become unicorns
09:14 | Pre-IPO stocks down -0.42% vs S&P up 2.00% ... Kraken up big (12%), Revolut and Rippling down (7% and 6%)
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Subscribe or follow...
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EPISODE #9 - This Week in Pre-IPO Stocks Podcast - Mar 9, 2023 | Fusco, Sorenson, Nero, Dillon
Don Nitti was unable to join us this week.
02:14 | Shein raising at $60b valuation, US IPO in late 2023
- Shein is an online clothing company
- moved headquarters from China to Singapore, now developed market company
- 74.7 million active shoppers, 13.7 million are based in the US ... only sells its clothing outside China
- $22.7b in 2022 revenue
- Shein last raised $1.0b in Oct 2022 at a $100b valuation
- investors include Sequoia China, Tiger, General Atlantic, Brookfield Growth
- rumored to go public in US in late 2023
12:04 | SVB restructures balance sheet with capital raise
- SVB stock down 60% on day of restructure announcement
- repositioning balance sheet, raised capital
- 9% of loan portfolio are growth ($5m+ in rev) and early stage ($0-5m in rev) ... 24% of loan portfolio "more sensitive to market correction"
- implications for VC backed companies with venture debt and timing to tap equity markets
24:09 | Epic Games powered LEGO metaverse coming soon
- KIRKBI, holding company of The LEGO Group, invested $1.0b into Epic Games in Apr 2022 at a $31.5b valuation
- assume this will be a Minecraft-like game but with Legos
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Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Chris Nero, BridgePort FT - CEO = www.linkedin.com/in/christopher-nero-21119759
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
EPISODE #8 - This Week in Pre-IPO Stocks Podcast - Mar 2, 2023 | Fusco, Nitti, Jassy, Dillon
Clint Sorenson is on holiday this week.
01:20 | NFT exchange Blur is eating OpenSea's lunch
- Blur offers 0% commission NFT trading
- In February, nearly 80% of global NFT trading was taking place on Blur.
- OpenSea has responded by going to 0% commission for a temporary basis.
- These companies are making no revenue but Blur raised an $11 million seed round early last year from Paradigm.
- Following its October launch, Blur is now looking to raise between $15 million and $30 million at a $700 million valuation.
10:02 | AI is on fire with Musk entering the game...
- Musk’s BaseAI; OpenAI is too "woke“, Does Musk have a competitive advantage with Twitter's data?
- OpenAI APIs; Snapchat, Instacart, Shopify are already live with the APIs
19:46 | Juul, once a top 3 pre-IPO stock by valuation, may be out at Altria and NJOY is in
- Altria in 2018 paid $12.8 billion for a 35% stake in Juul, $38b valuation. It now values Juul at $714 million.
- Altria advanced talks to buy e-cigarette startup NJOY for at least $2.75 billion and plans to divest its stake in Juul.
Subscribe to the podcast...
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Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Feb 24, 2023
00:34 | Epic Games releases 2022 Unreal Engine trends; 23% monthly growth, over 50% of next-gen games, 500 film/TV projects, 2.6 million MetaHumans created, over 40 million Quixel assets downloaded
03:06 | Canva launches Canva for Campus
04:08 | OpenSea and Blur go to 0% commissions for NFT transactions
05:30 | Big cap raises from Fadu, FreshToHome, Tome, Reveleer, Kratos Studios
07:08 | Pre-IPO stocks were down for the week at 1.03%. S&P 500 was down 2.70% and S&P 500 Growth down 2.46% for the week. Brex and Rippling up big. Databricks, Airtable, and Stripe down big.
08:18 | Spotlight on Miro; current valuation, products, investors, customer metrics, revenue model
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = www.agdillon.com/spacex
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Subscribe or follow...
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Pre-IPO Stock Market Update - Feb 17, 2023
00:34 | Foursquare to let RSUs expire worthless, employees of private tech companies should consider selling shares in pre-IPO stock secondary market to diversify
02:20 | Starlink price increase, potential $1.0 trillion valuation for SpaceX?
04:24 | Klarna posts 71% US sales growth, other solid metrics
05:57 | Two new decacorns this week; Zeekr, PhonePe. Big raises from Via, DaSolar, Ocrolus.
07:08 | Pre-IPO stocks were up for the week at 2.43%. S&P 500 was down 0.20% and S&P 500 Growth down 0.50% for the week. Chime and Revolut up big. Nice week for Rippling and Deel.
08:18 | Spotlight on Chime; current valuation, products, investors, customer metrics, revenue model
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Subscribe or follow...
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EPISODE #7 - This Week in Pre-IPO Stocks Podcast - Feb 17, 2023 | Fusco, Sorenson, Dillon
Don Nitti took the week off. He'll be back with us next week.
01:00 | Bytedance is the largest pre-IPO stock by valuation globally.
- Bytedance is the parent company of TikTok and several other products (mostly in China).
- $61.7b in 2022 revenue.
- 2.0 billion users globally.
- Bytedance is up 20.5% since last primary round in Dec 2020, $180b valuation.
- Current valuation of $216b based on secondary market trading and last primary financing round
09:08 | Reddit is rumored to IPO in second half of 2023.
- Reddit continues to keep their IPO paperwork updated at the SEC, a clue that they aim to IPO once market conditions improve.
- $290m in 2021 revenue, net income numbers are not available but Reddit is reported to be “far from profitable”.
- Down 32% in secondary market trading since last primary financing round in Aug 2021. $6.8b current valuation. $6.6b valuation from Fidelity in a recent SEC filing. $10b valuation at its last primary financing round in Aug 2021.
14:42 | Venture is getting more conservative. How will this impact large pre-IPO stocks?
- Harlem Capital spoke with 40+ active companies, 20+ VCs
- Valuations: Seed: $15-30M post to $10-20M post, Series A: $50-100M+ post to $30-50M post
- Diligence processes: Seed: 1-2 months to 2-4 months, Series A: 2-3 months to 3-6 months
- Higher bar at all stages: Pre-revenue at Seed: raising $1-2M Pre-Seed rounds, Series A: $1.5-2.5M ARR with strong unit economics
32:48 | Favorite AI use case for the week and other interesting emerging tech (Neuralink [computer chips in brains], blockchain, metaverse, self-driving cars, humanoid robots)
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Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Feb 10, 2023
00:31 | Stripe burns $500m in 2022 vs +$400m cash gain in 2021
02:01 | Reddit rumored to IPO in second half of 2023
02:43 | Instacart announced Instacart Business to build on Staples and Office Depot partnerships
03:48 | Two new unicorns this week; The Bank of London and Atmosphere. Big raises from Trusting Social, Acceldata, and Arrcus too.
04:41 | Pre-IPO stocks were down for the week at 0.80%. S&P 500 was down 1.06% and S&P 500 Growth down 0.59% for the week. Databricks up big. Nice week for Flexport. Brex got crushed.
06:14 | Spotlight on Epic Games; current valuation, products, investors, customer metrics, revenue model
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Subscribe or follow...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
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EPISODE #6 - This Week in Pre-IPO Stocks Podcast - Feb 10, 2023 | Fusco, Nitti, Sorenson, Dillon
01:17 | OpenAI "capped-profit" business model, stocks have good returns just because they have "AI" in their name, Microsoft and Amex AI-powered expense report solution, AI is everywhere, our favorite AI use cases, AI can drive offshored jobs back to the US
10:21 | Kraken is fined by SEC and shuts down staking product, we have Kraken at a $3.1b valuation, Coinbase is really the only crypto exchange in town, what does staking actual mean, crypto is basically just another form of bonds and stocks, is it smart to invest into any crypto exchange or are the untouchable?
18:13 | Rumors that Instacart, Chime, Stripe, Epic Games to IPO in 2023, what valuation would these companies IPO at ... last primary round, implied secondary market valuation?, understanding liquidation preference on preferreds
30:30 | Adam Neumann details Flow's business model, Neumann walks on water with no shoes on, WeLive is the same as Flow, Dillon challenges Fusco to move into a Flow building for a few months
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Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Feb 3, 2023
00:36 | OpenAI + Microsoft integration real life use cases for Bing search and Edge web browser
03:59 | Stripe, Instacart, Epic Games, Chime to IPO?
05:35 | Two new unicorns this week; Colossal Labs and ONE ... Paris Hilton is an investor in Colossal Labs so it has to be a winner!
06:34 | Pre-IPO secondary stocks down -0.57% for the week vs 1.64% for the S&P 500 and 1.50% for the S&P 500 Growth
07:20 | Revolut spotlight; $17.8b current valuation ... -46% vs last primary financing round
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/top15
Subscribe...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
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EPISODE #5 - This Week in Pre-IPO Stocks Podcast - Feb 2, 2023 | Fusco, Nitti, Sorenson, Dillon
2:50 | Stripe $3.0b capital raise for "employee liquidity program"
11:16 | Pre-IPO stocks year to date underperformance vs public tech stocks
16:33 | Layoffs, valuation resets = more focus, better business results = better pre-IPO stock returns going forward?
Subscribe to the podcast...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
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Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Jan 27, 2023
00:35 | Stripe raising $3.0b at a $50b to $60b valuation to meet employee liquidity needs
03:34 | Brex's startup report; expense management trends, ad spend trends, startup geographic location trends
05:29 | Forge Q4 2022 trends analysis; pre-IPO stocks that are $10b+ valuation paired with under 10 yr age is sweet spot for investors, IOI and bid/ask dynamics
07:52 | Large capital raises for the week; QuickNode, Reaction Engines, Edgard & Cooper, Monument, Crowdbotics
08:47 | Pre-IPO stock market performance for the week; +1.30% for pre-IPO stocks vs +2.50% for the S&P 500 and +2.69% for S&P Growth
11:51 | Databricks spotlight; valuation, company description, revenue, investors, revenue model overview
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/agdillon_vcfund
Financial advisors and institutions may register for the live weekly webinar here www.agdillon.com/webinar.
Subscribe...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
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Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
EPISODE #4 - This Week in Pre-IPO Stocks Podcast - Jan 26, 2023 | Fusco, Nitti, Dillon
Our guy, Clint Sorenson, is out on holiday this week. Miss you buddy!
1:11 | Deel crushes its 2022 metrics and three new products launch
8:19 | SpaceX's new rocket, Starship, complete "wet dress rehearsal"
11:59 | Amazon and Stripe deepen relationship on payments processing and cloud
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Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Jan 20, 2023
00:34 | SpaceX's successful "wet dress rehearsal" for Starship
01:44 | Deel's 2022 metrics and three new products launched
02:58 | Stripe's increases payment processing biz with Amazon, increases use of AWS
04:35 | Large capital raises for the week; Vannevar Labs, Outrider, ADARx Pharma, Binske, SetPoint Medical
07:00 | Pre-IPO stock market performance for the week; -1.40% for pre-IPO stocks vs -0.67% for the S&P 500 and +0.13% for S&P Growth
08:37 | Instacart spotlight; valuation, company description, revenue, investors, revenue model overview
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = www.agdillon.com/agdillon_vcfund
Financial advisors and institutions may register for the live weekly webinar here www.agdillon.com/webinar.
Subscribe...
Youtube = https://www.youtube.com/channel/UCSpr_9yjBA7dhqnQexSu7LA
Apple Podcasts = https://podcasts.apple.com/us/podcast/this-week-in-pre-ipo-stocks/id1653598601
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6y712AsizaRjImOH
EPISODE #3 - This Week in Pre-IPO Stocks Podcast - Jan 19, 2023 | Fusco, Nitti, Sorenson, Dillon
Full video here = https://youtu.be/h865tieVzPo
1:20 | Discord buys Gas App
3:26 | Discord current valuation
8:40 | Revolut and Chime offer high interest checking accounts
15:50 | Revolut and Chime total customer counts
18:11 | US is Klarna largest market by revenue, thoughts on buy now pay later
18:37 | Klarna's current valuation
Subscribe to AG Dillon & Co Research here...
Youtube = here
Apple Podcasts = here
Spotify Podcasts = here
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Jan 13, 2023
00:42 | Discord buys Gas App, the complement app for teens
02:00 | Instacart rolls out 2023 plans
03:59 | Revolut to finalize UK bank license submission
06:03 | Large capital raises for the week; Enpal, Chronosphere, Carbon Health, Oxbotica, Huler
08:37 | Pre-IPO stock market performance for the week; trailing returns, growth of $10k, big winners/losers
10:07 | Checkout.com spotlight; valuation, company description, revenue, investors, revenue model overview
AG Dillon & Co venture capital funds...
- AG Dillon SpaceX Pre-IPO Stock Fund = https://agdillon.com/spacex/
- AG Dillon Pre-IPO Equity Fund (top 15 pre-IPO stocks) = https://www.agdillon.com/agdillon_vcfund
Financial advisors and institutions may register for the live weekly webinar here www.agdillon.com/webinar.
Subscribe to AG Dillon & Co Research here...
Youtube = https://www.youtube.com/channel/UCSpr...
Apple Podcasts = https://podcasts.apple.com/us/podcast...
Spotify Podcasts = https://open.spotify.com/show/2ryF1V6...
EPISODE 2 - This Week in Pre-IPO Stocks Podcast - Jan 12, 2023 | Jassy, Nitti, Sorenson, Dillon
Full video here = https://youtu.be/GGEyVjYXwdc
Our boy Nick Fusco was skiing in Austria this week. Daniel Jassy as guest.
2:17 | SpaceX is raising capital at $137b. Is the valuation justified?
9:00 | Rumors of Starlink spinning our of SpaceX and going public. Valuation, monopoly. Musk says Starlink has potential for $30b in annual revenue.
20:28 | OpenAI's ChatGPT's potential $10b deal with Microsoft. $29b valuation. The company's non-profit to for-profit back to non-profit?
Participant bios...
- Daniel Jassy, Chroma Ventures - General Partner = https://www.linkedin.com/in/dannyjassy/
- Donald Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson CFA, CMT, WealthShield, LLC - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
Pre-IPO Stock Market Update - Jan 06, 2023
Topics include;
- Canva launches new products; Canva Docs + Magic Write
- 409A (internal) valuation updates from Stripe, Checkout.com, Instacart, Databricks
- Capital raises from Asimov, Synthekine, ChartHop, Immune-Onc Therapeutics, Ensoma
- 40+ new indexes published ... AG Dillon Pre-IPO Equity Vintage Indexes
- Exits from Magic Leap, Evernote, FTX (bankrupt)
- Quarterly update of AG Dillon Pre-IPO Equity Index; average of last 40 quarterly vintage indexes
- Reconstitution of AG Dillon Pre-IPO Equity Secondary Investable Market Index
- Canva company spotlight
- Autonomous driving emerging technology spotlight
View full video here = https://youtu.be/mZdVx2z8TZg
Register for the live weekly webinar here www.agdillon.com/webinar.
www.agdillon.com/agdillon_vcfund for more on AG Dillon & Co venture capital funds.
PRE-IPO STOCK INSIGHTS - WEEK OF JAN 05, 2023
2:30 | Fidelity marks down private Twitter stock by 56%.
14:00 | Secure Act 2.0 to give lower income Americans $1,000 match in IRAs starting 2027. 108 million Americans, or 30% of the entire population, estimated to be impacted.
20:40 | Meta and Epic Games's Unreal Engine, along with other metaverse related startups, are leading the charge in photorealistic avatars which stand to disrupt several incumbent public companies.
Participant bios...
- Nick Fusco, ApeVue - CEO = www.linkedin.com/in/nickfusco
- Don Nitti, Social Leverage - Venture Partner = www.linkedin.com/in/donald-nitti-392a00216
- Clint Sorenson, WealthShield - CIO = www.linkedin.com/in/csorensoncfacmt
- Aaron Dillon, AG Dillon & Co - Managing Director = www.linkedin.com/in/aarondillonnyc
WEBINAR REPLAY | Pre-IPO Market Update for 30 Dec 2022
Webinar covers...
- Big company news for last week; Instacart, Gopuff, Plaid
- Large capital raises for last week; Stark Future SL ($53m Series A), Forum Mobility ($12m Series A), Pallidus, Inc. ($74m Series E), Tic:Toc (not that one | $50m Series D), Aro Biotherapeutics ($24m Series B)
- Individual pre-IPO company stock performance update; pre-IPO stocks underperformed the S&P 500 by 30%+ in 2022
- Pre-IPO company spotlight = Stripe
- Emerging tech spotlight = brain computer interface (Nueralink)
- End with Q&A = Do you think we’ll see more internal valuation decreases in 2023? and Do you think that pre-IPO companies will need to raise fresh capital in 2023?
Watch the video of webinar here = https://lnkd.in/eZpKcfuT
Advisors, family offices, and institutions register for live weekly webinar here = www.agdillon.com/webinar .
www.agdillon.com/research for more pre-IPO research.
PRE-IPO STOCK NEWS FOR WEEK OF 30 DEC 2022 | Instacart, Plaid, Stark Future
Large company news...
- Instacart cuts internal valuation by 74% from last primary financing round to $10b
- Gopuff partners with Openbay for driver auto benefits
- Plaid lays off 20% of staff in early Dec
Large capital raises...
- Stark Future SL, an electric motorcycle company, raised a $53m Series A at a $510m post money valuation.
- Forum Mobility, a subscription based electric commercial truck solution for businesses, raised $12m at a $63m valuation; a 91% increase over its seed round in Dec 2021, 13 months ago.
- Additional raises from Pallidus, Inc. ($74m Series E), Tic:Toc (not that one | $50m Series D), Aro Biotherapeutics ($24m Series B)
Advisors, family offices, and institutions register for live weekly webinar here = www.agdillon.com/webinar .
www.agdillon.com/research for more pre-IPO research.
FULL YEAR 2022 PRE-IPO STOCK REVIEW
This is audio ripped from the webinar presentation held on Dec 29, 2022. See webinar replay information below.
Topics in this podcast include;
- Top 10 companies by valuation beginning and end of 2022
- YTD returns for notable pre-IPO companies
- Focus on companies with positive returns
- Top 10 fund raises
- Top 10 exits
- Q&A; Do you think IPO activity will start again in 2023? Is now a good time to buy pre-IPO stocks? What pre-IPO stocks do you find most attractive?
Visit www.agdillon.com/webinar-replay to view the webinar slides. Register for the webinar here www.agdillon.com/webinar.
PRE-IPO PRICES ARE IN FOR WEEK ENDING 09 DEC 2022.
Pre-IPO stocks were down 0.55% last week compared to -3.77% for the S&P 500 and -4.06% for the S&P 500 Growth.
Notables:
- Klarna, the buy now pay later fintech, put up a big number last week, up 9.14%
- Databricks, the data analytics shop, posted a positive 3.33% return last week too
- Four pre-IPO were materially down for the week; Carta -2.24%, Stripe -3.94%, Discord -5.01%, and Revolut -7.95%
Pre-IPO news for the week of Dec 09, 2022.
Large pre-IPO company news;
- Checkout.com (www.checkout.com) strikes product partnership with British retail giant Sainsbury.
- Instacart (www.instacart.com) launched FSA and HSA product search feature.
- Databricks (www.databricks.com) gets approval to sell US government agencies.
- Getir (www.getir.com) buys Gorillas (www.gorillas.io) in all stock deal.
Capital raise highlights for the week;
- Drata (www.drata.com), a compliance technology company, raised a $200m Series C at a $2.0b valuation; a 96% increase from its $1.0b valuation Series B in Nov 2021, 14 months ago.
- Runway (www.runwayml.com), an AI graphic design and video company, raised a $50m Series C at a $500m valuation; a 150% increase from its $200m valuation Series B in Dec 2021, 13 months ago.
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
PRE-IPO PRICES ARE IN FOR WEEK ENDING 02 DEC 2022.
OpenSea, a NFT exchange, got crushed this week. That's it ...
Pre-IPO stocks were down 3.81% for the week vs the S&P 500 up 1.14% and S&P 500 Growth up 1.75%. The quarter to date and year to date numbers are similar. OpenSea was down 51% just last week alone. Ouch.
Pre-IPO news for the week of Dec 02, 2022.
Large pre-IPO company news;
- SpaceX launches new product, Starshield.
- Stripe offers fiat-to-crypto payments.
- Canva delivers text-to-image AI solution.
Capital raise highlights for the week;
- Anduril (www.anduril.com), an AI national security tech company, posts a $8.5b valuation.
- Locus Robotics (www.locusrobotics.com), an autonomous warehouse robot company, raised $117m at a $2.0b valuation .
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
PRE-IPO PRICES ARE IN FOR WEEK ENDING 25 NOV 2022.
A big week for Klarna. SpaceX continues to rip. But overall, pre-IPO stocks underperformed the S&P 500 last week.
Pre-IPO stocks were down 46bps last week compared to the S&P 500 up 1.6% and S&P 500 Growth up 1.1%. Historical periods do not look much better. The S&P is having a great quarter up 12.7% but pre-IPO stocks are still lagging down 1.9% quarter to date.
Pre-IPO news for the week of Nov 25, 2022.
Large pre-IPO company news;
- Discord priming for a early 2023 IPO?
- Plaid launches new product, Signal, to increase settlement time and reduce fraud for ACH
Capital raise highlights for the week;
- WeLab Holdings (www.welab.co), a personal loan provider, posts a $2.0b valuation.
- Novo (www.novo.co), a business checking account provider, increases valuation by 661% to $845m.
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
!!!! PRE-IPO PRICES ARE IN !!!! Pre-IPO stocks were down 0.06% compared to the S&P 500 down 0.60% and the S&P 500 Growth down 1.28%. Pre-IPO stocks are still underperforming MTD, QTD, and YTD too.
Brex had a great week up 24%. Massive. Brex offers corporate credit cards to new businesses. Elon Musk’s SpaceX was up 2.6% for the week too. More on SpaceX in a minute. Airtable was down 9.7%, Discord was down 5.0%, Flexport down 5.0%.
Comments on Opensea, growth of $10k, and weekly + YTD attribution in the video.
Pre-IPO news for the week of Nov 18, 2022.
Large pre-IPO company news;
- Miro users skyrocket to 40 million.
- Devoted Health increases state coverage by 160%.
- Gopuff launches three new products.
Capital raise highlights for the week;
- Astera Labs (www.asteralabs.com), a semiconductor company, posts a massive $3.2b valuation.
- Maven (www.mavenclinic.com), a digital health platform for women/families, raised a $90m Series E at a $1.4b valuation
- DeepL (www.deepl.com), an AI language translation platform, raised a $100m Series C to reach unicorn status.
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
Pre-IPO news for the week of Nov 11, 2022.
Last weeks secondary market index performance coming out tomorrow.
Large pre-IPO company news;
- FTX and BlockFi file for bankruptcy.
- Revolut is profitable and launches messaging feature, Revolut Chat.
- Epic Games releases Unreal Engine 5.1.
- Chime lays off 12% of staff.
Capital raise highlights for the week;
- Xanadu (www.xanadu.ai), an AI cloud based quantum computer company, posts a unicorn valuation of $1.0b.
- Limehome (www.limehome.com), a digital first European hotel network, 246% valuation increase.
- Getaway (www.getaway.house), a nature-focused tiny house rental company, musters up a flat round.
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
Pre-IPO news for the week of Nov 4, 2022.
Pre-IPO stocks were down 1.65% for the week, per the AG Dillon SIM Index, outperforming S&P 500 at -3.25% and S&P 500 Growth at -5.67%.
- Brex was down just under 13%, Databricks down 7%. Carta and Chime were both down 4% too. Stripe was up nearly 5%, Revolut was up 3.7%, and Flexport and Discord both up around 1.5%.
- Pre-IPO stock were down 2.02% for the month of Oct vs the S&P 500 up 8.1% and S&P 500 Growth up 4.4%.
Large pre-IPO company news;
- Binance enters into letter of intent to buy FTX.
- Databricks and Canva make the first CNBC Top 25 Startups for the Enterprise list.
- Stipe lays off 14% of staff.
Capital raise highlights for the week;
- Project44, a logistics tech company, posted a $2.7b valuation.
- Einride, an electric autonomous truck company, closes GE as customer.
- Aventon, an e-bike company, books a 195% valuation increase.
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
Pre-IPO news for the week of Oct 14, 2022.
- AG Dillon Pre-IPO Equity SIM Index up 0.93% for the week vs -1.44% for the S&P 500 and -2.81% for the S&P 500 Growth.
- Capital raise highlights for the week;
- $9.2b valuation for travel expense mgmt company TripActions
- Decentralized exchange Uniswap’s $165m Series B
- Flat round for global payments shop AirwalleX
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
Pre-IPO news for the week of Oct 14, 2022.
- -0.20% weekly return* for the AG Dillon Pre-IPO Equity SIM Index vs +4.66% for the S&P 500, +5.39% for the S&P 500 Growth
- Capital raise highlights for the week;
- $1.5b valuation for AI copywriter Jasper
- logistic software company LogiNext’s 700% valuation increase
- $63m Series C2 for MycoWorks to make “mushroom leather”
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.
Pre-IPO news for the week of Oct 14, 2022.
- AG Dillon Pre-IPO Equity SIM Index was down 0.61% for the week vs another huge week for the S&P 500 and S&P 500 Growth, up 3.92% and 2.12% respectfully.
- Flexport was down -8%, Stripe down -7%, and Carta down 5%. Discord was up 4% this week after getting crushed down 9% the week prior. SpaceX posted a solid gain of 2.20%.
- Large pre-IPO company news;
- SpaceX is now NASA’s second largest vendor
- Stripe goes live in Thailand
- Canva has 4x as many users as Adobe
- Capital raise highlights for the week;
- Jetti Resources, copper mining tech, prints $2.6b valuation
- Bilt Rewards, rewards for rent payments, pulls $150m at a $1.5b valuation
- Vesttoo, re-insurance marketplace, reaches unicorn status
Aaron Dillon is the general partner of the AG Dillon Pre-IPO Equity Venture Capital Fund. AG Dillon & Co is a venture capital asset manager and publisher of the AG Dillon Pre-IPO Indexes.