This Week in Pre-IPO Stocks

Latest Episodes:

E155: US equity allocation must include pre-IPO stocks?; YTD, 1yr pre-IPO stock returns; Outlook for pre-IPO stock access Oct 08, 2024

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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

E154: OpenAI secures $6.6B round, expands capabilities; Cerebras files for IPO with 220% revenue growth; Anthropic hires former OpenAI co-founder, valued at $25.2B; Flexport restructures to improve profitability, valuation plummets; Epic Games files antit Oct 04, 2024

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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 | 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

E153: OpenAI employees are rich! Natural for them to leave?; Chime hires MStanley for IPO; Secondaries drive primary valuations? Oct 01, 2024

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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?

E152: LAST CALL for AG Dillon Top 10 Index Fund, OpenAI, xAI, Groq, Hugging Face, and Databricks Pre-IPO Stock Funds, wires due on Oct 15; Anthropic targets $30-40B; Wiz share sale at $15-20B; Revolut hits $45B; Chime preps 2025 IPO; Scale AI hits $400M H Sep 27, 2024

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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
00:02 | 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

E151: AI Agents are coming for our jobs and that’s a good thing, Canva's 300% price increase, Pre-IPO stocks +70% in last 6 months alone Sep 24, 2024

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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

E150: CoreWeave's $23B share sale, Revolut’s $45B stablecoin move, Neuralink's vision breakthrough, Alan’s $193M Series F, Lionsgate & AI film production, OpenAI x T-Mobile, Databricks’ $45.5B EU HQ, Canva's 300% price hike, Wiz’s new cloud security tool Sep 20, 2024

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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 | 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 Performance
- agdillon.com/subscribe to receive weekly pdf report in your inbox

E149: OpenAI to $1.0 trillion valuation?, Fly United with Starlink?, Broker-dealers ever offer crypto? Sep 17, 2024

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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)

E148: OpenAI launches 'OpenAI o1,' in talks for $6.5B at $150B valuation, hits 10M subscribers; SpaceX sets civilian space travel record; Glean raises $260M at $4.6B valuation; Klarna cuts losses, integrates AI; Poolside in talks for $500M at $3B valuatio Sep 13, 2024

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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
00:06 | 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 Weekly Performance

E147: OpenAI users up 100% yoy, Anthropic to power Amazon Alexa, X TV App the end of cable TV? Sep 10, 2024

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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

E146: Safe Superintelligence raises $1B for new AI LLM; OpenAI hits 200M weekly active users for ChatGPT; Salesforce acquires Own company for $1.9B; ByteDance raises $600M for Dongchedi, valued at $3B; Anthropic’s Claude AI powers new Amazon Alexa; xAI’s Sep 06, 2024

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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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