This Week in Pre-IPO Stocks

Latest Episodes:

E215: Aquihires a better M&A?; JPM to kill fintech?; 6 new, huge primary rounds!; Does anyone have an electricity guy? Jul 15, 2025

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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

E214: SpaceX soars to $400B valuation; Revolut banks on $65B valuation boost; Groq chips in at $6B valuation; Mistral AI storms to $1B+ raise; Harmonic AI tunes up to $875M valuation; xAI unleashes Grok 4 at PhD-level smarts; X's Yaccarino exits after X m Jul 11, 2025

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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

E213: Groq is the private market Nvidia?; Figma’s IPO a buy?; Robinhood’s pre-IPO stock tokenization legal and good for investors? Jul 08, 2025

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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

E212: Josh Brown, Michael Batnick, and Aaron Dillon talk 2H 2025 IPOs, pre-IPO stocks to watch, dynamics of the private stock market Jul 01, 2025

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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.

E211: Harvey disrupting the law firm industry, or driving it to new revenue levels?; Wealthfront a buy post-IPO?; Prediction markets a business with staying power? Jun 30, 2025

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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?

E210: Harvey eyes $5B primary valuation amid legal AI surge; Wealthfront preps IPO after strong $290M revenue; Snyk acquires Invariant to secure AI risks; PlayAI in acquisition talks with Meta; OpenAI and Microsoft clash over AGI clause; Kalshi hits $2B p Jun 27, 2025

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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

E209: OpenAI proposes Microsoft own 33% equity in for-profit transition; Cluely records everything you see, say, and hear; Canva secondary deal at $37b valuation; What is Scale’s secondary valuation post-Meta deal? Jun 23, 2025

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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?

E208: OpenAI strikes defense deal, hits $314B in secondaries; OpenAI-Microsoft standoff over equity, revenue, IP, and AGI; xAI burns billions, seeks $9.3B more amid $121B valuation; Anysphere doubles valuation weeks after raise; Genius Act sets stage for Jun 20, 2025

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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

E207: Meta buys Scale 49% of Scale AI; Ramp raises at $16b; AI app, Glean, raises at $7.2b Jun 17, 2025

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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

E206: Scale AI gets $14.3B from Meta, hits $29B valuation; Starlink doubles subs to 6M, adds 100K in Africa; SpaceX expands Starship launch capacity in Florida; Databricks adds Google Gemini, hits $72.8B valuation; Perplexity partners with Nvidia, eyes $1 Jun 13, 2025

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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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