This Week in Pre-IPO Stocks

Latest Episodes:

E94: Epic Games takes $1.5b from Disney, Adam Neumann aims to “buy back” WeWork, ByteDance’s CapCut to drive AI innovation, Buy Now Pay Later moving to subscriptions, FTX’s $1.4b Anthropic stake, Databricks 4th acquisition in last 1yr, Hugging Face partne Feb 09, 2024

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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

E92: Neuralink implants computer chip in human brain, FTX to make creditors whole!, Astera Labs $4b IPO in Mar 2024, Apple Vision Pro + AR and photorealistic avatars | Pre-IPO Stock Market Update – Feb 2, 2024 Feb 02, 2024

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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

E91: xAI raising $6b at $20 valuation or not?; Chime at $16b, +185% above 2ndary market valuation?; Lightspeed continuation fund sign of 2ndary market maturation | Pre-IPO Stock Podcast – Jan 29, 2024 | Clint Sorenson, Nick Fusco, Aaron Dillon Jan 30, 2024

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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

E90: xAI $6b raise at $20b valuation!, Kaspi.kz IPO at $17b, Klarna eyeing IPO at “triple digit” growth or valuation?, Figma down 50% after Adobe deals crumbles, ElevenLabs AI $1b valuation, Brex fires 282, Chipmaker Cerebras considering IPO | Pre-IPO Sto Jan 26, 2024

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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

E89: $15b-$20b valuation for Musk’s xAI, Reddit IPOs in March, Private stock markets mature in 2023, Own your personal data in AI-age, Milei’s WEF speech | Pre-IPO Stock Podcast – Jan 22, 2024 | Clint Sorenson, Nick Fusco, Aaron Dillon Jan 24, 2024

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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

E88: Reddit IPO in Mar 2024, Shein IPO in US, Musk to build AI outside of Tesla, SpaceX partners with John Deere, SpaceX new B2B Starlink offering, Synk acquires Helios, $330m raise for Electra | Pre-IPO Stock Market Update – Jan 19, 2024 Jan 19, 2024

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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

E87: Circle (USDC) to IPO, Klarna replaces jobs with AI, Rabbit large action model hits, Discord lays off 17%, OpenAI GPT Store launches, Anthropic raises capital with VCs/SPVs vs investment bankers | Pre-IPO Stock Market Update – Jan 12, 2024 Jan 12, 2024

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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

E86: Carta’s public blow up; 2023 pre-IPO stock recap … Scale.AI, Databricks, SpaceX, Anduril, Chainalysis big winners + AI shops; 2024 pre-IPO stock outlook … its all AI and SpaceX | Pre-IPO Stock Podcast – Jan 8, 2024 | Clint Sorenson, Nick Fusco, Aaron Jan 09, 2024

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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

E85: $5.0b in OpenAI revenue?!, OpenAI valuation up 16% to $100b, Fidelity cuts X 71% to $12.5b, SpaceX’s satellite-to-cell launches, xAI now a benefit corp, OpenAI cutting publisher licensing deals, TikTok + Peloton partnership | Pre-IPO Stock Market Upd Jan 05, 2024

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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

E84: Revolut £1.5b 2023 revenue, $20b Adobe+Figma deal off, ByteDance $110b 2023 revenue, Anthropic raise at $18b valuation, Stripe revenue up 35%, Flexport plans 3x 2024 revenue | Pre-IPO Stock Market Update – Dec 22, 2023 Dec 22, 2023

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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

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